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Home Seller's Guide
Your home is more than an architectural structure. It is an extension of who you are, representing your personality, style and values. That's why selling it can be such an emotional experience. But it can also be exciting and rewarding. We can help you transition from the emotional decision to the objective planning phase by arming you with key information about the home selling process. Here we'll discuss the four major steps in selling a house; Planning the Sale, Understanding the Market, Getting Your Home Ready to Show and Closing the Deal. Make note of your questions as you read. CENTURY 21 Alamr & Associates' real estate agents are familiar with every aspect of the real estate transaction and can answer any questrions or concerns you may have. Although selling is generally less complicated than buying a home, you'll still need to do some homework and planning to ensure you get top dollar on the sale. Here is a summary of the process:
Selling with a professional at your side Once you've decided to sell, your next step is to hire a real estate agent to help sell your home. Given the complex personal and financial decisions involved, enlisting the help of an experienced and objective real estate professional can save you time, frustration and potentially thousands of dollars. Some consider selling their home on their own. If so, ask yourself the following questions: Are you prepared to buy advertising space? If not, can you afford the time it will take to sell your house with only a sign in the yard? Are you willing to stay close to home for days, weeks, maybe months to show your house? Do you know the up-to-date ways to market your home on the Internet? Do you possesss the necessary knowledge to answer buyers' questions, negotiate a contract or close a sale. Do you know the documents and disclosures you are required, by law, to provide potential buyers? If you answered "No" to any of these questions, perhaps enlisting a CENTURY 21 Almar agent to help would be the most efficient way to sell your house. A CENTURY 21 Almar real estate agent may provide the following services:
SELECTING THE RIGHT REAL ESTATE OFFICE As the world's largest real estate sales organization with approximately 8,000 independently owned and operate franchised broker offices spanning 45 countries and territories worldwide, the CENTURY 21 System has the track record, marketing experience and top-notch real estate agents you're looking for. We'll not only guide through the process, we'll work hard to get you through your closing smoothly. We look forward to working with you. THE LISTING AGREEMENT PRICING YOUR HOME TO SELL The "right" price involves striking a balance among the maximum amount the current housing market will allow, you "competition" and your own time limits in selling. Although the greatest amount of buyer activiy typically occures during the first three to four weeks, a reasonable time frame for selling a house may be longer. If a house is on the market too long, potential buyers may avoid the house, wondering if something is wrong with it. So how do you determine the right price? Start by reviewing the Comparative Market Analysis (CMA) prepared for you by your sales associate, and discuss the items in the next section. Although you set the asking price, buyers determine the value. They'll compare your home and your asking price to similar homes. If you’re asking price doesn’t stack up, buyers will quickly reject your property and move on to the next listing. That's why your first step in determining the right price for your home is to have your CENTURY 21 Almar & Associates' real estate professional prepare a Comparative Market Analysis (CMA) report for your home. The report provides details on recent sales of homes similar to yours, as well as the asking price of homes currently on the market and properties in your area that did not sell. Once you've done your homework on the market conditions, you'll also want to consider the factors listed below that may add or detract from the value of your home. With these factors in mind, you and your REALTOR® should be able to determine a fair price for your home: LOCATION: What are the tradeoffs and advantages of your property? Is the house located on a busy street or is it on a cul-de-sac? Look at both your neighborhood and location within the neighborhood. FEATURES: Does your house have specific features that set it apart from others, such as a spectacular view, pool or an over-sized lot. Remember, features that you feel set your house apart from the others may not always be a plus to potential buyers. CONDITION: Has your property been adequately maintained? Are there minor or major repairs that could make a difference in the immediate sale of your home? Remedying these items now will increase your value. AGE: Potential buyers will want to know the age of the plumbing, a/c unit, roof, appliances, etc. If anything has been replaced, this could add to the value of your property and your sale price. CURRENT MARKET: Is today's market a buyer's market or a seller's market. A "buyer's market" means there are several similar properties for a buyer to choose from. Usually, interest rates are attractive, and prices are steady or declining. A "seller's market" is the opposite. While interest rates may be low or high, housing prices are on the rise, and there are few houses to be sold. TIME FRAME: How long do you have to sell? What was the average time on the market for a comparable home that sold? Can you wait while a buyer arranges financing? Does your purchase of another property depend on this deal closing quickly?
