Seller's Frequently Asked Questions
Selling Your Home
- Getting the Highest Price in the Shortest Time
- Making a Good First Impression
- Know Why You are Selling
- Setting the Price
- Plan of Action
- Finding the Right Agent
- Considering Offers
- Insist on a Home Inspection
1.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.
2.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?
3.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.
4.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.
5.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.
6.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.
7.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.
8.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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