What is a comp?
These are recently sold properties that are similar in size, location and amenities to the property that is for sale. Comps help an appraiser determine the current fair market value of a property.
What is a counter offer?
This is an offer that is made that changes the original offer made to another party.
Why should I use a real estate agent?
A real estate agent is licensed to negotiate real estate transactions for your benefit, providing you with advice and guidance while selling your home. An agent will have your home listed on the Multiple Listing Service so that a large audience can view your home. The agent absorbs the advertising and marketing costs, as well as screening potential buyers. They will handle all the details of the negotiation and guide you through the associated paperwork. While you do not need to use an agent, you must be prepared to handle the myriad of details, phone calls and appointments that accompany selling a home.
What is the best time of year to sell my house?
There are many factors that influence the sale of a home, including supply and demand, as well as the time of year. Typically the market gets busy starting in February, peaks at the end of May into June, and tapers off by the end of the summer. Many families time their moves to coincide with the school year, wanting to be settled in their new homes before September begins.
Who makes repairs as a result of the home inspection for a buyer?
The Seller is not obligated to make repairs just because there are items that have shown up in the home inspector’s report. However the inspection report can become a negotiation factor for repairs of major problems or safety issues that come up. The contract will provide guidance for these types of negotiations.
Do I sell to the person with the highest offer?
You should evaluate all offers and determine which one is the best qualified offer which may have more attractive terms than the highest offer. You can always offer a counteroffer to one or more of the buyers.
How Should I Price My Home?
Since the real estate market is constant evolving, you must take into consideration the current state of the market and local conditions. The best way to do this is to see what the most recent sales prices have been in your neighborhood for similar sized homes. The best way to do this is to get a Home Value Request of a Comparative Market Analysis.
What if I price my house on the high end?
There are several disadvantages to doing this:
1. Your home may be on the market longer
2. You could lose potential qualified buyers
3. You might help similar homes end up selling before yours
4. You can create a negative impact on your property
5. You could end up paying extra mortgage payments and taxes the longer your home sits on the market
6. Typically, the longer a home sits on the market, the lower the selling price
A Home Value Request will help you determine your best selling price along with guidance from a real estate agent.
What Improvements Should I NOT do when preparing my home for sale?
Closets- While expanding or adding closets can be impressive, the costs can run into the thousands of dollars. It’s best to clean out and organize, instead of not seeing a return on your investment
Room Additions- there is no way to predict what a buyer’s needs are, so it is best to present your home as it is, maximizing the existing features, rather than spending a lot on a costly renovation
Pool- while a pool can be a nice feature , it can also present itself as a maintenance nightmare. Best to leave your yard with wide open space than to install a pool
New Roof- as long as your roof is in good shape and not leaking, do not replace it.
Kitchen and Bath Renovation- present your existing kitchen and bath in their best light. Repair any minor damages, clean and paint. If they are outdated, it is best to reduce the price of the home a little and make note of that in the listing than to incur the cost of a full renovation
What are the TOP Fix Ups I should do when putting my home on the market?
For starters, always clean and declutter, then move on to:
1. Paint. The is the #1 recommended item and the easiest fix. Check both exterior and interiors. Use flat finishes for walls and gloss finishes for doors and woodwork. Don’t forget to freshen up the ceiling.
2. Replace Carpet. An bright colors or worn out carpets should be replaced with neutral, inexpensive carpeting
3. Landscape. A well maintained, uncluttered landscape with colorful flowers creates a great first impression
4. Driveway repair. Remove oil and rust stains, repair any cracking
5. Enhance the front door. Make the area bright, clean, well lit. Replace or paint the front door. Let your home”invite” the buyers in.
What Do Buyers Want to Know About My Home?
1. Is this a good location? How does it relate to their needs for commuting, shopping, schools and recreation?
2.What does it cost? Know what your competition is selling for
3. How does it look? Be the jewel of the neighborhood, the place everyone wants to be by fixing it up and maintaining the property
4. How will I pay for it? In some cases, a home owner can offer self financing to make it easier for a borrower to obtain a loan
5. When Can I Move In? Being able to move out quickly helps the buying process
