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Sellers Guide Get the House Ready A house that "glistens" on the surface will sell faster than its unkempt neighbor, even though both are structurally well-maintained. The Dickson Realty Guide for home sellers offers great real estate information to help sell your Nevada home for the highest price in the least amount of time. Free no obligation Market Analysis and great tips on preparing your home for sale. From experience, Dickson Realty also knows that a "well-groomed" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained. In readying your house for sale, consider browsing our detailed Selling Guide, just click on a question to view the answer. What are the basic steps to selling my home? Do your homework. Read a couple of books on home selling, go through the real estate section of the local newspaper and attend some Open Houses in the your area. Hire a specialist. As neighborhood real estate agents that specialize in listing in your area, we know what it takes to sell in this market. We welcome your call! Set the price. Ask your agent for an analysis of the local market and an opinion of the best price range for your home. Set a marketing strategy. Have your agent discuss a marketing plan and include the main elements in the listing presentation. Get the house ready. With your agent, take a hard, objective look at your home. Prioritize what needs to be done, and decide how much you can spend in time and money to make it look its best before opening it up to buyers. Get rid of all clutter and put some of your stuff in storage to make the rooms and closets roomier. Put together an information packet on local amenities, your utility bills and other helpful information. Consider finding a reliable real estate attorney. The attorney can help review all the paperwork. Keep on top of the process. Stash some quick clean-up supplies close at hand, and do a fast run-through before letting a prospective buyer preview your home. Also, keep a notebook handy with a record of everyone who has come through (and their agents), and inform your agent after each visit. This can speed the follow-up that your agent will do. What are the six biggest mistakes home sellers make? Sadly, many sellers just don't do their homework. If you're like most people, your home is your most valuable investment. When you sell it, you'll want to pocket the biggest possible net gain or profit. But, when you sell your home, you need to understand the competition. There are other home sellers in your area, and just like in any other competition, mistakes can be costly. Here are some common home seller slip-ups we can help you avoid: Overpricing or under-pricing. By setting the price too high, you turn away the best prospects for your home. By asking too little, you'll probably sell faster but net less from the sale. We can do a comparative market analysis and help you set the best price for your home. Selling "as is." In the competitive home sale marketplace, you need to show your house at its best. Your home should be in "move-in" condition from the first day it's listed. We can point out your home's chief assets and suggest how to highlight them, as well as help you identify which items need improving. Over-improving. While clearing out clutter, cleaning and repairs are important ways to get your home ready for sale, undertaking a major project could cost more money than you would recover from the sale. However, some major repairs, like replacing a roof, should be done if they are needed. Selling it yourself. Although doing your own marketing looks tempting as a way to save money, surveys show self-sellers often net less from the sale than sellers who use a real estate agent. And self-sellers find that agents do a lot more than most people think—from bringing qualified buyers to keeping things on track to settlement. Failing to offer financial incentives. Special options can attract buyers without costing a lot. Often, incentives like a home warranty or paying points or some closing costs can be figured in when setting the price of the home. Ignoring your agent's advice. As experienced professionals, we know what works and what doesn't. Let's discuss any advice you are uncomfortable with or disagree with, and together find the best way to sell your home. Call us at 775-746-7000 or Contact Us when you're thinking about selling your house. We'll help you avoid costly mistakes. Can a used house compete effectively against new construction? In some boom markets, the well-orchestrated efforts of new-home developments can make selling a "used" home seem impossible. But you can direct your own award-winning performance, and truly compete in the home-selling business. A successful builder designs homes and decorates models with specific "profile families" in mind. Every detail of a model home—from the name of the style to the decor of each room—is calculated to emotionally grab families who resemble the profiled family. "This is us!" the prospective buyers should say to themselves as they tour the home. Then the builder arms a professional sales staff with a variety of easy mortgage plans, making possible an on-the-spot home sale. New Isn't Everything To compete with this professional plan, "used" home sellers need a professional plan of their own. Work with your agent to: Target prospective buyers. Decide who would be a likely