Meanwhile, a comparable 3 bdrm/1 bath, 936-sq.-ft., single-family home located at 19 Cemetery Road, had the same 3 bdrms/1 bath, approximately 936 square feet, and was built in 1955. It sold for $111,800. That’s enough of a differential (almost $15,000!) for the owner of 25 Cemetery Road to pay the cost of his real estate agent’s commission and pocket some profit. Frankly, that commission was money well spent, because hiring the real estate agent and following the agent’s sales plan made all the difference. We’ll talk more about that as we move through this book; however, it was the advising, planning, staging, pre-marketing, marketing, negotiation, and professional know-how that sealed the deal.
THE BASIC HOME SALES PROCESS
Let’s begin with a practical examination of what the home-selling process is and how it works. We’ll examine how listing prices are determined and look at various ways that a listing price is set. I will discuss online valuation, professional appraisal, and the great benefit of a Current Market Analysis (CMA) by a REALTOR®. I’m also going to drive home the importance of the seller’s time, effort, “sweat equity,” financial investment, and working as a team with a carefully selected real estate agent. It’s not a hire-me-and- you-are-done transaction. To get the most money for your house, you’ll have to invest in touch-ups, improvements, staging, keeping the grass cut, and many other items. Just as important, you’ll want to focus on the factors that increase your home’s value and saleability, not merely throw money at items that will provide no measurable advantage.
THE 80/20 RULE
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