Valuable Information Home Sellers Crave
5 Considerations for Valuing Your Home
One of the hardest
parts of putting your home on the market is determining how much the property
is worth. Pricing your home properly is essential. If you set the price too
high you risk having the home sit on the market for months while strangers
troop through open house after open house. If you price the home too low, you
will get a quick sale, but you will also miss out on thousands of extra dollars
in profit.
Determining a fair
price for your home means looking at a number of factors and taking a number of
things into consideration. Here are 5 of the top considerations for valuing
your home.
#1. The Size of the Lot
The size of the lot is
a big consideration for buyers. If your home includes a larger than average lot
or additional acreage, be sure the brochures and other marketing materials
prominently highlight that fact.
A large lot means a
big back yard for growing families, and space to move around for young couples.
All other things being equal, a home with a large lot will fetch more than a
similar one with a smaller lot.
#2. The Condition of the Home
The condition of the
home will obviously have a large impact on its value. If your home needs a lot
of repairs, you will need to take that into consideration when setting a price.
Sometimes it is worth spending a few thousand dollars on repairs and upgrades
in exchange for a higher asking price.
Likewise, a home in
excellent condition will likely fetch a higher price, so make sure the Realtor®
knows about any recent upgrades or renovations. Things like a new roof, a
remodeled kitchen or bathroom and an updating heating and air conditioning
system can make the home more sellable and increase its resale value.
#3. The Presence of Desirable Amenities
If your home is packed
with amenities buyers crave, you can probably get a premium price when you put
the house on the market. Some of these in-demand amenities include granite
countertops, stainless steel appliances, steam showers, hot tubs and extra
storage.
If you are selling an
older home, making a few strategic upgrades now could boost the sale price
substantially. Just research the cost of the upgrade and compare it to the
increase in resale value that could result.
#4. Comparable Sales
Knowing what other
homes in your area have sold for is essential, and a great way to accurately
value your home. You can use a number of online resources to check the sale
prices of neighboring properties, but your real estate agent will have access
to even more information. Always ask your Realtor® to check comparable sales
and keep checking those sales as you set the asking price.
#5. The Current Real Estate Market
This one is out of
your control, but it is still important. The current state of the real estate
market will have a profound impact on home prices, and you should take it into
consideration when pricing your home.
If you are lucky
enough to be selling in a hot market, you will probably be able to fetch top
dollar for your home. If the marketing is softening, or worse yet, collapsing,
you may need to adjust the price lower to attract a qualified buyer.
Choosing the Right Real Estate Agent
Selling your home is a complicated matter, and it is important
to have the right professional in your corner. Before you put your home on the
market or set an asking price, you need to interview local real estate agents
and choose the one you think will do the best job. Here are a few things to
think about as you interview real estate agents.
Local Expertise
There is no substitute
for local expertise when selling a home. The real estate agent you choose
should have extensive knowledge of the neighborhood and the surrounding area.
Ask the agents you
interview how long they have lived in the area and assess their familiarity
with the region. The more they know about the neighborhood where your home is
located the easier it will be for them to attract would-be buyers.
Proper Licensing
Real estate agents are
required to be properly licensed, but the licensing requirements vary from
place to place. Research the laws in your state, and always make sure the agent
holds the proper licenses and accreditations.
Experience
Even the best training
cannot prepare real estate agents for every potential scenario. That is why it
is so important to work with an experienced real estate agent who understands
the area and the local real estate market.
Always ask potential
real estate agents how long they have been in business and how many years of
local experience they bring to the table. It is also a good idea to look at
industry awards and accolades, since they are generally given to the best and
most expert agents.
References
Asking for, and
checking, references, is an essential part of the vetting process for real
estate agents. Always ask the real estate agents you interview for a list of
their most recent clients, and contact those clients as soon as possible. Ask
lots of questions when interviewing those former clients. Find out what they
liked about working with the agent, and what they thought the agent could have
done better. The honest feedback of former clients is an essential piece of
information - and one you should make the most of.
The Commission Schedule
Always ask how the
agents are compensated for their time and expertise, and make sure you
understand all the costs of selling your house before you make a final
decision.
Your choice of real
estate agent will have an impact on everything from how long it takes to sell
your home to how much you can get for it. The tips listed above can help you
choose the best agent and get your home sale off to a great start.
