If you are planning on selling a house, you will need to decide
what price to ask for your home. This is one of the most important
and difficult decisions you will make. Buyers shop by comparison.
Your home must be fair market priced. We can help you determine
the market value of your home so you may obtain top-dollar for your
property. The first five sections of this help guide will take you
through a quick overview of the sellng process. We will then take
a more in depth look at Selling Your Home.
- What is the age & condition of your home?
- Does it need updating?
- What have similar homes in your area sold for?
- Are homes in your area increasing or decreasing in value?
- How many homes are for sale in your area?
Remember, your home is only worth what someone is willing to pay
for it. By working with a qualified real estate professional, you
can ensure that your property will receive the needed exposure to
attract interested parties who are willing to make an offer.
- Realistic pricing will result in the fastest sale and subsequently
bring a higher selling price.
- Your cost or profit desire is usually irrelevant: the market
always dictates the price.
- The cost of improvements made is almost always more than
the added value.
- Remember that cost, price and value are three different
things.
The first step in determining the market value of your home is
to prepare a comparative market analysis reflecting the prices of
other sold houses in the your market area. You may think you can
always lower the price, but overpriced listings aren't shown and
houses that are on the market a long time become "shop worn" and
do not sell for top dollar.
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When you are selling your home you want to present
the very best product. Buyers carefully inspect property. Keep the
exterior neat by painting the trim, clipping the hedges, mowing,
edging, and weeding the lawn and you may wish to plant a few flowers.
Inside lighten up the dark corners, perhaps add some
fresh paint and put the clutter away to give the rooms an open feeling.
Make sure there are no "stale" odors in the home. This can be especially
important for remote areas such as a basement or attic. On the second
showings, you may want to consider baking some cookies or bring
in some fragrant fresh flowers. This will add a cheery and pleasant
scent to your home. These little things may help you sell your home
more quickly.
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It is not likely that the right buyer will simply walk
through your door. Properties must be presented to the buyers.
A successful marketing campaign can insure a number of qualified
buyers. Select an agent who uses agent to agent marketing, and one
who uses state-of-the-art techniques such as an interactive voice-response
system, a front end MLS system and the internet. Make sure your
agent is trained not only in the financial aspect of a real estate
transaction, but the marketing aspect as well.
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Assuming you price your home correctly, a prospective
buyer will "make an offer." As the seller, you have three options:
you can accept the offer, reject the offer or make a counter offer.
A counter offer usually will encourage a buyer to continue their
negotiations. You may also receive multiple offers. You may prefer
to take slightly less for your property from someone who is willing
to pay cash, versus someone who needs to sell their current home.
Contingencies, move-in dates, and financing are all things to consider
when weighing an offer.
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After you accept an offer on your property there are
a number of details to be completed. There will probably be an inspection
of your home by a professional who will determine the condition
and integrity of your property for the buyer. The buyer's mortgage
company may choose to send out an appraiser who will assure the
lender of your property's worth. The title company will warranty
that there are no liens or existing encumbrances which would inhibit
a transfer of title to the buyer. Either you or the buyer may chose
to be represented by an attorney. First time sellers and buyers
often feel more comfortable to have the paper work reviewed prior
to signing.
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- First impressions are lasting. The view from the street
has an impact on the buyer's reaction to the entire house.
The addition of seasonal flowers works wonders. Keep the
lawn trimmed and edged. Be sure snow and ice are removed.
Remember the importance of exterior paint and the front
door appearance.
- Jazz it up inside. Faded walls and worn or soiled carpeting
reduces appeal. Most buyers are attracted to homes offering
"move-in" condition and neutral colors and they often over
estimate the cost of decorating changes.
- Can you see the light? Keep your home looking cheerful.
Dark rooms feel dreary so keep the draperies open to let
the sun shine in through sparkling windows. Provide a feeling
of glowing warmth by turning on all the lights (closets,
too) for an evening showing.
- Fix that faucet! Dripping water discolors sinks and suggests
faulty plumbing. Also, attend to loose knobs or hand rails,
sticking doors or warped drawers which can detract from
your home's value.
- Make closets look bigger. Neat, well-ordered closets suggest
room to spare. Can you move extra items to another location?
- From top to bottom. Display the full size of your basement,
garage and storage areas by removing all unnecessary articles.
Brighten dull, dark basements by painting the walls.
- Bathrooms need to sparkle. Repair caulking in bathtubs
and showers.
- if it is cold outside. Logs crackling in the fireplace
can be a hit for second showings.
- The icing on the cake. Setting the dining room table as
though it's time for a dinner party helps buyers imagine
themselves living there.
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Three's a crowd. Avoid having too many people present during inspections.
The potential buyer will feel like an intruder and will hurry through
the home.
Man's best friend. Keep pets out of the way- preferably out of
the home. Even the friendliest pet can become anxious when strangers
appear.
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According to the National Association of Realtors between three
and nine percent of American homeowners handle their own sales.
In order to join the ranks of the successful ones, you need to realistically
assess exactly what's involved. The routine parts of the job involve
pricing your house accurately, determining whether or not a buyer
is qualified, creating and paying for your own advertising, familiarizing
yourself with enough basic real estate regulations to understand
(and possibly even prepare) a real estate contract, and coordinating
the details of a closing. The greatest downsides are the demand
on your time, and the possibility that a mistake may cost you the
money you are trying to save.
The best reason for working with real estate brokers
is the enormous amount of information they have at their disposal.
