Selling
A full 90% of American homeowners hire a qualified agent to sell their homes. And no wonder—it’s a daunting task for an owner to price his/her house accurately, determine whether a buyer is qualified, create and pay for advertising, show the home to prospective buyers, understand the latest real estate regulations, be available whenever a prospective buyer wants to view the property, negotiate and prepare contracts, and coordinate the details of a closing.
So perhaps it’s no surprise that homes sold by real estate agents sell faster and easier—and for more money.
MY ROLE AS YOUR REAL ESTATE AGENT
Is a successful sales balance of four components: the market, price, condition of the house, and exposure.
Because I know about market trends and the other houses in your neighborhood, I'm perfectly equipped to play up your home’s advantages and downplay disadvantages.
PLUS:
COMPETENCE + COMFORT = CONFIDENCE
WHEN TO CONTACT ME
As soon as you decide to sell your home. There is always a buyer looking, and in real estate, I'm the bridge to those buyers. Although the number of buyers remains relatively constant, they will act when a new property with high value comes up for sale.
Speed is key for both you and the buyer, and I deliver speed.
Peak selling seasons vary in different areas of the country, and weather has a lot to do with it. For example, in the Mid-Atlantic, late spring and early fall are the prime listing seasons in many areas because houses tend to "show" better in those months than they do in the heat of summer or the cold of winter. And of course, people like to do their house shopping when the weather is pleasant.
But keep in mind that there are also more houses on the market during the prime seasons, so you'll have more competition. So while there is seasonality in the real estate market, it's not something that should dominate your decision on when to sell.
Even if you're under no pressure to sell, waiting for particular market conditions is not likely to increase your profit potential. The reason is that while you are waiting for the market to improve, you continue to make mortgage payments, insurance payments, in some cases HOA payments, and home repairs. That increases the amount of money you have invested in your home while the price of your next home may also be increasing.
HOW LONG DOES IT TAKE TO SELL AN AVERAGE PROPERTY
Time varies from 14 to 90 days, dependent on a variety of factors I will fully describe it with you in person.
Creating a perception of value and a sense of urgency will see the greatest number of showings when your property is first introduced to the marketplace. Buyers who look at your property typically are financially qualified who have been working with a REALTOR® already, have seen the other properties in the area, and are knowledgeable about market prices. They contacted agents months ago about properties they found, and they are now prepared to make offers when they see the right home at the right price.
By the time we enter the third week of marketing, the showings will have dropped off. From this point, most buyers who are learning about your property are just entering the market and will not be ready to make decisions for several months. They still have to arrange their financing and have not seen enough properties to be educated about the market.
So, your best opportunity is during the initial exposure to the market, because with the largest pool of buyers during that time, properties sell at their highest price.
Buyers pay attention to how long a house has been on the market. Let’s look at what buyers may be thinking at different days on market.
PRICING YOUR HOME
Your home is only worth what a buyer in the current market is willing to pay. In other words, fair market value.
Simply put, the fair market value of a house is the highest price an informed buyer will pay, assuming there is no unusual pressure to complete the purchase. It is usually not the asking price.
You will know if your home is priced right by the number of showings.
If you want more help on accurately pricing your home, you can also:
Unless your house is nearly new, chances are you'll want to do some work to get it ready to market. The type and amount of work depends largely on the price you're asking, the time you have to sell, and of course, the present condition of the house.
In general—stick to light, neutral colors. Keep the yard and rooms free of clutter or kids' toys. Remember, when a buyer looks at a house, he or she is trying to imagine living there. Create as clean a canvas as possible.
HERE ARE A FEW LOW COST WAYS TO ACHIEVE THAT:
INVESTING IN REPAIRS OR RENOVATIONS
You're unlikely to sell for more than 15% above the median price of other houses in the neighborhood, whether you do $1,000 worth of work or $50,000. That's why you might want to ask your broker’s opinion about the viability of recouping the cost of any major renovation before you start the work.
To view a complete list of people who can help you make smart updates to your home— especially for larger jobs involving mechanical systems (heating, electrical, plumbing) or local building codes—contact a licensed home-improvement company.
This is particularly important because if the buyer's inspection reveals major problems with your house's structure or mechanical systems, the buyer can negotiate to have them fixed properly. Sometimes, repairs may be required before the transfer of title takes place. This is especially true in sales that involve financing insured or guaranteed by the government (FHA/VA loans, for example).
FINDING BUYERS
I will list your home in the Multiple Listing Service (MLS), a system that reaching millions of buyers around the world. The system also enables participating brokers to share commission on the sale of houses. For example, if you list your house with one broker and another broker actually sells it, he or she shares the commission. The advantage to you is clear: more brokers have an interest in selling your house.
Fewer than 5% of buyers actually purchase the first house they call an agent about. So I will design advertising to "find the buyer" using large-size fonts and easy-to-read layouts, eye-catching photographs and professionally written descriptions, and multiple channels—the Internet, newspapers and direct mail.
As another valuable part of the marketing process, I offer open house to prospective buyers who want a low-pressure, "browsing" atmosphere. With that in mind, you shouldn't expect it to generate a sale, at least not directly. What you should look for is increased showings of your home after an open house, whether it be from calls and private showings or from the open house attendees returning with their agent.
