Selling Your Home?

01.26.2012  |  category: For_Sellers  |  posted by: Joy Mengeringhausen

If you are thinking about selling your home there are a few things you may want to consider.  The decision to sell a home is a big one and not to be taken lightly. Let’s face it, knowledge is power. Seller’s need to know what they’re getting into before listing and selling. 

  1. Know your reason for selling. It is important for you as a seller to know your motive for selling. Have your circumstances changed? Are your mortgage payments too high? Do you need a larger or smaller place? Do you want to be closer to family, schools or work? Are you retiring or relocating? 
  2. Be determined. A wishy washy let’s try it and see what happens will not get it sold. This approach often means the home is overpriced and will most likely sit for months without a single showing. 
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  3. Get the green light. If you own the property with your spouse, family or business partner, make sure everyone is in full agreement. In multiple owner situations, often times one person is more committed to selling than the other(s), this can stall or worse, squelch a potential sale.
  4. Be ready. Think about the things you liked about your home when you first bought it. Does it have curb appeal? If the property is welcoming as you pull up, it will set the tone as potential buyers come in to see the rest. Once inside, keep it clean and simple by removing clutter, organizing closets and storage spaces.
  5. Be committed to selling. Stay focussed with your eye on the ball... but don't get cocky. Now that you've organized and repaired minor items, things have taken on a fresh new look. It almost feels like you wouldn't mind staying put, right? Remember to focus! This is why it's super important to work out why you want to sell in section 1. If in doubt go back and see number 1. 
  6. Choose a professional. Believe it or not, agencies don’t sell real estate, real estate agents sell real estate. Choose an agent who is knowledgable, professional, personable and has a strong online presence to market your property. New studies show that over 90% of real estate proeprties transactions begin online. 40% of those actually found the home they purchased online. google an agents name, if they don’t dominate at least 10 pages of search results how will they be able to effectively market and sell your property? 
  7. Know the competition. The three main factors buyers consider are: location, price and condition. If your property has the best price for the condition in the area, it will sell. If it doesn’t meet the three main points of criteria buyers are looking for, you will need to make adjustments in either price or condition to effect a sale. Know what similar properties in your area have sold for. Your agent will help you determine this via a written Comparable Market Analysis “CMA”. 
  8. Pricing is crucial. Too low and there may be several offers on it within a few days, perhaps even a bidding war. Price it too high and it will sit for months without a single showing. It is crucial to study the CMA and price your home competetively against similar homes in your area. 
  9. Listen to the pros. We've all done it at one point or another, talked to our friends. Only problem is friends don't usually hold a license in the field of Real Estate and operate more on "feelings" or what they have "heard" or maybe experienced themselves in other markets rather than what is happening in this market today. Problem with this is while I am sure you value their opinions (1) it isn't thier house, or their money, they don't need to move you do and (2) would you go to your plumber and ask if your appendix needs to come out?  Of Course Not! Why go to anyone other than a REALTOR when you need to make decisions about real estate? 
  10. Brace yourself. Whether you are selling a sixty thousand dollar lot or a multi-million dollar home, buyers will usually offer less than they are willing to pay, not what the market reports state. Lowball offers will come in, don’t take offense, it will happen regardless of the price point.  Consider the offer and have your agent take another look at recent closed sales to see if there are any new, recent sales in your area to support the low offer. Remember in most cases, the property will still need to appraise in order to sell.
  11. Accept or Counter. Some buyers today lead with their final offer. If the offer is close to list price, you may want to consider accepting the offer and moving forward with the sale. However, if it’s a low offer counter the offer no matter how low, even if only done verbally. If your counter-offer is a fair price at market value supported by recent closed sales in your area and the buyer see’s real value in the property; the buyer may accept your counter-offer ultimately resulting in a sale. 
  12. Keep an open mind. Many different types of situations too numerous to list can arise within a sale. Keeping an open mind to different possibilities and making changes as necessary can keep the deal together, resulting in your desired final outcome, the sale of your property.

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Knowing what to expect can help you make confident decisions when it comes time to listing and selling your home.

Are you in the Lee/Collier County area and want to sell your home?
Request your Free Comparative Market Analysis and let’s get started!

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