Selling a home. For
most people, it’s a little like being on trial:
They’re faced with more questions than they could imagine, and one wrong
answer could cost them dearly. For first-timers, the decision and implications of selling their most important
investment can seem overwhelming. Even
for experienced home sellers, keeping up to date with the changes in the real
estate market – or perhaps finding ways to overcome the problems they ran into last
time – can be daunting. That’s why
information and an experts assistance becomes such an invaluable commodity for anyone selling a home
today.
So in an effort to help with the confussion I’ve compiled a list of answers to the five most common
questions sellers face.
1. Is Now A Good Time? You hear it all the time “Now is a great time
to BUY”…But tides are turning and it's been a sweet, sweet sound to hear the answer shift to “Now is a great time to
sell” here in Coastal VA!
So, there is a lot that goes into
trying to decide if someone is ready to sell.
One of the most important first steps any potential seller can take is
to decide exactly what his or her own personal motivations are. For some homeowners, the decision to sell at a particular time is necessitated due to job
relocation or some other factor that makes the answers to this question an easy
one. However, for the majority of
sellers, moving is a more subjective matter. The next step is to evaluate the market value of your home and your
potential profit. For those sellers who
have purchased in the last 6–9 years, there may not be much room for profit
considering the market conditions during their ownership.
Therefore selling right now, may be financially difficult. For owners who have lots of equity built up,
today’s market wouldn’t be such a big obstacle.
Either way, evaluating your profit and your motivations should help you
determine if this is a good time.
2. Do I Need A Realtor®? Initially the idea of not having to pay a
commission to an agent may be tempting to some sellers. However, any veteran do-it-yourself-ers
should also be aware of exactly what’s involved in selling a home and make sure
they have what it takes to follow through with every step. They also should be aware that the commission
they would pay to have it listed with a professional doesn’t go completely to
their agent. Most agents offer a portion to other agents as payment for bringing a buyer to the house. The majority of home owners choose to let a
professional real estate agent handle all the legwork and paperwork for them –
as well as any potential problems that may arise in even the seemingly simplest
of transactions. In addition, by listing
with a Realtor®, the property will be listed in the Multiple Listing Service,
the marketing tool that accounts for the vast majority of home sales. Our market plan far exceeds anything that a seller, let alone most agents, could do on their own including professional grade photos, a 360 degree virtual model, and much more! Even if sellers choose to go it alone, they
should still talk with an agent they know and trust in order to better
understand what they are getting into.
3. How Much Should I
Sell It For? Price is a big question
right now. For the most part, pricing
will depend on how much similar homes in the area have sold for. But don't discount the importance of not only looking at solds but also considering your competition currently on the market! We can help with
providing a comparable market analysis which will take the price of previously
sold homes (within the last 6 months) and all of the property’s advantages and
disadvantages into account when providing you with an estimated sales
price. That price combined with the
goals of the seller will help determine the listing price. For instance, if the sellers absolutely must
sell within a given time frame, they may need to set a slightly lower
price.
4. Do I Need To Prepare
My Home? In most cases, selling your
home in Coastal VA involves more than simply putting a sign in the front yard. To maximize your home’s appeal to potential
buyers, you may need to be willing to make some minor cosmetic changes or repair
major problems. We provide a complete list of cleaning and makeover strategies, as well as other details
which can add to the curb appeal and ultimately may make your home worthy of a higher price. Important: There are items that will add value and items
that will add appeal. Be sure to understand the difference so that you know where your money is best
spent. For example, replacing hardware
on your cabinets in the kitchen does not give reason to upping the price, but
rather, it makes the kitchen more appealing to buyers, which in turn will put
your house higher on their list.
5. How Can I Tell A Good
Offer From A Bad One? Each seller
should know in advance what his or her “bottom line” is, what contingencies or
terms would be acceptable and what would not.
In addition, the seller should find out whether the buyer has been
prequalified for financing – something most real estate agents will quickly
determine right from the start – before seriously counting on any offer. Beyond that, each offer should be reviewed for
a deposit, price offered, terms involved, and any other details. There is no such
thing as a bad offer. Sellers should
look at all offers as a starting point.
Buyers are aggressive and to some extent, based on the last decade, they feel like they can get away with it. With the variety of cities in Coastal VA, each locality has it's own market dynamics! Some have low inventory and some have high inventory. Some have a rising demand and some are dropping. You should understand the way that effects your offer and start with a stragey based on the numbers and not emotion!
There are so many more questions that go into understanding
how to sell your home in today’s market…and unfortunately this only touches on
a few of the most popular. The important
thing is to get informed. Call us to walk you through this important decision and make the
process as stress free as possible.
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