Thinking About Selling?
Selling a home can be stressful as well as a significant financial decision, and depending on today’s market, your finances, and other circumstances; you might have in your hands the right opportunity to sell your home.
At southern luxe realty it is of vital importance that our clients get familiar with the selling process, and from that perspective, make the best and smartest decisions along the way.
Why Selling?
Are you in need of more space, want to be part of a new neighborhood, get some equity or fix up and flip? If you have already decided to sell your home right now—or are thinking about doing it soon—here are some things to consider before jumping in to sell your home.
Evaluate Today's Market Trends
The Real Estate Market is always in constant change. Home prices, interest rates and market trends evolve daily. Understanding these ups and downs can help you make smarter choices than other buyers/sellers in the long term.
The housing market can easily be described in three different ways: a buyers market, sellers market and a fair or balanced market.
Buyer's Market
A buyer’s market is one in which there are more properties for sale than there are buyers. Home buyers enjoy more choices in properties, as well as more negotiating power when making a purchase.
In a buyer’s market:
- Homes take longer to sell.
- Buyers have more listings to choose from.
- Buyers have less competition.
- Buyers can make lower offers and negotiate more on sales price and closing costs.
- Sellers may have to do more to market their properties.
- Sellers may need to lower their price point expectations.
Seller's Market
In a seller’s market, there are fewer listings than there are buyers, and buyers face stiff competition among themselves. Because of this, they may encounter bidding wars or their home search might take longer than expected. If you’re looking to sell a home.
In a seller’s market:
- Buyers may have a hard time finding a property, home inventory is low.
- Homes sell quickly.
- Buyers face stiff competition, they might waive contingencies and have more flexible closing terms.
- Home prices are high
Buyer's Market
In a balanced market, buyers and sellers are on even ground. The number of homes for sale is on-par with the level of demand, and neither side has an upper hand. Balanced markets tend to last for shorter amounts of time than buyer’s or seller’s markets, and they usually occur between the transition from one market to the other.
In a balanced market:
- The number of homes for sale is in line with buyer demand.
- Appraisals are on par with offers.
- Home prices aren’t rising or falling steeply.
- Neither home buyers nor sellers have much power to negotiate.
Is it the right time?
Evidently selling your home in a sellers market gives you many advantages during the process, but even though market factors are certainly important in a real estate sell, your personal finances and the timing in your life matter more in the long term — especially if you want to stay afloat with your finances.
You want to sell your property when the timing is right for you, not for the market. This could mean:
- You’ve gained great amount of equity or you own the home.
- You are confident with your finances.
- You have consistent income and employment.
Preparing to sell your home
Intelligent pricing and timing
Pricing a home for sale is as much an art as it is a science, but there are a few truisms that never change.
• Fair market value attracts buyers, overpricing never does.
• The first two weeks of marketing are crucial.
• The market never lies, but it can change its mind.
Fair market value
A Fair Market Value is what a willing buyer and a willing seller agree by contract is a fair price for the home. Values can be impacted by a wide range of reasons, but the two biggest are location and condition. Generally, fair market value can be estimated by considering the comparables – other similar homes that have sold or are currently for sale in the same area.
Sellers often view their homes as special, which tempts them to put a higher price on it, believing they can always come down later, but that’s a serious mistake. Overpricing prevents the very buyers who are eligible to buy the home from ever seeing it. Most buyers shop by price range and look for the best value in that range.
First 2 Weeks of Marketing
Your best chance of selling your home is in the first two weeks of marketing. Your home is fresh and exciting to buyers and to their agents.
With a sign in the yard, full description and photos in the local Multiple Listing Service, distribution across the Internet, open houses, broker’s caravan, ads, and email blasts to your listing agent’s buyers, your home will get the greatest flurry of attention and interest in the first two weeks.
If you don’t get many showings or offers, you’ve probably overpriced your home, and it’s not comparing well to the competition. Since you can’t change the location, you’ll have to either improve the home’s condition or lower the price.
Consult with your agent and ask for feedback.
Perhaps you can do a little more to spruce up your home’s curb appeal, or perhaps stage the interior to gain a better advantage. The market can always change its mind and give your home another chance, but by then you’ve lost precious time and perhaps allowed a stigma to cloud your home’s value.
Intelligent pricing isn’t about getting the most for your home – it’s about getting your home sold quickly at fair market value.
key factors that affect the price of your home
Every home is different
When a home is sold, a willing seller and a willing buyer determine the value of that home with the sale price. That price then becomes a benchmark for other similar homes.