Professionals know about market trends, houses in your neighborhood,
and the people most likely to buy there. They also know how to reach
the largest number of people who may be interested in your house,
and are trained in areas like screening potential buyers and negotiating
with them. Finally, Realtors are always "on-call," and willing to
do the things most of us hate: working on the weekends, answering
the phone at all hours, and always being polite.
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Today's residential real estate market is no place
to look for easy profit. The fact is, prices have generally leveled
off from their peak during the 1980's. That is not to say you cannot
get what your house is worth. You just have to be realistic about
its value, and price it accordingly. A good place to start is by
determining the fair market value.
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Real estate sales agents suggest asking prices based on a variety
of information you may not have, including recent listing and selling
prices of houses in your neighborhood. If you're not completely
confident in their suggestions, you may want to order an appraisal.
Next, establish clear priorities. If you had to choose, are you
more concerned with selling quickly, or getting the most money possible?
What would you pay for the house if you were the buyer?
Someone else -- a neighbor, friend or relative -- may point out
advantages or disadvantages about your house that you had not thought
about. Third-party views will help you start thinking of your house
as a commodity, with positive and negative selling points. Then
you should decide on a price that you feel is competitive and consistent
with what other houses in your area have sold for.
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Unless your house is nearly new, chances are you want to do some
work to get it ready to market. The type and amount of work depends
largely on the price you ask, the time you have to sell, and of
course, the present condition of the house. If you are in a hurry
to sell, do the "little things" that make your house look better
from the outside and show better inside.
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"Curb appeal" is a common real estate term for everything prospective
buyers can see from the street that might make them want to see
the inside of the property. Improving curb appeal is critical to
generating traffic. While it does take time, it need not be difficult
or expensive, provided you keep two key words in mind: neat and
neutral.
Neatness sells. New paint, an immaculate lawn,
picture-perfect shrubbery, a newly sealed driveway, potted plants
at the front door -- put them all together, and drive-by shoppers
will probably want to see the rest of the house. Hand-in-hand
with neatness is neutrality. If you're going to repaint, stick to
light, neutral colors. Keep the yard free of gardening tools and
the kids' toys. Remember, when a family looks at a house, they are
trying to paint a picture of what it would be like as their home.
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First, make your house look as clean and spacious as possible. Remember,
people may look behind your doors -- closet and crawlspace doors
as well as those to the bedrooms and bathrooms. So get rid of all
the clutter; have that garage sale and haul away the leftovers.
After you've cleaned, try to correct any cosmetic flaws you've noticed.
Paint rooms that need it, grout tile walls and floors, remove or
replace any worn-out carpets. Replace dated faucets, light fixtures,
and the handles and knobs on your kitchen drawers and cabinets.
Finally, as with the outside of your house, try to make it easy
for prospective buyers to imagine your house as their home. Clear
as much from your walls, shelves, and countertops as you can. Give
your prospects plenty of room to dream.
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Is this person truly a buyer? As a security precaution,
don't disclose too much information about yourself or your finances
to strangers.
Is the buyer financially qualified? Do they have
written proof of loan approval from a lending institution, or
do they merely think they are qualified?
Do you have a professional to handle the contracts
and oversee the escrow?
Have you researched the laws which apply to your
transaction? Find out about the Fair Housing Act with 1988 amendments,
contract laws, material disclosure requirements, and Truth and
Lending, Regulation Z regarding your advertising requirements.
Is every detail in writing? You need more protection
than merely the buyer's memory on various terms, and oral contracts
on real estate contracts are generally not enforceable.
Secure an adequate earnest deposit. You'll need
an escrow agent to hold the funds.
Is the buyer asking for contingencies? Perhaps
you should wait for a better buyer.
Is the buyer having the property professionally
inspected? What items will you be required to repair and is
there a dollar limit?
Do you understand all of the contract provisions
- are they standard or stated in the favor of the buyer?
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Moving does not always mean a traumatic experience.
Comprehensive pre-planning, organization, and family meetings to
establish each person's responsibilities will go a long way in maintaining
harmony and efficiency. For the children: If you are moving out-of-town,
provide the children with photographs of their new home and school.
Once they know what to expect and begin to visualize themselves
in their new surroundings, they grow much happier and more cooperative.
Give each child his or her own "packing labels" for
marking personal possessions.
Provide them with floor plans of their new bedrooms
so they can participate in furniture placement. Give children small
address books for noting names and addresses of friends they leave
behind. They can look forward to filling the remainder of the book
with names of the new friends they make after moving.
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Send change of address to:
Post Office with forwarding address.
Charge accounts, credit cards.
Subscriptions.
Friends and relatives.
Notify:
Bank-Transfer funds, arrange check-cashing in new city Carry
Travelers Checks for ready cash.
Insurance -Notify new location for coverage.
Utility companies/ Gas, light, water, telephone. Make arrangements
in new town. If you are moving before the final closing on your
new home is completed, you need to leave utilities on. During
the cold season, winterize the plumbing. Delivery people-Cancel
newspaper, milkman, laundry, etc.
Miscellaneous Checklist:
Automobile registrations- Remember to transfer car title, registration,
driver's license, and auto club membership.
Medical records-Arrange for medical and dental records to be
transferred. Ask your physician for a referral.
Employment Recommendations -Have teenagers obtain written recommendations
from their current employers.
Empty freezer and defrost.
Have appliances serviced for moving.
Clean rugs or clothing for moving.
Make arrangements with cable television service.
Plan for special care needs of infants.
Carry currency, jewelry and documents yourself.
Double check all rooms, closets, drawers and shelves.
Leave old keys and garage door openers with your real estate
agent.
Ask your hair stylist for information on preferred hair products
and hair cutting instructions.
Obtain letters of introduction to new club chapters.
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