Home Selling Information
Getting the Highest Price in the Shortest Time:
In order to get the highest price in the shortest time, you need to know how
to market your home. The better you market your home, the more offers you
will get. And the more offers you get, the more choices you have to get the
price and terms you want.
The most important factor of marketing your home is pricing it right. Your
price should be adjusted to reflect the market, and the property's worth.
The key is to get many people checking out your property at a fair price
instead of having no buyers because your price is set to high.
Another important factor is the condition of your home. Make sure that your
home looks ready to be sold. Fix any defects (peeling or faded paint,
cracks, stains, etc.) Condition alone can sometimes prompt fast buying
decisions. Not only should you fix any defects, but consider upgrading your
home by making major repairs and cosmetic improvements before selling. A
nice looking home triggers the emotional response that can lead to a
financial response.
Learn how to negotiate the best terms for all parties involved. Terms are
another factor which may be adjusted to attract buyers. If you insist on
getting your asking price, think of what you can offer to the buyers, for
example, improvements you've made, or even offering seller financing at a
lower than market interest rate on a portion of the sale price. Convince
them why they should be paying the price you have set.
Lastly, get the buzz out about your home. List your house with a hot agent
that ensures your house is listed on the MLS and on the internet. On your
own, get the word out. It should be visible to passerby’s that your house if
for sale, whether it be signs, local advertisements or you telling friends,
family, and acquaintances.
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Making a Good First Impression:
If you want buyers to be interested in your home, you need to show it in its
best light. A good first impression can influence a buyer into making an
offer; it influences a buyer emotionally and visually. In addition, what the
buyer first sees is what they think of when they consider the asking price.
A bad first impression weighs in as deeply. Don't show your property until
it's all fixed up. You do not want to give buyers the chance to use the
negative first impression they have as means of negotiation.
Ask around for the opinions others have of your home. Real estate agents who
see houses everyday can give solid advice on what needs to be done. Consider
what architects or landscape designers have to say. What you need are
objective opinions, and it's sometimes hard to separate the personal and
emotional ties you have for the home from the property itself.
Typically, there are some general fix ups that need to be done both outside
and on the inside. As a seller, you should consider the following:
Landscaping - Has the front yard been maintained? Are areas of the house
visible to the street in good condition?
Cleaning or Redoing the driveway - Is your driveway cluttered with toys,
tools, trash etc.?
Painting - Does both the exterior and the interior look like they have
been well taken care of?
Carpeting - Does the carpet have stains? Or does the carpet look old and
dirty?
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Know Why You are Selling:
If you know exactly why you are selling, then it is easier for you to set
the right plan of action to get what it is that you want.
If you are a seller who needs to close a sale as quickly as possible, then
you should know that getting the highest price possible is not one of your
priorities. It does not mean that you won't or cannot get the highest price,
but it means that the price is not the deciding factor. A buyer who can give
you a quick closing time will appeal much more to you than a buyer who can
offer you more money but the negotiation and closing time drag on.
It's always good to know how low you will go, in terms of selling price.
This will help to eliminate some of the offers that you find simply
offensive or ridiculous. Even though you should consider all offers
seriously and take into consideration the terms of each offer, sometimes, if
you know the bottom line and are strict about it, you can save yourself
time.
Once you know what your limits and reasons are, discuss them with your agent
so that they can help you set your goals realistically. If you decide to
list your home on your own, make sure you do research on the current market,
and you get the proper advice you need in terms of legal issues, etc. The
key is to be realistic and to know what your goals are so that they can be
met.
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Setting the Price
The price is the first thing buyers notice about your property. If you set
your price too high, then the chance of alienating buyers is higher. You
want your house to be taken seriously, and the asking price reflects how
serious you are about selling your home.
Several factors will contribute to your final decision. First, you should
compare your house to others that are in the market. If you use an agent,
he/she will provide you with a CMA. The CMA will reflect the following:
houses in your price range and area sold within the last half-year
asking and selling prices of houses
current inventory of houses on the market
features of each house on the market
>From the CMA, you will find out the difference between the asking price and
selling price for all homes sold, the condition of the market, and other
houses comparable to yours.
Also, try to find out what types of houses are selling and see if it applies
to your area. Buyers follow trends, and these trends can help you set your
price.
Always be realistic. And understand and set your price to reflect the
current market situation.
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Plan of Action
1)Analyze why you are selling - If you understand your motives, you will be
able to better negotiate and to get what it is that you want, whether it be
a quick sale, high price, or somewhere in the middle.
2)Prepare you home for the buyer - Maximize the strengths of your property
and fix up it's weaknesses. You want the buyer to walk away from your home
with a lasting good impression.
3)Find a good real estate agent that understands your needs - Make sure that
your agent is loyal to you, and can negotiate to help you achieve your
goals. In addition, they should be assertive and honest with both you and
the buyer.
4)Be prepared for negotiation - Learn and understand your buyer's situation;
what are their motives? Can you demand a big deposit from them? Try to lock
in the buyer so that the deal goes through.
5)Negotiate for the best price and the best terms - Learn how to counter
offer to get more from every offer.
6)Make sure the contract is complete - Be honest with your disclosures; you
do not want to lose the deal because you were lying or diminishing your
home's defects. Insist the buyers get a professional inspection. This will
protect both you and the buyer.
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Finding the Right Agent
Not all agents work the same way. The most important attribute of an agent
is that he/she is well connected to the real estate industry. He/she should
know the market and provide information on past sales, current listings, his
or her marketing plan, and at least 4 solid references. In addition, you
also want to look for an agent that is honest, assertive, and one that best
understands your needs.
Try to go with a local agent. They can better serve your needs; they are
familiar with what the local market condition is, the local prices are, and
what's hot or not in your community.
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Considering Offers
When reading an offer, keep in mind that you are out to get the best price
AND the best terms for you. If you focus solely on the price, you may
overlook terms that could be favorable to you as a buyer.
Some terms that may work in your favor:
higher-than-market-interest in a second mortgage for your home
the buyer will pay for most or all of the closing costs
the buyer will take care of any repairs
quick close - the buyer is pre-approved and ready to close in a time
that best suits you
all-cash deal
When reading through offers, remember to look at the whole package. Take the
time that you need to assess what is being offered and if it meets your
needs.
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Insist on a Home Inspection
A professional home inspection protects both you and the buyer. It allows
both you and the buyer the opportunity to learn about the property's
defects.
A home inspection usually covers the following:
Plumbing conditions - if there is leakage or clogging
Roofing conditions - the extent of deterioration, if there is leakage
Electrical conditions - if there are inadequate circuits or potential
fire hazards
Structural problems - if there are problems with the underlying
foundation of your home
As a seller, the home inspection reports protect you because it establishes
the actual condition of the property at the time of sale.
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