I know that selling your home is of the utmost importance.
It's in your best interest to be educated. Pay close attention to every detail. 

As Your Real Estate Agent it is my responsibility to help you succeed in selling your home quickly, painlessly, and for top $$$. 

After all, my Real Estate Agent's reputation depends on referrals generated from 100% client satisfaction! 

I prepared this handy Seller’s Guide which shows you some things to keep in mind as you’re planning to sell your home.



                Should you Sell first or Buy first? 

This is a question that goes back so far, that I'm sure there was a point where a cave man had been thinking about upgrading to a larger cave, and couldn't decide whether to sell the old cave first, and risk being homeless....or make an offer on a new cave first, and risk owning two caves at once.

I can assure that after many years in the real estate industry, I have come to the conclusion that there is really no "secret way" to do this without any stress.  Rather it is for us to establish how to do it with "the least stress," and in doing so; we'll surely make you happy.

The entire process is, in many ways, fraught with illusion. Many people think that they'll just go out "house-hunting," and that the Seller will accept an offer "contingent on the sale of their old house." In well over 1000 sales, I have only seen one seller accept such a contingency, so for the most part let's just discount that as not being an option. 

In a nutshell the overall decision will come down to two important factors:

(a) How easy do you feel your old home will be to market?
(b) How easy do you feel it will be to find a home to purchase? 

Deciding which of these two items will be the hardest will answer all of your questions at once. 

If you're currently living in a very sought after community, and you have a gorgeous home on a beautiful lot, I can tell you first hand that selling the home won't be a problem. That being the case, we may want to do the house hunting for the new home first. As we begin that process, we're going to want to get a pre-approval done for your mortgage that is "not contingent" on the sale of the current home. Several local lenders offer these "contingency Buster" mortgage approvals in which they are basically putting aside in their minds the fact that if you really did close on both homes at once, that you'd temporarily have a very high debt ratio. Once this pre-approval letter is in hand, we're ready to look at homes. Having found one, we'll make the Seller an offer, with NO HOME SALE CONTINGENCY, providing our documentation from the lender to that effect. At this point, we'll probably ask for a slightly longer closing, and then immediately get the old house on the market. If we've done our homework right, the existing home will go on deposit very quickly, and we'll just slide right from the old house into the new house. This is also really useful if the type of home you're looking for is a very rare or specific home. You may sit back for a year, pre-approval letter in hand and ready, waiting to pounce on the right home at a moments notice. 

Now....on the other hand, let's imagine that the home you're looking for is some nice easy to find property, that comes up all the time. Your current home, however, is one that's nice, but that may be a tad tougher... (by tough, it may mean 60 days on the market...not a lifetime!) In this case, I'd recommend putting the old house on the market first. We'll get a much higher sales price for it by not having to sell in Panic Mode. We'll put in place a series of stopgap measure designed to protect you at all stages. We can even sign an offer with a buyer that grants you a 2 week period in which you have to "find suitable housing." If you're unable to find a home to buy, then the deal is null and void. 
 
Simply put, each situation really needs to be handled on a case by case basis.  We'll sit down and run through the different options, and together come up with a plan that makes the most sense for you and your family.....

          At What Price Should I Sell My Home?

In setting the list price for your home, you should be aware of a buyer’s frame of mind. Based on a list of houses for sale in your neighborhood (which can be in the form of a printed list from us, or online search results that you’ve found yourself), buyers will determine which houses they want to view. Consider the following pricing factors: 


• If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than others in the area. You may have told your REALTOR® to "Bring me any offer. Frankly, I’d take less." But in that list of houses, yours simply looks too expensive to be considered. 

• If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but before it has time to find the buyer who would have paid more. 

To determine the proper list price, contact a REALTOR® and have them provide you with the following professional services:

• Furnishing comparable sales.
• Analyzing market conditions.
• Helping to determine offering incentives.
• Estimating your net proceeds. 

       At Using Comparable Sales

No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market. Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood like yours.

We can furnish data on sale figures for those "comps", and analyze them for a suggested listing price. The decision about how much to ask, though, is always yours. The list of comparable sales we bring to you, along with data about other houses in your neighborhood presently on the market, is used for a "Comparative Market Analysis (CMA)." To help in estimating a possible sale price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices.

This CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. In addition, an appraisal is done for a fee while the CMA is provided by us and may include properties currently listed for sale and those currently pending sale.

In the normal home sale, a CMA is probably enough to let you set a proper price. A formal written appraisal (which may cost a few hundred dollars) can be useful if you have unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price, and any other circumstance that makes it difficult to put a value on your home.

         Consider Market Conditions

A Comparative Market Analysis (CMA) often includes Days on the Market (DOM) for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.
We can tell you whether your area is currently a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price. 


       Offering Incentives

Some sellers list at the rock-bottom price they'd really take, because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, sit down with us and work out a schedule in advance. If there haven't been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn't bring any prospective buyers, you may need to lower your list price again. Plan doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in. 

Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor." You may offer to pay such items as: 

• Some or all of a buyer's closing costs; and
• Discount points required by the buyer's lending institution; or 

If you haven't had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be "to the broker who brings a successful offer before the New Year." 


      Estimating Net Proceeds

Once you’ve been given an estimate of what home market value is, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful as you start looking for another home to buy. 

From the estimated sales price, subtract: 

• Payoff figure on your present loan(s);
• Broker's commission;
• Any prepayment penalty on your mortgage;
• Attorney's fees, if any; and
• Unpaid property taxes. 

In addition, we can tell you whether local customs or rules expect the buyer or seller to pay for the following items: 

• Title insurance premium;
• Transfer taxes;
• Survey fees;
• Inspections and repairs for termites and the like;
• Recording fees;
• Homeowner Association transfer fees and document preparation;
• Home protection plan; and
• Natural hazard disclosure report. 

As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Your REALTOR® will assist you in estimating what your final closing costs will be. It is difficult to predict what the exact closing costs will be when you negotiate with a particular buyer. 


      Getting the House "Ready" for Sale


A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well-maintained. From experience, REALTORS® also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained. 

In readying your house for sale, consider: 

• How Much You Should Spend;
• The Exterior "Curb Appeal"; and
• Preparing the Interior 

        
       How Much Should You Spend

In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive "polishes" and "touch-ups" to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen. 

Your REALTOR®, who is familiar with buyers' expectations in your neighborhood, can advise you specifically on what improvements need to be made. 

Don't hesitate to ask for advice

   
        The Exterior "Curb Appeal"