Phone: 407-719-5956
For most people, selling their home means cashing in their biggest asset. In other words, it must be handled with great care if you hope to protect - and capitalize on - your investment.
This guide was written with one goal in mind: to give you the tools you need to maximize your profits, maintain control, and reduce the stress that comes with the home-selling process.
The reason you look closely at why you want to sell is that your motivations play an important role in the process. They affect everything from setting a price to deciding how much time and money you'll invest to getting your home ready for selling.
For example, what's more important to you: the money you walk away with, or the length of time your property is on the market? If your goal is a quick sale, that can dictate one kind of approach. If you want to maximize your profit, the sales process will almost certainly take longer.Settling on an offering price shouldn't be done lightly. Once you've set your price, you've told buyers the absolute maximum they have to pay for your home. The trick for the seller is to get a selling price as close to the offering price as possible. If you start out by pricing too high, you might not be taken seriously by prospective buyers and their agents. A price too low can result in selling for much less than you had hoped for.
Setting your home's sale price can be a fairly easy process. If you live in a subdivision comprised of homes with similar or identical floor plans, built in the same time period, then all you have to do is look at recent sales in the neighborhood to give you a good ballpark figure.
A good Realtor is attuned to nuances in the market that may not be apparent from comparable sales and listings.
But many people live in older neighborhoods that have changed quite a bit over the years. Every home in your neighborhood may be different in minor or substantial ways-the house next door may have added another bedroom, for example, or the one across the street might have been built recently to fill a vacant lot. As a neighborhood evolves over the years, you may find that there aren't any homes that are truly comparable to your own.
If you decide to sell your home on your own, the most common way to set a value is to look at homes that have sold in your neighborhood within the past six to 12 months, as well as those now on the market. That's certainly how prospective buyers will assess the worth of your home.
You can usually learn what homes have sold for in your neighborhood by making a quick trip to City Hall; home sale information is in the public records in most communities (but not all).
If this sounds like a lot of work, you may decide to hire a Realtor Your Realtor will do all the market research and provide you with comps showing where your home should be priced to best meet your goals-a fast sell, maximum profit, etc.The best way to get to know your competition, identify features that are popular and learn what turns buyers off is to check out other open houses. Plan on spending a few weekends touring other homes on the market to learn what other sellers are asking. Be sure to make note of the floor plan, condition, appearance, size of lot, location and other features.
If you visit enough homes and pay close attention to the details (and what other "buyers" are saying), you'll develop a good understanding of how different features affect pricing. And then you can apply what you've learned to the task of setting your price. But don't forget to include in the equation what homes are actually selling for, not just simply what people are asking. And remember, if you're serious about getting your home sold quickly, don't be more expensive than your neighbor.Nearly two-thirds of the people who sell their own home say they wouldn't do it themselves again, according to research by the National Association of Realtors. Sellers surveyed point to difficulties in setting a price, marketing handicaps and liability concerns among the primary reasons they would turn to a Realtor next time. And selling a home yourself usually eats up more time and effort than you might initially expect.
Once you understand how much work it will be to sell it yourself, talk to a Realtor you trust even if you decide to strike out on your own. Many top professionals are more than willing to help do-it-yourself sellers with the paperwork, contracts, etc. Plus you'll have a relationship with an agent if problems do arise that require professional help.
If you decide to work with a Realtor, contact four or five - you probably met a few that you liked during your open house tour. Explain to each that you're thinking about putting your home on the market and you'd like to meet to talk about pricing and marketing. By having this group "evaluation" done, you should end up with a fairly tight price range to help guide your decision. Any Realtor who is substantially higher or lower than the group should be able to justify their estimate. Just as you should be concerned with too low of a price, beware of an agent who gives you the highest price - they may be trying to buy your listing.
A good Realtor knows the market and your neighborhood in particular. They will supply you with information on past sales, current listings, a marketing plan, something on their own background, and references from past clients. Take the time to carefully evaluate candidates on the basis of their experience, qualifications, enthusiasm, and personality. Most importantly, make sure you choose someone who is going to put in a lot of hard work on your behalf.Make sure you leave yourself enough room in which to bargain. If what you ask for is unacceptable to the buyer, and their first offer is unacceptable to you, then you better make sure you have someplace to go that is acceptable to you.
Start with the absolute minimum price you would accept, then pick the price you'd get if the world were perfect. This gives you your range to keep in mind when working with your Realtor to negotiate the sale.
In setting your asking price, review your priorities. Do you want to maximize your profit or sell quickly? You'll price high for the former and closer to market value if the latter is the case.Each year, corporate North America spends billions of dollars on product and packaging design.
The lesson here is that appearance is critical - and it would be foolish to ignore this when selling your home.
You may not be able to change your home's location or its floor plan, but you can do a lot to improve its appearance. And you should. The look and 'feel" of your home generates a greater emotional response than any other factor. You may price your home to sell, but a prospective buyer reacts to what they see, hear, feel and smell.The key to effective marketing is knowing your product's good and bad points. In the case of your
home, accentuating the good can mean a faster sale for more money; failing to deal with the bad can mean months on the market and a lower-than-desired sales price.
The biggest mistake you can make at this point is to rely solely on your own judgment.
Remember this is your home , a place of fond memories. There are bound to be emotional issues that can impair your ability to make an honest assessment of your home's strengths and weaknesses.
In evaluating what improvements you can make, don't be shy about asking others for their opinions. But make sure you're getting an honest answer; some may try to spare your feelings, just what you don't need. Fortunately, your Realtor won't be shy in discussing what should be done to make a home more marketable.Pick up, straighten, unclutter, scrub, scour, dust ... well, you get the idea. If your living room feels crowded, take out every piece of furniture you can get away with. If your home still isn't ready to appear in
House Beautiful, then clean some more. Remember, you're not just competing with other people's homes-you're going up against brand-new homes as well.When you toured other people's homes, you may have felt some discomfort. This probably occurred because you saw, heard or otherwise sensed something that made you feel as if you were intruding into someone's life.
The last thing you want others to feel in visiting your home is that same sense of discomfort. Avoid this by making your home as neutral as possible. Anything that interferes with a prospective buyers' ability to see themselves living in your home must be eliminated. A few carefully chosen knickknacks and family portraits may add warmth and character to the home, too many are a distraction. Avoid unique or trendy color schemes - paint and carpet in neutral shades of white or beige.In the negotiation process, your objective is to control the pace and set the duration. And the better you know your buyer, the more easily you can maintain control.
As a rule, buyers want the best property they can afford for the least amount of money. But knowing specifically what motivates your buyer enables you to negotiate more effectively. Maybe your buyer needs to move quickly. Or the maximum amount he can spend is just a little below your asking price. Knowing this information puts you in a better bargaining position.Please feel free to call me if you would like further explanation on any of these topics, or if you have any real estate questions at all. I simply see my mission as striving to be as helpful as I possibly can to area home owners. I hope this special report provides the information you need to be an informed home seller. Forward any questions you may have about any of the above to:Matt@flahomesandestates.com , or contact me via phone at (407) 719-5956.
