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Before you sell your home, there are some basic things you should think about: is the house ready to sell? How do I set the price? How much am I going to make? These questions are all important, but the most important decision you will make regarding the sale of your home is to choose the right agent. A Meyer and Gross Real Estate Co. agent has the experience and training to help you make the right choices. Remember, you don't know how important a good agent is until something goes wrong.

Should I Sell My Home Myself?
• Pricing Your Home
• Marketing Your Home
• Showing Your Home
• Drawing Up the Contract
• Is a Certified Residential Specialist a Better Choice?

Is My Home Priced To Sell?
• Factors Affecting Your Asking Price
• Factors That Should Not Affect Your Asking Price
• Problems That Can Arise from Overpricing
• A Certified Residential Specialist Can Help You Price Right

Is My Home Ready To Sell?
• Before the Showing Begins
• After the Showing Begins

Should I Sell My Home Myself?
It's a question thousands of homeowners ask themselves every year. If you're one of them, you have some difficult decisions awaiting you. Selling your home can be a long and complex process, so it's important to think about all the potential implications — both positive and negative — before choosing to go it alone.

To help you make the decision that's right for you, below is a list of some of the duties and responsibilities you would face as an independent home seller.

Pricing Your Home
Your first responsibility as an independent home seller is assigning your home an accurate value, meaning the highest price a ready, willing and able buyer will pay.

As part of the decision, you need to consider comparable properties in your area, current market conditions, as well as the cost of financing and its availability.

Remember that your listing should be in line with comparable properties and market trends — you don't want your home to linger on the market or sell for a lower price than you might have otherwise received.

You should remember that "For Sale by Owner" typically attracts bargain hunters who may expect you to lower your price since they too are looking to save money on REALTOR® commissions.

Marketing Your Home
Independent home sellers must also market their properties to the public. That means:

• Putting up signage that is consistent with local ordinances
• Developing and paying for display and classified ads in your local newspapers
• Holding open houses
• Working to ensure your home gets good word-of-mouth exposure among your friends, neighbors and community organizations

Showing Your Home
As an independent home seller, you would be responsible for all showings of your home.

With that in mind, always encourage prospects to make an appointment, and discourage drop-ins.

Work to screen the "buyers" from the "lookers" — curiosity-seekers are common at "For Sale by Owner" homes.

You should also pre-qualify potential buyers to ensure they can afford to buy your home.

When the time comes to negotiate, you'll need to be prepared and informed.

Try to resolve any doubts your buyers might have, work to keep their interest high and make a final agreement as quickly and efficiently as possible.

Once an offer is made, agree on the price and terms, respond to objections and try to be responsive and flexible to legitimate concerns.

Drawing Up The Contract
Every independent home seller should have an attorney or other qualified individual to preside over all agreements.

That individual will draw up the contract and manage the sale proceedings and closing. He or she might also help you set the closing date and time.

You should be sure to include a list of items you want written in to the contract, including personal property that is to remain with the home (the refrigerator, microwave oven, dishwasher, etc.), or items excluded in the sale.

Also remember that as the seller, you are obligated by law to disclose any material defects in your property to the purchaser.

Is a Meyer and Gross Real Estate Co. agent a better choice?
Selling your own home takes a lot of hard work and know-how. Making even a small mistake can spell serious trouble. By working with a Meyer and Gross Real Estate Co. agent, you gain the services of an experienced professional with training in residential sales. Not only does that free you from the time consuming tasks involved with selling your home, it gives you the added expertise to help maximize the profit from your home.

A Meyer and Gross Real Estate Co. agent can help you sell your home faster and for the best price by:

• Pricing your home accurately by conducting a Comparative Market Analysis. This research will help support the price with comparable facts and statistics
• Advertising your home in the most visible outlets in your area
• Holding open houses
• Accessing out-of-town buyers through the nationwide network of Certified Residential Specialists
• Suggesting easy ways to make your home more attractive to potential buyers
• Exploring alternative financing methods that can help relieve a potential buyer's financing concerns
• Scanning the Multiple Listing Service to locate active buyers through a special nationwide network of resources
• Acting as a third-party negotiator between you and the buyer, making sure the selling price and the buying price are optimal for both parties
• Screening prospects so you don't have to expose your family to any stranger that knocks at your door

Think of the services that Meyer and Gross Real Estate Co. provides as an investment, one that immediately pays for itself in the quick, efficient and successful sale of your home.

