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- Start by making a list of everything you think could be improved to make the house look its absolute best. Do this for both the exterior and the interior of the home, and try to be as objective as possible. Then determine what you can afford to spend, focusing on items that would make the biggest impact visually. The idea is to get the best results for the least money.
- It helps to have the assistance of an experienced professional during this process. We would be happy to walk through your property with you and give you tips and recommendations on how to make it more attractive to potential buyers.
- Your property’s listing price is usually determined by use of a CMA, or Comparative Market Analysis. A CMA takes information on other properties in the area that are currently on the market as well as recent sales, and compares the features of your home to those properties. By using these guidelines, you can see what buyers are willing to pay for homes with similar features and in similar neighborhoods, thereby arriving at a price for your home.
- The ideal price is one that will attract a serious and qualified buyer for a quick transaction, and will also get you top dollar for your home.
- No. A CMA is done by a real estate agent and typically serves to find an estimated market price range for a property. An appraisal is done by a licensed appraiser and is a more official set value used by lenders.
- A CMA is usually provided by a real estate agent as a preliminary step in listing a property for sale. An appraisal typically costs several hundred dollars, and is generally paid for by the buyer as it is required by the lender.
You can speak with your lender about whether they would be willing to do a “short sale” of the property. This means they would allow you to sell the home for less than what you actually owe. Your lender will explain your options for paying the difference between the sales price and the balance owed on your mortgage.
- This approach will rarely be to your advantage. If your price is higher than market value, buyers will simply see the lower-priced properties as “a better deal” and other agents can use this to their advantage. You will likely see all the other homes in your neighborhood selling while yours sits on the market for longer than it should.
- By the time a seller decides to reduce the sales price to market value, the initial interest of a new listing is lost and buyers will often conclude that there is an underlying problem with the property.
- By pricing your property accurately in the beginning, you will almost always get the best price and a quicker sale.
- A common mistake sellers make is spending too much on repairs. Much of the time the final sales price does not reflect a return on their investment. Kitchens and bathrooms are often a focal point for buyers, so it would be wise to concentrate on making these areas shine. Give the other rooms in the home a fresh coat of paint, and remove excess furniture and personal belongings. Curb appeal is another important area to focus on. Make sure the lawn is nicely landscaped, and free of any debris or clutter.
- If you have questions about what you should or should not repair before selling, we would be happy to walk through your property with you and give you some tips.
- There are several factors to consider here. One is how much time and money you are willing to invest. Another is whether your neighborhood will attract the type of buyers who would be willing to do the work themselves, or the ones who prefer a home that is in “move-in” condition.
- If you do not want to do the work yourself or just don’t have the money to spend on repairs, there are always buyers that would be willing to do the repairs themselves for a reduced purchase price.
- You should try to keep your home presentable at all times. Simple things such as making the beds and eliminating clutter can make a big difference in the overall impression on potential buyers. If you have pets, keep their areas clean.
- Many showings can be on short notice, so it is a good idea to be prepared by doing these things as you go and keeping cleaning supplies handy.
- A pre-qualification means that the buyer has answered a few preliminary questions about their income and expenses, and based on that information should be able to qualify for a loan in a certain price range.
- A pre-approval is a verification that the buyer has been working with a lender, and has already submitted a basic loan application with detailed income and expense information. A pre-approval is an actual confirmation that a loan will be granted contingent upon final verification of the required documents.
- You are not required to use an attorney during your sale, but many sellers do opt for one. There is a lot of paperwork involved and many documents to sign, and having legal representation can bring peace of mind.
- Your attorney may attend the closing with you upon your request. You might want to find out ahead of time if this service is included in their fee.