Preparing to Sell
UNDERSTANDING THE PROCESS
The Market:: A “Buyer’s Market” exists when there are more homes listed than people to purchase them. In this case, the Buyer has the power of choice and tends to control the marketplace. Alternatively, when fewer homes are listed to meet the needs of those looking to buy, a “Seller’s Market” prevails. Buyers are typically more eager to snatch up available inventory, and are often willing to pay more to do it. Sellers, in this scenario, have greater control over the market and can demand a higher dollar for their properties. When the number of Sellers and Buyers are equal, the market is referred to as ‘balanced’ and an advantage does not exist over one group or the other. It’s a simple case of supply and demand – When demand increases, so does price. When supply is in excess, incentives are required to move product, and price is typically impacted as a result.
To Sell and Buy – which one first? It is possible to negotiate the purchase of a new home dependant on the sale of your current one. This protects you financially to ensure that you won’t wind up owning two homes (and paying TWO mortgages!) at once. Alternatively, Sellers can request a long closing date on the sale of their current home to ensure that ample time is provided to find a suitable new home to purchase. Other options do exist, including “bridge financing.” This is an agreement with your lender to cover the financial obligation of purchasing a new home before your current home closes. Nicole can guide you through your options and come up with the right plan for you.
Money Matters:: Understanding the financial aspect of your real estate transaction is crucial. You should speak to your mortgage specialist to understand the terms of your current loan and the implications associated with selling your property. If refinancing is on your horizon, let us direct you to professionals who may benefit you regarding your choices.
Put your best foot forward:: Nicole knows that the goals of each client are not always the same. Completing a real estate transaction is one thing to accomplish, but Nicole’s approach starts long before the listing agreement is signed, and extends beyond the closing of your deal. Whether it’s an extra hand to tame neglected landscaping, a painter to touch-up faded walls, a handyman to fix those pesky projects, or a cleaner to make things sparkle – Nicole will arrange whatever – and whoever – is required to bring your home to its best before it is listed, and until it is sold. You can expect suggestions and tips regarding staging and presentation to ensure your property will show at its finest. And if a move isn’t part of the ‘short-term’ plan, Nicole can shed light on your renovation priorities to explain which improvements will be most beneficial down the road when it comes time to sell.
HOW MUCH IS MY HOME WORTH?
Nicole has the tools and experience to calculate your home’s worth and ensure that you will see the greatest return for your investment. From reviewing the unique details and special features of your home, to analyzing recently sold comparables, current competition, and the ‘bigger picture’ of the local real estate market, Nicole will make certain that you are on the right track to a successful sale.
Determining Market Value:: Establishing a competitive asking price will attract positive attention and lead to maximum return. This is no small task, but Nicole can help guide you in this process. Inaccurate pricing can be detrimental to the successful sale of your home, and is a risk that Nicole will help you to avoid. You could miss out on thousands of dollars that a willing Buyer might pay if the price is set too low. Over-pricing your home will scare off potential Buyers who believe they can’t afford your home. Developing a negative stigma is always a risk when listings linger on the market for long periods of time due to inaccurate pricing. This can lead to consumers questioning what might be wrong and what has deterred others. Over-pricing may also demonstrate that a similar home listed for less is better value, thereby effectively selling the competition. The wrong asking price can lead to detrimental results.
THINKING ABOUT SELLING PRIVATELY?
Attempting to sell your home without the help of a Realtor is a growing trend that appeals to many homeowners. Upon realization of the complexities of the real estate process, however, many people reconsider and enlist the services of a Realtor. Completing a real estate transaction requires time, skill, and experience. Many homeowners determine that they are not equipped to effectively carry out this transaction on their own, and lack the confidence to ensure their best interests are protected.
Many problems can arise when consumers take on the responsibility of selling their home privately:
o Under-selling based on insufficient knowledge of market and area comparables
o Legal fees exceeding the cost of Real Estate commission for work that falls to a lawyer in the absence of a Realtor
o Missing clauses and conditions that fail to protect the Seller and/or put the Seller at a disadvantage
o Limited exposure to market and missed opportunities to appeal to potential Buyers
o Full liability resting on the Seller’s shoulders should a problem arise
o Lack of confidence and a stress-filled process due to no professional assistance
Advantages to working alongside a Realtor include:
o Access to, and analysis of comparables to ensure you’re priced competitively
o Negotiating experience – confidently navigating you through the process to ensure you don’t sell yourself short
o Unique and powerful marketing
o Positioning within the industry based on extensive network of professionals to gain exposure
o Confidence throughout the process to guarantee your best interests are protected
o Insurance to ensure you are protected and not liable should issues arise.
Once a Seller understands that the role of a Realtor will enable them to make the most of their real estate endeavor, it is an easy decision to employ the services of a professional who will make your selling process beneficial and worthwhile.