This is a collection of information to assist you in selling your home quickly and profitably!
How to get the highest price when selling your home.
Preparing your home through the eyes of a buyer.
Answers to frequently asked questions...
How to get the highest price when selling your home.
Preparation, Presentation and Pricing
PREPARATION - Be the buyer and walk through and around your house as if you were going to buy it. Think about the model homes at a new construction site and how appealing they are and compare your home to that appeal. Remember that you want your home to appeal to all kinds of people.
Start packing - You're going to be moving so start packing now. Pack away most of your precious knick-knacks, trinkets, personal photos. Think of how the model homes look. Decorative items are strategically placed but there are not too many of them. Clean out the unnecessary items from your closets and cabinets so they look spacious. Create the illusion that there is lots of storage space even if there isn't enough for you. You are moving because you have outgrown the house. Make sure the buyer will not feel that there is not enough room there for him/her. Look at the furniture in the room. Is it too crowded with furniture? If so, remove unnecessary pieces of furniture to a storage space and you will make the room seem larger and more spacious.
Clean up, Paint up, Fix up - Make it light and bright. Windows should sparkle; light fixtures should be taken apart and cleaned. Walls that are marked up should be scrubbed, and nicks and scratches should be painted. Unusual colors, or dark colors should be painted off-white to update them. Wallpaper that is older than 10 years and bright or outdated colors or patterns, should be removed and the walls painted white or off-white. If there are smokers, and the walls and curtains are discolored from smoke, they should be cleaned and painted. Repair broken items around the house. Watch for doorknobs, squeaking doors, sliding doors off of their tracks, blinds or shades that don't work, leaking faucets, burned out light bulbs. A minor repair that you have learned to live with may cause the buyer to think that the house has not been well maintained and imagine that bigger problems may exist. Clean up the outside of the house. Curb appeal is very important. Trim bushes, manicured lawn, clean walkways, and some colorful flowers give the house a look that says "welcome". Make sure your front porch and door are clean, freshly painted and sparkling. It is the buyer's first impression of your home. Buyers wait at the door for a few minutes for the door to be opened and while they are waiting, they are looking around and evaluating the house before they get inside. The opinion they form on the doorstep and from the curb can influence their opinion of the house overall. If there is cracked or peeling paint on the exterior trim, garage door or porches, it should be painted.
If you are short on time, as so many people are these days, there are many professional cleaning services that can help you. A few hundred dollars paid to a team of professionals to do the work is money well spent if you don't have the time or the desire to do the work yourself.
Shine, Clean, & Scrub Flooring - Dirty or worn carpeting will reduce the price the buyer is willing to pay for the house. If the carpeting is dirty, get it cleaned. If it is worn or an out-dated color replace it with a neutral color. If there are hardwood floors under the carpet, you're in luck! Pull up the old carpets and expose the hardwood floors. Hardwood floors are a hot item with most buyers today. New tile in a light, bright color is an inexpensive way to update a tired, old kitchen or bathroom, but if the color and condition of floor tile is good, then a good shine will do wonders.
Kitchens and Baths - Buyers especially look for cleanliness in these rooms. They
must sparkle! Tiled walls in the tub/shower areas may need a good scrubbing,
caulking may need replacing and all the extra items that may be hanging around
need to be put into cabinets. Check out the shower curtain, it may need to be
replaced, and sliding door tracks may need to be cleaned out. Vanities should be
clean and uncluttered, and brightly lit. Toilet seat may need to be replaced for
a clean look. Fresh carpets and clean curtains add a finishing touch. Kitchens
also need to sparkle and be uncluttered. Counters should be cleaned off and any
extra items such as toasters, blenders, bread makers, packed up in boxes or put
into the cabinets. They should be clear of all but a few well-placed decorative
items. If counters are full, they say to the buyers "this home doesn't have
enough cabinet space nor counter space". You don't want to create that
impression in a buyers' mind. Remodeled kitchens bring the highest price for a
home, but if your kitchen is not remodeled it is too expensive of an improvement
to make at the time of the sale. A few inexpensive updates can be done to help
generate a higher price, such as new floors and countertops in light or neutral
colors, and new appliances.
PRESENTATION - Be a marketing professional packaging your product for the
marketplace.
Light - Sunlight should be streaming in, and if you've done a good job of cleaning, everything will sparkle. All electric lights should be turned on, even in the daylight. They add to the sparkle.
Music - Soft instrumental music gives an ambiance of elegance to the house and camouflages the subtle squeaks, bumps and street noises in a house.
Ambiance - Fire in the fireplace for winter, a dining room table beautifully set or a patio set up for a barbecue, will create a lifestyle statement inviting buyers to want to live there. Fresh air, a spring breeze blowing in, fresh fragrant potpourri, the aroma of fresh coffee, or baked bread or cookies make a house feel like home and can help sell it. Odors from pets, smoking, diapers or last night's dinner may not be noticeable to you because you have been inside the house long enough to be desensitized to it. These odors can be offensive to many people and create a feeling of "this is NOT my home".
