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If you are
planning on selling a house, you will need to decide what price to ask for your home. This
is one of the most important and difficult decisions you will make. Buyers select by
comparison shopping, so your home must be fair market priced. I can help you determine the
fair market value of your home. The first five sections of this help guide will take you
through a quick overview of the sellng process. We will then take a more in depth look at
Selling Your Home.
Some things to
consider when choosing your home price:
What is the age
& condition of your home?
Does it need
updating?
What have
similar homes in your area sold for?
Are homes in
your area increasing or decreasing in value?
How many homes
are for sale in your area?
Remember, your
home is only worth what someone is willing to pay for it. By working with a qualified real
estate professional, you can ensure that your property will receive the needed exposure to
attract interested parties who are willing to make an offer.
Here are a few critical points to keep in mind about pricing:
- Realistic pricing will result in the
fastest sale and subsequently bring a higher selling price.
- Your cost or profit desire is usually
irrelevant: the market always dictates the price.
- The cost of improvements made is almost
always more than the added value.
- Remember that cost, price and value are
three different things.
The first step in
determining the market value of your home is to prepare a comparative market analysis
reflecting the prices of other sold houses in the your market area. There is no charge t
to prepare a CMA for you. If you would like a free CMA prepared on your property
please click here I Would Like A
FREE CMA Prepared on My Property I Would Like A
FREE CMA Prepared on My Property or call my direct line in Kansas City
345-2378. If you are out of town, please use my toll-free line 800-391-BEST(2378).
You may think you can
always lower the price, but overpriced listings aren't shown and houses that are on the
market a long time become "shop worn" and do not sell for top dollar.
Make Your Home Look Its Best
When you are selling your home
you want to present the very best product. Buyers carefully inspect property. Keep the
exterior neat by painting the trim, clipping the hedges, mowing, edging, and weeding the
lawn and you may wish to plant a few flowers.
Inside lighten up
the dark corners, perhaps add some fresh paint and put the clutter away to give the rooms
an open feeling. Make sure there are no "stale" odors in the home. This can be
especially important for remote areas such as a basement or attic. On the second showings,
you may want to consider baking some cookies or bring in some fragrant fresh flowers. This
will add a cheery and pleasant scent to your home. These little things may help you sell
your home more quickly.
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Return to
Pricing a Home
It is not likely
that the right buyer will simply walk through your door. Properties must be presented to
the buyers. A successful marketing campaign can insure a number of qualified buyers.
Select an agent who uses agent to agent marketing, and one who uses state-of-the-art
techniques such as an interactive voice-response system, a front end MLS system and the
internet. 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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Making Your Home Look Its Best
Assuming you price
your home correctly, a prospective buyer will "make an offer." As the seller,
you have three options: you can accept the offer, reject the offer or make a counter
offer. A counter offer usually will encourage a buyer to continue their negotiations. 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. Contingencies, move-in dates, and financing are all things to consider when weighing
an offer.
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to Top Marketing
Your Home
After you accept
an offer on your property there are a number of details to be completed. 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 choose 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.
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Return to An
Offer!
Preparing Your Home to Show
First impressions are lasting. The view from the street has an impact on the buyer's
reaction to the entire house. The addition of seasonal flowers works wonders. Keep the
lawn trimmed and edged. Be sure snow and ice are removed. Remember the importance of
exterior paint and the front door appearance.
Jazz it up inside. Faded walls and worn or soiled carpeting reduces appeal. Most buyers
are attracted to homes offering "move-in" condition and neutral colors and they
often over estimate the cost of decorating changes.
Can you see the light? Keep your home looking cheerful. Dark rooms feel dreary so keep the
draperies open to let the sun shine in through sparkling windows. Provide a feeling of
glowing warmth by turning on all the lights (closets, too) for an evening showing.
Fix that faucet! Dripping water discolors sinks and suggests faulty plumbing. Also, attend
to loose knobs or hand rails, sticking doors or warped drawers which can detract from your
home's value.
Make closets look bigger. Neat, well-ordered closets suggest room to spare. Can you move
extra items to another location?
