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Doing
Your Homework
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1-
Should I Sell My Home Myself? |
It’s a question
thousands of homeowners ask themselves every year. If
you’re one of them, you have some difficult decisions
awaiting you. Selling your home can be a long and
complex process, so it’s important to think about all
the potential implications – both positive and negative
– before choosing to go it alone.
To help you make the
decision that’s right for you, below is a list of some
of the duties and responsibilities you would face as an
independent home seller.
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Your first
responsibility as an independent home seller is
assigning your home an accurate value, meaning the
highest price a ready, willing and able buyer will
pay.
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As part of the
decision, you need to consider comparable properties
in your area, current market conditions, as well as
the cost of financing and its availability.
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Remember that your
listing should be in line with comparable properties
and market trends – you don’t want your home to linger
on the market or sell for a lower price than you might
have otherwise received.
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You should
remember that "For Sale by Owner" typically attracts
bargain hunters who may expect you to lower your price
since they too are looking to save money on REALTORâ
commissions.
Independent home
sellers must also market their properties to the public.
That means:
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Putting up signage
that is consistent with local ordinances
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Developing and
paying for display and classified ads in your local
newspapers
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Holding open
houses
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Working to ensure
your home gets good word-of-mouth exposure among your
friends, neighbors and community organizations
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As an independent
home seller, you would be responsible for all showings
of your home.
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With that in mind,
always encourage prospects to make an appointment, and
discourage drop-ins.
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Work to screen the
"buyers" from the "lookers" – curiosity-seekers are
common at "For Sale by Owner" homes.
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You should also
pre-qualify potential buyers to ensure they can afford
to buy your home.
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When the time
comes to negotiate, you’ll need to be prepared and
informed.
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Try to resolve any
doubts your buyers might have, work to keep their
interest high and make a final agreement as quickly
and efficiently as possible.
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Once an offer is
made, agree on the price and terms, respond to
objections and try to be responsive and flexible to
legitimate concerns.
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Every independent
home seller should have an attorney or other qualified
individual to preside over all agreements.
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That individual
will draw up the contract and manage the sale
proceedings and closing. He or she might also help you
set the closing date and time.
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You should be sure
to include a list of items you want written in to the
contract, including personal property that is to
remain with the home (the refrigerator, microwave
oven, dishwasher, etc.), or items excluded in the
sale.
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Also remember that
as the seller, you are obligated by law to disclose
any material defects in your property to the
purchaser.
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Is a
Certified Residential Specialist a Better Choice?
Selling your own
home takes a lot of hard work and know-how. Making
even a small mistake can spell serious trouble. By
working with a REALTORâ
who’s a Certified Residential Specialist, you gain
the services of an experienced professional with
advanced training in residential sales. Not only
does that free you from the time consuming tasks
involved with selling your home, it gives you the
added expertise to help maximize the profit from
your home.
A Certified
Residential Specialist can help you sell your home
faster and for the best price by:
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Pricing your
home accurately by conducting a Comparative Market
Analysis. This research will help support the
price with comparable facts and statistics
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Advertising
your home in the most visible outlets in your area
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Holding open
houses
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Accessing
out-of-town buyers through the nationwide network
of Certified Residential Specialist
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Suggesting
easy ways to make your home more attractive to
potential buyers
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Exploring
alternative financing methods that can help
relieve a potential buyer’s financing concerns
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Scanning the
Multiple Listing Service to locate active buyers
through a special nationwide network of resources
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Acting as a
third-party negotiator between you and the buyer,
making sure the selling price and the buying price
are optimal for both parties
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Screening
prospects so you don’t have to expose your family
to any stranger that knocks at your door
Think of the
services that a Certified Residential Specialist
provides as an investment, one that immediately pays
for itself in the quick, efficient and successful
sale of your home. |
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2-
Is My Home Priced To Sell? |
The
Right Price Means a Successful Sale
Pricing your home is
both an art and a science. Achieving optimal price is
the result both of objective research into comparable
properties and a gut feeling about your property and the
current market.
The right price
should:
The simple fact is,
price is the number one factor that most homebuyers use
to determine which homes they want to view. And it’s
important to remember that, although the price is set by
you, the value of the home is determined by the buyer.
Try to avoid allowing your enthusiasm to impact your
better judgment – overpricing is a common mistake that
can cost you in the end.
With that in mind,
here are some reliable guides to use when pricing your
home, all of which come recommended by the Council of
Residential Specialists – a select group of REALTORSâ
with significant experience and advanced training in
residential sales.
