At Home Real Estate
Know Why You Are Selling
If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities. It does not mean that you will not, or cannot get the highest price, but it means that the price is not the deciding factor.
A buyer who can give you a quick closing time will appeal much more to you than a buyer who can offer you more money, but the negotiation and closing time drag on.
It's always good to know how low you will go, in terms of selling price. Even though you should consider all offers seriously and take into consideration the terms of each offer, sometimes if you know the bottom line, you can save yourself time.
Finding the Right Agent
Not all agents work the same way. The most important attribute of an agent is that he/she is well connected to the real estate industry.
He/she should know the market and provide information on past sales, current listings, his or her marketing plan, and at least 4 solid references.
In addition, you also want to look for an agent that is honest, assertive, and one that best understands your needs.
Try to go with a local agent. They can better serve your needs; they are familiar with what the local market condition is, what the local prices are, and what's hot, or not, in your community.
Setting the Price
The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher.
You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.
Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a Comparative Market Analysis. The CMA will reflect the following:
* houses in your price range and area sold within the last half-year
* asking and selling prices of houses
* current inventory of houses on the market
* features of each house on the market
From the CMA, you will find out the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.
Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.
Always be realistic. Understand and set your price to reflect the current market situation.
When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a buyer.
Some terms that may work in your favor:
* higher-than-market-interest in a second mortgage for your home
* the buyer will take care of any repairs
* quick close - the buyer is pre-approved and ready to close in a time that best suits you
* all-cash deal
When reading through offers, remember to look at the whole package. Take the time you need to assess what is being offered and if it meets your needs.
Insist on a Home Inspection
A professional home inspection protects both you and the buyer. It allows both you and the buyer the opportunity to learn about the property's defects.
A home inspection usually covers the following:
* Plumbing conditions - if there is leakage or clogging
* Roofing conditions - the extent of deterioration, if there is leakage
* Electrical conditions - if there are inadequate circuits or potential fire hazards
* Structural problems - if there are problems with the underlying foundation of your home
As a seller, the home inspection report protects you because it establishes the actual condition of the property at the time of sale.