Location
The closer a home is to jobs, parks, transportation, schools, and community services, the more desirable it is.
size
Square footage impacts home value because a larger home is built using more materials, and gives the homeowner more usable space. And a larger lot size could mean more privacy than a smaller one.
Features and finishes
Features such as outdoor kitchens and spa baths make a home more luxurious. A home finished with hardwood floors and granite countertops is going to cost more than a home with carpet and laminate countertops.
#of bedrooms and baths
Additional bedrooms and bathrooms raise the value of a home compared to similar homes that do not have those rooms.
Condition
The closer a home is to new construction, the more it will retain its value. It's perceived as more modern, up to date, and perhaps safer. Homes that are not updated or in poor repair sell for less as purchasers' factor in the cost of updating and eventually replacing appliances and systems.
Curb appeal
From the street, the home looks clean, fresh, and inviting. Fresh landscaping and flowers won't change the size or location, but they certainly add charm. When two homes are identical in the same neighborhood, a higher price may come down to something as simple as views, paint colors, or the overall taste of the homeowner.
Selling a home doesn’t have to be that hard, and it won’t be with the right person by your side.
Why should I use a real estate broker?
There are many advantages that involve having a real state broker when buying or selling a home:
- wFilling out correctly and overseeing important paperwork
- knows when to argue for a lower price and how to negotiate contingencies and repairs
- Makes sure everything happens according to your schedule
- A good broker can help you make sound decisions and guide you through the home buying/selling process.
- Gives you access to homes as soon as they hit the market
- identifies home value trends, new developments, buyer demand and overall state of the market
- determines what a home is worth and recommends a competitive initial offer amount
Why should I use a real estate broker?
There are many advantages that involve having a real state broker when buying or selling a home:
- Filling out correctly and overseeing important paperwork
- knows when to argue for a lower price and how to negotiate contingencies and repairs
- Makes sure everything happens according to your schedule
- A good broker can help you make sound decisions and guide you through the home buying/selling process.
- Gives you access to homes as soon as they hit the market
- identifies home value trends, new developments, buyer demand and overall state of the market
- determines what a home is worth and recommends a competitive initial offer amount
Having a broker takes many responsabilities off your shoulders so you are able to focus on making the right decisions when putting in an offer or accepting one.
Here are some factors to consider when choosing a real state broker to represent you:
- Look for real state professional with experience completing transactions similar to yours and in the same area you’re looking to buy or sell.
- Interview at least three agents. Are they confident on what they say?
- Ask about their time availability and if they are willing to work with your schedule
- Ask about their knowledge of the market trends, their credentials and previous experiences.
- Does the agent actively engage with you? Does the agent return your calls promptly?
- A good agent always looks out for your best interests
- Does she/he listens attentively to your needs and concerns?
- Pick somebody with whom you feel comfortable.
Here are some factors to consider when choosing a real state broker to represent you:
- Look for real state professionals with experience completing transactions similar to yours and in the same area you’re looking to buy or sell.
- Interview at least three agents, are they confident on what they say?.
- Ask about their time availability and if they are willing to work with your schedule.
- Ask about their knowledge of the market trends, their credentials and previous experiences.
- Does the agent actively engages with you? Does the agent return your calls promptly?
- A good agent always looks out for your best interests
- Does she/he listens attentively to your needs and concerns?
- Pick somebody with whom you feel comfortable.
Showings And Open house
Once your home goes on the market, real estate agents may call to show your home
anytime, even if you’ve listed preferred showing times in the instructions. Keeping
your home in showtime condition can be challenging, especially if you have children
and pets. Here are some pointers for presenting your home in the best light
Curb Appeal
Here’s a simple cleanup and spruce up checklist to make sure your home leaves a stellar first impression:
- Clear driveways and walkways of snow, weeds, and debris. Repair or replace cracked steps or pavers. Whenever possible, driveways should be clear of vehicles.
- Keep your lawn mowed, edged, and watered. Prune dead branches and plants. Weed flower beds and replace leggy, thin landscaping with fresh plants and flowers.
- Replace loose or damaged roof shingles, clean the gutters, and paint and caulk window trim and doors.
- Make the front door area shine: consider repainting your front door and placing a new welcome mat. Polish the door hardware and make sure all front facing windows are clean.
- Power wash siding, brick, windows, and porches.
- Replace light fixtures -and if possible, pick new fixtures with the same mounting system to save time and hassle.
Staging Your Home
When you list your home for sale, it becomes a product rather than your personal retreat. You want potential homebuyers to be able to envision themselves living in the home, which can be difficult if your family’s personality is still evident. Before going on market, your agent will recommend decluttering and depersonalizing, but you may also want to bring in a professional stager to help guide you through showing your home in its most marketable light.
