Thinking about selling your home?
It’s a major decision – David knows most sellers want the same things…..to get your home sold for the highest price, in the shortest amount of time, with the least headaches and walk away netting the most money. David has over 15 years experience doing just that!
Top Tips on Getting Your Home Sold
#1 Have a clear objective on why you are selling – what happens if you do sell and what happens if you don’t
Sellers want the same things – the highest possible price, their time frame, no hassles, & ‘net’ them the most money – HOWEVER – What a seller NEEDS or WHY you are selling varies greatly – think of selling your home not as the goal but rather an obstacle – “Selling our home will allow us to __________. If we/I do not sell then __________ will happen, How you fill in those blanks goes a long way towards having a clear objective!
#2 Be Realistic about Price / Value and how you Position Your Home in the Market
If you want to be real about getting your home sold then you have to be real about pricing! Here’s a few things you should not rely heavily on:
– what zillow or any other automated valuation site says your home is worth
– your tax value
– what you paid for the home
– what the home may have been worth ‘before’
– an old appraisal or even a current appraisal for any reason other than selling (ie a recent refinance appraisal)
So what is important? In simplest terms – current market conditions – how many available qualified buyers are buying in your area/price range compared to the number & quality of competing homes for sale, this info gives you whats called the absorption rate – its what someone is referring to when they say ‘Cary has a 11 month supply of homes” – while that may be true in the big picture market wide it can vary greatly based on specific price ranges etc – it’s imperative that you not only have the necessary data but interpret that data and apply it your your specific situation – it gets back to Tip #1 – We need to sell our home because it will allow us to _______ if you need to sell in 3 months but there is a 11 month supply of homes in your area / price range it’s gonna require a strategic plan to get your home sold! Why would a buyer choose your home over the others? If it sounds overwhelming don’t worry – it’s one of the things we do best – monitor the ever changing market conditions and give you the specific information you need to make an educated decision. During our seller consultations we provided detailed information as to the market conditions – for the area in general and drilling down to your specific home. If you aren’t informed and realistic about your price then my advice is….keep the sign out of the yard.
# 3 Pre-qualify your home
You know about the importance of a buyer being pre-qualified but what does a pre-qualified home mean? -I’m referring to the work you due before you start the marketing process. Yes HGTV is fun to watch and yes staging is important but specifically I’m talking about having your home inspected by a licensed NC home inspector before placing your home on the market – we know the buyer is going to have an inspection and with the new NC due diligence contracts a buyer can walk for any reason during the due diligence period so why not eliminate any surprises – it’s much easier to deal with an unknown problem on your own time table versus watching a contract fall apart due to what the inspector found – what if it’s a clean report? great – take care of the minor items on the list and then use the report as part of the marketing – ex: “Dear Future buyer – here is a copy of our recent home inspection report along with receipts showing all items repaired. Would that be attractive to you as a buyer? Other parts of ‘qualifying’ your home could include a recent survey, termite inspection and title work – basically eliminating any surprises – and the cost for all of this can usually be accomplished for less than $1,000
#4 Focus on your ‘Seller Net’ – What will you walk away from closing with
We know that sellers want to sell their home for the most money but a better way to phrase this is – a seller wants to walk away from closing the most money possible – which equals ‘netting’ the most money. It’s very important for a seller to complete a seller net worksheet prior to placing their home on the market and prior to accepting any buyer’s offer. A seller net worksheet prior to placing the home on the market is equivalent to a buyers good faith estimate – it shows the seller all the related fees incurred during the selling process – including realtor fees, property taxes, revenue stamp tax, closing attorney fees on the seller side, paying off all loan balances etc – this will allow the seller to know based on a certain price exactly what the new proceeds would be. When an offer comes in instead of focusing primarily on the offering price focus on the seller net – offers are structured differently – items such as closing cost, when the home will close etc all can impact your bottom line – whenever i present an offer to one of the sellers i represent i first give them the ‘net ‘ number – ‘Mr/Mrs Seller – with this offer on the table you would net ‘x’ dollars – here’s how the buyers have structured the offer. One important side note – just because a seller needs to ‘net’ a certain amount does not automatically equal the home being worth that much – its part of the realistic process of deciding if now is the right time to sell and what happens if you don’t.
#5 Hire a professional that provides a complete marketing strategy
C’mon you knew i was gonna recommend hiring a professional right? At least i saved it for tip #5. The reality is not all real estate agents bring the same skill set to the table – selling a home is so much more than placing a sign in the yard and throwing it into MLS – (actually there are several hundred items on the CaryRealEstate.com internal seller checklist!) there are many intricate details to a marketing strategy – when i teach this class as a real estate instructor it’s a full day’s class but here are a few highlights of how important ‘little things’ are
– why you should price at even numbers now, no longer 499,999 but 500,000,its much more important than you might think! – what day of the week your home goes active in the mls – offering a pre-marketing period before the home goes live in the MLS – determining who the most likely buyer is and marketing specifically to that buyer – offering incentives inline with the price of the home – marketing to both buyers and other agents – entering the maximum number of photos,virtual tours, videos etc – casting a virtual ‘web’ to capture online buyers and get them into your home
#6 BONUS TIP – Once your home is on the market it’s important to stay current with ever changing market conditions
– that’s why CaryRealEstate.com sellers receive a weekly marketing report alerting them to changing market conditions – for example how many new competing properties cam e on the market – did any of the direct competition reduce their price? – did one of the competing properties go under contract? did that buyer agent show your home? if so why not? Not just how many showing did your home receive but how does that compare to the total number of showings in your area and price range. The number one complaint from sellers is not hearing from their agent – that’s one of the reasons we place such importance on the bi-weekly marketing reports.
Have questions? Would you like to schedule a seller consultation with David? Curious what you r home is worth? Maybe you just want a copy of the seller net worksheet – no problem – For any of these reasons give us a call at 919.386.9101 or request more info online
One more tip ‘bonus tip’ – Tip #7 – leave your home/neighborhood then drive back to your home starting with entering your subdivision with your ‘buyer’ hat on
– act as if you are buying and you are considering your home versus the other competing homes – would you choose yours? why or why not? A common service I provide to my sellers is going out and viewing the immediate / strongest competing homes – allowing for a direct compare/contrast – it can be very enlightening.