Dean DeMagistris' Blog
Looking to add your home to the real estate market sooner rather than later? Ultimately, you'll want to look beyond the potential price of your residence as you get your house ready for the real estate market.
For home sellers, price is one of several factors to consider before they list their houses. In fact, some of the top home selling factors to evaluate beyond price include:
1. A Home's Location
A home's location may dictate how quickly you're able to sell your residence. And if you understand the benefits associated with your house's location, you should have no trouble promoting your residence to the right groups of homebuyers consistently.
For example, a home that is located near a big city may prove to be an ideal choice for those who work in the city. On the other hand, a house that is located near top schools could prove to be an ideal option for families.
2. A Home's Condition
Although you've tried to maintain your house's interior and exterior over the years, you may still be uncertain about how your residence will stack up against other houses in a competitive real estate market.
Fortunately, a home appraisal can help you take an in-depth look at your house's condition and map out your home selling journey.
During a home appraisal, a property inspector will examine your residence. The appraisal may take several hours to complete, as a property inspector will investigate your house's interior and exterior.
When a home appraisal is finished, a property inspector will provide you with a detailed report that describes his or her findings. Then, you can use the home insights contained within this report to prioritize myriad home improvements.
With a home appraisal, you can gain deep insights into your house's condition. That way, you can better understand your house's strengths and weaknesses prior to adding your home to the housing market.
3. The Current State of the Housing Market
The current state of the housing market may impact your ability to sell your house, and for good reason.
For instance, if you're operating in a seller's market, there may be an abundance of homebuyers and a shortage of top-notch houses. This means there will be high demand for the best residences, and you may attract plenty of interest in your house as soon as it becomes available.
Let's not forget about a buyer's market, either. In a buyer's market, there are many home sellers and few homebuyers. Therefore, a home seller may need to allocate significant time and resources to stir up interest in his or her property.
For those who are unsure about how to navigate a seller's or buyer's market, hiring a real estate agent usually is an excellent idea. A real estate agent can teach you about the current state of the housing market so that you can get the best results possible during the home selling journey.
Look beyond price before you list your residence, and by doing so, you can boost your chances of a fast home sale.
A real estate agent for a seller, often referred to as a seller's agent, performs many functions, including helping you organize your house for sale, set the right price, determine a selling strategy, and negotiate with buyers. This article covers the roles and responsibilities of a seller's agent and what qualities to look for, so you will know how to select the right real estate agent to sell your home.
What is the Sellers' Agent?
A seller's agent represents the seller during the course of selling their property. Seller's agent is the same as a listing agent, and both terms can be used interchangeably.
When you are selling your house, the first meeting that you have with a real estate agent is usually known as a listing consultation. During the consultative session, your agent will look at your property and learn more about your aims for selling. They will discuss your home's selling features with you, and suggest improvements that could lift your price.
They will also do a comparative market analysis (CMA), which looks at comparable homes that have sold nearby, to help figure out what your home is worth in the current market and recommend a price to you. A good seller's agent should also bring a marketing strategy to help you realize that price.
Roles of a Listing Agent in Selling a Home
1. Prepare Your Home to Sell
A listing agent with lots of experience will know how to maximize your property value so you can receive top cash for your home. They will be able to figure out which updates you should make to your home to increase its selling price. They will also be able to suggest service providers such as an inspector, handyman, painter, landscaper, stager, etc., who will provide great value and high quality at a reasonable price.
2. Stage Your Home to Sell
Preparing your home is an art. Staging is different from decorating and requires the attention of a professional, especially if you want to make the most out of your sale price. They understand that proper preparation prevents poor performance. Your agent will help you stage your home so that it makes the best first impression among potential buyers. A well-staged home can wow buyers from the time they look at the listing photos, to the moment they walk in the door.
3. Hire An Expert Listing Photographer
An expert real estate agent will assist you in organizing professional photographers, or may even have one as part of the service. Once the home is prepared and staged, it will be ready for a photo shoot. The photographer will also perform a 3D scan of your house so that buyers can view it from every angle online. Many buyers who are not resident in the state or the country would want to have a 3D Walk-through of your house before they spend their time and money to tour it in-person.
These are essential roles real estate agents perform for the seller during the sale of a property. So when you are hiring an agent, don't be afraid to tap into their expertise and learn as much as you can from them.
As a home seller, it is important to do everything possible to make your residence an attractive choice for buyers. Because if your home stands out from the pack, you may be better equipped than other sellers to enjoy a fast, seamless and profitable house selling experience.
Ultimately, there are many ways to make your home an attractive option for buyers, and these include:
1. Perform Home Improvements
If your home has a leaky roof, defective heating and cooling system or other problems, there may be no time like the present to perform house upgrades. That way, you can transform assorted home weaknesses into strengths.
For home sellers who are uncertain about how to upgrade their residences, it may be beneficial to conduct a home inspection. This evaluation enables a home inspector to review your residence both inside and out. Then, a home inspector will provide a report that details his or her findings, and you can use the report results to prioritize home improvement projects.
2. Remove Clutter
If your home is full of antiques, furniture and various personal belongings, it may be tough for homebuyers to envision what life may be like if they purchase your residence. Conversely, if you eliminate clutter from your home, you can show off your living space's full potential to buyers.