Depending on what your home needs, and whether you want to do the work yourself or hire it done, your stager could handle bringing in supplementary furniture and décor items, manage painting or other contractors coming to your home, and have a more hands on role in getting your home ready to go on the market. The cost of services provided will vary depending how much assistance your home will need.
The Essential Five-minute Clean-up for Showings
Everyone gets a basket and cleans up clutter. Check for hazards, like toys left on the floor. Make sure all toys, including bicycles, are put away.
- Put pets in daycare, sleep cages or take them with you: In the listing instructions, there should be a warning if there is
a big dog on premises. Buyers with allergies also may appreciate knowing in advance if you have pets. - Turn on lights: Open the drapes, turn on lights so buyers can really see.
- Give the buyer privacy: The buyer cannot come to your home without being accompanied by an agent. They will be
more comfortable touring the home without your presence.
Accepting an offer
When a buyer or multiple buyers decide that your home is a great fit for them, they will most likely place an offer and your agent will deliver you all the details.
It is important to be prepared important to be prepared and work with your listing agent as much as possible during this step because depending on where you live, multiple offers may get submitted the first day the property goes on the market, or you may have to wait a few weeks. Either way, you certainly want to be sure your asking price, curb appeal and home’s interior are attracting serious buyers and making them remember the property while they’re touring other homes.
Here are important factors to consider when working towards a successful transaction:
Establish an offer deadline
To help drive interest to your property, and to keep organized, your listing agent may recommend setting up an initial deadline for offers when your property goes on the market. An offer deadline should be a couple days in the future, so buyers don't have enough time to find another property.
This strategy works best in a seller's market when your agent expects there to be more than one interested buyer in a short amount of time. If you receive strong offers, accept the one that appeals to you most, don't try to provoke a bidding war.
Know your limit
When you determined the asking price for your property, you should have had the same conversation with your real estate agent that a buyer would: Based on recent sales of similar properties, how much is this property worth?
You’ll want to weigh the estimated property value with the amount you need to pay off your mortgage, to be able to buy another property, or simply to feel like it was a worthy deal. It is always important to know that you may receive offers below your asking price. If this occurs, having already thought about how low of a price you’re willing to accept to move forward with a deal is crucial. Be sure to take into consideration other details based on your needs, such as the closing date, and set your limits ahead of time to ensure you’re making a decision based on logic rather than emotions.
Select The Best Offer
Once you’ve received an offer, or offers, you’ll have a lot to take in and consider. The offer price is certainly a major factor, but you also have to look at other costs and expenses, the financial security of the buyer and whether that timeline works for you.
Be sure to calculate the bottom line for the deal. If the buyer asks you to cover all closing costs, you’d ultimately be taking home less than expected. It is very important for you to consider if the ultimate number is on par with what you were thinking.
If the property is sentimental to you, the buyers’ personal letters may be important for you to read. However, be sure you’re not basing your decision on bias against a protected class. The Fair Housing Act prohibits discrimination based on race, color, religion, sex, disability, familial status or nation of origin. If it’s believed you turned down a would-be buyer for any of those reasons, you could face a lawsuit.
Negotiate
You may have an offer that interests you, but that doesn’t necessarily mean you have to accept every term. This is where negotiations come into play. Depending on your needs, you make a counteroffer, request a different closing date or offer to make some, not all, of the buyer's requested changes to the home.
It’s important to be polite and cordial and keep the buyer’s preferences in mind. Even in a seller’s market, offending the buyer could put you back to where you began with your property still on the market.
Accepting the offer
Once both the seller and buyer have come to an agreement regarding price and terms, it’s time to move forward with the deal. The next step is to go “under contract” and start the due diligence process.
To ensure the property goes under contract, both parties will need to sign documents noting their intent to move forward with the transaction, along with the established closing date and any other terms or conditions necessary to complete the deal.
You will then receive your due diligence money from the buyers letting you know that they are serious with moving forward with the property. During this time, the buyer will make any necessary surveys, and inspections, and possibly negotiate any found concerns with you.
Backing out of a deal
Moving past the initial offer and negotiation doesn’t guarantee the deal will go through. In the roughly 30 days it takes for most transactions to close following an offer, a lot of information can arise that requires additional negotiation and may lead to one party backing out.
Good work, You’re one step closer to the finish line!
The closing process begins by signing an initial agreement along with offering Due Diligence and Earnest Money to secure the deal with the seller. Your agent will help you set up inspections, negotiate repairs, secure your finances and ensure sure everything is ready for closing.