buyer for your home and make sure your home is appealing to most any buyer but especially to the "profile family." Of course, you'll welcome an offer from any prospective buyer. Apply elbow grease. Make your home shine like new, inside and out. Put best foot forward. Ensure prospective buyers learn about your home's upgrades and unique features as well as the neighborhood amenities. Research competition. Research the competing new homes and the builder's incentives, and offer to assist the buyer with points or other closing costs, as needed. Provide a warranty. Buy a one-year major systems warranty. Price realistically. Price the home to sell. Remember, mature resale neighborhoods and properties have their own unique appeal. New isn't everything. Set the stage, and get ready to yell, "Action!" If I try to sell my home myself, I know I can save the sales commission. So what could I lose? Time To get your home sold, you would have to advertise and then baby sit the phone, waiting for responses to your ad. We have an office staff to handle this and to sort out serious callers from others. We can also pre-qualify prospective buyers and make arrangements to show the house. Money You're likely to attract bargain-hunting buyers who seek out for-sale-by-owner homes, expecting to get a lower purchase price because of the saved sales commission. We will advise you how to price the house to sell fast for the best price. Access Self-selling limits exposure to prospects who see the yard sign, if one is used, or newspaper ads. We bring with us a network of contacts and a computerized listing service that puts every agent in town to work selling your house. Peace of mind When selling by owner, the homeowner is responsible for negotiating a legal contract and seeing that every detail of the contract is carried out. We can screen out unqualified prospects, help arrange financing, and shepherd the sale to settlement. How can a home warranty help me sell my home? You need more than clever gimmicks to sell a home these days. To clinch a sale, many savvy home sellers offer home warranties. Buyers love them because warranties pay for certain home repairs for a year after the sale. Many sellers love them, too, because warranties help get the home sold—and may bring in offers closer to the asking price. Typically, home warranties cover the repair or replacement of a home's heating, plumbing, and electrical systems and major built-in appliances. The cost often runs $350-$450, typically with a small deductible for each repair or replacement. Shop For The Best Coverage When shopping for home warranty coverage, compare the following: Will the new lead paint rules affect my sale? If you are selling a home that was built before 1978, you are now required to inform all buyers about the risks of lead-based paints. Buyers are required to sign a lead-based paint disclosure notice before signing a sales contract. The sale will not be processed without a signed lead-based paint disclosure form. Since 1995, federal law requires all sales contracts to have such a disclosure, and a pamphlet on the dangers of lead-based paint must be distributed prior to the signing of a contract. For more information on ways to make your house attractive to prospective buyers, call us at 775-746-7000 or Contact Us. Who says what my home is worth? When it comes to pricing your home, you'll find lots of "experts." The neighbors may want you to set a high price, thinking it will make their homes more valuable. Your company may encourage you to set a lower price so the home will sell quickly and you can move to your new assignment. You might be thinking in terms of what you paid for your home, how much you've spent on it, or how much profit you want from it. But who sets the price? When you put your house on the market, you set the asking price. But it is the market that determines the selling price. If the asking price is set correctly, the house is likely to sell fairly quickly. If set too high, the house may languish on the market, unseen by the right buyers. Pricing It Right A correct asking price is crucial to a timely sale. That's where we come in. But how do we know how to advise you on price? First, we look at the prices brought by similar homes recently sold in the area, and compare their features to those in your home. Then we survey the competition, seeing what homes are currently on the market, how they compare to yours and how long they have been up for sale. Next we look at how the number of buyers compares to the supply of homes for sale. We take stock of the direction of the market. Are prices rising or falling? Are homes selling quickly for the asking price? Finally, we look at the incentives other sellers are offering, such as paying some closing costs, and what conveys with the property, like draperies or washer and dryer. As you noticed, neither how much you paid for your home nor how much money you wish to profit from the sale affect the market value of your home. Avoid "Testing The Market" Many times, sellers are tempted to price their homes a little high in hopes of getting more money from the sale. But often the opposite happens, and they sell after a long time on the market at a price below what the home would have sold for if it had been priced correctly at first. This is because most buyers look only at homes they can afford. If a home is overpriced, many potential