NEW YORK (CNN/Money) -
Thinking of cashing in your gains in the real estate market? Or maybe you're selling because you're changing jobs, downsizing, leaving the fast lane.
Selling a home can be an intimidating prospect, but with the right preparation and attention to detail you can maximize your house's value.
Whatever the reason for putting your abode on the auction block, you'll want to figure out the smartest way of doing it. Here are today's five tips.
1. Don't wait for spring.
The conventional wisdom is that spring is the best time to sell. But more and more sellers are ignoring this advice and putting their homes on the market even in November and December.
This winter there's more reason than ever before to think about getting started early -- the prospect of rising rates. With most economists predicting higher mortgage rates, shy sellers who wait till June to unload their castle may be disappointed, especially those living in red-hot markets.
A spike in rates could make housing less affordable to buyers. What's more, savvy buyers are trying to get into the market before rates can cut their buying power.
2. Re-evaluate your digs.
Before you even think about getting a real estate agent, have a professional inspector look over your home to make recommendations about potential problems. This is especially important for owners that have lived in their homes a long time.
Doing the inspection now will give you time to make minor repairs or renovations that could boost your asking price. Go to www.NAHI.org to find an experienced inspector. You can expect to pay $200 to $500 for the service.
In addition to getting your house in order, setting the right price is also critical. Colby Sambrotto, chief operating officer, www.forsalebyowner.com, suggests getting an appraisal online, if you don't want to pony up the $100 to $300 cost for the real thing. For $30, you can get an estimate of your home's value at www.electronicappraiser.com or at Sambrotto's Web site.
And don't base your estimate of your home's worth on what your neighbor down the street got for his house. Check out realtors' Web sites in your town to find out what homes like yours -- with the same number of bedrooms and baths, and same approximate square footage, are selling for.
3. Get the right agent.
Contrary to popular opinion, a good agent can do more than just get you free marketing via the Multiple Listing Service, the detailed electronic database that agents use as their primary selling tool.
But finding the right agent can be tough. Look for agents that either live in your neighborhood or have successfully sold properties in your neighborhood -- that way you'll know you have someone with familiarity with your area and its advantages.
Make sure that any listing agreement you sign with an agent allows you to sell the house on your own without paying a commission. (After all, if Aunt Mildred decides to pay a premium for your ranch, who are you to argue?)
Don't be shy about negotiating the commission, either. More and more agents are making their services available for less than the usual 6 percent commission.
4. Find your inner marketing executive.
According to Sambrotto, fully 70 percent of shoppers look at house listings online.
In real estate, pictures are worth 1,000 words. That means you'll want to take particular care getting exactly the right pictures of your abode.
Prepare your home's interior by getting rid of clutter. That will make your home seem more spacious. While sunny, summer photos are attractive; photos of your home decorated for the holidays can also look warm and inviting.
Sambrotto says many off-season decorative items are on sale this time of year, so you can upgrade the basics on the cheap -- like doormats, accessories, etc.
5. Time your exit.
Leaving one home generally means buying another. You'll want to pay close attention, however, to exactly how you make the exchange.
That's because selling your existing home well before you choose another means you could end up having to get a bridge loan to finance your new digs -- something that requires hefty interest payments.
A better bet is to make any purchase contingent on the sale of your current home. If you're in a red hot market and contingencies are tough to get, consider delaying the purchase, if your existing home hasn't sold.
The downside? You may incur a fee from your banker if you don't close when you said you were going to close. One other option: You can rent the home you're buying until you can unload your present digs.
Gerri Willis is a personal finance editor for CNN Business News. Willis also hosts CNNfn's Open House, weekdays from Noon to 12:30 p.m. (ET). E-mail comments to 5tips@cnn.com.
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