These are the most common things that may happen within the closing process of a real estate contract:
The closing process begins by signing an initial agreement along with offering Due Diligence and Earnest Money to secure the deal with the seller. Your agent will help you set up inspections, negotiate repairs, secure your finances and ensure sure everything is ready for closing.
These are the most common things that may happen within the closing process of a real estate contract:
Making a Home Inspection
During a home inspection, a licensed professional will go through the home and make sure it complies with standard specifications for a home to be considered safe to live in. The inspector will target problems, test electrical systems, make sure the roofing is safe and much more.
After the inspection is done, the inspector will contact you back to disclose information about the condition of the home. You might find out the home has minor, medium and/or major issues that will need to be addressed. If the home happens to have a serious problem (like mold, lead paint or structural damage) it will be of your interest to negotiate the repairs with the seller before the closing date. If you can’t reach an agreement you may consider to drop your offer and find other home options.
Tip #1
We recommend making a list of repairs prioritizing the issues that concern you the most and discuss it with your agent. This will help you evaluate repair costs you may want to negotiate with the seller or decide if you should or shouldn’t move forward with the purchase.
Tip #2
A smart move is to include a home inspection contingency in your purchase offer. This will give you the convenience of backing out of a purchase without losing your Due Diligence Money deposit if the home inspection exposes significant problems with the home.
Appraisals
A home appraisal is a process through which a real estate appraiser determines the fair market value of a home based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc.
Lenders can’t award more money than a home is worth, therefore they request appraisals to confirm that their investment in your property is precise. If the appraised value happens to be lower than your offer, it might be difficult to get financing.
It is crucial to be in constant communication with your agent and lender. They will let you know when additional documents are needed to approve your loan and come up with suitable solutions in case you have trouble getting financing. Before putting down an offer, talk to your agent about including an appraisal contingency if you’re concerned about the appraisal value. Especially when the demand in homes is very high and you had to bid over the asking price.
Closing Attorney
When closing a real estate contract, it is required that both parties involved (seller & buyer) use a real estate attorney. He or She will oversee that the transaction is done correctly and handled within the proper time frame.
The attorney will draft all of the closing documents necessary for the buyer to purchase the property. The responsibilities of the supervising attorney closing include:
- Performing a title search
- Prepare a deed for the sellers
- Title insurance acquisitions
- Handles the closing contract
Closing and Moving Out
Final Walkthrough and closing
Before closing buyers will take time and make sure that everything is in order at your home. They will walk through the home and verify there are no belongings left behind, check repair areas if they were requested and make sure no other issues have arisen with the property.
If everything looks good, it’s time for you to confidently move toward closing.
Closing
Three business days before closing, your lender will contact you and give you your Closing Disclosure, which tells you what you need to pay on closing day and summarizes finance details.
Once you’ve reviewed your Closing Disclosure, you will have to attend to a closing meeting. Your agent will let you know what documents are necessary to bring.
At the closing meeting you’ll sign closing documents, which lists all costs related to the home sale. This is when the down payment and closing costs will be payed.
After closing finishes, You’re home is finally sold!
Congratulations!
Moving Out
Moving can be an stressful journey. By finding the right movers and having a good, though flexible, moving plan, most of the common moving headaches can be easily avoided.
Moving companies provide a wide range of services, from planning your move, storing, packing and unpacking, to decorating and organizing your belongings in your new home. You can choose which services you want and have them tailored to suit your budget.
Tip #1
Estimates should be done in person and include a clear explanation of rates and charges that will apply, the mover's liability for your belongings, pick-up and delivery schedules, and claims protection.
Tip #2
Items of special value such as heirlooms, paintings, or collectibles can be insured under separate riders. In the event of damage to an item, file a claim immediately. Be sure to save the packing materials to show to the adjuster, should there be any problems.
Packing up and moving on
Once the time has come to start packing and organizing, here are some tips to make the process smooth:
- Start by packing the things you use most infrequently.
- Pare down items that have accumulated over time by grouping them into 3 categories Keep, Donate, or Throw Away.
- Create an inventory sheet of valuables and a list of which boxes they were packed in.
- Label your boxes according to the rooms where they’ll be moved – bedroom #2, 1st floor bath, etc.
- Consider using different colored stickers/tape for each room.
- Provide your movers with copies of the floorplan of your new home, so they can move more efficiently without having to stop and ask you where things go.
- Try to keep boxes under 50 lbs. whenever possible, put heavier items in smaller boxes to reduce bulkiness, and place
- lighter items in larger boxes.
- Dispose of items that can’t be moved, like flammable liquids, cleaning fluids, etc. Prepare your mower by emptying the fuel and recycle your propane grill tanks.