From top to bottom. Display the full size of your basement, garage and storage areas by
removing all unnecessary articles. Brighten dull, dark basements by painting the walls.
Bathrooms need to sparkle. Repair caulking in bathtubs and showers.
if it is cold outside. Logs crackling in the fireplace can be a hit for second showings.
The icing on the cake. Setting the dining room table as though it's time for a dinner
party helps buyers imagine themselves living there.
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The Closing
Three is a crowd. Avoid having too
many people present during inspections. The potential buyer will feel like an intruder and
will hurry through the home.
Man's best friend. Keep pets out of
the way- preferably out of the home. Even the friendliest pet can become anxious when
strangers appear.
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Preparing Your Home
Can You Sell Your House Yourself?
According to the National Association of Realtors between three and nine percent
of American homeowners handle their own sales. In order to join the ranks of the
successful ones, you need to realistically assess exactly what's involved. The routine
parts of the job involve pricing your house accurately, determining whether or not a buyer
is qualified, creating and paying for your own advertising, familiarizing yourself with
enough basic real estate regulations to understand (and possibly even prepare) a real
estate contract, and coordinating the details of a closing. The greatest downsides are the
demand on your time, and the possibility that a mistake may cost you the money you are
trying to save.
The best reason
for working with real estate brokers is the enormous amount of information they have at
their disposal. Professionals know about market trends, houses in your neighborhood, and
the people most likely to buy there. They also know how to reach the largest number of
people who may be interested in your house, and are trained in areas like screening
potential buyers and negotiating with them. Finally, Realtors are always
"on-call," and willing to do the things most of us hate: working on the
weekends, answering the phone at all hours, and always being polite.
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During the Showing
Set a Realistic Price.
Today's residential real estate market is no place to look for easy profit. The
fact is, prices have generally leveled off from their peak during the 1980's. That is not
to say you cannot get what your house is worth. You just have to be realistic about its
value, and price it accordingly. A good place to start is by determining the fair market
value.
Return to Top Can You Sell Yourself?
How to Determine Your Asking Price.
Real estate sales agents suggest asking prices based on a variety of information
you may not have, including recent listing and selling prices of houses in your
neighborhood. If you're not completely confident in their suggestions, you may want to
order an appraisal. Next, establish clear priorities. If you had to choose, are you more
concerned with selling quickly, or getting the most money possible? What would you pay for
the house if you were the buyer?
Real estate sales agents suggest asking prices based on a variety of information
you may not have, including recent listing and selling prices of houses in your
neighborhood. If you're not completely confident in their suggestions, you may want to
order an appraisal. Next, establish clear priorities. If you had to choose, are you more
concerned with selling quickly, or getting the most money possible? What would you pay for
the house if you were the buyer?
Someone else -- a neighbor, friend or relative -- may point out advantages or
disadvantages about your house that you had not thought about. Third-party views will help
you start thinking of your house as a commodity, with positive and negative selling
points. Then you should decide on a price that you feel is competitive and consistent with
what other houses in your area have sold for.
Return to Top Set a Realistic Price.
Fix Your House Up Before it Goes on the Market.
Unless your house is nearly new, chances are you want to do some work to get it
ready to market. The type and amount of work depends largely on the price you ask, the
time you have to sell, and of course, the present condition of the house. If you are in a
hurry to sell, do the "little things" that make your house look better from the
outside and show better inside.
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Determine Your Asking Price.
Create "Curb Appeal."
"Curb appeal" is a common real estate term for everything prospective
buyers can see from the street that might make them want to see the inside of the
property. Improving curb appeal is critical to generating traffic. While it does take
time, it need not be difficult or expensive, provided you keep two key words in mind: neat
and neutral.
Neatness sells.
New paint, an immaculate lawn, picture-perfect shrubbery, a newly sealed
driveway, potted plants at the front door -- put them all together, and drive-by shoppers
will probably want to see the rest of the house. Hand-in-hand with neatness is
neutrality. If you're going to repaint, stick to light, neutral colors. Keep the yard free
of gardening tools and the kids' toys. Remember, when a family looks at a house, they are
trying to paint a picture of what it would be like as their home.
