1. Time is Money

It's a good idea to place your home on the market as far in advance as possible of purchasing a new one. If you find a new home first and then try to sell your present home, you may end up with two mortgages. If this does happen, ask me about a Bridge Loan to help you make double payments. You will also want to weigh how time on the market affects your personal finances.


2. Set a Fair Price

Naturally, you want to get top dollar for your home, but without allowing your property to languish on the market for months. Ask me to prepare a comparative market analysis. Here are some of the factors to consider in pricing your home.

• Location
• Economic conditions
• Supply and demand in the local housing market
• Seasonal influences
• Local schools
• Average home prices in the neighborhood
• Your homes extras – professional landscaping, fireplace, central air, etc.
  

3. Use a Real Estate Professional

When a potential buyer puts an offer in writing and you accept it, the signed acceptance becomes a sales contract. Your real estate professional can help to protect your interests and can assist you with the following elements of a sales contract:

• Choosing the correct asking price
• What is included in that price – window coverings, carpeting, etc.
• The types of financing available
• The date of closing and possession
• Contingencies to the sale
• Determining which closing costs are to be paid by the buyer and or seller
  

4. Be Aware of Tax Implications

Selling a home can have a major impact on your federal an state tax returns. Check with you tax consultant on the factors that may effect taxes resulting from the sale from your home. For example:

• Whether you purchased the home or aquired it as a gift or inheritance
• Whether you used your home partly for business or rental
• Costs associated with selling your home
• Home improvements or additions, which may help to offset capital gains
• The sale of your home (in certain cases you may be exempt from capital gains taxes in the amounts of $250,000 per person, $500,000 per married couple, if the property was your primary residence for 2 of the previous 5 years.
  

5. Check your Curb Appeal

Inside and out, the appearance of your home is a key factor in your properties appeal to buyers. There are plenty of improvements you can make without spending a lot of money.