Oftentimes, it helps to rent a storage unit before you list your residence. This unit will allow you to store a wide range of personal belongings in a safe place until your house sells.
It also may be a good idea to host a yard sale or sell excess items online. By doing so, you can simultaneously remove clutter and earn extra cash.
3. Boost Your Residence's Curb Appeal
Your house's curb appeal is a difference-maker in homebuyers' eyes. If your home boasts a pristine front lawn, flawless siding and other dazzling exterior features, your residence may stand out to buyers as soon as they see it. Comparatively, if your house has a messy front lawn, damaged siding and other noticeable flaws, your residence is unlikely to make a positive first impression on buyers.
Allocate time and resources to bolster your house's curb appeal – you'll be happy you did. If your home makes a positive first impression on homebuyers, you may receive lots of interest in your residence. And as a result, you may be able to accelerate the house selling cycle.
Lastly, as you search for ways to distinguish your residence from other available houses, you may want to hire a real estate agent. This housing market professional can offer expert recommendations and suggestions to help you enhance your residence. Plus, if you have any concerns or questions throughout the home selling journey, a real estate agent will always be available to address them.
Ensure your residence is an attractive option for buyers – use the aforementioned tips, and you can differentiate your house from the competition.
Is now the right time to lower the asking price for your residence? If you've studied the housing market closely, set an aggressive price for your home and are still struggling to generate interest in your residence, the answer to this question may be a resounding "Yes."
Ultimately, there are many reasons why you may want to consider lowering the asking price for your house, including:
1. It has been many weeks or months since the last home showing.
Although your home listing initially may have stirred up plenty of interest, homebuyers have shied away from your residence over the past few weeks or months. Thus, there may be no time like the present to lower your house's asking price to widen your net of prospective homebuyers.
Reducing your house's asking price by even a few thousand dollars may help you generate interest in your residence. And in the days following a price drop, you may notice a significant increase in the number of requests for home showings as well.
2. Your home asking price no longer corresponds to the current real estate market's conditions.
A seller's market can quickly morph into a buyer's market. As such, you should evaluate the real estate sector regularly to ensure your home asking price corresponds to the current housing market's conditions.
Take a look at available houses that are similar to your own – you'll be happy you did. This housing market data can help you determine if your house is priced appropriately based on the competition.
Also, examine the prices of recently sold houses in your city or town. That way, you can see how long these residences were available before they sold, find out whether you're operating in a buyer's or seller's market and plan accordingly.
3. You need to sell your house as soon as possible.
If you face a time crunch to sell your home, you should establish an aggressive price for your residence from the get-go. However, if you fail to generate substantial interest in your residence, you may need to act fast to lower your home asking price to meet your deadline.
For those who want to avoid the possibility of lowering a house's asking price, it often pays to work with a real estate agent. This housing market professional can help you establish a fair, competitive price for your residence, one that should help you stir up significant interest in your home.
In addition, a real estate agent will work with you throughout the home selling process. He or she will set up home showings, host open houses and negotiate with homebuyers on your behalf. Perhaps best of all, a real estate agent is happy to respond to your home selling questions and ensure you can make informed home selling decisions.
Before you lower your home asking price, consult with a real estate agent. By doing so, you can get the expert home selling advice that you need to determine whether to wait out the current housing market or reduce the price of your residence.
Receiving a low offer on a home can be frustrating for a seller. But, you’re likely to see at least one or two offers on your property that are lower than you would like.
Right now, the housing market is filled with young professionals burdened with student loans, rising costs of living, and stagnating wages. So, it’s no wonder that they’re trying to save money anywhere they can.
In today’s post, we’re going to talk about what to do when you get a low offer so you can set yourself up for a sale that you’re happy with.
Don’t refuse outright
The first thing to know about low offers is that they can sometimes turn into something that both you and the buyer are happy with. Many successful home sales started at a number that the seller considered too low, but--through negotiation--was brought to a higher price and better deal overall.
Many sellers are uncomfortable with the idea of negotiation. Most people seldom negotiate prices unless they are buying a car, and even then would prefer to avoid the hassle.
For others, negotiation is a normal part of everyday life. Flatout refusing an offer, especially if you aren’t receiving many other higher offers, could be a missed opportunity.
Compare your asking price with similar homes nearby
Odds are that you and your agent have already done your research and found an asking price that is comparable in your neighborhood. But home prices fluctuate. To reassure yourself that your asking price is fair, take another look at homes up for sale that are around the same age and size of your home.
Take time to craft a counteroffer
Once you’ve had time to talk the offer over with your family and real estate agent (and maybe vented a bit), it’s time to come up with a counteroffer.
There are a few options for making a counteroffer that don’t involve significantly lowering the amount you stand to gain from the home sale. First, you could offer to relieve the buyer of some of the closing costs, such as paying for the inspection. Or, if you planned on leaving new appliances in the home, you could lower your asking price but take the appliances when you move.
Weigh your options
If the buyer still won’t raise their offer close to your asking price, it’s probably a good time to move on and rethink your sale strategy.
Take some time to consider the sale as a whole. If you aren’t receiving many other offers, it might be time to consider lowering to price or rethinking your marketing plan. You might consider repainting and taking new photos, or changing up your listing to highlight some other features of the house.