Estimating Your Bottom Line Before you sell, it's important to estimate the various expenses, for which you'll be responsible, that will affect your bottom line. In addition consider any mortgage pay-off amount, any early pay-off penalty and the expense of home repairs you'll need to make before listing your home on the market. You'll be responsible for various closing costs including real estate commissions, repairs, transfer taxes and pro-rated property taxes. Closing costs vary from area to area. Your CENTURY 21 Almar & Associates' real estate professional can provide an estimate of your settlement costs, although it is advised you should ultimately consult a legal or financial professional. There may be tax implications related to the sale of your home. Tax information is subject to change. You should consult a tax professional specializing in real estate matters in advance. Review Buyer Financing Options When the time comes to negotiate a sale, it is best to be aware of current financing available to buyers. With the help of your CENTURY 21 Almar & Associates real estate professional, review the mortgage climate. Are loans in abundance or hard to obtain? Does your property qualify for the Federal Housing Administration (FHA) or Veterans Administration (VA) loans? Is your current loan assumable? Does the buyer expect you to pay any of the discount points connected with the cost of this loan? Determine your time frame in waiting for financing to be secured by the buyer, including alternatives. Pre-Listing Inspection To protect yourself from any potential liability, you may want to obtain a professional pre-listing inspection report to accurately disclose any health and safety concerns or adverse conditions regarding your property. In many states, pest inspection and termite reports, in particular, are required before a house can be sold. To find a good inspector, ask friends and business associates for referrals or get recommendations from your CENTURY 21 Almar & Associates real estate professional.
Getting Your Home Ready to Show To get top dollar and sell quickly, you must prepare your home and property so that it's in top-notch, move-in condition. Take a look at your house as if you were seeing it for the first time. You may not notice crowded closets and untidy flower beds, but potential buyers will. CURB APPEAL Remove grease or oil spots in your driveway. Make sure your doorbell works. Repair loose roof shingles and fill cracks in the walk and driveway. And once the potential buyer is out of the car, continue the allure with a friendly front door. Restore its luster with a few coats of varnish or spiff it up with a rich, new accent color. In other words, make your entire property a showpiece. HOME STAGING FOR SUCCESS Clear out closets and cupboards. Remove knickknacks from tables, countertops and bookshelves. Remove all unnecessary furniture to make the rooms seem more spacious. Brighten rooms with a fresh coat of paint. Choose neutral shades of white, off-white, beige or light pastels that will coordinate with most decors. Give your home an open, airy feel by opening the curtains and pulling up the blinds. Turn on as many lights as possible. Kitchens should be absolutely spotless. Pack up all excess kitchen appliances. Clean the oven inside and out. Run lemon through the garbage disposal for a fresh smell. Make sure all appliances are working. Remove all magnets from the refrigerator door. Bathrooms are just as important. Remove stains from bathroom fixtures, repair dripping faucets and polish mirrors. Add sanitizers to toilet bowls and keep lids down. Wash and fluff bathroom rugs, hang fresh towels. Potpourri and scented soaps add a nice fragrance to the air. And as a final touch, appeal to the buyer's sense by playing soft background music while people tour your home, and bake cookies, bread or apple pie just before they arrive. Ask your CENTURY 21 Almar & Associates' real estate professional for additional tips on getting your home ready to sell. Let your agent show your home for you. Potential buyers usually feel more comfortable when owners are not present. Your agent knows the real estate business and will present your property to its best advantage. When someone prepares an offer, they advise your CENTURY 21 Almar & Associates real estate professional who then makes an appointment to present it to you (all offers must be presented to you). Your CENTURY 21 Almar & Associates real estate professional will council and advise you, but the final decision will be yours. Review every offer, comparing the financial qualifications and readiness of each buyer. You may accept an offer as is, reject it or make changes and sign it back to the purchaser to see if they are willing to accept your changes. In turn, the buyer then may accept your changes, reject the changes or come back with a counteroffer. This process continues until the deal is agreed upon or negotiations are terminated. Rest assured that your CENTURY 21 Almar & Associates' real estate professional will be armed with information to help you negotiate the best deal. And for your protection, a deposit can be collected from the buyer prior to any acceptance of the purchase offer. A written agreement stating all conditions of the sale will be signed by both parties. Once your contract is fully executed (buyers and sellers have both signed) it is time to sit back and be patient. The buyer will be busy arranging mortgage financing. The real estate brokerage and title company are beginning to accumulate data and prepare documents. Your CENTURY 21 Almar & Associates' real estate professional will track the progress of the sale. This is a good time for you to take a breather; start thinking about your next big step - moving into your new home. Final closing day will be scheduled when all the steps are completed. Closing is when you and the buyer sign all the paperwork, pay your share of the settlement fees and the documents are recorded. Once you present an executed deed to the buyer and receive the check in the amount agreed upon, your house is successfully sold. |
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