Deciding to sell your home is a crucial decision and the selling process can be quite demanding. I am committed to making the sale of your home timely, easy, and as profitable as possible.
Hire a Real Estate Agent
Look for an agent that utilizes tools and communications techniques you are comfortable with. It is good to confirm:
- Are they knowledgeable in your housing market?
- How experienced are they?
- Will references be provided?
- What professional designations do they hold (i.e. ABR, CRS, GRI)?
- What services will they provide as your agent?
- How will your property be represented?
- Will they provide a market analysis for your property?
- What is the fee for their services?
- Will they explain the paperwork you need to sign?
- What is the timeframe for listing your property with them?
Determining Property Value – Pricing Your Home to Sell
There are a number of factors that go into determining the value of a home:
- It is realistic to compare the homes in your area and the asking prices of those homes.
- The law of supply and demand always comes into play. Do you live in an area with increasing job opportunities or an increasing supply of homes?
- Owners needs greatly impact the selling price of a home. Does the owner need a quick sell or do they have time to wait on their sale?
- The selling price is not cut and dry. On many occasions, the seller will negotiate the price, split closing costs or offer different allowances to the buyer, to make the sale of the home complete.
I will review this information with you and provide you with a fair market analysis of the homes that have sold and are for sale in your area. This will be the main contributor to help determine a competitive list price that encourages agents to choose your home.
It is very difficult to obtain a reasonable offer on an overpriced property. Buyer’s feel they should be just as unreasonable in their offer as the seller is in their asking price.
A serious buyer looks in the price range which has been determined by their down payment and monthly payment ability. Unless your property is priced correctly, the down payment and monthly payment requirements will not be competitive. Remember, serious buyers are looking to purchase a property soon and becomes very knowledgeable in their price range. Proper pricing will encourage buyers to consider your property.
Identify Your Home’s Flaws or Problems
Sellers are obligated to disclose any major problems or flaws in the structure or property, including things like dry rot, termites, asbestos, or a new highway slated to run nearby. The disclosure requirements vary by state, but if you fail to mention the leaky roof or structural issue, you could be sued for fraud. There is really no upside to trying to hide problems anyway since most buyers will have the home inspected before closing.
Get Your Home in “Showcase” Condition
A well maintained home will make the difference not only in your home being chosen over others, but also in your bottom line. Buyers will be looking at how clean and well kept your exterior is and even comparing it to the neighbors.
Small cosmetic touches can increase your home’s value by thousands.
Repairs and Increasing Profit Potential
Repairs pay off. Evaluate the condition of your heating, electrical, plumbing and the condition of your roof. Is everything in good working order or need of repair? Replacement of moisture damaged or rotten wood is often required as part of an appraisal. Most buyers find it hard to look beyond poor condition flooring. An “as-is” sale keeps you from doing work, but a buyer will assess about twice the price you would have paid for the repairs to be done prior to putting your home on the market.
Decide What Goes and What Stays
Before you start showing your home, you need to decide what will be included in the sale. If you want to take your refrigerator, washer and dryer with you, this will need to be disclosed on your seller’s disclosure and before negotiations begin.
Getting Your Home Out There
When selling your home, there are no guarantees that a buyer will simply walk through the front door. There are steps you need to take so your property receives maximum exposure to attract a ready, willing and able buyer. Working with a real estate agent with a proven track record of expertise and results with a Marketing Plan will ensure the best results.
Don’t Refuse To Drop The Price
If your home has been on the market for more than 30 days without an offer, you should be prepared to at least consider lowering your asking price.
Selling Your Home – The Offer
An acceptable offer depends on many different things:
- Is the proposed offer near the asking price?
- The time-frame of the seller – Does the seller have another house payment? Insurance?
- Does the owner have enough time to wait for the agent to bring them more potential buyers?
- What if the home is listed and never receives a single offer?
- What if several offers are received at the same time?
The Counter Offer
When potential buyers are searching for a home, they can respond in three different ways to the seller(s):
- This home is not what we were looking for. We are not interested in the property.
- We are interested in the home and we will purchase the property on the buyer’s terms per the real estate agreement.
- We are interested in the home, but here is our counter–offer for the property.
During the negotiating process of the sale of a home, the seller can react in one of three different ways:
- Accept the buyer’s proposed offer
- Decline the buyer’s offer
- Make a new counter–offer
This negotiating process can at times seem very complicated. However, we will work together to gain an end result of you getting the best sale possible in a manner that is as stress-free as can be.
Line Up Financing for New Home
When financing, it is good to meet with your loan officer to review your pre-approval for purchasing a new home based on what you intend to net from the sale of your current home. This will confirm it is a good time for you to move forward with the sale of your existing home.
Watching the Market
Home sellers are generally advised not to begin the search for a new home until they are confident that the sale of their existing home is progressing towards a successful closing. Even then, it is always possible that a sale can fall through and you could be faced with the prospect of owing two homes. And trying to perfectly time two closings can make planning a move much more stressful. However, if you have to move quickly you want to be prepared. To help with this we will set you up on an “Auto-Search” for homes offered in your market area. When the time is right you will already have an idea of which homes you want to consider.
Saying Goodbye to Your Home
In most cases it usually takes around 30 days to complete the sale of a home from the time a contract is accepted. This mainly depends on the buyer’s financing availability, successful home inspection completion, and various lender conditions (i.e. title search, title insurance, termite inspections, appraisals etc.).
The closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property.
The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes and any additional closing costs. All legal papers are filed with the local record office.
Surviving the Move
Moving can be one of the most emotional times in your life. While this may sound great to some people, for others, these changes can be an emotional roller-coaster.
The key to surviving your move is to first analysis the situation. You may want to ask yourself this question, “What does my move entail?” “Will I be moving across the country or just down the block?” “Can I handle the move myself, provided I have the right packing materials and friends to help?” Or “Do I need to explore the option of hiring a professional moving company?” If you plan on hiring a moving company, you may want to do some research in advance.