Is My Home Priced To Sell?

The Right Price Means a Successful Sale
Pricing your home is both an art and a science. Achieving optimal price is the result both of objective research into comparable properties and a gut feeling about your property and the current market.

The right price should:

• Attract buyers
• Allow you to earn the most money possible
• Help you sell as quickly as possible

The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it's important to remember that, although you set the price, the buyer determines the value of the home. Try to avoid allowing your enthusiasm to impact your better judgment — overpricing is a common mistake that can cost you in the end.

With that in mind, here are some reliable guides to use when pricing your home.

Factors Affecting Your Asking Price

• How quickly you need to sell
• The amount of competition in your price category and area
• The availability, flexibility and affordability of financing
• The sale prices of similar homes sold in your area during the past six months to one year

Factors That Should Not Affect Your Asking Price

• The original cost of the property — price is determined by today's market.
• Any investments you've made in improvements
• The cost to build your home today
• Emotional attachment
• The opinions of friends and neighbors

Problems That Can Arise From Overpricing

• You might help sell similar homes that are priced lower.
• Your home may stay on the market longer.
• You could lose market interest and qualified buyers.
• You might create a negative impression of the property.
• You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.
• You may have to accept less money.
• A potential buyer may face appraisal and financing problems as a result of the inflated price.

A Meyer and Gross Real Estate Co. Agent Can Help You Price Your Home Right.
With a mix of real-world experience and advanced training, a Certified Residential Specialist has the tools necessary to calculate the fair-market value of your home based on both the marketplace and personal considerations such as your must-sell date. Remember, the right price is the key to a successful sale. So work with a Certified Residential Specialist to price your home accurately the first time.

Is My Home Ready To Sell?

Giving Your Home the On-the-Market-Makeover
You work with a Meyer and Gross Real Estate Co. agent because he or she is best able to sell your home quickly and profitably. But remember, your relationship with them is a partnership. While they market your property and screen potential buyers, it's up to you to give your home a sprucing up that can go a long way towards a speedy sale.

With that in mind, here are some helpful hints gathered from our experience.

Before The Showing Begins
Hint: First Impressions are Lasting Impressions
The exterior of your home often determines how buyers will view the interior, so:

• Make sure the front entrance is clean and inviting
• Paint or replace your front door if it's faded or worn
• Add some paint to shutters, trim and any other outside feature showing signs of wear

Hint: Beauty is More than Skin Deep
Buyers often see the surface condition of your home as a sign of what's underneath, so:

• Keep windows and floors clean
• Replace faded wallpaper and glue any areas that have come away from the wall
• Repair worn woodwork
• Repaint scarred or dirty walls in a neutral color
• Steam clean carpeting or replace it if necessary
• Repair loose knobs, sticking doors and windows, warped cabinet drawers, broken light switches and other minor flaws
• Check and repair caulking in bathtubs and showers

Hint: Accentuate the Positive
Try to see your home with a fresh perspective and arrange each room to bring our its best attributes, including:

• Open draperies and curtains to let the light in during the showing
• Remove all unnecessary clutter from your attic, basement and closets to better display spacious rooms (consider storage or a garage sale to dispose of extraneous items)
• Arrange all your rooms neatly and remove excess furniture
• Keep fresh, clean towels in the bathroom
• Use candles or air freshener to give rooms a pleasant scent

Hint: Put Your Home in the Best Light
Strategically lighting your home, even during daytime showings, can create a cozy mood and highlight positive attributes of each rooms, so:

• Avoid the use of overhead lighting that makes rooms look washed out and lifeless
• Be creative and arrange lamps to help smaller rooms seem larger, and large rooms more intimate
• Use lighting to highlight the "living areas" of your home, such as a pair of chairs near a fireplace, or a table in a breakfast area
  • Put the spotlight on the strengths and potential of your home
  • Create the right mood and atmosphere given the room's function, color scheme, etc.
  • Accent the positive aspects and unique features of each area of your home
  • Define the space
  • Bring the room to life

