Valuable Information For Home Sellers
Selling Your Home
5 Considerations for Valuing Your Home
One of the hardest parts of putting your home on the market is determining how much the property is worth. Pricing your home properly is essential. If you set the price too high you risk having the home sit on the market for months while strangers troop through open house after open house. If you price the home too low, you will get a quick sale, but you will also miss out on thousands of extra dollars in profit.
Determining a fair price for your home means looking at a number of factors and taking a number of things into consideration. Here are 5 of the top considerations for valuing your home.
1). The Size of the Home
The size of the home is a big consideration for buyers. If your home includes more square footage than the average home, a basement, or garage, these items should be mentioned in the descriptions, brochures, and other marketing materials for your home. If your home is equivalent in size to the average house in your neighborhood, but on a larger plot of land, this will also increase the value of your home.
2). The Condition of the Home
The condition of the home will obviously have a large impact on its value. The front of your home leads to a good first impression as potential buyers arrive, so making sure the lawn is cut and adding flowers or a fresh coat of paint to the front door can work wonders on how buyers perceive your home.
If your home needs a lot of repairs, you will need to take that into consideration when setting a price. Sometimes it is worth spending a few thousand dollars on repairs and upgrades in exchange for a higher asking price.
Likewise, a home in excellent condition will likely fetch a higher price, so make sure the Realtor® knows about any recent upgrades or renovations. Things like a new roof, a remodeled kitchen or bathroom, and an updated heating and air conditioning system can make the home more sellable and increase its resale value.
3). The Presence of Desirable Amenities
If your home is packed with amenities buyers crave, you can probably get a premium price when you put the house on the market. Some of these in-demand amenities include granite countertops, stainless steel appliances, steam showers, hot tubs and extra storage.
If you are selling an older home, making a few strategic upgrades now could boost the sale price substantially. Just research the cost of the upgrade and compare it to the increase in resale value that could result.
4). Comparable Sales
Knowing what other homes in your area have sold for is essential, and a great way to accurately value your home. You can use a number of online resources to check the sale prices of neighboring properties, but your real estate agent will have access to even more information. Just as important is the present inventory of available homes which will be competing with your home. Always ask your Realtor® to check comparable sales and listings and keep checking those sales as you set the asking price.
5). The Current Real Estate Market
This one is out of your control, but it is still important. The current state of the real estate market will have a profound impact on home prices and you should take it into consideration when pricing your home.
If you are lucky enough to be selling in a hot market, you will probably be able to fetch top dollar for your home. If the marketing is softening, or worse yet, collapsing, you may need to adjust the price lower to attract a qualified buyer.
Interest rates going up or down will also have an effect on what buyer’s can afford to pay for a house.
Choosing the Right Real Estate Agent
Selling your home is a complicated matter, and it is important to have the right professional in your corner. Before you put your home on the market or set an asking price, you need to interview local real estate agents and choose the one you think will do the best job. Here are a few things to think about as you interview real estate agents.
1)Experience
Even the best training cannot prepare real estate agents for every potential scenario. That is why it is so important to work with an experienced real estate agent who understands the area and the local real estate market. This is so important in today’s marketplace with many new and different regulations and rules to adhere to.
Always ask potential real estate agents how long they have been in business and how many years of local experience they bring to the table. It is also a good idea to look at industry awards and accolades, since they are generally given to the best and most expert agents.
An experienced agent will also normally have a good working relationship with other local Realtors, lenders, and attorneys to make the sale go through more smoothly.
Ask questions like “are you a full time or part time agent?”, “Can I see how many past sales you’ve had?”, “Where can I find recommendations clients have written for you?” and “Can you provide me with a CMA (comparative market analysis) of my home?”
Look for a Realtor® who holds all the required licenses and has attained the necessary accreditations.
2)Local Expertise
There is no substitute for local expertise when selling a home. The real estate agent you choose should have extensive knowledge of the neighborhood and the surrounding area.
Ask the agents you interview how many homes they have sold in the area and assess their familiarity with the region. The more they know about the neighborhood where your home is located the easier it will be for them to attract would-be buyers.
3) Are You a Solo Agent or Part of a Team?
Some real estate agents work on their own, while others operate as part of a larger team. It is important to find out which category the agent fits into and make your decision accordingly.
If you are comfortable working with a solo agent, do so. If you would rather work with a team of professionals, you may be happier working with a Realtor® who is part of a larger group.
4) Can You Provide Me with a CMA?