buyers don't bother to consider it because the asking price is above what they can afford to pay. Buyers who do tour the overpriced home see that it doesn't measure up to others in the same price range. By pricing the home close to market value, on the other hand, the sellers make the most of their best opportunity to sell to the home's true market during the highest traffic period—the first weeks after the new listing comes out. That's when real estate agents call in the buyers they have been working with to see what's new on the market. For a personal pricing consultation, please give us a call at 775-746-7000 or Contact Us. We'd like to help you price your home right from the start. Why is it dangerous to overprice my home? Sometimes sellers are tempted to test a higher price at first to see if they'll be lucky enough to find an uneducated buyer willing to pay. Unfortunately, experience shows this "Why not?" pricing strategy rarely pays off. Instead, asking the right price from the start avoids the many dangers of overpricing. The right sales price is based on several factors: size of the house and its special features and amenities, recent home sales, demand for homes in your area and prices of similar homes currently on the market. Although you may have decorated lovingly or renovated extensively, those improvements may have only a small effect on the market value of your home. In fact, personalized decorating can even slow a sale unless the style has wide appeal. Overpricing Dangers Here are 8 proven reasons why it's dangerous to overprice your home: 1. You will miss out on pent-up demand. Most activity on a listing comes within the first 30 days. An initial high price can discourage buyers—causing you to miss out on pent-up demand—or tempt them to wait for the price to come down. 2. You will reduce buyer pool. Too high a price will eliminate a whole class of qualified buyers. Many buyers know just how high they can go and don't even look at homes priced above their ceiling. 3. You might turn off buyers. You may experience few or no showings because some prospective buyers who can afford the price won't waste time with an overpriced listing. They know they can get more house for their money elsewhere. 4. You could sell the competition. Overpricing helps sell other, more competitively priced homes first. Your home may be compared to underscore what a good deal another home is. 5. You could frustrate prospects. Prospective buyers who might stretch their best offer can become frustrated when they can't buy the home they want at a fair market value—only because an unreasonable seller insists on accepting only a premium price. 6. You will frustrate your own timetable. You could become frustrated, too, when your house fails to sell in a reasonable amount of time, leaving your plans in limbo. Only a price reduction is likely to help sell your house faster and meet your "move out" timetable. 7. You will raise doubts about hidden problems. If your overpriced house stays on the market for a long time, it may eventually be seen as "stale inventory" which can suggest structural or mechanical shortcomings, even after you lower your price. 8. You will risk lender rejection. If you do get a sales contract, the contract may fall through because of a too-low appraisal. The buyer may not be able to borrow enough to proceed with closing. If you are thinking of selling your house, give us a call at 775-746-7000 or Contact Us. We'll be happy to maximize your return by helping you set the right price. What factors do NOT affect my price? Ultimately, a house is worth what someone is willing to pay for it—the fair market value. Some of the items we do not consider include: While these factors are important to you, they have no bearing on the fair market value a buyer will be willing to pay. My house is one of a kind. How do you put a price on a unique property? How do you decide what price to ask for your home when it's one of a kind? Call the real estate professionals. For an up-to-the-minute market figure, Contact Us We can tell you the value range of your home by comparing it to similar properties recently sold or for sale in the area. Even though your house may have special features that make it unusual, there are many aspects of your home which are like others—general location, size of the home, number of bedrooms, baths, size of the lot, etc. Some unique features, like a swimming pool, an historical designation or a custom floor plan may actually make a home more difficult to market. Hire an appraiser. Another way to determine the value of a home is to pay an appraiser. A pre-market appraisal may help speed a sale, especially when the house is priced at or below the appraised value. An appraiser typically looks at the records of comparable properties sold in the past 6-12 months, the home's replacement cost and the value as a rental, then reconciles the three figures in a formal report. How much fixing up is enough? Many soon-to-be-sellers ask us how much time, effort and money they should put into fix-ups. In general, there is no hard and fast rule. It can depend on what type of buyer you are trying to appeal to. If your target buyer is a "fixer-upper" buyer, then obviously your cash outlay may be considerably lower than for a "move-in condition" buyer. The Three Phases Of Fix-ups Fixing-up falls into three categories: How can I jump-start my home