SELLING YOUR HOME
You've Decided to Sell Your Home!
Selling a home can be a confusing and complicated process. Selecting a REALTOR® and deciding on a price will be two key decisions. The cost of selling a home is also an important consideration. You should also consider the marketing of your home. To get the best possible price, a home has to be exposed to as many Buyers as possible. Marketing is more than simply putting the home on the Multiple Listing Service. It's identifying who the Buyer might be and what features and accompanying benefits will attract that Buyer.
You Need a Plan
To achieve these objectives you need a plan. We provide attention to these details. We are equipped with training, skills and tools that allow us to provide excellence in service. We will:
Offer suggestions to better showcase your home.
Connect you with industry professionals to assist you with any preparations prior to listing. (i.e.: carpet cleaners or painters.)
Arrange for professional photographs of your home.
Arrange for local REALTORS® to preview your home.
Organize showing appointments and open houses.
Provide constant feedback.
Keep you up-dated on market trends.
The Benefits of Using a Sales Representative
Selling a home takes more than a "for sale" sign on the lot. Firstly, it takes experience and training to correctly price a home to sell. It requires a carefully prepared market analysis showing not only homes that have sold, but also competing homes that are still on the market and homes that were on the market and never sold.
COMMON SELLING MISTAKES
Mistake #1 - Incorrect Pricing
Every Seller naturally wants to get the most money for their home. The most common mistake that causes Sellers to get less than they hope for, however, is listing too high. Listings reach the greatest proportion of potential Buyers shortly after they go on the market. If a property is dismissed as being overpriced early on, it can result in later price reductions. Overpriced properties tend to take longer to sell, and they end up being sold at a lower price than they likely would have had they been priced properly in the first place.
Mistake #2 -- Mistaking Re-finance Appraisals for Market Value
Re-finance appraisals can be very encouraging for homeowners, leading them to assume that the appraisal is the amount that they should expect to receive for their property. Lenders often estimate the value of your property higher than it actually is, however, in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your REALTOR® for the most recent information regarding property sales in your community.
Mistake #3 -- Failing to "Showcase"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective Buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable, and remove as many possessions as you can prior to showing. A poorly kept home, or one with too much clutter, will make it more difficult for Buyers to become emotionally interested in your property.
Mistake #4 - Trying to Sell to Lookers
A prospective buyer who shows interest because of a For Sale sign or an open house ad may not really be interested in your property. Often, Buyers who are not accompanied by a REALTOR® are 6-9 months away from buying, and are more interested in seeing what is out there than in actually making a purchase.
Mistake #5 - Not Being Aware of Your Rights & Responsibilities
It is extremely important that you are well-informed of the details of your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing any contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kinds of questions could end up costing you a considerable amount of money.
Mistake #6 - Limited Marketing
Your REALTOR® should employ a wide variety of marketing techniques and should be committed to selling your property; he or she should be available for every phone call from a prospective Buyer.
Mistake #7 - Choosing the Wrong REALTOR®
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select a REALTOR® who is a good match for you. Feel free to click on our Testimonial page for reviews provided by our past clients!
SURVIVING THE SALE
Selling a home can sometimes be a long, stressful, and costly process. Like anything, though, equipping yourself with the right tools and the right knowledge can eliminate a great number of the potential negative aspects of the process - and get you the maximum return on your investment.
The importance of having the right allies in the selling process cannot be overstated. Having an expert on your side, not only to assist you in making decisions and getting your home marketed, but also simply in terms of having an advocate in the process, is the single most important step you can take to reduce your stress.
The first step in selling any home should be to arrange to get a Comparative Market Analysis for your home. Many sellers take this step, but what they do with the information they receive is not always in their best interest.
The natural tendency is for a Seller to hire the REALTOR® who gives the highest value. This is often a mistake. Competing REALTORS® sometimes inflate these numbers in order to 'buy' your listing, intending to later drop the list price. If one CMA is significantly higher than the others, be suspicious of how that number was reached.
More important to this process is getting an idea of these REALTORS®' backgrounds, expertise, motivation, and simply their personalities - you will be working closely with this representative, so it is important that it be someone you trust.
Goal #1: Make money.
Most Sellers fail to move beyond goal #1, and that can cause some problems. Another important goal that should be recognized is the attempt to minimize stress.
Your priorities are your own, of course, but sometimes Sellers underestimate the stress that having their home on the market for an extended period can generate. Constant showings, constant interruptions, and concerns about selling your home before buying its replacement are not minor concerns - each can have a major impact on your life.
Sit down and discuss just where you place the most importance in the selling process. If profit is your only priority, perhaps you can afford to be firmer in your asking price, and can reject offers that are less than ideal. Most Sellers who have had their home on the market for an extended period of time, though, would agree that the few extra dollars were not worth it in the end.