- Snap a photo of the back of electronic devices so you know which wires to attach when setting them up in your new home.
- Pack an overnight bag with moving day essentials, including toiletries, clothes, medications, and charger cords.
Why Selling?
Are you in need of more space, want to be part of a new neighborhood, get some equity or fix up and flip? If you have already decided to sell your home right now—or are thinking about doing it soon—here are some things to consider before jumping in to sell your home.
Evaluate Today's Market Trends
The Real Estate Market is always in constant change. Home prices, interest rates and market trends evolve daily. Understanding these ups and downs can help you make smarter choices than other buyers/sellers in the long term.
The housing market can easily be described in three different ways: a buyers market, sellers market and a fair or balanced market.
Buyer's Market
A buyer’s market is one in which there are more properties for sale than there are buyers. Home buyers enjoy more choices in properties, as well as more negotiating power when making a purchase.
In a buyer’s market:
- Homes take longer to sell.
- Buyers have more listings to choose from.
- Buyers have less competition.
- Buyers can make lower offers and negotiate more on sales price and closing costs.
- Sellers may have to do more to market their properties.
- Sellers may need to lower their price point expectations.
Seller's Market
In a seller’s market, there are fewer listings than there are buyers, and buyers face stiff competition among themselves. Because of this, they may encounter bidding wars or their home search might take longer than expected. If you’re looking to sell a home.
In a seller’s market:
- Buyers may have a hard time finding a property, home inventory is low.
- Homes sell quickly.
- Buyers face stiff competition, they might waive contingencies and have more flexible closing terms.
- Home prices are high
Buyer's Market
In a balanced market, buyers and sellers are on even ground. The number of homes for sale is on-par with the level of demand, and neither side has an upper hand. Balanced markets tend to last for shorter amounts of time than buyer’s or seller’s markets, and they usually occur between the transition from one market to the other.
In a balanced market:
- The number of homes for sale is in line with buyer demand.
- Appraisals are on par with offers.
- Home prices aren’t rising or falling steeply.
- Neither home buyers nor sellers have much power to negotiate.
Is it the right time?
Evidently selling your home in a sellers market gives you many advantages during the process, but even though market factors are certainly important in a real estate sell, your personal finances and the timing in your life matter more in the long term — especially if you want to stay afloat with your finances.
You want to sell your property when the timing is right for you, not for the market. This could mean:
- You’ve gained great amount of equity or you own the home.
- You are confident with your finances.
- You have consistent income and employment.
Preparing to sell your home
Intelligent pricing and timing
Pricing a home for sale is as much an art as it is a science, but there are a few truisms that never change.
• Fair market value attracts buyers, overpricing never does.
• The first two weeks of marketing are crucial.
• The market never lies, but it can change its mind.
Fair market value
A Fair Market Value is what a willing buyer and a willing seller agree by contract is a fair price for the home. Values can be impacted by a wide range of reasons, but the two biggest are location and condition. Generally, fair market value can be estimated by considering the comparables – other similar homes that have sold or are currently for sale in the same area.
Sellers often view their homes as special, which tempts them to put a higher price on it, believing they can always come down later, but that’s a serious mistake. Overpricing prevents the very buyers who are eligible to buy the home from ever seeing it. Most buyers shop by price range and look for the best value in that range.
First 2 Weeks of Marketing
Your best chance of selling your home is in the first two weeks of marketing. Your home is fresh and exciting to buyers and to their agents.
With a sign in the yard, full description and photos in the local Multiple Listing Service, distribution across the Internet, open houses, broker’s caravan, ads, and email blasts to your listing agent’s buyers, your home will get the greatest flurry of attention and interest in the first two weeks.
If you don’t get many showings or offers, you’ve probably overpriced your home, and it’s not comparing well to the competition. Since you can’t change the location, you’ll have to either improve the home’s condition or lower the price.
Consult with your agent and ask for feedback.
Perhaps you can do a little more to spruce up your home’s curb appeal, or perhaps stage the interior to gain a better advantage. The market can always change its mind and give your home another chance, but by then you’ve lost precious time and perhaps allowed a stigma to cloud your home’s value.
Intelligent pricing isn’t about getting the most for your home – it’s about getting your home sold quickly at fair market value.
key factors that affect the price of your home
Every home is different
When a home is sold, a willing seller and a willing buyer determine the value of that home with the sale price. That price then becomes a benchmark for other similar homes.
Location
The closer a home is to jobs, parks, transportation, schools, and community services, the more desirable it is.
size
Square footage impacts home value because a larger home is built using more materials, and gives the homeowner more usable space. And a larger lot size could mean more privacy than a smaller one.