sale with a stunning entrance? Love at first sight" happens with houses, too. Often, buyers start making a decision about whether to buy or pass by after their first look at the home for sale. You send a positive message to prospective buyers when your home looks ready for their visit. Here's what can make your home look warm and welcoming: Sparkle. Make sure the front door is freshly painted and the hardware and nearby light fixtures are clean and shiny. Smile. Put out some seasonal flowers or a wreath to brighten up the front entrance. Safety. Repair anything cracked or broken like steps, walkway or the driveway. Serenity. Create a sense of well being by trimming the lawn and bushes, storing yard tools or toys, and maintaining a neat, attractive front yard. Why should I replace and update now when I'll be moving out soon? Because you'll increase both the value and the marketability of your home. Because many of these repairs would be required by the buyer or the buyer's home inspector anyway. Now is a better time to fix up than the last minute when you've got the sale of your home hanging in the balance. You've now got the luxury of time and can seek out the best professionals to help with your projects. Do buyers like a furnished house better? If you have a choice, it is usually better to sell your home while it is still furnished. That way, prospective buyers can more easily imagine how it will look when they move in, even though their furnishings will be different. Generally homes that are furnished sell more quickly and for a higher price than vacant homes. If you have to move out before you sell your home, consider leaving some furniture behind to help give the house a lived-in feel. Call or e-mail us for advice on how to decide which fix-up ideas will do the most to help you make the sale. Is it better to replace the carpet or offer a carpeting allowance to buyers? Replacing the carpet to help the house sell faster is a favorite with real estate agents. And there's a good reason. Taking a shortcut by offering a carpeting allowance doesn't have the visual impression—or sales impact—of new carpet. Here are some guidelines to be sure the new carpet has the maximum effect: Select neutral colors. The color should be neutral or a dull color tone to help the room look bigger. When carpeting several adjoining rooms, the same carpet should be used, if possible—again to make the house seem larger and more unified. Select high quality pad. The pad under the carpet is important, and not a place to cut corners. A good pad is dense and resilient, and gives an expensive feel to almost any carpet. Pads come in a variety of materials including rubber, foam, felt, and jute. Select fiber carefully. Choose a fiber that suits the area where the carpet will be installed. Carpets are made of a variety of man-made and natural fibers, and often are comprised of popular combinations of fibers. Nylon is durable and resilient, and suitable for high-traffic areas. Olefin is economical and stain-resistant, good for active families. Polyester is soft and elegant, and appropriate for a higher-style area. Wool is a warm natural fiber, luxurious and expensive. Select loop to match use. The type of loop should depend on the use. A sheared loop like plush works in more formal areas; a continuous loop, such as Berber, is suitable for children's play areas. What's a cheap and easy way to make your home more attractive to buyers? Turn on all your lights, both inside and out, when showing your home to possible buyers. Open curtains, drapes and blinds. Light not only helps prospects see your rooms better, light helps buyers see your home as warm and inviting. We have a lot of ideas that will help you sell your house. Call us at 775-746-7000 or Contact Us today. What happens when a buyer makes an offer? One common first impulse is to ask "How much are they offering?" While price is an important factor, it's also important to sit back and look at the big picture when negotiating a sale. Consider: 1. Buyer's financial situation Is the buyer qualified? What is the buyer's annual income and employment history? How much down payment and closing cost cash is available and what is the source? What type of financial debt does the buyer have? Car loans? Credit cards? 2. Financing method Is the loan type and interest rate realistic for current economic conditions? Is the length of time requested to obtain a loan realistic? 30-45 days is a typical time frame. It allows enough time to process papers, but also allows you to put the home back on the market promptly if things fall through. 3. Your costs How much does the buyer want you to contribute toward closing costs? What will your net proceeds be? Add up any points, taxes or fix-up expenses requested and deduct them from the contract price to determine if your final profit is what you need to make your move. 4. Your calendar Does the buyer's proposed settlement date give you enough time to select your next home and obtain financing? If you can't move to your next home promptly at settlement, can you rent back from the buyer? 