San Jose Real Estate

Selling Your Own Home

Are you looking to sell a home or another piece of property? Navigating the real estate market can be difficult for the uneducated consumer, but an educated one can be extremely successful. It is possible to sell your home without a broker, and if you know what you are doing, it can be quick and simple. The biggest tip: people buy homes that appear spacious, clean and solid.

The first step is having a strong curb appeal. A well-kept yard implicates a well kept home. Some questions to ask yourself: is my lawn well maintained? Are there cracks in the foundation or walkways? Is my driveway in need of resurfacing? Are my gutters, roof and chimney in good condition? Do the window casings, shutters, siding or doors need paint or replacing? Are the lawnmowers and hoses properly stored? Does my fence need staining or replacing?

Don't forget the interiors. The interiors must be clean as well; so stuffing everything in the hall closet will not suffice. Clean out your attic, basement closets and other storage areas. Have a garage sale to get rid of things you have no use for and put the rest in storage. Floors, cabinets, windows and mirrors should sparkle.

Try to make your home as neutral and clean as possible. Remove things that may be offensive to others, since everyone doesn't share the same religious views and senses of humor. If the room needs a fresh coat of paint, use a neutral off-white. If you have pets, have a neighbor or friend take care of them while you show your home. Make sure to clean the carpet and floors to get rid of any pet or cigarette odors. Make your home more inviting by baking something sweet like cookies or adding potpourri to each room.

Setting your price. Most set the price too high, eliminating potential buyers. Instead, ask an agent to prepare a market analysis for you, comparing your home with three other similar homes in your neighborhood. Your location, economic conditions, local schools, your home's extras (fireplace, pool etc), supply and demand in the local housing market and the average price of other homes in the neighborhood are all factors to consider.

Advertising. Since you are selling the home yourself, you will not have access to the MLS, which lists all the houses for sale. The internet and your local newspaper will be your best options.

Potential buyers. When you are interviewing potential buyers, always look at these factors to determine whether or not you are wasting your time.

• The buyer's debt
• The buyer's current income and employment
• The buyer's cash position and availability of a down payment
• The length of time the buyer needs before closing on your home

Use a lawyer during closing. Since you are selling the home yourself, it is recommended that you have a lawyer who specializes in real estate to be present at the actual closing to protect your interests and assist you in elements of your contract like:

• The final sale price
• What is included in the sale price (carpeting, light fixtures, furniture etc.)
• The amount of the down payment
• The date of closing and possession date
• Contingencies to the sale (inspections, required improvements, legal review of the contract by the buyer's or seller's attorney, etc)
• The amount and length of the loan
• Interest rate and time limits to secure the loan and determining which closing costs are to be paid by the buyer and by the seller.

Finally, selling your home has an effect on your taxes. See your accountant or a tax consultant for further information on the following topics:

• Whether you purchased the home or acquired it by gift or inheritance
• Whether you used your home partly for business or rental
• Costs associated with selling your home
• Home improvements or additions, which may help to offset capital gains
• The sale of your home. In certain cases you can exclude up to $250,000 in gain ($500,000 for married couples filing a joint return) on the sale of property that was your principle residence for at least two years. Generally, you can use this exclusion every two years.

 

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