After The Showing Begins
Hint: Leave the Selling to the Professional
Buyers often feel uncomfortable in the presence of a homeowner, so:

• Try not to be present during showings
• If you are home, never apologize for the appearance of your house
• Only the Certified Residential Specialist should discuss any objections and subjects such as price, terms, possession and other factors with the buyers

Hint: Keep the Disturbances Down
Potential homebuyers have a lot to take in, so minimize the distractions:

• Pipe in classical, jazz or soft rock music, but keep the volume low
• If possible, turn off the ringer on your phone during showings
• Keep cats, dogs, litter boxes and feeding dishes out of the way, preferably out of the house

Hint: Create a Homey Atmosphere
Buyers try to picture themselves and their family living in your home, so:

• Create a pleasant aroma by baking cookies or bread, or placing cornmeal in a warm oven on the day of the showing
• Keep the heat or air conditioner at comfortable levels
• If you have a fireplace, light it during wintertime showings

Hint: Have Records Available

• Even if a buyer doesn't study them, having records available can make it clear you are conscientious and have nothing to hide
• Have copies of your gas, electric and water bill from the last 12 months available

Be ready to show all home improvement and repair bills

Moving On…
There are many things to consider when selling a home, and one of the most important is the financial impact the sale will have on your finances and family. Let's move on to Step 2 where you can use calculators get a better idea of how selling your house will affect you financially.

Frequently Asked Questions by Home Sellers

• Is there a "best time" to put my house on the market?
• How should I price my home?
• What's the downside, if any, of pricing my home on the high side?
• How long should it take to sell my home?
• As a seller, what are my disclosure obligations?
• What should I do to prepare my house for sale?
• Many discount real estate brokerages charge a very modest fee for services. Why shouldn't I use one of them to sell my home?
• How can I be sure a buyer is qualified and that the loan is not on shaky ground?
• Do I have to sell to the person with the highest offer?
• Can I back out of my contract with one buyer and accept a new, higher offer from a second buyer?
• Who is responsible for making repairs, if any, as a result of home inspection reports conducted for the buyer?
• How do I calculate the net proceeds on the sale of my home?
• What if as a potential seller, I decide to defer selling and, instead, rent my home?
• Is the tax-free capital gain on a home sale a one-time benefit? Also, must I reinvest that gain in another property?

Question: Is there a "best time" to put my house on the market?

Answer: Along with economic factors such as supply and demand, the time of year you choose to sell can impact both the length of time it takes to sell your home and its ultimate selling price. Weather conditions are more or less of a consideration depending upon where you live. Typically, however, the real estate market picks up around February, continues strong through late May and June, and tapers off during July and August. September through November generally marks a rally not as strong as late winter and spring, followed by a slowdown from Thanksgiving through and beyond the Christmas and New Year holiday period.

Question: How should I price my home?

Answer: You must take into account the prevailing state of the real estate market and especially local market conditions. The real estate market continually changes and market fluctuations affect property values. So it is critical to determine your listing price based on the most recent comparable sales in your neighborhood.

A comparative market analysis provides the background information on which to determine your listing price. Review the comparable sales data provided to you by the different agents you've interviewed. If all agree on a specific price range, you're wise to go with this consensus. And be wary of an agent whose opinion of value is much higher than the others.

Question: What's the downside, if any, of pricing my home on the high side?

Answer: Several factors may come into play:

• You might help sell similar homes that are priced lower.
• Your home may be on the market longer.
• You could lose market interest and qualified buyers.
• You might create a negative impression of the property.
• You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.
• You may have to accept less money.
• A potential buyer may face appraisal and financing problems resulting from the inflated price.

Question: How long should it take to sell my home?

Answer: Here again, it depends upon market conditions. But if your home is priced right and in good condition, you should be able to expect the minimum market time in your area. On the other hand, if your home is overpriced and needs work, the opposite likely will be true.

