Sellers Resources

Pricing Your Home

When you want to sell your home, you first need to determine a price. Your initial temptation may be to increase the price you paid until you've reached a satisfactory profit. In reality, however, this probably won't price the home at its true market value.

To figure out what your home is really worth, you need to put aside your personal feelings about the home and ask yourself what homebuyers may actually be willing to pay. It is unwise to base your asking price on emotion.

Although it means a great deal to you, homebuyers aren't likely to have any interest in the memories and good times you've had in the home or in the amount of time you spent decorating.

Market conditions are likely to have the most significant impact on the sale price of your home, so take note of whether the homes in your area are priced high or low and if they're selling quickly. Become informed on current interest rates and the local job market, and use this information to determine if it's a seller's or a buyer's market.You can use our Virtual Market Analysis system to at least get a rough idea of what homes have sold for in your area

To help ensure the success of the transaction, you may want to be more flexible and creative in meeting the needs of the buyers. For instance, you will attract those buyers who want to move immediately if you're willing to close escrow quickly. If you have first-time buyers who need assistance with the down payment, a lease-to-buy option may seem attractive.

Speeding Up The Sale

Once you decide to sell your home, you want the process to go quickly. But what do buyers want? Of course, it varies with the needs of each individual, but typically buyers are looking for a good neighborhood, a realistic price, a clean home, favorable mortgage terms and a timely move-in date.

You can't control all of these factors, but there are some things you can do to make your home sell faster. Start by realizing that you're competing with other sellers, so your price must be competitive. If it's not, potential buyers are likely to take their business elsewhere.

You can also increase the perceived value of your home by adding a few welcoming touches and cleaning it up - both inside and out. Although you can't do much to change your neighborhood, you can focus on the positive aspects of the area when speaking with potential buyers. Don't be misleading, but try to put a positive spin on your comments whenever possible.

Few buyers have cash on hand for the down payment and closing costs, so it's wise to offer the best possible financing terms. With seller financing, you keep a mortgage for about 10 percent of the selling price instead of getting the cash from the buyer's bank. Then, the buyers will pay you each month. But if you need the money from the sale of your existing home to buy a new one, seller financing may not be your best option.

Some people will buy only if they can move in quickly, while others buy wanting to take possession at a later date. Either way, it usually pays to cooperate with the timing needs of a buyer whenever possible.

Accepting an Offer

As a seller, you may receive multiple offers if there are more people looking to buy homes than there are homes on the market. When several buyers make an offer on your home, it may be best if you and I meet with each potential buyer to discuss the offer.

After visiting with each buyer, you can decide on the offer that is most appealing. You may also want to choose a backup offer, just in case the primary one falls through due to a factor such as financing.

When deciding on which offer to accept, it is wise to choose the cleanest offer. A clean offer is one with the best price from the most qualified of all the bidders. It's also one with the least amount of conditions or contingencies attached.

Dealing with multiple offers may seem difficult, but remember that your goal is to get the best price for your home. As your real estate professional, I am here to help you reach that goal.