Common Questions About Selling Your Home....

  1. Is there a best time to sell my house?
  2. What things should I do to get my house ready?
  3. What should I do to prepare for a showing?
  4. Are there questions I should consider when selecting a realtor?
  5. Are there advantages to utilizing a realtor?
  6. Are there any standard contingencies in a purchase agreement?
  7. Am I pricing my home to sell?
  8. Have you ever had a client ask you what a home inspector will be looking at and how they can prepare for a home inspection?

 

Question 1: Is there a best time to sell my house?    Back To Top

Believe it or not, property sells year around. Real Estate is affected by supply and demand, as well as other economic factors. Weather conditions are often a consideration in some states than in other parts of the country. Historically speaking, the real estate market picks up in the early spring.

During summer months, the market usually slows a little. The end of July and August are often the slowest months for real estate sales. The strong spring market often places upward pressure on interest rates and many prospective home buyers and agents take vacations during mid-summer.

After the slowdown, the market will pick up, but not for long. This will last until November. Then the market will slow again while buyers, Sellers, and REALTORS will be celebrating the Holiday Season. Typically, the supply of homes on the market will diminish during this time because most sellers believe that people don't buy houses this time of year. Truth of the matter is, there are still buyers in the market place that will buy a home during this time period and they actually have less to choose from. Keeping this in mind, it might be to a seller's advantage marketing their home when there is less competition.

Question 2: What things should I do to get my house ready?    Back To Top

You'll never have more activity on the home than you will in the first three to four weeks of the listing. The reason is simple: there are buyers out there who have seen everything that is available and for one reason or another they haven't bought. They are just waiting for something new to come on the market. Keeping this in mind, it is very important to make certain that the first impression is favorable one because you never get a second chance to make a first impression. Consider some of the following ideas:

    1. Make sure your front entrance is clean and inviting and paint your front door if it is showing signs of wear.
    2. Repair worn woodwork, replace faded wallpaper, and paint a neutral color over walls that look older.
    3. Let the sun shine in- Open draperies, curtains and turn on all lights during evening showings. Allow the prospect to see how cheerful your home can be.
    4. Sometimes simple repairs can make all the difference like: repairing loose knobs, sticking doors & windows, warped cabinet drawers, broken light switches and other minor flaws.
    5. Make your home sparkle by keeping your windows clean, glue back any peeled wallpaper, steam clean you carpets, through out the trash, organize your closets.
    6. Arrange your bedrooms neatly removing any excess furniture, use attractive bedspreads and freshly laundered curtains.

If you would like a complete guide to preparing your home, click here for your own free Market Preparation Guide.

Question 3: What should I do to prepare for a showing?  Back To Top

    1. No pets allowed: Keep dogs, cats, litter boxes and feeding dishes out of the way, preferably out of the home.
    2. Piped in classical or soft rock music is fine, but keep the volume down low. Loud music can be very distracting to a prospect directing their attention away from the highlights of your home.
    3. Three's a crowd: The prospective buyer might feel like an intruder & hurry through the house if your present at the showing. They are more likely to feel comfortable looking at the home if you are not there.
    4. Do not apologize for the appearance of your home if you happen to be present for the showing
    5. Have your average utility costs for the past 12 months available for review.
    6. Silence is Golden: Let the Realtor discuss price, terms, possession and other factors with the buyer.
    7. Create a warm and homey atmosphere by possibly baking bread or cookies, or place a cornmeal in a pie plate in a warm oven on the day of the showing. Another idea is to place some liquid vanilla in some aluminum foil in the oven on warm. The aroma will make the potential buyer feel welcomed.

If you would like a complete guide to preparing your home,  click here for your own free Market Preparation Guide.

Question 4: What should I consider when selecting a realtor?    Back To Top

The three most important criteria for selecting an agent are:

1. Level of Service

2. Selling quickly at expected price

3. Reputation of agent and company

Here are some questions you should consider asking before you sign a listing contract to sell your home.

    • How long have you been in real estate?
    • Do you sell real estate full time?
    • May I see you resume or personal brochure?
    • Do you have systems in place that will keep you in constant contact with me during the listing period?
    • Are you fully automated?
    • Why are you personally motivated to sell my home?
    • What kind of experience and training do you have in negotiations?
    • How many homes do you sell in a year?
    • Do you have a website?
    • Will you directly market the property on the internet?
    • What is the percent of sellers compared to buyers that you serve?
    • Do you have any references?
    • What national relocation company are you with?
    • Do you have a marketing plan?
    • Do you know about our area?
    • What can you suggest to improve the marketability of your home?
    • What professional designations do you have?
    • I want to give my home the advantage of the latest in marketing strategies. How much time and money do you invest each month in
    • professional training?
    • Do you have your own Personal Marketing Video.

Odds are that you don't interview people very often. Yet, to find a Real Estate Agent who you are comfortable with, it might be necessary to interview several. The quality of your home selling experience is dependent upon your skill at selecting the agent that is best qualified.

For Eric Ginder's Complete "Marketing Your Home" Video Absolutely free Click here!

Question 5: Are there advantages to utilizing a realtor?    Back To Top

ABSOLUTELY!!!

You can't blame a seller for trying to save money when selling their home.

