Armchair Millionaire Community Bulletin: Cashing in on the Seller's Market

New York, NY (PRWEB) May 4, 2005

It's clearly a seller's market in real estate these days. The National Association of Realtors reports that average home prices nationwide climbed 11 percent in the past year, and much higher in certain parts of the country. And the number of homes being sold is at near-record highs.

Even so, you don't want to be complacent about taking steps to make your house sell quickly and at the best possible price. Members of the Armchair Millionaire community recently weighed in with their advice on getting a home ready to sell:

"Presentation is everything. My husband and I recently sold our condo to buy a larger place. We did minor repairs, packed away all the daily clutter and many personal items, allowing buyers to focus on the space and not our stuff. It also helped that the grounds are kept in great shape. We received an offer the first day on the market that was $10,000 above our asking price." --Virginian

"Clean, neat, and uncluttered, inside and out. We rented a storage unit the first time we sold, keeping only basic functional furniture in place. We priced aggressively and sold in a week. The second time, we did it again and sold in five days." --Elizabeth

Certainly you should make the house shine. Toss the junk and make it sparkle. Do the needed small repairs and cosmetic improvements that will make your home appealing to buyers.

But a thorough house cleaning is really only the beginning. To have the process run well, you need to prepare on a higher level. Use my checklist to get your ducks in a row.

The Armchair Millionaire's Checklist for Preparing to Sell Your House

Choose between using an agent or going it alone. Whether selling your home yourself is right for you will depend on a number of factors. Consider what the market is like in your area and how quickly you have to sell. Decide if you really have the time and temperament to show the house and negotiate with prospective buyers. Then consider the amount of money you would save by not paying a commission to an agent and you should have your answer.

Inform yourself about prices. Everyone wants to sell their home for as much as possible, but the only thing that really matters is what buyers are willing to pay. To get a realistic idea of how you should price your house, look at what similar homes in your area are actually selling for, not the price they are listed for. You should also consider getting it appraised. If you decide to use an agent, he or she should provide a "competitive market analysis"--a fancy term for an estimate of the value of the property.

Get it inspected. Most potential buyers these days will make closing the deal contingent on an acceptable inspection of your house. But it can be well worth your while to pay for your own inspection before you even list the property. This will give you a chance to uncover and repair any defects, helping ensure that the buyer's inspection turns up few, if any, issues that could stall the sale.

Line up a lawyer. Real estate transactions are complex affairs. A few hundred dollars spent on having a lawyer review your listing agreement, contract and closing documents can be money extremely well spent, ensuring that there are no surprises and you're getting a square deal. Look for one who specialized in real estate sales.

The Bottom Line: Selling a home is one of the biggest (and most stressful) financial transactions of your life. Maximize your profit and minimize your worry by taking the rights steps to prepare.

The Armchair Millionaire Weekly Survey: Financially speaking, what's the best car out there? Log on to http://www.armchairmillionaire.com and let us know.

Lewis Schiff founded the Armchair Millionaire Web site in 1997. His first book, The Armchair Millionaire, was published in 2001. Schiff's newest report, "How to Know When You Are Rich," is now available at http://www.armchairmillionaire.com.

Contact Information:

Lewis Schiff

Armchair Millionaire

877-833-2823

http://www.armchairmillionaire.com

###