The right preparations: You will need to view your house through a buyer's eye and store anything that makes it appear cluttered or smaller, as well as anything that will interfere with their ability to image themselves living there. You may need to get in a decorator or other professional who can see the property with a stranger's eye. DO NOT ask your friends for their opinions; they won't risk your friendship by telling you the truth.

The right renovations: Decide what changes are cost-effective. Some renovations will cost you less than the concessions a buyer will ask you to make in your asking price, while others would best be done by the buyer with a small concession on your part. You'll need to know the full list of potential upgrades and improvements that would be needed to make your home compare favorably with a new home, and be prepared to address all of these issues with a buyer.

The right asking price: If you set the price too high, no one will make an offer. If you price too low, you may cheat yourself out of a lot of money. Buyers will come armed with the price of comparable properties in the area, so make sure you have the same or better research.

The right marketing strategy: A classified ad and “for sale” sign are the two strongest forms of marketing your house will need, but they are far from the only tools in your arsenal. Knowing what to say in your ad and how to put together a potent "For Sale" display will make the difference between success and wasted effort. Ensuring Internet and Multiple Listing Service (MLS) listings is critical, as these are increasingly more dominant as the means for serious buyers to locate prospective homes.

The right buyer: Not all buyers are alike. Some can afford to pay market price for your home, while others are only looking for a bargain in the hope that they can somehow squeak by and make a deal. At best, the wrong buyer wastes your time and money. At worst, they can have criminal intentions, and you can inadvertently provide them leisurely access to view your valuables and discover the best way to break-in. You'll need to know how to screen buyers and how to protect yourself.

The right negotiation strategy: Buyers willing to put up with the additional risk and work involved in dealing directly with a seller generally expect to save at least half of the commission themselves. Their offers they make will probably be based on that assumption. Anticipate it and make your counter-offers accordingly. Avoid letting emotional investment in your home manipulate your thinking, and brush up on your negotiating skills. You'll need to negotiate aggressively, but not so aggressively that you'll discourage buyers and allow them to walk away.

The right way to avoid legal problems: Real estate is the biggest purchase a buyer will make, and the biggest sale you will ever handle. It involves lots of legal obligations on both parts and failing to comply with any of them can invalidate the sale or get you sued. There are also local, state, and federal disclosure laws and laws prohibiting discriminating. Make sure you research all obligations and statutes thoroughly to avoid mistakes.

Return to New Mexico Real Estate Sellers FAQs Page 2

Return to Main Page for New Mexico Real Estate Sellers FAQs