LYNN PATTERSON, REALTOR®
SRS, RENE, ABR, PSA
Realty Executives Associates
Hey there! Selling your home? Wondering what lies ahead? Let's talk about the process- from beginning to end, and everywhere in between, I've got you covered!
When it comes to selling your home, understanding the real estate market is crucial, as the market directly tells us what price point your Home should list for. I expect you may have a number in mind, and I always consider that, but I also study and collect market data before even discussing the list price with you. Setting the right price for your home is crucial when selling, and together we will come up with a listing price that both ensures a SELL and makes you HAPPY! Win-Win
One of the first steps in understanding the real estate market is to compare properties in your area. Look at similar homes that have recently sold, or are currently on the market. (How many days spent on the market? Did the Home sell At, Below, or Above list price?) Pay attention to their size, condition, age and location. This will not only give you a better idea of what buyers are looking for and how your home stacks up against the competition, but will also serve as a starting point for setting your selling price. Just an FYI, Appraisors also use this information to conduct the appraisal of your Home, but they work for the buyer!
Timing can play a crucial role in selling your home. It's important to identify the best time to sell in order to maximize your chances of attracting buyers and getting the best price. Factors to consider include the current state of the economy, local market trends, and seasonal fluctuations. For example, spring and summer are often considered prime times to sell, as more buyers are actively searching for homes. However, due to this belief, Fall and Winter see less Homes listed. What does this mean? It means less competition for you, if you list in the Fall or Winter! Be forewarned tho, if we get to close to the holidays, unless their need to relocate is urgent, buyers tend to be busy enjoying the holidays and then recovering after the first of the year. Bottom line, if we are seeing a seller's market with high demand and low inventory, you may be able to set a higher price. On the other hand, in a buyer's market with more supply than demand, you may need to adjust your price accordingly to attract potential buyers.
Remember, every market is unique, industries moving in or out of the area, growth or lack of growth in the community, and school systems are all area specific factors; so it's important to stay updated on local trends and seek guidance from a local real estate professional if needed. A local agent will be able to set a competitive price for your home. It's important to strike a balance between maximizing your profit and attracting potential buyers.
When it comes to selling your home, having a reliable and experienced real estate agent by your side can make ALL the difference. Communication and Dedication are my top 2 qualities to look for, but read on for more details to select the right agent:
Before hiring a real estate agent, it's important to do some research to ensure they have a good track record. Look for agents who have successfully sold homes in your area, preferably in a similar price range. You can check their online reviews or ask for references from previous clients. A proven track record indicates that the agent has the skills and expertise to effectively market and sell your home. Check out the agent's social media or online presence. Do you approve of their marketing style? What about education or credentials? I have earned the SRS designation (Seller Representative Specialist), a premier designation ensuring the Sellers I work for will experience utmost value and dedication to the process, excellent communication skills and attention to detail that you deserve!
Communication is key when working with a real estate agent. Before listing your home, have a conversation with your agent to set expectations. Discuss your goals, desired timeline, and any specific needs or concerns you have. Make sure you are on the same page regarding the asking price, marketing strategies, and how often you will be updated on the progress of the sale. Clear and open communication will help ensure a smooth and successful selling process. Your agent should be able to provide you with an execution plan to get your Home Sold! Remember to trust your instincts and choose an agent who you feel comfortable working with!
Please note: This is the time to talk about how your agent will be compensated. Ask your agent what % of purchase price will be offered, and if this will be shared with the buyer's agent. Also, keep in mind, "discount agents" are not always the most committed agents and may not have the same attention to detail as a "full price" agent. The agents offering a reduced commission rate typically have reduced service and accountability rate as well. If you are considering an agent who will work for half price, please, at least ask the agent what services they intend to provide!
When it comes to selling your home, preparation is vital. A few important steps to take in order to get your home ready for potential buyers:
Before putting your home on the market, it's important to make any necessary repairs. Walk through your home and take note of any issues or areas that need attention. This could include fixing leaky faucets, replacing broken tiles, or securing loose hand rails and decaying deck boards. By addressing these repairs, you can present your home in the best possible condition, which will be more appealing to potential buyers. Most buyers conduct a Home inspection, and these type items will come to light anyway. If there are known issues, it would be best to take care of it pre-listing, or at least disclose, so the buyer won't feel like the issue has been hidden. Further, these Home inspection reports are rather lengthy, the fewer faulty items listed, the better! If it would make you feel better, preform a pre-listing inspection, get ahead of the game and know the condition of your Home!
Another important step in preparing your home for sale is staging. Staging involves arranging your furniture and decor in a way that highlights the best features of your home and creates a welcoming atmosphere. Consider removing any personal items or clutter to create a clean and neutral space. You can also add small touches like "Welcome" wreath or mat on the front porch and essential oil diffusors to make your home feel inviting! If you need help, this is one of my favortie ways to help sellers!
