Here are some articles that might be of interest to you as a seller. Click on the links below to view them.
- Your Home’s Value
- 8 Steps To Selling Your Home
- 9 Questions To Ask Your Realtor About Selling A Property
- How To Price To Sell And Still Make a Profit
- Practicing Good Seller’s Etiquette
- Understanding The Buyer
- Increasing Your Home’s Appeal
- Mortgage Calculator
- Selling Your Home?
Your Home’s Value
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8 Steps To Selling Your Home
- Define your needs.
Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your property within a certain time frame or make a particular profit margin. I can help you map out the best path to achieve your objectives and set a realistic time frame for the sale.
- Name your price.
Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and qualified buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so that is a key reason why my expertise is invaluable at this step. I know what comparable homes are selling for and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market, potential buyers may think there is something wrong with the property. When this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
- Prepare your home.
Most of us don’t keep our homes in “showing” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. I can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers:
* A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs.
* Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression.
* Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible. - Get the word out.
Now that you’re ready to sell, it is time to market your home. There are many ways to get the word out, including:
* The Internet
* Yard signs
* Open houses
* Media advertising
* Agent-to-agent referrals
* Direct mail marketing campaigns
In addition to listing your home on the MLS, I use a combination of these tactics to bring the most qualified buyers to your home. - Receive an offer.
When you receive a written offer from a potential buyer, I will find out whether or not the individual is prequalified/preapproved to buy your home. If they are an all cash buyer, I will verify that they have the funds necessary to close. We will then review the terms; though not limited to this list, terms could include the following:
* Offer price
* Down payment
* Financing arrangements
* Contingencies
* Items that are specifically included or excluded
* Estimated closing date
At this point, you have three options: accept the offer, counter with a different price and/or terms, or reject it. - Negotiate to sell.
Most offers to purchase will require some negotiating to arrive at a win-win agreement. Having successfully negotiated many transactions, I will protect your best interest throughout the bargaining process. Some negotiable items:
* Price
* Financing
* Closing costs
* Repairs
* Appliances and fixtures
* Closing date
Once both parties have agreed on the terms of the sale, your attorney will prepare a contract. - Prepare to close.
Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. I can take charge of the effort and serve as your advocate when dealing with the buyer’s agent and service providers.
Cancel electricity, gas, lawn care, cable and other routine services.
A few days before the closing, your attorney will let you know the time and location of the closing. The attorney will also make sure the necessary documents will be ready to sign and will prepare for you a closing statement that will detail the costs associated with the sale, as well as any proceeds. - Close the deal.
“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your attorney will be present during the closing to guide you through the process and make sure everything goes as planned. After the closing, it’s nice for the seller to provide the buyer with owner’s manuals and warranties that relate to the house.
9 Questions To Ask Your Realtor About Selling A Property
- Are you a full-time professional real estate agent?
Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. The same issue can apply to professional designations.
- Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction?
It is not uncommon for agents who sell a lot of houses to hire people to work with them. As their businesses grow, they must be able to deliver the same or higher quality service to more people. You may want to know who on the team will take part in your transaction, and what role each person will play.
- Do you have a website that will list my home? Can I have your URL address? Who responds to emails and how quickly? What’s your email address?
Many buyers prefer to search online for homes because it’s available 24 hours a day and can be done at home. So you want to make sure your home is listed online, either on the agent’s website or on their company’s site. By searching an agent’s website you will get a clear picture of how much information is available online.
- How will you keep in contact with me during the selling process, and how often?
Some agents may email, fax or call you daily to tell you that visitors have toured your home, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with the agent’s systems.
- Will you give me names of past clients?
Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.
- If I am not satisfied with your performance, can I terminate our listing agreement?
Not many agents or real estate companies will allow a contract termination. Be sure to discuss your options prior to signing a listing agreement so you are not locked into an unhappy arrangement.
- How will you get paid? How are your fees structured? May I have that in writing?
The seller typically pays all agent commissions. Sometimes agents will have other small fees, such as administrative or special service fees, that are charged to clients regardless of whether they are buying or selling. Be aware of the big picture before you sign any agreements. Ask for an estimate of costs from any agent you contemplate employing.
- How would you develop pricing strategies for our home?
Although location and condition affect the selling process, price is the primary factor in determining if a home sells quickly (or at all). Access to current property information is essential and sometimes a pre-appraisal will help. Ask the agent how they created the market analysis and whether they included for sale by owner homes, foreclosed homes and bank-owned sales in that list.