5. Contingencies Must the buyer sell a home before buying yours? You may not have the time to wait while the buyer sells. What add-ons does the buyer want? Curtains, lawn equipment, swing sets? All of this can affect your final net proceeds, be used as bargaining chips, or both. We are here to help. We've been through this countless times and can help you cut to the chase and come up with a mutually acceptable contract. Call us at 775-746-7000 or Contact Us. It can make a big difference in the future. How do agents turn a "Tire-Kicker Wannabe" into a "Sign-Here Buyer?" When the bid is presented to you, listen to the offer, even take notes—but don't respond until the presentation is complete. You have three choices: (1) accept the contract as presented; (2) reject the contract; or (3) make a counteroffer. Most often, sellers choose the third alternative. The choice is yours, but we can advise you every step of the way. Art Of The Counteroffer If you find some items in the proposal unacceptable, it's time to negotiate. It's also time to call on our experience and training, as you did when you first decided to list your home. This is when our professionalism really pays off. We will guide you through the contract maze of small print, explain what each item entails, and help you evaluate the bottom-line impact of price and terms in the bid as well as suggest possible responses. Don't delay. Often time is of the essence. Avoid delays. Although you may want more time to think over the offer, be aware the buyer could withdraw the offer any time before you sign it. The best time to decide what terms and price and timetable you will—or will not—accept is while preparing your house for sale, so you can respond quickly when a contract is presented. Consider seller-paid points. It's good to know before you begin negotiating that paying points for your buyer's loan is a powerful double sweetener. That's because seller-paid points save the buyer out-of-pocket cash, AND serve as a tax deduction for the buyer. As we work together, we will clue you into other important negotiating tools. Do it in writing. Make your counteroffer in writing on the original contract form, initialing changes you propose. Contract negotiations may go back-and-forth several times, with each party giving and getting something each time as you zero in on common ground. Don't negotiate by phone and, even if it looks messy, don't retype the contract as long as it's legible. Something could get left out or inadvertently changed. Consider a contingency kick out. If the buyer offers a contingent contract, you could consider including a kick-out clause. The clause allows you to accept another offer after a stated time, such as 45 or 60 days, or requires the contingency be removed within 48 to 72 hours. Occasionally sellers require a higher sale price when accepting a contract contingent upon the buyer selling their present home. Often, a home inspection contingency is added by the buyer, so having an inspection before you list your home can prevent costly repair surprises after the contract is negotiated. Rely on your agent. We can recheck comparable sales, compare offers if you receive more than one bid, and compute how much you will net from the sale. We can also help you focus on the buyer's creditworthiness and whether the buyer can afford to buy your house. Remember, everyone has the same goal: you want to sell, the buyer wants to buy, and we want to help close the transaction. Together, we'll turn your counteroffers into an art. Call or e-mail us right away. Is negotiating with out-of-town buyers any different? Just because out-of-town buyers may have to rush is no reason for you to hurry. There's still time to negotiate after they've gone home. Out-of-town buyers are often serious, sophisticated buyers who have purchased at least one home before. That means they may not capitulate to all the seller's demands just to finalize the contract, and may even bid low the first time around. Some hints in dealing with an out-of-town buyer: Learn all you can about the prospective buyer through your agent. Carefully consider each offer you are given, take it apart and look at the price and the terms one at a time, and make a decision based on the two combined. Be as flexible as you can when it comes to closing and move-in dates. Who pays the fee of a buyer's agent? The offer looks good. You're ready to accept it, but the buyer is using a buyer's agent (also called a buyer's broker) and wants you to pay the agent's fee. What does a "buyer's agent" do? A "buyer's agent" is retained by a buyer to look out for the buyer's interests and to negotiate the best price from their point of view. As the agent who lists your house owes you complete loyalty, the "buyer's agent" owes the buyer the same degree of loyalty. What should you, the seller, do? Generally you can indicate on the listing agreement whether you are willing to pay the buyer's agent. Most sellers choose to work with a broker who splits the commission with a buyer's agent even though that agent does not represent the seller's interests. This, of course, maximizes the number of potential buyers for your home. Because the listing broker already is prepared to share the commission with a seller's agent who produces a buyer, most sellers don't mind when their broker instead shares the commission with a buyer's agent. What is a contingency? A contingency is a condition on the sale put into the contract by either the buyer or seller to smooth immediate acceptance and protect against specific eventualities. Common contingencies are that the buyer obtain financing or sell their current home, or that the seller has a home inspection done or repair