Correctly pricing your home is very important. Over-pricing a home can result in getting less than it is worth. My goal is to assist you in getting the most for your home that the market will bear. The way that we can determine what amount that may be, is to look at recently sold comparable homes. You will reach the largest amount of potential buyers shortly after the home reaches the market including serious buyers who are watching the market carefully. Most buyers are well versed in the recently sold prices for comparable homes, so long as their REALTOR® is providing them good representation. If your home is viewed as over-priced, it can lead to less activity and more “days on market”, with the need for later price reductions. These are all perceived as signs of distress. You may wind up getting less for the home than you would have received from pricing it correctly from the start.
Do Not Mistaken Appraisals for Fair Market Value
Appraisals, whether for re-financing, tax assessments or other, are not an accurate reflection of the current “Fair Market Value”. “Fair Market Value” is the price that a ready, willing and able buyer is willing to pay for your home within a reasonable amount of time. The “Fair Market Value” of your home may be and often is, lower than the appraised amount. Especially in today’s market. It is best to have a REALTOR® look at the most up-to-date information to determine a range of value using the most comparable closed sales in your area.
Showcase Your Home
If your goal is to get the most amount the market will bear, then it is very important to showcase your home and it’s most impressive features. It is a good idea to keep it clean, uncluttered and in tip top condition. Fix things that are broken. When the home is being showed, buyers will open closets, look in garages and basically go through the home with a fine toothed comb. Then, during a home inspection, the inspector will look even deeper. In order to prohibit future problems, it is good to address any issues you know of.
Buyers like to envision their family in the home, so It is also helpful to de-personalize the home as best you can by removing large or numerous family photos. Keeping the home looking and smelling clean will go a long way. I would not use any overpowering scents but a nice fresh and clean scent to the home will make buyers feel more at home. It is always good to have a hot tub, fountain or pool, open and working, to showcase that feature. Landscaping is also important to keep neat and clean.
Communication During Showings
If you will be present during showings, it is important to give the buyers space and allow them to view the home thoroughly with their REALTOR®. However, it is perfectly fine to answer any of their questions or to point out any features that you think are helpful. Be pleasant and friendly. Buying a home is a very large investment, and a buyer who feels more comfortable and trustworthy toward a seller may choose to purchase their home over another.
Being Knowledgeable Of Your Contract Of Sale
It is very important that your REALTOR® explain the contract of sale when it is presented to you including all time frames and contingencies (if any). Knowing the mortgage details can help you distinguish if it is a strong offer or not. Your REALTOR® should explain to you in detail how the buyer plans to pay for the home including the mortgage and deposit monies. It is also very important that your REALTOR® explain to you the “Attorney Review” process and the home inspection process. Real estate contracts are legally binding, and they are often complex and wordy. It is very important to use a REALTOR® who is well versed in contracts and can point out anything that may not be favorable. Once the contract is signed by both parties and is received by both attorneys, then it is legally executed. The attorneys will then make any changes to the contract if needed. The Attorney review process will then begin and the buyer and seller both have 3 business days to cancel the contract if they so choose. When the Attorney review process is complete, the home will be listed as “Under Contract”.
The Seller’s Disclosure document is very important! It is the document that you will fill out that will disclose to any buyer the age and condition of the home, it’s systems as well as other situations like the presence or treatment of termites.. It is important to fill this out fully and truthfully to the best of your knowledge. The reason that it benefits you to do that is because the buyer will be making an offer based upon the conditions disclosed in this document. You are in a much better bargaining position after the home inspection, if you had disclosed certain issues
There are many home inspectors who are so thorough with their inspection that they can alarm buyers by pointing out each and every issue with a home. Be prepared for this situation and keep in mind that the Seller’s Disclosure discloses current conditions and the buyer’s offer should have been based upon those conditions. If any major issues arise that you were unaware of, then it is your decision to have these issues repaired, to credit the buyer for repairs or to do nothing. Your REALTOR® should explain to you the rights of the buyer if you do refuse to fix certain major issues. The attorney’s will normally send letters back and forth regarding the home inspection, but sometimes your REALTOR® may need to become involved to help negotiate a settlement.
Successful Marketing Techniques
The techniques for marketing a home have drastically changed over the last decade. The days of advertising in the newspaper have been replaced by advertising on the internet. There are still some useful print marketing techniques, such as magazine ads or postcards, but the bulk of potential buyers will come from two sources. The internet and the multiple listing service.
It is very important that your REALTOR® has their own website and that they utilize other websites and online tools to market your home online. You are at a serious disadvantage if your REALTOR® does not market online and provide buyer’s with numerous online photos or virtual tours…
Choosing Your Realtor®
When choosing your REALTOR®, it is important to choose someone that has experience in successfully selling homes in your area. It is also good to pick someone with a pleasant personality. They will be representing you after all, so pick someone that you feel comfortable with and that you believe others will be comfortable dealing with. However, make sure they are someone who will strongly and ethically negotiate on your behalf.