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Fix Your House Up
Make Sure Your House Shows its Best.
First, make your house look as clean and spacious as possible. Remember, people
may look behind your doors -- closet and crawlspace doors as well as those to the bedrooms
and bathrooms. So get rid of all the clutter; have that garage sale and haul away the
leftovers. After you've cleaned, try to correct any cosmetic flaws you've noticed. Paint
rooms that need it, grout tile walls and floors, remove or replace any worn-out carpets.
Replace dated faucets, light fixtures, and the handles and knobs on your kitchen drawers
and cabinets. Finally, as with the outside of your house, try to make it easy for
prospective buyers to imagine your house as their home. Clear as much from your walls,
shelves, and countertops as you can. Give your prospects plenty of room to dream.
Return to Top Create "Curb Appeal."
Here are some questions to answer
before you can be sure a closing is in your future...
Is this person truly a buyer? As a
security precaution, don't disclose too much information about yourself or your finances
to strangers.
Is the buyer financially qualified? Do
they have written proof of loan approval from a lending institution, or do they merely
think they are qualified?
Do you have a professional to handle
the contracts and oversee the escrow?
Have you researched the laws which
apply to your transaction? Find out about the Fair Housing Act with 1988 amendments,
contract laws, material disclosure requirements, and Truth and Lending, Regulation Z
regarding your advertising requirements.
Is every detail in writing? You need
more protection than merely the buyer's memory on various terms, and oral contracts on
real estate contracts are generally not enforceable.
Secure an adequate earnest deposit.
You'll need an escrow agent to hold the funds.
Is the buyer asking for contingencies?
Perhaps you should wait for a better buyer.
Is the buyer having the property
professionally inspected? What items will you be required to repair and is there a dollar
limit?
Do you understand all of the contract
provisions - are they standard or stated in the favor of the buyer?
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Shows its Best.
Moving does not always
mean a traumatic experience. Comprehensive pre-planning, organization, and family meetings
to establish each person's responsibilities will go a long way in maintaining harmony and
efficiency. For the children: If you are moving out-of-town, provide the children with
photographs of their new home and school. Once they know what to expect and begin to
visualize themselves in their new surroundings, they grow much happier and more
cooperative.
Give each child his or
her own "packing labels" for marking personal possessions.
Provide them with floor
plans of their new bedrooms so they can participate in furniture placement. Give children
small address books for noting names and addresses of friends they leave behind. They can
look forward to filling the remainder of the book with names of the new friends they make
after moving.
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Find The Buyer
Planning Is the Key
Send change of address
to:
Post Office with forwarding address.
Charge accounts, credit cards.
Subscriptions.
Friends and relatives.
Notify:
Bank-Transfer funds, arrange check-cashing in new city Carry Travelers Checks for ready
cash.
Insurance -Notify new location for coverage.
Utility companies/ Gas, light, water, telephone. Make arrangements in new town. If you are
moving before the final closing on your new home is completed, you need to leave utilities
on. During the cold season, winterize the plumbing. Delivery people-Cancel newspaper,
milkman, laundry, etc.
Miscellaneous
Checklist:
Automobile registrations- Remember to transfer car title, registration, driver's license,
and auto club membership.
Medical records-Arrange for medical and dental records to be transferred. Ask your
physician for a referral.
Employment Recommendations -Have teenagers obtain written recommendations from their
current employers.
Empty freezer and defrost.
Have appliances serviced for moving.
Clean rugs or clothing for moving.
Make arrangements with cable television service.
Plan for special care needs of infants.
Carry currency, jewelry and documents yourself.
Double check all rooms, closets, drawers and shelves.
Leave old keys and garage door openers with your real estate agent.
Ask your hair stylist for information on preferred hair products and hair cutting
instructions.
Obtain letters of introduction to new club chapters.
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Return
to Moving Day
You may wish to click the button below or the corresponding text
You may wish to click the button below or the corresponding text
to check out the Buyer/Seller
Resource Page.
Please bookmark this page for future visits.
Buyer/Seller Resource Page
If you are selling
and buying you may wish to click on the Buyer Tips
button below(or the corresponding text).
Buyer Tips
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