INDUSTRY INSIGHT
Selling Your Home
Is Your Home
T
housands of local homes are sold each year and, while each transaction is
different, every homeowner wants the same thing: the best possible deal
with the least amount of hassle and aggravation, and, of course, the most
money for their home.
Home selling is more complex than it used to be. New seller disclosure
statements, longer and more mysterious form agreements, addendums to
addendums, and a range of environmental concerns have all emerged over the
past several years.
More importantly, the home selling process has changed. Buyer brokerage,
the process in which REALTORS® represent home buyers, is now common
nationwide and the best buyer-brokers want only the best for their clients.
The process is not as easy for sellers as it was five or 10 years ago. Surviving
in today’s real estate market requires experience and training in such fields as
marketing, financing, negotiating, closing, and using the services of a local real
estate market expert.
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over-improved. For example, if most homes in your neighborhood have three
bedrooms, two baths and 2,500 square feet of finished space, a property with
five bedrooms, more baths and far more space would likely be priced much
higher and would be more difficult to sell.
Improvements should be made so that the property shows well, reflects
community preferences and does not involve capital investments, the cost of
which cannot be recovered from the sale.
Cosmetic improvements, paint, landscaping, etc., help a home show better
and often are good investments. Mechanical repairs that ensure all systems
and appliances are in good working condition are required to get a top price.
Ideally, you want to be sure your property is competitive with other homes
available in the community. Your local market expert, who sees numerous
homes, will provide suggestions that are consistent with your marketplace.
When Do I Start to Prepare?
The home-selling process typically starts several months before a property
is made available for sale. It’s necessary to look at a home through the eyes of a
prospective buyer and determine what needs to be cleaned, painted, repaired,
and pitched. This is called “staging.”
Ask yourself: If I were buying this home, what would I want to see? The
goal is to show