You will be relying on the Realtor® to help you get top dollar for your home, so it is important that they have a firm handle on the local market. The CMA, or comparative market analysis, is the gold standard for determining home values, so you will want to make sure the agent you interview has one available. It’s important that the agent justify a price and not just spew out a number you may want to hear.
5)References
Asking for, and checking, references, is an essential part of the vetting process for real estate agents. Always ask the real estate agents you interview for a list of their most recent clients and contact those clients as soon as possible.
Ask lots of questions when interviewing those former clients. Find out what they liked about working with the agent, and what they thought the agent could have done better. The honest feedback of former clients is an essential piece of information - and one you should make the most of.
6)The Commission Schedule
Always ask how the agents are compensated for their time and expertise, and make sure you understand all the costs of selling your house before you make a final decision.
Your choice of real estate agent will have an impact on everything from how long it takes to sell your home to how much you can get for it. The tips listed above can help you choose the best agent and get your home sale off to a great start. Remember the fee is not as important as what you net after the fee is deducted.
Ten Tips to Selling Your Home
Preparing Your Home for Sale
Whether you are selling a cozy cottage or a huge mansion, preparation matters. If you want your home to sell quickly and without hassle, you need to look at the property with the discerning eyes of a buyer. Here are some practical tips you can use to get your home in selling shape quickly.
1) Clear out the clutter. A cluttered home creates a terrible first impression and makes your home look smaller and less inviting. Even the largest walk-in closet will look tiny and cramped when filled with unworn clothes and shoes. The time to clear out the clutter is now, before you put your home on the market or host your first open house.
Hosting a yard sale is a great way to clear out the clutter and make some extra money. Just go through your closets, storage sheds, basement and garage and pick out the items you no longer need. After the sale is over, you can donate any unsold items to charity and get a nice tax deduction.
2) Give your walls a fresh coat of paint. Repainting your walls is the least expensive yet most effective way to spruce up your home and make it look like new. You will be surprised at the difference a fresh coat of paint can make.
3) Do your homework. If you want your home to sell fast, you need to know what buyers are looking for. Attend a few open houses in your area and talk to buyers about what they are looking for. Adding a few new amenities to your home could make a world of difference and speed the sale.
4) Price your home fairly. You have a wealth of information on home values at your fingertips, so do your homework before you set a price. Do not rely on the recommendations of the Realtor® alone; check recently sold listings yourself and use that information to set a fair price.
5) Let the Realtor® handle the open house. You might want to hang around and answer questions from potential buyers, but it is best to let the professional take the reins. Just gather up the kids, and the pets, and clear out for the duration of the open house.
6) Light Things Up You may not realize how important lighting is, but the right lighting scheme can make a world of difference. If your walls could use a fresh coat of paint, replacing that old dark shade with a lighter one can make the entire room look larger and more inviting. Adding pole lights to the corners of the living room and new LED lights to the bathroom can also make a big difference, so feel free to light things up.
Open the curtains and windows before every showing and turn on the lights to make the rooms look larger and airier. Installing additional exterior lighting will also make your home more attractive and enhance its curb appeal.
7) Give your landscaping a once-over. Curb appeal matters, and if would-be buyers do not like what they see they are unlikely to look further. Weed the flower beds, spruce up the exterior of your home and give the front door a fresh coat of paint. These simple and inexpensive upgrades will make your home more attractive and enhance its curb appeal.
8) Pets It is also important to remove all traces of your pets before every open house. That means picking up the dog bowls, hiding the litter box and storing your pet's toys. Even if the buyers know you have pets, they do not need to be reminded of their presence
9) Remove Personal Item from your home is a smart move, and one that home stagers and real estate agents regularly recommend. Take all those knick-knacks, family photographs and vacation souvenirs and pack them away..
10) De-personalize your home. You might love that modern art painting or picture of your family at the beach, but potential buyers may not share your enthusiasm. Remove as many personal items as possible before you start showing your home - you can always break them out and show them off in your new home.
Whether it is a seller's market or the buyers, the tips above can help you sell your home quickly and for top dollar. From learning proper home staging techniques to paying attention to buyer wants, there are plenty of things you can do to improve your chance of a quick sale.
Staging your home for a quick sale is not always easy, but there are some ways to make the process easier. The tips listed above can help you prepare your home for its first showing and increase your chances of a fast and profitable sale.
Whether you are selling your starter home and moving to a larger property or putting your dream home on the market in preparation for retirement, you need the best agent on your side. The tips listed above can help you find that agent and get your home sold quickly and for top dollar.