What repairs should I make to my property?

If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate their repair.  The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market but many buyers willing to buy at almost any price. On the other hand, making such repairs may be the only way to sell your house in a down  market. 

How do appraisers estimate value?

Appraisers use several factors when estimating a home's value, including the home's size and square footage, the home's condition and quality of the neighborhood, comparable local sales, pertinent historical information, past sales performance and indicators that forecast future value. For more information on standards, contact the Appraisal Institute at 875 N. Michigan Ave., Suite 2400, Chicago, IL 60611-1980; (312) 335-4458.