by Stacy Francis, CFP®, CDFA
February has never been the most pleasant month in the Northeast, but I was still shocked when a friend called me up last night to inform me that she is leaving town – for good! When she learned that she could get her hands on a condo in Miami for less than a fifth of what she put into her Upper East Side apartment, there was just no stopping her. So, she asked me, what do I need to know before I put my home on the market?
Below are just a few helpful tips:
- Do your research before you set your price. If it is too low, you miss out on potential earnings, not to mention that your pricing may have a negative influence on other homes in the neighborhood. If, on the other hand, you pick an unrealistically high price, your listing will turn into a buyer-scarecrow.
- Pick the right agent. This can really make or break the deal. Approach friends, family and colleagues whose judgment you trust, and find out who they use. If this is not an option, the Internet is a fantastic resource.
- Decorate and make small changes. A leaking sink will most certainly turn potential buyers off, and may make them think twice about making an offer. It would have been an easy fix.
- Conversely, it is generally a good idea to skip any major changes and renovations. Many buyers like to customize anyway, so you can save both time and money by leaving such tasks to them.
- Be proactive at closing. Check in with everyone daily to see if there is anything you can do to speed the process up. Find out what the next steps are and stay ahead of the game.