George Mango: Selling & buying tips

I'm often asked what price should I list my home. Listing your home at fair market value is to price it correctly. Going higher will leave it on the market longer and it is likely to get a lower price the longer it is on the market.

Timing! What day of the week is it best to place my house on the market? Broker Opens are on Mondays or Tuesdays. Open houses are on Sundays. Is Monday better? Actually Friday is the better time. Because the greater number of people for shopping for a home will use the weekend to look. Since we are in a fast communication world of Internet and most buyers today use the internet. Seeing a new listing posted on a Friday will bring buyers out looking sooner.

Where are the best places to promote the house? The MLS will gain the immediate exposure to brokers and most homes are sold though brokers. Additionally buyers are constantly using the internet to find a home. Realtor.com also has a good exposure to available houses although not always accurate. Another Internet site is Craig's List.

Houses will sell themselves. Different homes appeal to different people. In what condition should I sell my home? Condition and appearance are important in selling a home. (See “George's top 10 ways to ready your home for sale,” below.) If structural problems exist they should be corrected. Street appeal is also helpful. Grooming the grounds and doing some landscaping improves the appeal. Painting, updating, and doing the repairs that you have put off will also improve the likelihood of sale. In a buyers market, competition encourages comparison, and buyers will compare value, condition, and price when they shop.

As a real estate professional, I encourage buyers to take an active role in seeking a home. Searching the Internet on your own will give the best information as to your likes and dislikes. Use the agent as an educator and to provide valuable feedback as you view homes. Having an agent negotiate for you takes some of the emotion out of the deal. I look at my professional role as an educator not a sales person.

George's top 10 ways to ready your home for sale

1. Declutter your home. Rooms and space will show better without excess furnishings and clutter. Start by taking photos of your rooms and evaluating what you can do to make it picture perfect. If you were to look at new "model homes," the furnishings are selected to better show the room. They are placed either in a unique way or are downsized to make the room appear larger. By removing clutter your rooms will appear larger.

2. Store those family photos. Remove them from walls and tables. Family shrines do little to assist the home buyer from selecting your home as theirs. Potential buyers want to see themselves in the house. Having your old photos prominently displayed earmarks the house as yours.

3. Refresh rooms with a new coat of paint. That $25.00 can of paint will go a long way in showing that you cared for your home and were conscious of its appearance. Use neutral or earth tone colors. Make it easy for the new home owner to cover the paint with their tastes and selections.

4. First appearances are important. A manicured front lawn presents a good first impression. Also have planting beds freshly mulched. Bring color to the front doorway with potted plants. Remove the junk from the yard and driveway.

5. Time to do a little updating? The kitchen and bathrooms are a good place to start. These rooms will have the greatest impact on a home buyer. Also check your mechanicals: electric, furnace, and water heater. Are they at the end of their useful life? Remember, if a roof does not have at least two years of useful life, it may be difficult for the buyer to obtain a mortgage.

6. Caulk and paint windows. Make sure chipped paint on the exterior of the house is properly repaired and covered with a fresh coat of paint. Take proper precautions when removing paint on houses built before 1978.

7. Inspect the exterior of your house. Replace fallen or broken gutters. Repair loosened siding. Remember to caulk any of the seams. Repair broken steps, maintain walkways, and seal-off foundation cracks. If you know that a problem exists, fix it.

8. Replace the furnace filters, and have the furnace serviced. It will provide for a more efficient operation and save both you and the new buyer money over the long run of ownership, which is a great selling point.

9. Add some finishing touches to your floors. Hardwoods would show better if they are cleaned or refinished. Tiled floors should be grouted and cleaned, Carpeting should be shampooed.

10. Spiff up the bathroom. Bath tubs and sinks will look much better if the old caulking is replaced. Tidy them up. Remember guests are on the way to your home.