Selling Your Home
Selling a home is usually a stressful and time-consuming process, which is why it’s so critical to find the right real estate professionals to make it as easy and painless as possible. Once you sign your listing agreement, what can you expect from the home selling experience? It’s typically a three-step process; preparing your house for sale, showing it off, and responding to the marketplace. Before showing your home to any potential buyers, you’ll want to maximize the physical appeal of your property by attending to any necessary touch-ups. If your home is in need of any obvious minor repairs, now is the time to take care of them. This doesn’t typically entail a complete renovation of the property, but a few cosmetic repairs can mean the difference between selling or not. Keeping your house looking its absolute best at all times can be a pain, but will usually lead to a faster sale. Once your home is touched-up and ready to go, your agent will begin to plan showings and open houses. Homes for sale usually generate the most traffic in the first 60-90 days, so don’t be discouraged if you feel there aren’t as many people viewing your home as before. Always be receptive to repeat viewers. If someone visits your home 2 or 3 times, it is likely that they are seriously considering buying. And of course, any offer is important to take into consideration. Even if you think it’s much too low, it at least opens up an opportunity for negotiation. If you don’t sell right away, stay positive. It might be time to meet with your agent and evaluate the sales strategy. Real estate markets change quickly, and it may be time to consider a price change or additional improvements to the home. Selling your home is definitely an exhausting task, but that just makes it all the more worth it when you accept that lucrative offer.
Valuation Of Your Property
Any property valuation is an estimate. Even a professional appraisal will be an estimate, though it will be an educated one. It’s also important to remember that property values fluctuate. They change subject to the economic climate, changes in in the area in which the property is located, improvements to the local school system, and various other factors. In spite of this, there are a few methods by which you can determine the approximate value of your property. For example, you can calculate the value based on the tax assessed value on your most recent property bill. Or, you can compare your property to the price of similar properties in your area that have sold in the past 12 months. The easiest way, however, would be to use our free market analysis calculator. Click here for a free analysis.
If you want to sell your home for top dollar, there are two words you must keep in mind: Curb Appeal. You want potential buyers to have the best possible first impression to set the tone for the rest of the showing. Obviously, when improving your home, you don’t want to spend money that you won’t make back. There are a few improvements to your home that can pay serious dividends on a relatively minimal initial investment. Improving your landscaping, repainting a room, or installing new light fixtures are all minor steps that can reinvigorate a house and make it look more attractive to buyers. If there is anything that looks old or run down from the curb, be it a weathered mailbox or a beaten-up garage door, replace it with a new one. You don’t want any eyesores detracting from the all-important curb appeal of your home.
Home Inspections and how they affect you
Sellers should consider a Pre-home inspection. This will allow the sellers to address some of the items ahead of time and not be caught off guard when the buyer’s inspection actually happens. The issues that are found will typically be brought up by the buyer’s inspector regardless. It also provides the buyer a sense that it is a well maintained home. If the seller is proactive about the maintenance, this can go a long way to putting the buyers mind at ease.
Don’t Panic: Inspection reports are done to determine all of the issues with the house. When you receive a 30 page report that appears at first glance to be nothing but problems…DON’T PANIC. Until it is explained and you can see the forest from the trees, you’re not in a position to decide whether it is a good or bad report. Also, the verbiage that an inspector uses may seem scary. Just take a step back and see if you have any major items that are NOT fixable. Almost all of the problems found in the typical inspection report have a solution.
There is some subjectivity involved when going through the inspection process. One contractor may disagree with the inspector or another contractor, however there is almost always a simple remedy for addressing the problem. Rely on your real estate professional to negotiate on your best behalf.
Bringing Closure: Finding an expert to give their opinion is usually the answer. Sometimes it happens that the inspector’s assessment is incorrect. If a qualified professional contractor in that specific area is consulted and a recommendation is made to do something different than what the home inspector recommended, the home inspector will usually concur if building codes or some other source of credible information was used to make that assessment.
What is a CMA and Why Do You Need One?
CMA is the real estate industry is short for “Comparative Market Analysis”. A CMA is an actual written report prepared by a real estate agent. It provides other house data and compares your property to properties that are similar to it.
A real estate agent will need to inspect your property (inside and out). It does not need to be that detailed nor does the house need to be totally cleaned up. An agent should be able to make an accurate assessment of what the home is worth regardless of its condition. However, if you are planning to make changes before selling, these are things that the agent will need to know now.
The agent will work on the next step. Getting the data on comparable properties. This information is available to them through the MLS (Multiple Listing Service). An agent should already be familiar with the other properties that have sold and that are currently on the market, prior to meeting with you. This information is used to help determine what your house is worth. A CMA is not an appraisal but the same data is utilized to determine value. A valid appraisal is actually performed by a licensed appraiser.
The process of getting a CMA is done prior to listing your house for sale. It should be an accurate assessment of your homes potential sales price.
Owners who may be putting on an addition or remodeling can ask an agent for a CMA. It may help them to determine whether or not the cost to do the project can be recouped when selling the home. This is a tough lesson to learn after the fact, and unfortunately many homeowners find out the hard way.
Contracts and protecting yourself
Protecting yourself from “buyer’s remorse,” is a must. Any last minute decision to back out of the contract should have consequences that keep the buyers committed to the contract. Have your real estate agent assure you that the purchase contract closes any potential loopholes. Most real estate contracts today are written to protect sellers from buyers and vice versa. There are legal consequences for breaking these contracts and are usually very simple to enforce.