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Factors Affecting Your Asking Price |
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How quickly
you need to sell
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The amount of
competition in your price category and area
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The
availability, flexibility and affordability of
financing
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The sale
prices of similar homes sold in your area during
the past six months to one year
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Factors That Should Not Affect Your Asking Price |
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- The original cost of the
property – price is determined by today’s market
- Any investments you’ve
made in improvements
- The cost to build your
home today
- Emotional attachment
- The opinions of friends
and neighbors
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Problems That Can Arise From Overpricing |
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- You might help sell
similar homes that are priced lower
- Your home may stay on the
market longer
- You could lose market
interest and qualified buyers
- You might create a
negative impression of the property
- You could lose money as a
result of making extra mortgage payments while
incurring taxes, insurance and unplanned
maintenance costs
- You may have to accept
less money
- A potential buyer may face
appraisal and financing problems as a result of
the inflated price
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| A
Certified
Residential Specialist Can Help You PriceYour Home
Right. With a mix
of real-world experience and advanced training,
aCertified Residential Specialist has the tools
necessary to calculate the fair-market value of your
home based on both the marketplace and personal
considerations such as your must-sell date.
Remember, the right price is the key to a successful
sale. So work with a Certified Residential
Specialist to price your home accurately the first
time. |
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3- Is My Home Ready To Sell? |
Giving Your Home
the On-the-Market-Makeover
You work with a Certified
Residential Specialist because he or she is best
able to sell your home quickly and profitably. But
remember, your relationship with a Certified
Residential Specialist is a partnership. While they
market your property and screen potential buyers,
it’s up to you to give your home a sprucing up that
can go a long way towards a speedy sale.
With that in mind, here are
some helpful hints gathered from Certified
Residential Specialists across the country.
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Before The Showing Begins |
Hint: First
Impressions are Lasting Impressions
The exterior of your home often determines how
buyers will view the interior, so:
- Make sure the front
entrance is clean and inviting
- Paint or replace your
front door if it’s faded or worn
- Add some paint to
shutters, trim and any other outside feature
showing signs of wear
Hint:
Beauty is More than Skin Deep
Buyers often see the surface condition of your home
as a sign of what’s underneath, so:
- Keep windows and floors
clean
- Replace faded wallpaper
and glue any areas that have come away from the
wall
- Repair worn woodwork
- Repaint scarred or dirty
walls in a neutral color
- Steam clean carpeting or
replace it if necessary
- Repair loose knobs,
sticking doors and windows, warped cabinet
drawers, broken light switches and other minor
flaws
- Check and repair caulking
in bathtubs and showers
Hint:
Accentuate the Positive
Try to see your home
with a fresh perspective and arrange each room to
bring our its best attributes, including:
- Open draperies and
curtains to let the light in during the showing
- Remove all unnecessary
clutter from your attic, basement and closets to
better display spacious rooms (consider storage or
a garage sale to dispose of extraneous items)
- Arrange all your rooms
neatly and remove excess furniture
- Keep fresh, clean towels
in the bathroom
- Use candles or air
freshener to give rooms a pleasant scent
Hint:
Put Your Home in the Best Light
Strategically
lighting your home, even during daytime showings,
can create a cozy mood and highlight positive
attributes of each rooms, so:
- Avoid the use of overhead
lighting that makes rooms look washed out and
lifeless
- Be creative and arrange
lamps to help smaller rooms seem larger, and large
rooms more intimate
- Use lighting to highlight
the "living areas" of your home, such as a pair of
chairs near a fireplace, or a table in a breakfast
area
- Put the
spotlight on the strengths and potential of
your home
- Create the
right mood and atmosphere given the room’s
function, color scheme, etc.
- Accent the
positive aspects and unique features of each
area of your home
- Define the
space
- Bring the
room to life
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Hint: Leave the
Selling to the Professional
Buyers often feel
uncomfortable in the presence of a homeowner, so:
- Try not to be present
during showings
- If you are home, never
apologize for the appearance of your house
- Only the Certified
Residential Specialist should discuss any
objections and subjects such as price, terms,
possession and other factors with the buyers
Hint:
Keep the Disturbances Down
Potential homebuyers
have a lot to take in, so minimize the distractions:
- Pipe in classical, jazz or
soft rock music, but keep the volume low
- If possible, turn off the
ringer on your phone during showings
- Keep cats, dogs, litter
boxes and feeding dishes out of the way,
preferably out of the house
Hint: Create a
Homey Atmosphere
Buyers try to picture
themselves and their family living in your home, so:
- Create a pleasant aroma by
baking cookies or bread, or placing cornmeal in a
warm oven on the day of the showing
- Keep the heat or air
conditioner at comfortable levels
- If you have a fireplace,
light it during wintertime showings
Hint: Have
Records Available
- Even if a buyer doesn’t
study them, having records available can make it
clear you are conscientious and have nothing to
hide
- Have copies of your gas,
electric and water bill from the last 12 months
available
- Be ready to show all home
improvement and repair bill
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Mortgage
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