Features and finishes
Features such as outdoor kitchens and spa baths make a home more luxurious. A home finished with hardwood floors and granite countertops is going to cost more than a home with carpet and laminate countertops.
#of bedrooms and baths
Additional bedrooms and bathrooms raise the value of a home compared to similar homes that do not have those rooms.
Condition
The closer a home is to new construction, the more it will retain its value. It's perceived as more modern, up to date, and perhaps safer. Homes that are not updated or in poor repair sell for less as purchasers' factor in the cost of updating and eventually replacing appliances and systems.
Curb appeal
From the street, the home looks clean, fresh, and inviting. Fresh landscaping and flowers won't change the size or location, but they certainly add charm. When two homes are identical in the same neighborhood, a higher price may come down to something as simple as views, paint colors, or the overall taste of the homeowner.
Selling a home doesn’t have to be that hard, and it won’t be with the right person by your side.
Why should I use a real estate broker?
There are many advantages that involve having a real state broker when buying or selling a home:
- wFilling out correctly and overseeing important paperwork
- knows when to argue for a lower price and how to negotiate contingencies and repairs
- Makes sure everything happens according to your schedule
- A good broker can help you make sound decisions and guide you through the home buying/selling process.
- Gives you access to homes as soon as they hit the market
- identifies home value trends, new developments, buyer demand and overall state of the market
- determines what a home is worth and recommends a competitive initial offer amount
Why should I use a real estate broker?
There are many advantages that involve having a real state broker when buying or selling a home:
- Filling out correctly and overseeing important paperwork
- knows when to argue for a lower price and how to negotiate contingencies and repairs
- Makes sure everything happens according to your schedule
- A good broker can help you make sound decisions and guide you through the home buying/selling process.
- Gives you access to homes as soon as they hit the market
- identifies home value trends, new developments, buyer demand and overall state of the market
- determines what a home is worth and recommends a competitive initial offer amount
Having a broker takes many responsabilities off your shoulders so you are able to focus on making the right decisions when putting in an offer or accepting one.
Here are some factors to consider when choosing a real state broker to represent you:
- Look for real state professional with experience completing transactions similar to yours and in the same area you’re looking to buy or sell.
- Interview at least three agents. Are they confident on what they say?
- Ask about their time availability and if they are willing to work with your schedule
- Ask about their knowledge of the market trends, their credentials and previous experiences.
- Does the agent actively engage with you? Does the agent return your calls promptly?
- A good agent always looks out for your best interests
- Does she/he listens attentively to your needs and concerns?
- Pick somebody with whom you feel comfortable.
Here are some factors to consider when choosing a real state broker to represent you:
- Look for real state professionals with experience completing transactions similar to yours and in the same area you’re looking to buy or sell.
- Interview at least three agents, are they confident on what they say?.
- Ask about their time availability and if they are willing to work with your schedule.
- Ask about their knowledge of the market trends, their credentials and previous experiences.
- Does the agent actively engages with you? Does the agent return your calls promptly?
- A good agent always looks out for your best interests
- Does she/he listens attentively to your needs and concerns?
- Pick somebody with whom you feel comfortable.
Showings And Open house
Once your home goes on the market, real estate agents may call to show your home
anytime, even if you’ve listed preferred showing times in the instructions. Keeping
your home in showtime condition can be challenging, especially if you have children
and pets. Here are some pointers for presenting your home in the best light
Curb Appeal
Here’s a simple cleanup and spruce up checklist to make sure your home leaves a stellar first impression:
- Clear driveways and walkways of snow, weeds, and debris. Repair or replace cracked steps or pavers. Whenever possible, driveways should be clear of vehicles.
- Keep your lawn mowed, edged, and watered. Prune dead branches and plants. Weed flower beds and replace leggy, thin landscaping with fresh plants and flowers.
- Replace loose or damaged roof shingles, clean the gutters, and paint and caulk window trim and doors.
- Make the front door area shine: consider repainting your front door and placing a new welcome mat. Polish the door hardware and make sure all front facing windows are clean.
- Power wash siding, brick, windows, and porches.
- Replace light fixtures -and if possible, pick new fixtures with the same mounting system to save time and hassle.
Staging Your Home
When you list your home for sale, it becomes a product rather than your personal retreat. You want potential homebuyers to be able to envision themselves living in the home, which can be difficult if your family’s personality is still evident. Before going on market, your agent will recommend decluttering and depersonalizing, but you may also want to bring in a professional stager to help guide you through showing your home in its most marketable light.
