Selling Your House

BEFORE you buy a house or apartment, be sure to sell the one you now live in. Otherwise, you can run the risk of paying two mortgages and being forced to sell out at fire sale prices. In any case, do not assume that your present house will sell as quickly or for as much money as you think it is worth especially if you are in a soft real estate market. Get an appraiser's estimate of its value and ask a real estate agent how rapidly homes in that price range are turning over in your area.

If houses stay on the market for more than two or three months, do not even look for a second home until you have a firm contract of sale on the first. And continue living in the house, if possible, while it is on the market. Untenanted houses give buyers the impression that the owners are desperate to sell.

To put your house into shape for selling, figure on spending several weekends of your time for a minor cosmetic facelift. Start with your homes so called curb appeal, or how it looks from the street. A house hunter’s first impression can make or break the sale. You do not need to spring for a major paint job unless the outside walls are blistering and peeling. But touch up the trim. The $100 or so you spend on paint for outer doors and window trim often makes your house look freshly painted.

Do not forget to wash the windows, inside and out. When the glare of the sun hits dirty panes, you can see the streaks from the street. Patch cracks and potholes in your driveway. Finishing touches such as a bright red mailbox or tubs of pink geraniums flanking the front door sometimes can do more for the house than any major expenditure.

You also should spruce up the interior. Thin out your possessions before you show your house. The fewer things you have in a room or closet, the larger it will appear. Repaint rooms that need it, such as those that your kids have graced with unusual colors. Kitchens and bathrooms always must be immaculate. A rusty sink or a ring around the toilet bowl can scare off prospective buyers who might think the plumbing needs repair. All homebuyers are conscious of energy costs, so your heating system must appear to work well. Wipe the boiler and the area around it to remove soot or oil stains.

You are probably better off not trying to sell your house yourself Real estate agents can market it through a multiple listing service, which alerts nearly every agent in the area that your home is up for sale.

Before your house goes on the market, make sure it is correctly priced. It is worth hiring a professional appraiser, but shop around because fees vary. To find several candidates in your area, write or call the American Institute of Real Estate Appraisers .

While you are awaiting the sale, investigate the area you will be moving to. Drive around and see what neighborhoods best suit you. Survey the prices quoted in real estate ads in the Sunday paper. But do not actually house hunt. You could fall in love with a new homestead while you are still wedded financially to your old one.

By selling first, of course, you may have to move out before you have found another house. Try to avoid that possibility in your negotiations with a prospective buyer. For example, you might be able to postpone the closing date to give yourself time to find a new place.

Such an extended closing period also gives the buyer more time to change his or her mind. So, a better solution, if the buyer is amenable, is to close the deal as soon as possible but rent your house back from him until you find another one. If the buyer balks at such a provision, resign yourself to renting elsewhere, preferably in or near your future neighborhood. Though a temporary inconvenience, this strategy will acquaint you with the market and make you a smarter buyer.