7 Things you need to know when selling a home
Whether you are selling in a hurry, or selling at your convenience, be aware of the major influences that the market and the terms of your sale can have on the resale value of your property. The terms of your sale and the initial pricing of your listing can effect the amount of money you keep in your pocket.
Determine an accurate fair market value
Take the time to work closely with a reputable buyer's agent who can create a thorough Comparative Market Analysis for you. You’ll need to get a good look at comparable properties in your area that have been appraised recently.
Find out what kind of buyer your property will draw
This will have an effect on what kinds of repairs you may elect to do, as well as determine what kind of financing a buyer can utilize when purchasing the home.
Get a pulse on the overall market conditions
Home list to sale ratios, buyer activity levels, and neighborhood competition can all influence the value of your property, as well as how long it may be on the market.
Perform all improvements that have a net positive on your resale value
Perform all improvements that have a net positive on your resale value
Regardless of home condition, there are always improvements that can positively influence your re-sale value. Smells are highly important to focus on, as well as a sparkling clean home.
Prepare your home for those buyer showings
The cosmetic appeal of a property highly influences its value. To the untrained eye (like your average buyer), cleanliness is a proxy for how well the home was cared for. Be sure to send the right message with a bright & clean experience free of unwanted odors.
Get feedback from every buyer if possible
Your buyer’s agent can typically follow up with agent’s who show your home to their clients. Get feedback on the home condition, showing highlights, and make changes if needed to improve desirability.
Choose the right agent for your transaction
A passionate, knowledgeable local expert who intimately knows your neighborhood and market is important. Equally important is their communication, organization, and timeliness.
Reality TV” versus real world conditions
TV Show Myths:
1.Buyers only look at three homes before they decide to purchase.
2.The homes being chosen are active listings available for sale.
3,When you flip a home, all you have to worry about is repair expenses.
4.The house sells during it’s first open house on the market
5.Real estate agents enjoy lavish lives on hundred thousand plus incomes.
Most buyers look at considerably more than three homes;
It’s all staged for TV. Most homes viewed are sold or off market already;
Shows ignore taxes, insurance, interest, utilities, closing costs and more;
Properties typically sell after a showing with their buying agent.
Meet your Buyer
If you are selling a home that would make a good home purchase in the area, you’ll want to better understand today’s home buyer needs.
What kind of house do they want?
Move- in- ready homes
Upwards of 68% of buyers are looking to purchase a move-in ready property.
Energy efficient and smart technologies
Younger buyers and Baby boomers make up a larger and larger market share, and are willing to pay premiums for upgrades they perceive to be good for the environment, or capable of reducing their energy footprint.
Large entertainers style kitchens, bright open floor plans are very popular. New homes are being built with large bedrooms and baths.
8 Popular home remodeling trends
When selling a home, it’s important to compare properties in your area to better understand what a competing property may offer buyers in value and convenience. You may want to consider some of the following upgrades to add value and interest to your home once it goes on the market.
Large walk-in showers with glass doors is in vogue.
Use materials and products in upgrades that are friendly to the environment and people.
Tile or wood floors as well as faux or engineered hardwood floors are very popular. Reduce or completely eliminate carpet and cheap laminate floors.
Stainless steel appliances in the kitchen do a lot to add perceived value.
Single-bowl deep sinks, granite or quartz counter tops are top sellers. Consider putting in pullout shelves or replace the cabinet door handles if you don't have a new kitchen.
Improve lighting fixtures and overall light balance throughout the home.
Add plants, keep flower beds weeded and trimmed and the grass cut. Paint that front door and the outside of the house. Power wash the outside of your house and get the roof cleaned.
Interior Paint and Accent Walls
Freshly paint the interior of your home. If this is too much for you, consider painting some accent walls to instill a sense of the extraordinary in an otherwise completely ordinary space.
Accepting the right offer from a buyer
There is no more crucial time in your home sale than when you are considering multiple offers and exploring their various terms. Not all offers are equal, and the highest priced offer is not necessarily the best overall offer. The right offer to accept is one that incorporates both highest price and the best terms.
All Cash offers
An offer in all cash has the benefit of being able to close more quickly than a financed offer. This is because there is no lender or loan terms for the buyer to work through.
At times, you may be presented with an offer that is contingent on the sale of another residence. While this does not automatically make this an inferior offer, it does often result in a longer than a 30 day escrow period. If a quick sale is a requirement, this can be a less than ideal candidate.
FHA and VA Loan programs
These types of loans will typically have a longer escrow period as a conventional loan. Appraisal standards can sometimes be more strict, so if your home has questionable issues or needs repairs this can complicate the sale.
Explaining your closing costs
Your total net proceeds are reduced by a number of costs that are typically associated with a property sale. It’s important to know the basics about these. It is recommended that you sit down with a real estate agent who can walk you through a net proceeds estimate to determine your equity at close of escrow
Title and Escrow Charges
Expect to pay transfer taxes, closing fees
prorated taxes and HOA fees and and other miscellaneous costs associated with transferring the title. If you still carry a mortgage you will have to pay it off as well. As the seller you will pay for the agent commission typically split 50/50 between the listing and the buyers agent
Inspections and Repairs
Expect to have pest and a full home inspection performed on the property as part of the sale. Typically this is paid for by the buyer. Regardless of the type of offer you have accepted; you may still be asked by the buyer for home repairs as part of the sale once the results of the inspections are known. Some repairs are required by lenders prior to funding.
After the Closing
An ongoing relationship with my clients
Despite closing escrow marking the end of the property sale process, it also marks the beginning of an ongoing relationship. Keeping in touch with the agent allows you to continue to use this value able resource of information whenever you need.
We at Bay Breeze Intl Realty focus on a continuing relationship that offers you convenience, opportunity and value. You can always rely on us after the closing to help you answer questions about home ownership, provide resources, offer advice, and provide tools to ensure your home ownership experience is a positive one.
We appreciate your referrals
Maintaining an ongoing client relationship is just part of an overall commitment to provide a level of service well above and beyond expectations. We appreciate and rely on word of mouth referrals for additional business, and good referrals allow the agent to devote more time to helping clients and less time to finding them. If your experience is amazing, be sure to tell your friends!