Questions to Ask a Realtor®
Whether you are buying
your first home or moving up to your dream home, you need to have a reliable
and experienced professional in your corner. Finding the right Realtor® is not
an easy task, but it is an important one.
The quality of the
representation you receive from your Realtor® will impact every aspect of the
home purchase, from how easy it is to obtain financing to how quickly you find
your dream home. Asking the right questions can help you find a qualified
professional to smooth the way and make buying a great home as easy as possible.
Here are some questions you should be asking a potential Realtor®.
Can You Provide References?
The best way to assess
the quality of a Realtor® is to talk to the people they have represented in the
past. Always ask for references when interviewing a real estate agent, and
follow up with those former clients to gather as much information as you can.
The more information
you gather the easier it will be to assess the professionalism of the Realtor®.
One or two disgruntled clients could be a fluke, but a line of unhappy home
buyers is definitely cause for concern.
Are You a Solo Agent or Part of a Team?
Some real estate
agents work on their own, while others operate as part of a larger team. It is
important to find out which category the agent fits into and make your decision
accordingly.
If you are comfortable
working with a solo agent, by all means do so. If you would rather work with a
team of professionals, you may be happier working with a Realtor® who is part
of a larger group.
Can You Provide Me with a CMA?
You will be relying on
the Realtor® to help you get a great deal, so it is important that they have a
firm handle on the local market. The CMA, or comparative market analysis, is
the gold standard for determining home values, so you will want to make sure
the agent you interview has one available.
It is also important
to discuss your budget with any real estate agents you interview. A good
Realtor® will be willing to work within the budget you have established and
help you find a home that meets your needs.
How Many Clients Are You Currently Working With?
You cannot
realistically expect the undivided attention of the Realtor® you choose, but an
agent with dozens of clients may not be able to give you the time you need.
Always ask the agent how many clients they are currently representing and make
your decision accordingly.
Buying a home can be
an intimidating experience, but having the right professional in your corner
can help a great deal. Asking the right questions can help you find that
qualified professional - and then find the home of your dreams.
This article has been
written for a private request.
Ten Tips to Selling Your Home
Selling your home can
be a challenge, especially when the real estate market suffers a downturn. No
matter what the state of the market, you want your home to sell quickly and for
the best price possible. Here are 10 tips for a quick and profitable sale.
1. Clear out the
clutter. No one wants to see a cluttered home, least of all a potential buyer.
Have a yard sale, sell your unwanted items on eBay and Craiglist, even rent a
storage locker. Just do whatever you have to and get rid of the clutter.
2. Give your walls a
fresh coat of paint. Repainting your walls is the least expensive yet most effective
way to spruce up your home and make it look like new. You will be surprised at
the difference a fresh coat of paint can make.
3. Do your homework.
If you want your home to sell fast, you need to know what buyers are looking
for. Attend a few open houses in your area and talk to buyers about what they
are looking for. Adding a few new amenities to your home could make a world of
difference and speed the sale.
4. Price your home
fairly. You have a wealth of information on home values at your fingertips, so
do your homework before you set a price. Do not rely on the recommendations of
the Realtor® alone; check recently sold listings yourself and use that
information to set a fair price.
5. Let the Realtor®
handle the open house. You might want to hang around and answer questions from
potential buyers, but it is best to let the professional take the reins. Just
gather up the kids, and the pets, and clear out for the duration of the open
house.
6. Enhance your
interior and exterior lighting. No one wants to see a dark dank home, so spruce
things up with extra lighting. Open the curtains and windows before every
showing, and turn on the lights to make the rooms look larger and airier.
Installing additional exterior lighting will also make your home more attractive
and enhance its curb appeal.
7. Give your
landscaping a once-over. Curb appeal matters, and if would-be buyers do not
like what they see they are unlikely to look further. Weed the flower beds,
spruce up the exterior of your home and give the front door a fresh coat of
paint. These simple and inexpensive upgrades will make your home more
attractive and enhance its curb appeal.
8. Get the neighbors
involved. The folks who live next door and across the street have a vested
interest in the sale of your home, and they can be instrumental in making that
sale happen. Invite the neighbors to your open houses, host a block party for
interested buyers and ask your friends to spread the word.
9. Engage on social
media. Your Facebook friends may not be interested in buying your home, but you
never know where that well-timed post will ultimately land. Just post a quick
video or fun letter about your home and share it on social media - you will be
surprised at the results.