certain items. Contingencies can be removed by an addendum to the contract, or they can expire if a time limit is specified in the contract. We have the answers to your home-selling questions. Call us at 775-746-7000 or Contact Us. In general, what should I expect to happen at closing? Once you've signed a buyer's purchase contract to sell your house, the preparation for settlement begins. Settlement, or closing escrow, is the process of transferring the title (ownership) of the home from seller to buyer. Often, the real estate agents involved in the sale help take care of these arrangements. But the buyer and seller are ultimately responsible for attending to these details. Here are the basics: Buyer's Responsibilities Buyer gets a loan. The buyer must first secure the financing to buy the house. Usually this means taking out a mortgage loan. Most lenders require a complete financial picture, including income and expenses, and a credit check. In addition, most want an up-to-date appraisal of the home, a survey of the property and, often, some inspections (for pests, radon gas, flood plain, etc.). Some lenders specify which service providers they want the borrower to use. Once all the paperwork is in, the borrower should keep in touch with the lender until receiving a loan commitment. Obtain homeowner's insurance. The buyer needs to purchase a hazard insurance policy in advance for the new home. The buyer is also required to purchase title insurance policy—usually at settlement—to protect the lender. If the buyer wishes to bring an attorney to settlement, arrangements should be made 30 to 60 days in advance. Receive Good Faith Estimate. A few days before settlement, the buyer should receive a Good Faith Estimate of settlement costs. In addition to the loan commitment letter, the buyer must bring a certified or cashier's check for the down payment and any other costs due at settlement. These costs include mortgage interest from the closing date to the first payment due, escrow for property taxes and insurance, and various taxes and recording fees. Seller's Responsibilities Select closing agent. The seller typically designates the settlement agent, usually 30 to 60 days before closing. The seller and listing agent work together to arrange inspections and appraisals and to provide needed paperwork such as a housing plat map, previous title insurance information and any prior inspections. Give loan payoff notice. The sellers also need to check with their lender to get up-to-date figures for the payoff of the mortgage, and to learn if any rebates are due for pre-paid taxes or insurance. Joint Responsibilities Stay on top of details. Both the buyer and seller need to give the settlement agent all pertinent information requested. And, since many long and detailed forms are usually signed at settlement, consider requesting copies of the basic settlement forms several days in advance to pre-read them if practical. The focus at the settlement table is on checking the exact figures to be sure they are accurate. Designate legal representative. If either the buyers or sellers cannot come to closing, they should notify the settlement agent well in advance so a Power of Attorney form can be prepared. The person named on the form can act as the signer's legal representative. Once all the papers are signed and money paid, the keys are handed over to the buyer and the sale is complete. Our professional approach can help you go to closing with confidence. Call or e-mail us for the kind of help and support we can provide. Should I make the payment on my old mortgage a few days before closing on a new loan? If you are selling your home or refinancing your mortgage and the closing date for the new mortgage is near the due date of the old mortgage, you will still need to make that final payment. Pay now or at closing. Mortgage payments include interest that is already owed on the mortgage, so interest is due on the current mortgage right up to the day of closing. If your final payment is not received before closing, you will have to pay the interest owed at closing. Pay early. If the dates are too close to be sure the final payment is received and recorded by the bank, send the last check early or make arrangements with the bank or settlement agent so you are not charged with a missed payment or late payment fee. Do I need to reinvest my proceeds to avoid taxes? When you sell your old home you do not need to reinvest all, or any, of the cash received into a new home in order to avoid taxes. Since 1997, Uncle Sam doesn't care how you reinvest the proceeds (savings, vacation, car purchase, bill consolidation, etc). Any gains up to $500,000 for married couples and up to $250,000 for singles are tax free, as long as:
Home sellers need to remember any reimbursement received at settlement for previously deducted property taxes is considered income and is taxable. The IRS can now track property tax reimbursements thanks to a law which requires all title companies, escrow agents and brokers involved in a home sale settlement to provide the IRS with the seller's Social Security number and the amount of property tax reimbursement. What happens if the appraisal is too low? When a too-low appraisal jeopardizes a contract on your home, you can:
Write—Write to the appraiser with specific details. Ask—Ask the bank (in writing) for a reappraisal by a different appraiser. Hire—Hire an independent appraiser. Renegotiate—To make up the difference between the loan amount and the sales price, the buyer can increase the down payment; the seller can pay some of the buyer's out-of-pocket closing costs; the seller can lower the sales price, or all three. The secret to keeping the deal together is flexibility. How can I reduce the hassle of keeping my house in showcase shape? Here are some inside tips to keep your home shining between showings and be ready for a buyer in two minutes. Literally! 1. Have A Game Plan
Rely on a bail-out box. Eliminate a frantic search for keys, wallet, dog's leash and shoes when you are leaving to let the agent show your house. Keep a small box with pertinent items stashed in a handy place such as the coat closet floor. Plan your get-away. Know where you'll go when you vacate the house for show time. Take the kids to the library, park, playground, fast food restaurant, or to visit friends. Do your grocery shopping, pick up the cleaning, buy Aunt Jane's birthday present. Keep the bathroom shining. If you're a two-bathroom household, consider using only one, so you only have to keep one clean. For a lasting shine on tiles, wipe them down with a squeegee after every shower. Note the keepers. To forestall questions, you might want to label special items "to convey" or "not to convey." Blossom out. Fresh flowers are nice when your house is being shown. Wildflowers or your own garden flowers work as well as those from a florist. Or buy long-lasting flowering plants. We'll be happy to consult with you on other ways to showcase your house. Call or e-mail for answers to your home-selling questions. How do I overcome a sluggish market to sell my house? When a house is stuck in seller's limbo, one way to jump-start the sale is to offer a mortgage subsidy. While the amount of money involved is less than a price reduction, the bottom line is often more attractive to buyers. Here's how it works : The seller offers a fixed dollar amount per month in cash to buy down the mortgage payment. The subsidy could be less for the second year, and even smaller—if it is continued at all—for the third year. The total amount of the subsidy would be placed in an escrow account at settlement. For example: A $200 per month subsidy would cost the seller a total of $2,400 the first year. Reducing the buyer's payment by $150 per month the second year would cost an additional $1,800 for a total expenditure of $4,200, considerably less than a $10,000 price reduction, but more likely to attract attention in a slow market. What is the difference between a "Buyers' Market" and a "Sellers' Market?" Buyers' Market A buyers' market refers to a marketplace that favors home buyers because more homes are listed than can be expected sell in the near future. If, for example, 20 homes are listed in a neighborhood, and 5 were sold in the last month, the neighborhood has a 4-month supply of homes for sale. Sellers' Market Of course, the market can—and does—change based on general economic conditions such as rising or falling interest rates, or the local business climate such as a new company opening nearby. If, for example, all 20 homes listed plus 5 new listings sell within a few months, then the market has become a sellers' market, where buyer demand meets or exceeds the house-for-sale supply. Is it a good idea to put the house on the market through the holidays? If you really want to sell your home, consider putting it on the market during the holiday season. You may find it inconvenient to show your house during the holidays, but there's good reason to consider marketing it during this special time of year. Dressed to sell. The house shows very well when it's dressed for the season. Holiday baking, decorations and music make your home even more appealing. Serious buyers. While you may have fewer showings in December—because typically there are fewer prospects—you'll find prospects are motivated and serious about buying. Keep in mind, some others will likely take their home off the market during this season, so your chances of selling are better. It's your house. Remember, you can always ask your agent to temporarily not show your home for a few days when houseguests arrive or for a family celebration. We'd be happy to help you work toward a fast sale while working around your holiday plans. Just give us a call! Call or e-mail us or click on "Ask Your Own Questions" for professional assistance and answers to your home-selling concerns What is earnest money? Earnest money is a cash deposit buyers make when they sign a contract to buy a house. It makes the contract binding and signifies the intention of the buyer to complete the purchase. At closing, the earnest money becomes part of the down payment. If the buyer defaults without a good reason, as spelled out in the contract, the earnest money becomes payment for damages suffered by sellers and their agents. The earnest deposit is typically several thousand dollars, but usually less than five percent of the purchase price. If the seller does not accept the buyer's contract, the money is returned to the buyer. Why do I pay a commission on the sale of my house? The commission pays for the services we provide and the expenses we incur in selling your home. Some of our services include:
What is a walk-through and what should I expect? |
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