Depending on what your home needs, and whether you want to do the work yourself or hire it done, your stager could handle bringing in supplementary furniture and décor items, manage painting or other contractors coming to your home, and have a more hands on role in getting your home ready to go on the market. The cost of services provided will vary depending how much assistance your home will need.
The Essential Five-minute Clean-up for Showings
Everyone gets a basket and cleans up clutter. Check for hazards, like toys left on the floor. Make sure all toys, including bicycles, are put away.
- Put pets in daycare, sleep cages or take them with you: In the listing instructions, there should be a warning if there is
a big dog on premises. Buyers with allergies also may appreciate knowing in advance if you have pets. - Turn on lights: Open the drapes, turn on lights so buyers can really see.
- Give the buyer privacy: The buyer cannot come to your home without being accompanied by an agent. They will be
more comfortable touring the home without your presence.
Accepting an offer
When a buyer or multiple buyers decide that your home is a great fit for them, they will most likely place an offer and your agent will deliver you all the details.
It is important to be prepared important to be prepared and work with your listing agent as much as possible during this step because depending on where you live, multiple offers may get submitted the first day the property goes on the market, or you may have to wait a few weeks. Either way, you certainly want to be sure your asking price, curb appeal and home’s interior are attracting serious buyers and making them remember the property while they’re touring other homes.
Here are important factors to consider when working towards a successful transaction:
Establish an offer deadline
To help drive interest to your property, and to keep organized, your listing agent may recommend setting up an initial deadline for offers when your property goes on the market. An offer deadline should be a couple days in the future, so buyers don't have enough time to find another property.
This strategy works best in a seller's market when your agent expects there to be more than one interested buyer in a short amount of time. If you receive strong offers, accept the one that appeals to you most, don't try to provoke a bidding war.
Know your limit
When you determined the asking price for your property, you should have had the same conversation with your real estate agent that a buyer would: Based on recent sales of similar properties, how much is this property worth?
You’ll want to weigh the estimated property value with the amount you need to pay off your mortgage, to be able to buy another property, or simply to feel like it was a worthy deal. It is always important to know that you may receive offers below your asking price. If this occurs, having already thought about how low of a price you’re willing to accept to move forward with a deal is crucial. Be sure to take into consideration other details based on your needs, such as the closing date, and set your limits ahead of time to ensure you’re making a decision based on logic rather than emotions.
Select The Best Offer
Once you’ve received an offer, or offers, you’ll have a lot to take in and consider. The offer price is certainly a major factor, but you also have to look at other costs and expenses, the financial security of the buyer and whether that timeline works for you.
Be sure to calculate the bottom line for the deal. If the buyer asks you to cover all closing costs, you’d ultimately be taking home less than expected. It is very important for you to consider if the ultimate number is on par with what you were thinking.
If the property is sentimental to you, the buyers’ personal letters may be important for you to read. However, be sure you’re not basing your decision on bias against a protected class. The Fair Housing Act prohibits discrimination based on race, color, religion, sex, disability, familial status or nation of origin. If it’s believed you turned down a would-be buyer for any of those reasons, you could face a lawsuit.
Negotiate
You may have an offer that interests you, but that doesn’t necessarily mean you have to accept every term. This is where negotiations come into play. Depending on your needs, you make a counteroffer, request a different closing date or offer to make some, not all, of the buyer's requested changes to the home.
It’s important to be polite and cordial and keep the buyer’s preferences in mind. Even in a seller’s market, offending the buyer could put you back to where you began with your property still on the market.
Accepting the offer
Once both the seller and buyer have come to an agreement regarding price and terms, it’s time to move forward with the deal. The next step is to go “under contract” and start the due diligence process.
To ensure the property goes under contract, both parties will need to sign documents noting their intent to move forward with the transaction, along with the established closing date and any other terms or conditions necessary to complete the deal.
You will then receive your due diligence money from the buyers letting you know that they are serious with moving forward with the property. During this time, the buyer will make any necessary surveys, and inspections, and possibly negotiate any found concerns with you.
Backing out of a deal
Moving past the initial offer and negotiation doesn’t guarantee the deal will go through. In the roughly 30 days it takes for most transactions to close following an offer, a lot of information can arise that requires additional negotiation and may lead to one party backing out.
Good work, You’re one step closer to the finish line!
The closing process begins by signing an initial agreement along with offering Due Diligence and Earnest Money to secure the deal with you. Your agent will guide you through inspections, negotiate repairs, and make sure the buyer has everything ready for closing.
These are the most common things that may happen within the closing process of a real estate contract:
The closing process begins by signing an initial agreement along with offering Due Diligence and Earnest Money to secure the deal with you. Your agent will guide you through inspections, negotiate repairs, and make sure the buyer has everything ready for closing.