10. De-personalize
your home. You might love that modern art painting or picture of your family at
the beach, but potential buyers may not share your enthusiasm. Remove as many
personal items as possible before you start showing your home - you can always
break them out and show them off in your new home.
Whether it is a
seller's market, or the buyers are in charge, the tips above can help you sell
your home quickly and for top dollar. From learning proper home staging
techniques to paying attention to buyer wants, there are plenty of things you
can do to improve your chance of a quick sale.
Preparing Your Home for Sale
Whether you are selling a cozy cottage or a
huge mansion, preparation matters. If you want your home to sell quickly and
without hassle, you need to look at the property with the discerning eyes of a
buyer. Here are some practical tips you can use to get your home in selling
shape quickly.
Light Things Up
You may not realize
how important lighting is, but the right lighting scheme can make a world of
difference. If your walls could use a fresh coat of paint, replacing that old
dark shade with a lighter one can make the entire room look larger and more
inviting. Adding pole lights to the corners of the living room and new LED
lights to the bathroom can also make a big difference, so feel free to light
things up.
Do not forget about
the exterior of your home when upgrading the lighting scheme. Installing solar
lights along your front walkway or adding a new spotlight above the front door
can make a world of difference and improve your home's curb appeal.
Clear Out the Clutter
A cluttered home
creates a terrible first impression and makes your home look smaller and less
inviting. Even the largest walk-in closet will look tiny and cramped when
filled with unworn clothes and shoes. The time to clear out the clutter is now,
before you put your home on the market or host your first open house.
Hosting a yard sale is
a great way to clear out the clutter and make some extra money. Just go through
your closets, storage sheds, basement and garage and pick out the items you no
longer need. After the sale is over, you can donate any unsold items to charity
and get a nice tax deduction.
Remove Personal Items
Removing personal
items from your home is a smart move, and one that home stagers and real estate
agents regularly recommend. Take all those knick-knacks, family photographs and
vacation souvenirs and pack them away in a safe place. Replace them with more
neutral items, like generic artwork, quality sculpture and the like.
De-personalizing your
home may seem like overkill, but it can help your home sell more quickly. You
want potential buyers to picture themselves in your home, and that is hard to
do when surrounded by keepsakes depicting the current occupants. It is also
important to remove all traces of your pets before every open house. That means
picking up the dog bowls, hiding the litter box and storing your pet's toys.
Even if the buyers know you have pets, they do not need to be reminded of their
presence.
Staging your home for
a quick sale is not always easy, but there are some ways to make the process
easier. The tips listed above can help you prepare your home for its first
showing and increase your chances of a fast and profitable sale.
Tips for Picking a Real Estate Agent
Putting your home on the market can be a
stressful process, but it does not have to be. Having a qualified professional
in your corner can make the job of selling your home a lot easier and less
stressful.
If you are getting
ready to sell your home, the first thing you need to do is find the right agent
to market the property and help you get the best price possible. Here are some
practical tips you can use to find the perfect real estate agent to sell your
home.
Talk to Their Former Clients
There is no substitute
for direct experience, and the number one thing you can do is check with former
clients of each agent you are considering. Always ask the agent for referrals,
and contact their most recent clients for further information.
Ask a lot of questions
when you contact those former real estate clients. What did they like most
about working with the agent? What did they like the least? Did they get the
price they were hoping for or did they have to lower the bar to sell the home?
The answers to these questions will help you find an agent who is willing to
work hard for you.
Look for a Track Record of Success
The best real estate
agents have a strong track record of success through both good markets and bad.
They are not intimidated when the market takes a downturn, and they redouble
their efforts to help their clients succeed.
Look for a real estate
agent with a long track record, one that stretches back to at least the last
recession. An agent who was successful when the real estate market was in poor
shape is likely to be a real asset no matter what the current state of the
market.
Seek Out Local Expertise
Real estate is
primarily a local business, and you want to make sure the agent you hire to
sell your home has specific expertise in the area where your home is located.
Talk to the agent about their history in the region and their plans to market
your home.
A real estate agent
with specific expertise in your area will be able to develop a marketing plan
tailored to your needs and the property you have to sell. This local expertise
is essential, and it should be a prime consideration when choosing an
agent.
Whether you are
selling your starter home and moving to a larger property or putting your dream
home on the market in preparation for retirement, you need the best agent on
your side. The tips listed above can help you find that agent and get your home
sold quickly and for top dollar.