Selling Your Home Category

Here is a scenario for sellers to avoid. You contact a real estate agent to list your home and the agent suggests that you might get more for your house than comparable homes on the market. The agent assures you that it only takes finding one person who is willing to pay your price!

Some agents approach a listing appointment as if they are bidding for your home. The unfortunate result is that you start out with an unrealistic opinion of your home’s value. There is often a strong temptation to work with a person who says what you want to hear. An experienced, reputable real estate agent will back up their opinion of your home’s value with hard data. The agent should give you information about the listing price of homes that are currently on the market, and recent selling prices of similar properties in your immediate area.

Even the most heroic marketing efforts won’t work on a property that is obviously overpriced, (except in the most exaggerated of seller’s markets.) Even if you find a buyer who is willing to pay more than your home is worth, the sale could fall apart when the appraisal comes in lower than the agreed-upon price. Listen to everything, but be careful!

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Prospective buyers may react to the way a home smells. Cigarette smoke, strong disinfectants, insecticides, kitty litter, and french fries have all been known to dampen the enthusiasm of buyers who might otherwise respond positively to a house that would meet their needs.

Be sure that your home passes the sniff test when it is on the market. Many people have a particular reaction to smoke and pet odors, so consider a temporary smoking ban inside your home while it is on the market. If you have a cat box, be meticulous about cleaning it. If your new puppy has ruined a chair, replace the stained chair with a spot-free one.

There are cleaning services which specialize in stain and odor removal. They may suggest carpet steaming and other techniques to remove the offensive smell. Even if buyers are themselves smokers or have pets of their own, they will react differently to the same odors lingering in a home they are considering.

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In every town there are homes that sell rather quickly, while others linger on the market. Real estate professionals suggest numerous approaches to maximizing a home’s curb appeal — everything from fresh paint to new landscaping. But if the “For Sale” sign in front of your house has become a neighborhood fixture, it is important to work with your real estate agent to keep your listing fresh.

Whenever your house is shown, the real estate agent will get feedback from the buyers or other agents about what they liked about your house and what did not work for them. Allow your agent to be completely frank with you about any feedback he or she receives. Listen with an open mind and with the understanding that there is nothing personal about these comments. Don’t delay in implementing any of the ideas that make sense to you.

Your real estate agent’s job is to come up with new ideas for marketing your home in order to get buyers inside. Your job is to ensure that your house looks its best.

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How do real estate agents sell homes? When a professional real estate agent is retained to sell a home, the agent will develop a marketing plan that has proven effective for selling homes quickly and for the maximum sale price.

The real estate agent will perform a market analysis, comparing the home with similar homes in your neighborhood that have recently sold. Your agent will evaluate the current real estate market in order to develop a price opinion for your home. The next step will be to make recommendations about preparing your home so that it is presented to its best advantage. A description of the home will be uploaded into the local Multiple Listing Service, and your agent will implement a marketing plan tailored to your home.

By listing your property, you expose it to thousands of real estate agents throughout the region. MLS exposure is one of the most valuable services a real estate agent can provide sellers. Real estate professionals aslo network with other agents in their office when they bring new listings to the market. Does this system work? 85% of the homes sold today use this method. Enough said!

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Pricing a house is one of the most important parts of the marketing process. You want to get as much for the property as you can, but if you set the price too high, you can turn away qualified buyers. Your real estate agent can tell you the selling price of homes comparable to yours. Pricing strategy depends on market conditions, and it is different in a buyers’ market than it is in a sellers’ market.

If your home is overpriced, the marketplace will reflect that to you. When a property fails to sell in a reasonable period of time, you and your real estate agent should have a frank discussion to determine whether too high a price tag is the reason. Your real estate agent will also be getting feedback from other agents who have shown your home.

Remember that price is only one factor. Consider ways you can make the property more attractive to show by handling needed repairs, improving curb appeal or making cosmetic improvements. Improve the condition of your home and you will improve its chances of selling.

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When preparing to sell your home, it is useful to know how homebuyers respond when they look at a house. Very few people will buy a home because they are attracted by fantastic bathrooms. Buyers do react to bathrooms that are not cared for, however, because they view them as a reflection of the overall condition of the property.

Many buyers know that plumbing repairs potentially represent a major expense. They get nervous about dripping faucets, loose tiles, and running toilets. Your pre-marketing preparations should include making sure that your plumbing is working properly and that any cosmetic damage caused by former leaks has been repaired.

Keep the bathroom spotless while your home is on the market. Remove any traces of mold or mildew and scour away any build-up on the bathtub and basin. Re-caulk around the tub and shower, if necessary. A new shower curtain, bath mat, plush towels and scented soap can help give the buyer one more positive reason for liking your home!

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The plumbing is one of your home’s most mysterious systems. The pipes are hidden in the wall, and when you have a problem, you have to call in a plumber. Since plumbers’ rates are hefty, prospective buyers are often frightened away by evidence of leaky pipes, ceiling stains below shower pans, or antiquated bathroom fixtures.

If you are planning to sell your home, it is a good idea to solve your plumbing issues before you place it on the market. Take care of any cosmetic damage that leaks may have caused after the plumber has finished his work. Plumbing repairs are cost-effective, because most sales agreements call for all systems, including the plumbing, to be in working order. If you have a problem, you will probably have to repair it before the closing anyway, so by doing it ahead of time, you eliminate that issue. Plumbing that is in top condition will make your home appear to be well cared for and will make it more attractive to potential buyers.

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Conduct a thorough check for any safety hazards when you are getting your house ready to put on the market. You may be accustomed to the worn tread on the stairs, toys in the hallway, or closets that deposit their contents at your feet when the door is opened, but strangers won’t be as intuitive as you are. They will be vulnerable to those little “hazards” as they walk through your home, turning on the faucets, opening closet doors, and going up and down the stairs.

The stairs are a good place to begin your safety check. Could someone tall accidentally bang their head on a beam, pipe or the ceiling as they go up or down? Is the carpeting on the stairs securely fastened? An area rug should have a non-slip mat underneath.

Safety is important because someone who is injured in your home could sue you for damages. This doesn’t happen often, but if it does, it can be extremely unpleasant. “Better safe than sorry” applies to homes as well–especially when they are for sale and open to visits from potential buyers.

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If you are selling a house in which you have a lot of equity, and you don’t need that equity to buy a new home, an owner-financing agreement may benefit you and your buyers.

Seller financing arrangements usually involve the buyers securing the largest portion of their purchase money from a mortgage company and getting a smaller second loan from the sellers. For example, they may finance 75% from a lender, put in 15% from savings, and ask the sellers to finance the remaining amount. The terms and interest rates on seller carry-backs are negotiated on a case-by-case basis.

Sellers may be able to negotiate a note that provides a better return on their money than 1-to-5 year CD’s or treasury notes. They should ensure that the note protects them to the fullest. Use common sense when considering such a loan, and verify the buyers’ income, credit history, and job stability before making your final decision.

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If your home has been on the market for a few weeks, your real estate agent may suggest an “open house.” Your agent puts up signs, gives you some pointers about how to prepare your home for showing and shows up early on Sunday morning. You may be tempted to stay around, but the best advice is to leave while your home is being shown!

When sellers are present at an open house, they can hamper the sales professional’s ability to cultivate interested buyers, and can even squelch a sale. What would your response be, for instance, if someone strolls into your kitchen and says, “What awful wallpaper!” If prospective buyers know that you as the owner are present, they might feel reluctant to express their objections and concerns openly and directly to your agent. If your objective is to get your home SOLD, the best thing to do is to get out of the way and let the sales professional do the job.

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