- QUESTION #1: HOW DO I CHOOSE AN AGENT?
- QUESTION #2: WHAT ARE THE COSTS INVOLVED?
- QUESTION #3: WHAT ARE THE STEPS INVOLVED IN SELLING MY HOME?
- QUESTION #4: HOW ARE BUYERS ATTRACTED TO MY PROPERTY?
- QUESTION #5: WHAT FACTORS CAN INFLUENCE THE PRICE OF MY HOME?
- QUESTION #6: HOW DO I NEGOTIATE?
- QUESTION #7: WHAT ARE THE DANGERS IF I OVERPRICE?
- QUESTION #8: WHAT IS THE BEST APPROACH TO PRICING MY HOME?
- QUESTION #9: WHAT IS MY ROLE IN THE SELLING PROCESS?
Answer #1: When selecting an agent, the best source may be your family and friends. Many may have sold a property in the past and can refer you to an agent they found to be capable. Selling a home is a complex transaction, so experience should be a consideration. Also consider agents who work for larger companies, as they tend to offer more extensive training.
Answer #2: Fees vary depending on the type of property as well as what is negotiated in the sale. Your Realtor® can provide an estimated closing statement to give you an estimate of what is to be paid as part of the sale. Some costs include:
- Lender fees
- Escrow fees
- Home inspection
Answer #3: Selling your home involves many steps, from consultation to pricing, marketing to escrow. Your agent has many resources and a high level of expertise to bring to this process, which will be tailored to fit the characteristics of your property.
1. Find a Real Estate Agent
- Interview a few listing agents and find one you’re comfortable with. A good agent can be the difference between a smooth sale and a stressful one.
2. Develop a Home-Selling Plan
- It’s important to set clear goals and decide at the outset how involved you want to be in the selling process. Ask about your agent’s marketing plans for your home, discuss your expectations about their role and your role in selling the home, and work together to make the sale.
3. Make Necessary Repairs
- Walk through your home as a prospective buyer would. Check flooring, plumbing and lighting fixtures, heating and ventilation systems, roofing, and any other major features.
4. Make Minor Improvements
- Add small cosmetic touches that might help you sell the home. You could spruce up the entryway to make it more inviting, plant flowers in the front yard, and send belongings that clutter up rooms to storage
5. Price Your Home
- Settle on a realistic price – you want your home to sell in a timely fashion, and not make buyers speculate on why it is just sitting on the market. Check sales prices of comparable homes and consider getting an appraisal to assess the market value of your home.
6. Market Your Home
- Work with your listing agent to attract as many potential buyers as possible. Advertise with “for sale” signs along with print and online listings, and host open houses to show off your home.
7. Close the Sale
- After working through any remaining considerations, you simply need to get through all the paperwork. Your listing agent should help you compile all the necessary documents, and arrange to meet with the buyers to complete the transaction.
Answer #4: You will work with your listing agent to develop a marketing plan and attract as many potential buyers as possible. Methods include:
- Yard Sign
- Newspaper Advertising
- Open House
Answer #5: You want your home to sell for the highest price possible, but also in a timely fashion. Here are some factors that influence the price of your home:
- Current real estate market conditions
- The expertise and market knowledge of your real estate representative
- Hard facts such lot size, square footage and condition of your home
- Desirability factors, including location, special amenities and property attributes
- Selling and listing price of comparable homes in the area
- A sophisticated real estate marketing plan
- Your level of motivation
Conditions that do not affect the price of your home
- The profit you wish to make from the sale
- The amount of money spent on improvements
- The original price you paid for your home
Answer #6: Pricing your property with a ‘cushion’ for negotiation can be costly if it pushes the price above the fair market value range. To begin the negotiating process, you need interested Buyers. If overpriced, the number of Buyers that see the property is reduced, so the likelihood of an acceptable offer is also reduced. The best approach is to price a home just within the market value range. This allows room for negotiations, without sacrificing exposure.
Answer #7: When a property is overpriced, windows of opportunity are missed and it takes longer to sell. Broker and buyer interest is at its highest when a property is initially placed on the market. But if the property is priced above realistic market value, the excitement and number of showings are greatly reduced. Later, it may be necessary to adjust the price below market value to compete with new, competitively priced listings.
Answer #8: The best approach is to price a home just within the market value range. This allows room for negotiation, without sacrificing exposure. Make no mistake; we want you to get the best possible price for your property. However, when a home is priced too high for the market this may:
- Attract lookers, not legitimate buyers
- Imply you aren’t motivated to sell
- Reduce the number of showings
- Help competitive listings look better
- Cause financing issues for the buyer if the property doesn’t appraise at the higher price
- Ultimately force you to drop the price below market value in order to sell
Answer #9: No one has a more important role in the home selling process than you. Here are some ways your participation can contribute to a successful sale:
- Maintain the property
- Ensure the property is easily accessible for showings
- Communicate – let your agent know how to contact you
- Remove or lock up valuables
- Secure pets
- Limit conversations with buyers/agents about price