Special Reports Just for Home Sellers!
9 Tips to Consider When Selling Your Home Yourself!
|Earnest Money & What It Really Means ?|
How to Avoid the Top 10 Selling Mistakes!
|Home Inspection Process Q&A|
|Questions to Ask Before Listing!|
These FREE seller reports will save you time, money and headaches!
Each report offers a unique insight into the selling experience.
Price it Right
The Price is Right. Or Is It?
When it comes to selling your home, one of the single most important factors is your listing price. The listing price can make or break the sale of your home. Unfortunately, pinpointing the perfect price is easier said than done. While you may assume you can just look at how much you paid for your home and then mark it up a little, there’s a lot more to this numbers game.
However, with the help of an experienced real estate agent, you can make sure the price is right. Here are few ways you can find the best listing price for your home:
Look at comparables in your area When you’re on the lookout for a real estate agent, invite at least three agents into your home and ask them for a comparative market analysis (CMA). A CMA is a report that shows the prices of comparable recently sold homes, on-the-market homes and homes that were on the market but didn’t sell in your area. Evaluating these numbers will help you determine a realistic listing price for your home.
Once you put your house on the market, ask your real estate agent for frequent comparable updates. If other homes in your neighborhood are selling for much less than your asking price, it’s probably time to lower your listing price.
Don’t overinflate the price Far too many homeowners make the mistake of starting off with an inflated listing price, assuming they can adjust the price later. This tactic almost always backfires. Generally, homes get the most attention from agents and potential buyers for the first 30 days after they are put on the market. That means you have a 30-day window of opportunity to catch their eye. Don’t waste those four golden weeks testing the waters with an overblown price tag. It’s best to get the price right the first time around.
Know the warning signs If your house has been sitting on the market for a couple of months with little interest, it may be time to cut your asking price. Some experts say if you’ve had 10 showings without an offer, your home is probably overpriced. However, don’t lower your price in small increments. If you’re going to bring down the asking price, you need to lower it by at least $5,000 to catch the attention of prospective home buyers.
Go to open houses in the area Check out open houses in your area and find out how those homes measure up against yours. Pay attention to homes that closely resemble yours in size, age, amenities and condition. Find out their listing price, and this may give you a good idea of how much you should ask.
I offer a FREE Home Analysis so do not hesitate to contact me today!
The Truth About Appraisals
If you want to determine how much your home is worth, an appraisal could be the perfect solution. In an appraisal, a certified appraiser looks at a number of factors to determine the value of your home. Although appraisals are not free, it may be well worth the cost. That’s because an appraisal is one of the most accurate ways to figure out the value of your home.
However, many homeowners still have many misconceptions about appraisals. Here are five things you may not know about the appraisal process:
- An appraiser’s primary mission is to protect the lender. While many people believe an appraisal simply assures that the buyer does not pay too much for a home, this is not the case. An appraisal is generally a protection measure for the buyer’s lender, not the buyer. This is why the appraisal generally takes place before lender gives final approval of the buyer’s loan.
- Appraisers don’t pay too much attention to cleanliness of a home. While it’s certainly a good idea to straighten up before the appraiser arrives, appraisers don’t pay too much attention to smudged mirrors or dusty furniture. They are generally looking for more serious forms of neglect, such as cracked walls and ceilings, torn carpet, broken windows, busted appliances and damaged floors.
- Appraisers must be licensed. According to federal law, real estate appraisers must meet certain standards and educational requirements to be licensed.
- An appraisal is not the same thing as a home inspection. While an appraiser determines how much a home is worth for the lender, an inspector informs the buyer about the overall condition of the home and any potential problems.
- Appraisers consider many factors to determine the value of the home. The appraiser looks at the condition of the property, comparable sales in the area, projections for future value, any extra upgrades or additions the home may offer, the size of the home, the location of the property, the size of the lot and even the home’s proximity to desirable schools and other public facilities.
- Appraisals are only good for the day they are completed and are not usually transferable. A good Market Anaylsis from a reputable REALTOR like myself, will usually suffice for lsiting purposes. It is important your agent looks at many angles of your potential sale. Make sure they consider expireds and withdrawn listings. Otherwise they may be mislead by the numbers and suggest a price that does not help you sell!
I use a 2 step process. For all seller inquiries, I send a general market overview for the Seller’s review. When the Seller and I am in agreement on all other terms and conditions, we sit down together and evaluate the detailed market data to create a customized marketing and pricing plan based on the seller’s expectations. Every situation is as unique as the home we are discussing. Pricing is a factor in a successful sale but it is not the only factor!
For more information on how to avoid mistakes when selling, download our free report
called “Avoiding the Top Ten Biggest Selling Mistakes”.