If you've chosen a REALTOR® , put your trust in that REALTOR®. REALTORS® have access to many highly-advanced marketing strategies that you may not even realize are being utilized. It is your REALTOR'S® job to bring qualified Buyers to the table - and keep in mind that he or she does not get paid if your house doesn't sell! In most markets, the combination of the right representative and the right listing price will result in a sold home. If you recognize this early on, it becomes much easier to take a step back from the process, let your professional representative market your home, and minimize your stress.
Don't hesitate to speak up if you think that things are not progressing as they should, but likewise, don't hesitate to sit back and be comfortable in the knowledge that the sale of your home is being handled professionally and effectively.
The Right Selling Price Affects Your Bottom Line
When you're selling your home, the price you set is a critical factor in the return you'll receive. That's why you need a professional evaluation from an experienced REALTOR®. This person can provide you with an honest assessment of your home, based on several factors, including:
Condition of your home
Repairs or improvements
In real estate terms, market value is the price at which a particular house, in its current condition, should sell within 30 to 90 days.
If the price of your home is too high, this could cause several things
Limits Buyers. Potential Buyers may not view your home because it appears to be out of their buying range.
Limits showings. Other salespeople may be more reluctant to show your home.
Used as leverage. Other REALTORS® may use this home to drive the sale of other homes that are better-priced.
Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, "what's wrong," or "why hasn't this sold?"
Lower price. An overpriced home, still on the market beyond the average selling time, could lead to a lower selling price. To sell it, you will have to reduce the price - sometimes several times. In the end, you'll probably get less than if it had been properly priced in the first place.
REALTORS® have known it for years - homes that are properly priced in the beginning always get you the fastest sale for the best price!
WHERE TO BEGIN
Remember what first attracted you to your house when you bought it? What excited you about it most? When deciding how best to present your home for sale, it is helpful to try to get back into that Buyer's frame of mind.
A spruced-up house makes a great first impression on potential Buyers. An attractive property grabs their attention and makes them excited about finding a house that looks and feels well cared for. Because Buyers believe they'll encounter fewer problems if they buy it, your house becomes more appealing and stands out from the competition. So if you prepare your home correctly, you'll save time selling it when it's on the market.
A good first impression makes an impact on a number of levels. It's not just the way your house looks to potential Buyers, but how it feels and smells to them, how their friends and family will react, how they imagine it will be to live there.
With simple improvements throughout your house, you can grab the attention of potential Buyers and help them see why your house is right for them.
Create a plan to enhance your property and make a list of what needs to be done. Consider what your property looks like to people driving by or walking through your door. What will they like or dislike? What needs fixing, painting, cleaning? What can you improve? Whether you paint your house or fix up the yard, your efforts don't need to be costly; even inexpensive improvements and minor repairs go far towards attracting serious Buyers. But remember, those seemingly insignificant problems you've learned to live with can actually discourage potential Buyers.
Here are some ideas for increasing your home's appeal in order to sell it quickly at the best price:
Buyers expect a spotless house, inside and out, so clean everything. Scrub walls and floors, tile and ceilings, cupboards and drawers, kitchen and bathrooms. Wash scuff marks from doors and entryways, clean light fixtures and the fireplace. And don't forget your windows!
Cut the Clutter
People are turned off by rooms or closets that look and feel cluttered. Remember, potential Buyers are buying your house, not your furniture, so help them picture themselves and their possessions in your home by making your rooms feel large, light, neutral, and airy. As you clean, pack away your personal items, such as pictures, valuables, and collectibles, and store or get rid of surplus books, magazines, extra furniture, rugs, blankets, etc. Consider renting a storage unit to eliminate clutter in your garage and attic.
It's hard to get rid of possessions, but cleaning and clearing out the clutter can really pay off in the end. Packing away your clutter also gets you started packing for your own move. Make your garage and basement as tidy as the rest of your house. Simple little tasks such as storing your tools and neatly rolling up your garden hose suggest that you take good care of your house. Don't let anything detract from making your best first impression.
Repairs and Renovations
It's best to avoid making major renovations just to sell the house since you're unlikely to recoup those costs in your selling price. Make minor repairs to items such as leaky faucets, slow drains, torn screens, damaged gutters, loose doorknobs, or broken windows. Make sure repairs are well done; Buyers won't take you seriously if your home improvement efforts look messy or amateurish.
The "Wow" factor - that first visual, high-impact impression your home makes on potential Buyers - can turn a looker into a Buyer. To determine your property's curb appeal, drive through your neighbourhood and note other properties; then approach your own house as if you were a potential Buyer. How does it look? Will its curb appeal attract Buyers? Note what needs improving, such as trimming trees, planting shrubs, or painting gutters. To get Buyers through your door, do what you can to make your property look like someone's dream home.
We have streamlined our marketing tactics to help us to effectively sell your home! Some of the tactics we use include the following:
Our RE/MAX Brokerage website
Stratford Homes Mobile Site
Advertizing in both our downtown and mall office locations
Our own website!