Subtle feelings created by ambiance will create emotions that cause people to want or not want a home. Be aware of the ambiance in your home. Does it welcome people, or repel them?
Remember that people most often will first "buy" a home emotionally and then look for logical justification for the purchase. First objective is to appeal to them on an emotional level, help them "fall in love" with it and then the logic of price, location, taxes, terms and other facts will create the contract.
PRICING - Strategically priced properties in good condition will sell quickly in any market and bring the highest possible price for the seller that the market will bear. Read that statement again. It is the single most important statement made in this article.
Obtain records of comparable properties that have sold in the past 6 months or 1 year. It doesn't matter what your neighbor's house sold for 3 years ago, the market changes with every season and can go up or down. You can expect your home to sell if it is in "top condition" at the top of the range of the truly comparable homes that have closed in your neighborhood.
Price your home strategically on the low end of the comparable homes that are on the market now keeping in mind the expected selling price as indicated by the comparables. Now, you are ready to sell fast, and get the highest possible price. People often tell me they want to allow for negotiation in their price and so they add on thousands of unnecessary dollars to the top of their price and therefore, price themselves out of the competitive market. I have been very successful with negotiating a price for my sellers of less than $3000 to 5000 under the asking price. This may mean we reject some offers that are not realistic, but my philosophy is; I'd rather reject several offers than to have none because we have nobody looking at it.
If your home is well prepared for showing, presented well, and priced properly then the advertising, the feature sheets, and the open houses that attract traffic will do there job. When showing the home remembers that you need to create an emotional appeal. Let the buyers look through the house while their agent quietly accompanies them and is available to answer questions. Don't point out all the improvements that you have made, they will speak for themselves if the house is prepared and they are listed on the feature sheet. Rather, if you have an opportunity, tell them that you've really enjoyed that large patio or that you will really miss the people in this nice neighborhood.
A percentage of people every year are successful in securing a buyer as a "For Sale by Owner". If you follow these three important steps that professionals take you will increase your odds of success. But if your time or talents do not permit you to "Do It Yourself", you will want to consult a good professional.
Preparing your home through the eyes of a buyer...
The effort put into repairing and cleaning your property is likely to be returned in a fast sale at an attractive price.
Often, while waiting to be let in, the first thing a buyer looks at closely is the front door.
The kitchen is often the most important room in the house. Make it bright and attractive.
It is important that bathrooms are clean, bright and smell fresh.
The living room...
Repair & Cleaning Checklist
Front Door:
Exterior of House:
Windows:
Driveway:
Patios:
Lawn:
Trees/Shrubs:
Entry:
Living Room:
Kitchen:
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Family Room:
Bedrooms:
Basement:
Dining Room:
Bathrooms:
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The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements.
The following conditions may require a work order:
You might have to:
Other items to remember:
* Check with local authorities for specific requirements.
While your house is being shown...
Before Your House Is Shown...
While Your House Is Being Shown...
Answers to frequently asked questions...
What is title insurance?
Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.
What is a wood-destroying organism inspection report?
A wood-destroying organism inspection report is a written opinion by a qualified state licensed structural pest control inspector based upon what was visible and evident at the time of inspection. The inspection report does not in any way represent or guarantee the structure to be free from wood-destroying organisms or their damage, nor does it represent or guarantee that the total damage or infestation is limited to that disclosed in the report. Wood-destroying organisms include subterranean termites, damp wood termites, carpenter ants, wood boring beetles and wood decay fungus.
What are the hazards of lead-based paint?
All buyers and sellers are required by law to receive and read a pamphlet outlining the hazards of lead-based paint for homes built before 1978. Be sure to ask your real estate agent for a copy.
What are closing costs?
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For sellers, they are usually about 9.5-10% of the total sales price of a property. Some of the closing costs you might encounter are: discount points, escrow fee, documentation fee, homeowners' association fees, pest/rot inspection, real estate commission and title insurance premium.
What is the difference between "pre-qualified" and "pre-approved"?
If a buyer is "pre-qualified" it has been determined, with a loan officer, what price the buyer can afford based on the down payment, debts and the amount the mortgage company will approve for the mortgage. Being "pre-qualified" is only a determination of probable credit. If "pre-approved", credit, employment and funds have been approved by the lender.
What should a home inspection include?
Every inspection should include, but not be limited to, an evaluation of the following:
* There may be an additional fee for this.
What property details are usually included by Listing Services?
Usually, properties listed will include the following details:
What pages are generally included in the Purchase and Sales Agreement?
What is the difference between a REALTORŪ & Real Estate Agent?
REALTORŪ identifies real estate professionals who are members of the National Association of REALTORSŪ and subscribe to its strict Code of Ethics. Not every real estate agent is a REALTORŪ. A REALTORŪ may be an appraiser, property manager or involved in some other aspect of the real estate business.