Question: As a seller, what are my disclosure obligations?

Answer: Obligations to disclose information about a property vary from state to state. The focus on disclosing defects has become more intensive in recent years, often including locally mandated disclosure forms for revealing any material defects. Typically, you must disclose all the facts affecting the value or desirability of your property that are known or accessible only to you. For example, you are required to indicate any significant defects of which you are aware about the home's major systems, the presence of environmental hazards, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations and much more.

Question: What should I do to prepare my house for sale?

Answer: There are many things you can do to make your home show better without spending a lot of money. Use good old "elbow grease" to make sure the interior and exterior property is clean and neat. Consider:

• Painting your front door, shutters, trim and any other outside features showing signs of wear;
• Washing windows inside and out;
• Replacing faded wallpaper and/or gluing areas that have come loose;
• Repairing worn woodwork;
• Repainting scarred or dirty walls in a neutral color;
• Steam cleaning carpeting or replacing it, if necessary;
• Repairing loose knobs, sticking doors and windows, warped cabinet draws, broken light switches and other minor flaws;
• Checking and repairing caulking in bathtubs and showers;
• Opening draperies and curtains to let the light in during the showing;
• Keeping fresh, clean towels in the bathroom;
• Using candles or air freshener to give rooms a pleasant scent; and
• Strategically lighting your home, even during daytime showings, to create a cozy mood and highlight positive attributes of each room.

Question: Many discount real estate brokerages charge a very modest fee for services. Why shouldn't I use one of them to sell my home?

Answer: Typically, all discount real estate brokers do is to put homes in the multiple listing service. They won't guide you through the sales process, market or show your home, qualify your prospective buyers, handle the often-delicate negotiations with buyers or do many other vitally important things that a full-service real estate professional will do on your behalf and best interest.

Question: How can I be sure a buyer is qualified and that the loan is not on shaky ground?

Answer: An agent representing you as seller should communicate with the lender in advance and have some assurance that the buyer is pre-approved for a loan at the onset of the contract negotiations. Ideally, the buyer is a non-contingent buyer and a pre-approved buyer.

Question: Do I have to sell to the person with the highest offer?

Answer: No. If you prefer a lower-priced offer, perhaps with a better-qualified buyer and/or more attractive terms, you can accept that offer instead. Or you can give counteroffers to one or more of the buyers. Beware, however, that if you turn down a full-priced offer, you may owe your agent a full commission even if you decide not to sell your home.

Question: Can I back out of my contract with one buyer and accept a new, higher offer from a second buyer?

Answer: It is very unwise to try to back out of the contract because a purchase offer that's accepted is a legal contract that the buyer can seek legal remedies to enforce.

Question: Who is responsible for making repairs, if any, as a result of home inspection reports conducted for the buyer?

Answer: Because the buyer orders one or more home inspections doesn't obligate the seller to make repairs or modifications as a result of those inspections. Typically, however, inspection reports are used to negotiate repairs of major problems, or environmental or safety hazards that may be noted. The purchase contract should provide guidance for these negotiations.

Question: How do I calculate the net proceeds on the sale of my home?

Answer: From the proposed purchase price you typically subtract:

• Balance on your present mortgage;
• Other liens, if any, such as equity loans and judgments;
• Broker's commission;
• Legal costs of selling, such as escrow agent's and attorney's fees;
• Transfer taxes;
• Unpaid property taxes and water bills;
• If required by the contract, items such as the cost of survey, termite and other inspections, necessary repairs, buyer's closing costs and more.

Question: What if as a potential seller, I decide to defer selling and, instead, rent my home?

Answer: If and when you decide to sell your home, you will not be eligible for a tax-free capital gain — up to $250,000 for one person and up to $500,000 for two — unless you've lived in the home as your primary residence for at least two of the five years before you sell.

Question: Is the tax-free capital gain on a home sale a one-time benefit? Also, must I reinvest that gain in another property?

Answer: The answer to both questions is no. You can qualify for a capital gain with each primary home you own and sell, and can do this every two years if you so choose.

As well, it is not necessary to re-invest your proceeds in another home.