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Inspire Home & Land Realty

Office: (402) 371-9311

info@inspirerealtyne.com
2100 Market Lane Suite 700 Norfolk, NE 68701
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What you should know when selling a house

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What you should know when selling a house

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Decide When to Sell.

In real estate, timing is not everything, but it does influence your home’s selling price. When there are lots of people looking for homes but not many for sale, this is called a ‘seller’s market’, because the seller has something everybody wants. When there are more homes for sale and not many people buying them, this is called a “buyer’s market” because buyers have more power of choice.

How quickly do you need to sell your home?

In a seller’s market, top price and a fast sale can go together. In a buyer’s market, more sellers are competing for your potential buyer. If you must sell right now, you may wish to lower your asking price a bit to speed up the sale. If you’re also buying a home, in this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home, you need to pay a bit more attention to the market.

Buy first or sell first?

Many people can time their sale and purchase, so they happen on the same “closing date.” Buyers can make their offer “conditional” on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. If you find your new home before you’ve even started to sell your old one, talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home.

Sign a Listing Agreement.

The “Listing Agreement” authorizes the agent and brokerage to market and sell your home. This agreement defines your relationship, provides detailed information about the home, which then can be placed on MLS, and forms the basis for drafting offers on your home.

Determine Your Home’s Asking Price.

Lots of people out there want to buy your home. The right asking price will attract buyers’ attention and pay you a maximum return. You have the final say over this magic number, but your agent will have very useful advice. Your goal is fair market value. “Market Value” is a term that simply means the maximum amount of money that interested buyers are willing to pay for your property. Remember, buyers’ comparison shop, especially for something as expensive as a home.

We will create a physical description of your listing itemizing the lot size, the age of your home and the style of construction. We will list the style, number, and size of the rooms, and include any outstanding selling features of your home such as “backs onto golf course” or “fabulous kitchen renovation.” Legal information such as the lot number, land surveys and the zoning code will be included.

What exactly is included in the price?

Washers and dryers, microwaves, and window blinds? Fixtures like installed lighting and wall-to-wall carpeting. Fixtures are assumed to be included in the sale of the home unless you note otherwise. Go over every item and make sure it’s accounted for in the Listing Agreement.

Be honest about imperfections.

Maybe the basement leaks during the spring thaw, maybe the kitchen sink backs up when both showers are running. It is best to come clean and report it. If you don’t, and a significant fault is discovered before the sale, it can cast a shadow of doubt over the rest of the home. If the fault is discovered after the sale, and it can be proven that you knew about the problem, you may be sued for the cost of the repairs.

Yes, first impressions matter.

It’s nearly impossible to replace the initial flurry of interest and activity a new listing will generate. Other agents in the area will want to see your home right away and tell their buyers all about it. Be sure you’re priced and poised to capitalize on this first wave of excitement. Now is the time to see your home through a buyer’s eyes. Over the years, you’ve grown quite comfortable with your home’s little imperfections; the hole in the screen door, the chipped paint on the baseboards, the mess in the basement. Repair as much as you can, within reason, and get rid of the clutter. Your house will feel a lot bigger and more inviting when you get rid of all the non-essential stuff lying around your house. Clear out those closets, remove bulky, unused furniture and rearrange the remaining pieces to make the best use of space.

Clean everything.

Cleaning is the single most cost-effective way to make your home more attractive to buyers. Floors, windows, walls, doors, baseboards...everything! Give extra care and attention to the two most important rooms in a buyer’s mind: bathrooms and kitchens. Once it’s clean, keep it clean! You never know what day your ideal buyer will visit. Also, never underestimate the power of paint. Strong colors on the walls or wild wallpaper make it hard for buyers to imagine their furniture in your house. Consider repainting your home in bright, neutral colors that will enhance a room’s size and look more inviting. Next to cleaning your home, paint is the most cost-effective way to increase your home’s appeal and attract offers.

Depersonalize your home.

Remember, you want buyers to walk through your house and feel like it’s their home, not yours. Some people just don’t have good visual imagination. They won’t see past your wall of family portraits, or your collection of unique home decor. These things are guaranteed to prevent buyers from emotionally placing themselves in your home. Remove everything that’s too much about you and ask your agent for help deciding.

Add some beautifying touches.

Mirrors on the wall will help rooms feel far bigger. A few new houseplants will add undeniable appeal. Pay special attention to the outside of your home. Trim the trees, weed the garden and consider planting a few new flowers. Is your driveway cluttered with toys, tools, trash etc.? Does both the exterior and the interior look like they have been well taken care of? Does the carpet have stains? Your home needs to make a great first impression with some serious “curb appeal.” You don’t need to spend a fortune to make a big difference.

Considering Offers

When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a buyer. Some terms that may work in your favor:

  • Higher-than-market-interest in a second mortgage for your home

  • The buyer will pay for most or all the closing costs

  • The buyer will take care of any repairs

  • Quick close - the buyer is pre-approved and ready to close in a timeframe that best suits you

  • All-cash deal

When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs.

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Inspire Home & Land Realty2100 Market Laane Suite 700Norfolk, NE 68701

Office: (402) 371-9311

info@inspirerealtyne.com

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