But please consider the following:

    • Do you have the time or experience in qualifying prospective buyers? Your time is valuable. Let me save you TIME by putting my experience to work for you.
    • Are you available to show the property? When a buyer wants to look at a home, it must be available for them at that time. Most buyers are on some kind of a schedule and they are not flexible enough to look at the home when it is convenient for the Seller. The concept is similar to having a store open for business. There may be times when there are no customers in the store and other times, when several customers are in the store at one time. I am a full-time REALTOR, so I can accommodate buyers schedules!
    • Have you considered the safety factor? There have been situations where criminals have posed as potential buyers in order to "case" the home to find out what personal belongings would be worth stealing. Sometimes even more sinister criminals actually assault sellers in the sanctity of their own home. While a professional real estate agent is not totally exempt from such tactics, they are better prepared to handle them. Meeting a prospect at the real estate office where others can see the prospect will discourage them because they can be identified.
    • Do you understand all the paperwork? It can sometimes be overwhelming the amount of disclosures and paperwork that is involved in a real estate transaction. Writing a binding contract, ordering an appraisal and supplying comparables, depositing and documenting receipt of earnest money, are just a few of the things involved. I am expert on this process. I deal with lenders, title companies, appraisers and inspectors on a daily basis. You can be professionally represented by someone that can be held ACCOUNTABLE for all the details.
    • Have you considered the benefits of 3rd Party Negotiating? I am a trained negotiator and by not being emotional involved in the property, I can handle objections that a prospective buyer may have without letting it affect negotiations. Also, I can provide factual information about the real estate market for the buyer so they can feel comfortable and make an informed decision.

A QUALITY REAL ESTATE REPRESENTATIVE DOESN'T COST...IT PAYS!!!!

Question 6: Are there any standard contingencies in a purchase agreement?  Back To Top

Yes. There are two basic contingencies and they are financing and inspections.

Question 7: Am I pricing my home to sell?  Back To Top

The seller sets the price of the home, but ultimately the buyer determines

the value (along with the bank). Attracting buyers is the name of the game.

As a seller, you should have three goals:

1. To get the most money possible

2. To sell as quickly as you can

3. To sell with the least amount of hassle

Things that can affect your asking price are:

    1. Your area competition
    2. The urgency of your move
    3. The expense involved in moving
    4. Competitive Market Analysis - What have homes like yours sold for in your area in the past 6 months
    5. What financing is available on your property

Things that do not affect your asking price are:

    1. Replacement value is only used for insurance purposes
    2. Certain improvements do not increase property value
    3. The original cost is not a factor because your price is determined by today's market
    4. Personal attachment and sentiment make a house a home but they don't determine value
    5. Sometimes neighbors will lead a seller to believe they got more for their home than they did

Overpricing can reduce sales associates activity as well as reduce advertising response from both agents and prospective buyers. Often, overpricing can cause you to loose interested buyers, attract the wrong prospects, eliminate offers, and even will help to sell competing properties by making them look like a bargain.

REALTORS® have buyers waiting who have seen what is currently on the market and are waiting for something new to be listed. Most activity will take place in the first 3-4 weeks of the listing. The excitement of a new property on the market will create an urgency for both buyers and agents to see it as quickly as possible. In many instances, the home will receive its best offers during this time. After that initial period, the only people to look at it will be new buyers in the marketplace.

YOU SHOULD CONSIDER CAREFULLY POSITIONING THE HOME PROPERLY IN THE FIRST FEW WEEKS OF MARKETING.

Question 8: Have you ever had a client ask you what a home inspector will be looking at and how they can prepare for a home inspection?  Back To Top

 The listing below may be helpful in preparing for a home inspection. Many of these items can be done with little or no cost and many are regular maintenance items for a home.

1. Remove grade or mulch from contact with siding. Six (6) or more inches of clearance is preferred.

2. Clean out dirty gutters or debris from the roof.

3. Divert all water away from the house; i.e. downspouts, sump pump, condensation drains, and the like. Grade should slope away from the structure. Clean out basement entry drains.

4. Trim trees, roots and bushes back from the foundation, roof, siding and chimney.

5. Paint all weathered exterior wood and caulk around the trim, chimney, windows and doors.

6. Seal asphalt driveways, if cracking.

7. Seal or point up masonry chimney caps. Install metal flue cap.

8. Clean or replace HVAC filter. Clean dirty air returns and plenum.

9. Point up any failing mortar joints in brick or block.

10. Test all smoke detectors to ensure they are in safe working condition.

11. Update attic ventilation if none is present.

12. Have the chimney, fireplace or wood stove cleaned and provide the buyer with a copy of the cleaning record.

13. Seal masonry walls in the basement.

14. Don't do quick cheap repairs. You may raise questions that will unfairly cause great concern to buyers and inspectors.

15. Ensure that all doors and windows are in proper operating condition, including repairing or replacing any cracked windowpanes.

16. Ensure that all plumbing fixtures (toilet, tub, shower, and sinks) are in proper working conditions. Check for and fix any leaks. Caulk around fixtures if necessary.

17. Install GFCI receptacles near all water sources. Test all present GFCI receptacles for proper operation.

18. Check sump pump for proper operation.

19. Replace any burned out light bulbs.

20. Remove rotting wood and/or firewood from contact with the house.

21. Ensure that proper grading is followed under a deck.

22. Install proper vapor barrier in crawl spaces.

23. Caulk all exterior wall penetrations.

24. Check to ensure that the crawl space is dry and install a proper vapor barrier if necessary. Remove any visible moisture from a crawl space. Moisture levels in wood should be below 18% to deter rot and mildew.

25. Check that bath vents are property vented and in working condition.

26. Remove paints, solvents, gas, and similar materials from crawl space, basement, attic, porch, and so forth.

27. If windows are at or below grade, install window wells and covers.

28. Have clear access to attic, crawl space, heating system, garage and other areas that will need to be inspected.

29. If the house is vacant, make sure that all utilities are turned on, including water, electric, water heater, furnace, air conditioning and breaks in the main panel.

Source: The REAL ESTATE PROFESSIONAL March/April 2000

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