News and Events
October 23, 2007
Ask the Professional
Q. We’re thinking about buying a new
home but we are apprehensive about putting our current home up for sale. What
do you suggest we do to prepare ourselves?
A. Start by spending some time getting a sense of the
market, what kind of competition in your immediate neighborhood your house may
be facing, and what homes like yours have been selling for lately in your area.
Go to www.realtor.com and our web site,
dsm.nextgenerationrealty.com. How many houses in your area or price range or
style will your home be competing with? How do they compare with yours in terms
of square footage, bedrooms, baths, garages, finished basements and other
amenities? Spend some time on your county’s assessor’s web site to see what’s
been sold recently in your area and how those properties compare with yours
(and always make sure you’re comparing apples to apples – i.e., if you’re in a
ranch, don’t compare it against 2-stories or splits).
Next, take an objective look at your home and its condition:
Have you done any upgrades that have added value or are there improvements you
can make to help it show better, thereby increasing its appeal?
Finally, considering what’s at stake, it never hurts to get
more than one professional opinion. Two-thirds of home sellers only talk with one
real estate agent. Interview several real estate agents to get their
perspective on what they think your home is worth and how they got to that
figure. Ask for a Market Analysis, not a bunch of sales flyers or print-offs
from the assessor’s web site. What are its benefits and what are its drawbacks?
Be sure to ask for their objective input on what improvements you can make to
maximize your home’s value.