High-quality photos are essential for attracting potential buyers online. I always use a professional photographer to capture the best angles and showcase the unique features of your home (at no cost to you). These photos will be used in online listings and marketing materials, so investing in professional photography can make a big difference in how your home is presented and perceived by potential buyers. Dark, blurry, corner of the room photos...no thank you! Give me clear, entire room shots! Your online presence is a buyer's First Impression, and First Impressions matter, so putting in the effort to present your home in the best possible light can make a significant impact on potential buyers!
Once you've prepared your home for sale, it's time to start marketing it to potential buyers. Let's get the word out by:
Online listings are a powerful tool for reaching a wide audience of potential buyers. We will take advantage of popular real estate websites and social media platforms (unless of course, you do not wish to go social- I will respect your privacy...by the way, your name is never spoken on social media) to showcase your home, that will include high-quality photos, video or drone footage when needed, a detailed description, and key selling points to attract interest. I will also be sure to highlight any unique features or recent upgrades that make your home stand out!
Open houses can be an effective way to showcase your home to multiple potential buyers at once, and can cut down on random, short notice showing requests (most buyers want to schedule showings on weekends or after 5pm on weekdays, sometimes at a moment's notice). Work with your real estate agent to schedule open house events and promote them through online listings, social media, and local advertising. During the open house, I will create a welcoming atmosphere by offering refreshments, information about the Home, and a survey to collect the buyer's opinions. This also gives me feedback on your Home to follow up with!
When potential buyers or their agents request to see your home, make every effort to accommodate their schedule. Flexibility and availability can make a difference in attracting serious buyers. Keep your home in show-ready condition at all times, so you can accommodate last-minute requests. This might involve tidying up, creating a welcoming ambiance, and ensuring that all lights are on and curtains are open to maximize natural light. I have a cheat sheet, a checklist to follow, to quickly get you out the door! Together, we will present your home in its best light and be proactive in marketing efforts to maximize your chances of a successful sale.
Once you receive offers from potential buyers, it's time to review, accept and enter the negotiation phase. Don't worry, I am here to help you understand what all that means!
Take the time to carefully evaluate each offer you receive. Look beyond the price and consider other factors such as the buyer's financing, contingencies, and closing timeline. Consider whether the offer aligns with your goals and needs as a seller. Don't be afraid to negotiate or counteroffer if the terms are not satisfactory. The best offer may not always be the offer with the largest monetary value, or even cash, for that matter. If you need a week to move out, the offer that will allow a week after closing, just moved to first place!
Buyers often include contingencies in their offers to protect themselves from unforeseen issues or changes in circumstances. Common contingencies include financing contingency, home (or other) inspection contingencies, and appraisal contingency. Basically, this means, the buyer has the right to terminate the purchase under terms listed in the contract and get their earnest money back if any of the following take place: financing is not approved, buyer is not willing to accept the Home due to inspection findings, or the Home did not appraise at the agreed upon sales price. NOTE: This is where a trained Negotiater comes in handy. I have earned the RENE (Real Estate Negotiation Expert) designation, which means I am ready, willing and trained to go into negotiation mode at the drop of a hat! I understand the implications of each contingency; I am prepared to negotiate or address them during the negotiation process, and often able to come to an agreement that makes both parties happy!
During the home inspection, a professional inspector will thoroughly evaluate your home's condition. Be prepared for potential repair requests (to be completed before closing) or negotiations based on the inspection findings (ususally a credit at closing, or a request in lower purchase price), as buyer's will use the inspection findings for leverage! I will be there to help navigate these requests and come to a mutually agreeable solution.
The buyer's lender will typically require an appraisal of your home to ensure that the purchase price is in line with its market value. If the appraisal comes in lower than the agreed-upon price, it can impact the buyer's financing. Be prepared to negotiate a new price or explore other options, such as buyer bringing more money to the closing table. Their ability to do so (or to not do so) may dramatically effect their purchase.
Cash buyers may also make an offer with an appraisal contigency. They may entice you with an above list price cash offer, then insist on a lower purchase price if the appraisal is lower. Remember to keep your goals and needs in mind and work closely with your real estate agent to achieve the best possible outcome.
After navigating / negotiating the inspection and appraisal process, the next step in selling your home is closing the sale. Here's what you can expect during this final stage:
Closing the sale involves a significant amount of paperwork. You will work closely with the title / escrow company and possibly a lawyer to ensure all necessary documents are completed accurately. Some of the key documents you can expect to encounter include:
It's important to carefully review all documents before signing and ask any questions you may have. Title / Escrow / Mortgage lender should provide everything you need at least 1 day before closing. Your real estate agent, closer or lawyer can guide you through the process and help ensure everything is in order.
Closing costs are the fees and expenses associated with finalizing the sale of your home. As the seller, you will typically be responsible for certain closing costs, which can vary depending on factors such as the location and specific terms of the sale. Some common closing costs you may encounter include:
It's important to be aware of these potential costs and factor them into your financial planning. Your real estate agent or closer can provide you with an estimated breakdown of the closing costs you can expect to incur.
Whew! That's a process, right? Selling your home can be complex, but with the right knowledge and preparation, you can navigate it successfully (I'm here for ya!). For more info, questions, or if you are ready to list, let's get together! I've got a plan, and ready to execute it!
Questions about selling your home?
|
-LP