These are the most common things that may happen within the closing process of a real estate contract:
Making a Home Inspection
During a home inspection, a licensed professional will go through the home and make sure it complies with standard specifications for a home to be considered safe to live in. The inspector will target problems, test electrical systems, make sure the roofing is safe and much more.
After the inspection is done, the inspector will contact the buyer back to disclose information about the condition of your home. You might find out the home has minor, medium and/or major issues that will need to be addressed. If the home happens to have a serious problem (like mold, lead paint or structural damage) it will be of your interest to negotiate the repairs with the buyer before the closing date. If you can’t reach an agreement the buyer may consider to drop the offer and find other home options.
Tip #1
Defects in the property discovered during the inspection can also cause a lot of problems. A pre-listing inspection is oftentimes the best option because it allows you to learn about, and make, needed repairs before you put your house on the market.
Tip #2
A smart move is to include a home inspection contingency in your purchase offer. This will give you the convenience of backing out of a purchase without losing your Due Diligence Money deposit if the home inspection exposes significant problems with the home.
Appraisals
A home appraisal is a process through which a real estate appraiser determines the fair market value of a home based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc.
Lenders can’t award more money than a home is worth, therefore they request appraisals to confirm that their investment in your property is precise. If the appraised value happens to be lower than your offer, it might be difficult to get financing and there is a chance that the buyer tries to negotiate more or back out of the deal.
It is crucial to be in constant communication with your listing agent. He/She has the duty to let you know every detail of what is going on with the closing process, feel free to share any concerns you have about the offer, inspections or the process itself.
Closing Attorney
When closing a real estate contract, it is required that both parties involved (seller & buyer) use a real estate attorney. He or She will oversee that the transaction is done correctly and handled within the proper time frame.
The attorney will draft all of the closing documents necessary for the buyer to purchase the property. The responsibilities of the supervising attorney closing include:
- Performing a title search
- Prepare a deed for the sellers
- Title insurance acquisitions
- Handles the closing contract
Closing and Moving Out
Final Walkthrough and closing
Before closing buyers will take time and make sure that everything is in order at your home. They will walk through the home and verify there are no belongings left behind, check repair areas if they were requested and make sure no other issues have arisen with the property.
If everything looks good, it’s time for you to confidently move toward closing.
Closing
Three business days before closing, your lender will contact you and give you your Closing Disclosure, which tells you what you need to pay on closing day and summarizes finance details.
Once you’ve reviewed your Closing Disclosure, you will have to attend to a closing meeting. Your agent will let you know what documents are necessary to bring.
At the closing meeting you’ll sign closing documents, which lists all costs related to the home sale. This is when the down payment and closing costs will be payed.
After closing finishes, You’re home is finally sold!
Congratulations!
Moving Out
Moving can be an stressful journey. By finding the right movers and having a good, though flexible, moving plan, most of the common moving headaches can be easily avoided.
Moving companies provide a wide range of services, from planning your move, storing, packing and unpacking, to decorating and organizing your belongings in your new home. You can choose which services you want and have them tailored to suit your budget.
Tip #1
Estimates should be done in person and include a clear explanation of rates and charges that will apply, the mover's liability for your belongings, pick-up and delivery schedules, and claims protection.
Tip #2
Items of special value such as heirlooms, paintings, or collectibles can be insured under separate riders. In the event of damage to an item, file a claim immediately. Be sure to save the packing materials to show to the adjuster, should there be any problems.
Packing up and moving on
Once the time has come to start packing and organizing, here are some tips to make the process smooth:
- Start by packing the things you use most infrequently.
- Pare down items that have accumulated over time by grouping them into 3 categories Keep, Donate, or Throw Away.
- Create an inventory sheet of valuables and a list of which boxes they were packed in.
- Label your boxes according to the rooms where they’ll be moved – bedroom #2, 1st floor bath, etc.
- Consider using different colored stickers/tape for each room.
- Provide your movers with copies of the floorplan of your new home, so they can move more efficiently without having to stop and ask you where things go.
- Try to keep boxes under 50 lbs. whenever possible, put heavier items in smaller boxes to reduce bulkiness, and place
- lighter items in larger boxes.
- Dispose of items that can’t be moved, like flammable liquids, cleaning fluids, etc. Prepare your mower by emptying the fuel and recycle your propane grill tanks.
- Snap a photo of the back of electronic devices so you know which wires to attach when setting them up in your new home.
- Pack an overnight bag with moving day essentials, including toiletries, clothes, medications, and charger cords.