- What will you do to sell my home? Who determines where and when my home is marketed/ promoted? Who pays for your advertising?
Ask the agent to present to you a clear marketing and advertising plan.
How To Price To Sell And Still Make a Profit
Knowledge of the overall market and what is selling – or not selling – will be invaluable in helping you determine the price. The main objective for most sellers is to find a price that the market will bear but won’t leave money on the table.
Here are some points to consider:
Time.
Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to sell the property, consider a price that will entice buyers to visit your home and put in a bid.
Value vs. Cost.
Pricing your home to sell in a timely fashion requires some objectivity. It’s important that you not confuse value with cost – in other words, how much you value your home versus what buyers are willing to pay for it.
Keep it simple.
Because time is of the essence, make it easy for buyers. Remain flexible on when your home can be shown. Avoid putting contingencies on the sale.
Practicing Good Seller’s Etiquette
Let’s face it: When your house goes on the market, you’re not only opening the door to prospective buyers, but also sometimes to unknown vendors and naïve or unqualified buyers. As with any business transaction, there is an expected protocol to how sellers, buyers and their respective agents interact.
The aggressive agent
When I put your home on the market, most promotional materials state clearly that I am the primary contact for buyers and buyers’ agents. However, sometimes a buyer’s agent will contact a seller directly to try to either win over their business or cut the seller’s agent out of the deal. This is not reputable behavior and you should report it to me immediately.
You should not be home when a showing is scheduled. However, if you happen to be home, do not answer any questions posed by the buyers or the buyers’ agent. Please direct them to contact me.
The naïve buyer
Yard signs, Internet listings and other advertisements can generate a lot of buzz for your home. Some prospective buyers – particularly first-timers – will be so excited to see your home that they’ll simply drop by. If this happens, no matter how nice these unexpected visitors are, it’s best not to humor their enthusiasm by discussing your home or giving an impromptu tour. Instead, politely let them know that I am in charge of scheduling tours. If you attempt to handle these surprise visits on your own, you might inadvertently disclose information that could hurt you during negotiations down the road.
Understanding The Buyer
As the seller, you can control three factors that will affect the sale of your home:
* The home’s condition
* Asking price
* Marketing strategy
It is important to note that there are many other factors that influence buyers (see below for some common ones). As your real estate agent, I can advise you on how to best position and market your home to overcome any perceived downsides.
Location
The most influential factor in determining your home’s appeal to buyers is something you can’t control: location. According to the National Association of Realtors, neighborhood quality is the No. 1 reason buyers choose a home. The second most influential factor is commute times to work and school.
Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and “empty nesters,” or couples whose children have grown up and moved out.
Amenities
Preferences in floor plans and amenities go in and out of fashion, and I can give you a sense of what is currently attracting buyers in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: that’s not always the right move. I can help you determine whether the renovations are likely to help or hinder your profit margin and time on the market.
Increasing Your Home’s Appeal
Remember the 60-second rule: That’s all the time you have to create a winning first impression. Here are some ways to maximize your home’s appeal.
Exterior
- Keep the grass cut and remove all yard clutter.
- Weed and apply fresh mulch to flower beds.
- Apply fresh paint to wooden fences.
- Tighten and clean all door handles.
- Clean windows inside and out.
- Powerwash home’s exterior.
- Ensure all gutters and downspouts are firmly attached and functioning.
- Paint the front door.
- Buy a new welcome mat.
- Place potted flowers near the front door.
Interior
- Evaluate the furniture in each room and remove anything that interrupts “the flow” or makes the room appear smaller. Consider renting a storage unit to move items off-site.
- Clean and organize cabinets, closets and bookshelves.
- Clean all light fixtures and ceiling fans.
- Steam clean carpets.
- Remove excessive wall hangings and knick-knacks.
- Repair all plumbing leaks, including faucets and drain traps.
- Make minor repairs (torn screens, sticking doors, cracked caulking).
- Clean or paint walls and ceilings.
- Replace worn cabinet and door knobs.
- Fix or replace discolored grout.
- Replace broken tiles.
- Replace worn countertops.
Special details for showings
- Turn on all the lights.
- Open all drapes and shutters in the daytime.
- Keep pets secured outdoors.
- Buy new towels for bathrooms.
- Buy new bedding for bedrooms.
- Replace old lamps or lampshades.
- Vacate the property while it is being shown.
Mortgage Calculator
Selling Your Home?
If you are considering selling your home – now or even months down the road – please get in touch with me now! Fill out the form below and I will send you some free information on the home-selling process and how to get started.
