MAKING CENTS: Selling a home not easy in any market

Now that the real estate market is heated up locally, many people are seriously considering putting their house on the market.  

image source: boston.curbed.com

While this may be a good time to do so, consider these important factors before you get swept up in the hysteria of a hot seller’s market.

First is to answer the question of where to go. It’s one thing to get your price, but you may be surprised at what you find when searching for a new home. Inventory is tight, banks are still not lending too liberally and rental rates have soared

Have an attorney review the real estate listing agreement. It may be a moot point if your house sells quickly, but if the house if priced wrong and sits for longer than the original listing period, many of the standard forms that realtors use contain an automatic renewal provision. I’d get the auto renewal stricken and sign a listing agreement for no longer than 90 days.

Pricing the home is always a tough decision. Contrary to the stories we’ve all heard about homes selling for above asking price at the open house, this only happens when a house is fairly priced. In a rising market, do not get greedy. If you get your full price or more in one day, it would be fair to say that you priced the home properly. Avoid the agent who gives you a dream number. If it sounds too good to be true… you know the rest of that line.

Carefully evaluate any fix up or home repairs that you feel are necessary. Bring these topics into the discussions with any prospective realtors and evaluate the responses you receive.

Don’t rush into the sale. Making sure that the home shows well is always a significant part of the selling process. If the interior furnishings are appealing, and you clear out the clutter in the spare room(s), basement, shed and garage, your home will show well. If you want to move quickly, select a professional who can be open and blunt with you about what needs to be done to clear out and stage the home, and get started immediately.

As a courtesy, consider alerting your neighbors about the plans to sell.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthmanagement.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

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