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Seller's Tips



Understanding Market Value

Market-sensitive pricing can be the key to maximum market exposure and, ultimately, a satisfactory sale.

The existing pool of prospective buyers determines a property's value, based on:

  • Location, design, amenities and condition.
  • Availability of comparable (competing) properties.
  • Economic conditions that affect real property transactions.

Factors that have little or no influence on the market value of a house include:

  • The price the seller originally paid for the property.
  • The seller's expected net proceeds.
  • The amount spent on improvements.

The impact of accurate pricing:

  • Properties priced within market range generate more showings and offers, and sell in a shorter period of time.
  • Properties priced too high have a difficult time selling.

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Determining A Market-Sensitive Price

An impartial evaluation of market activity is the most effective way to estimate a property's potential selling price. A Comparative Market Analysis considers similar properties that:

Have sold in the recent past

  • This shows us what buyers in this market have actually paid for properties similar to yours.

Are currently on the market

  • These are properties that will be competing with yours for the attention of available buyers.

Failed to sell

  • Understanding why these properties did not sell can help avoid disappointment in the marketing of your property.

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The Dangers of Overpricing

An asking price that is beyond market range can adversely affect the marketing of a property.

  • Fewer buyers are attracted, and fewer offers received.
  • Marketing time is prolonged, and initial marketing momentum is lost.
  • The property attracts "lookers" and helps competing houses look better by comparison.
  • If a property does sell above true market value, it may not appraise, and the buyers may not be able to secure a loan.
  • The property may eventually sell below market value.

Percent of Buyers Who Will View Property


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How Will Buyers See Your Property?

It is important for a property to make the best possible impression on prospective buyers. When you're selling your home you'll want to put forth the very best product. Buyers aren't coming for just a quick look, but for a careful inspection. The following can interfere with a buyer's appreciation of a property:

Exterior

  • Clutter
  • Lawn needs mowing and edging
  • Untrimmed hedges and shrubs
  • Dead and dying plants
  • Grease or oil spots on the driveway
  • Peeling paint
  • Anything that looks old or worn

Interior

  • Worn carpets and drapes
  • Soiled windows, kitchen, baths
  • Clutter
  • Pet and smoking odors
  • Peeling paint, smudges or marks on walls

A comparatively small investment in time, money and effort to remove these distractions can lead to stronger offers from buyers.


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Show Off Your Home - Every Time!

These tips can help your house make the best impression, every time it is previewed by sales professionals or shown to prospective buyers:

Exterior

  • Remove toys, newspapers, yard tools and other clutter.
  • Tidy up; pick up after pets.
  • Park vehicles in the garage or on the street; leave the driveway clear.
  • Add color with flowers and potted plants.

Interior

  • Make beds; clean up dishes; empty wastebaskets.
  • Remove clutter throughout; organize closets and cupboards; put away toys.
  • Set out "show towels" in baths.
  • Freshen the air; potpourri or baked bread aroma; deodorize pet areas; set comfortable temperature.
  • Do quick vacuuming and dusting.
  • Arrange fresh flowers throughout.
  • Fire in fireplace (when appropriate).
  • Turn off television; play soft background music.
  • Open drapes and shades; turn on lights.

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Marketing Your Home

When selling your home, you must realize that it's not likely that the right buyer will simply walk through your door on their own. Generally, you have to bring your home to the buyer, and that means counting on a real estate professional to put forth a successful marketing campaign. Make sure your agent is trained not only in the financial aspect of a real estate transaction, but the marketing aspect as well.


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How Buyers Find The Home They Purchase

Homebuyers may use several information sources in their search process, but they are most likely to find the home they actually purchase through a real estate sales professional.


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An Offer!

When you have a home for sale, eventually a prospective buyer will "make an offer." As the seller, you basically have three options: you can accept the offer, reject the offer or give a counter offer. You may also receive multiple offers. You may prefer to take slightly less for your property from someone who is willing to pay cash, versus someone who needs to sell their current home first. Contingencies, move-in dates, and financing are all things to consider when weighing an offer. If things seem a bit overwhelming, rely on your experienced real estate professional, who can go over the various points with you, and help you choose the best offer.


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The Closing

Once you've accepted an offer on your property there's a number of details that still need to be finished. There will probably be an inspection of your home by a professional who will determine the condition and integrity of your property for the buyer. The buyer's mortgage company may chose to send out an appraiser who will assure the lender of your property's worth. The title company will warranty that there are no liens or existing encumbrances which would inhibit a transfer of title to the buyer. Either you or the buyer may chose to be represented by an attorney. First time sellers and buyers often feel more comfortable to have the paper work reviewed prior to signing. Rest assured that you can always rely on your real estate professional to make sure the entire home selling process proceeds smoothly.


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