(Agents often hold an open house for other agents shortly after a house is listed. This event, usually held mid-week when other real estate agents can give it their full attention, can be as important to your efforts as your listing in the local MLS. The more professionals who see your house, the more prospects you're likely to reach.)
You and your pets should definitely plan to be out of the house during any open house your agent has scheduled; the same goes for showings to prospective buyers. People often feel uncomfortable speaking candidly and asking questions in front of current owners. You want them to feel as free as possible to picture your house as their "dream home."
CLOSING A SALE
Keep in mind that when you do sell, you’ll owe a commission. Perhaps the most important matter you negotiated at the time of listing your house is the duration of the listing contract. Terms vary, but listing agreements are seldom for less than six months or one year.
Good agents are also extremely helpful in the days immediately prior to the closing. They'll help you prepare by giving you a step-by-step preview of the entire process and what will be expected of you. And they'll make certain you bring all necessary documents and other information to the closing.
Day of closing once all of the documents are signed, the home is sold. Congratulations!
I'll help you make the experience of selling your home as smooth and easy as possible. So even if you're not ready to list your home quite yet — if you simply have questions about the market in your area, price or mortgage trends, anything at all about real estate as it relates to you — just give me a call as I'm always available.
So perhaps it’s no surprise that homes sold by real estate agents sell faster and easier—and for more money.
MY ROLE AS YOUR REAL ESTATE AGENT
Is a successful sales balance of four components: the market, price, condition of the house, and exposure.
Because I know about market trends and the other houses in your neighborhood, I'm perfectly equipped to play up your home’s advantages and downplay disadvantages.
PLUS:
- I have access to people who are most likely to buy your home
- I'm trained in areas like pre-qualifying potential buyers and negotiating with them
- I will list your property in the HudsonMLS, GardenStateMLS and NewJerseyMLS so anyone worldwide can find your home
- I'm always "on-call" — I work on the weekends, answer the phone at all hours, and will always being polite about it
COMPETENCE + COMFORT = CONFIDENCE
- Competence: When you first meet with agent, expect to see a portfolio of credentials, past achievements, sales volume and letters of recommendation. Look for evidence that his or her background is relevant to your needs—someone whose portfolio includes success with houses in your price range, preferably in your immediate neighborhood.
- Comfort: The importance of being comfortable with your agent as a person cannot be overstated. You're going to be dealing with this individual on a regular basis, maybe for months, during a time that can be emotionally trying for you and your family. Indeed, your agent may well become something of a family member, who shares in the tension, anticipation, frustration and ultimately the joy of selling your house.
WHEN TO CONTACT ME
As soon as you decide to sell your home. There is always a buyer looking, and in real estate, I'm the bridge to those buyers. Although the number of buyers remains relatively constant, they will act when a new property with high value comes up for sale.
Speed is key for both you and the buyer, and I deliver speed.
Peak selling seasons vary in different areas of the country, and weather has a lot to do with it. For example, in the Mid-Atlantic, late spring and early fall are the prime listing seasons in many areas because houses tend to "show" better in those months than they do in the heat of summer or the cold of winter. And of course, people like to do their house shopping when the weather is pleasant.
But keep in mind that there are also more houses on the market during the prime seasons, so you'll have more competition. So while there is seasonality in the real estate market, it's not something that should dominate your decision on when to sell.
Even if you're under no pressure to sell, waiting for particular market conditions is not likely to increase your profit potential. The reason is that while you are waiting for the market to improve, you continue to make mortgage payments, insurance payments, in some cases HOA payments, and home repairs. That increases the amount of money you have invested in your home while the price of your next home may also be increasing.
HOW LONG DOES IT TAKE TO SELL AN AVERAGE PROPERTY
Time varies from 14 to 90 days, dependent on a variety of factors I will fully describe it with you in person.
Creating a perception of value and a sense of urgency will see the greatest number of showings when your property is first introduced to the marketplace. Buyers who look at your property typically are financially qualified who have been working with a REALTOR® already, have seen the other properties in the area, and are knowledgeable about market prices. They contacted agents months ago about properties they found, and they are now prepared to make offers when they see the right home at the right price.
By the time we enter the third week of marketing, the showings will have dropped off. From this point, most buyers who are learning about your property are just entering the market and will not be ready to make decisions for several months. They still have to arrange their financing and have not seen enough properties to be educated about the market.
So, your best opportunity is during the initial exposure to the market, because with the largest pool of buyers during that time, properties sell at their highest price.
Buyers pay attention to how long a house has been on the market. Let’s look at what buyers may be thinking at different days on market.
- With the house on the market for only two days, it becomes a "must see"
- As the days go on, buyers think the seller is anxious and should be willing to negotiate
- When the property is on longer, they wonder why it hasn’t sold and think something might be wrong with it
PRICING YOUR HOME
Your home is only worth what a buyer in the current market is willing to pay. In other words, fair market value.
Simply put, the fair market value of a house is the highest price an informed buyer will pay, assuming there is no unusual pressure to complete the purchase. It is usually not the asking price.
You will know if your home is priced right by the number of showings.
- If a property is overpriced, the buyer pool and agents notice the property when it hits the market, but there is not a perception of value. There are no showings and no offers.
- If it is priced close to buyers’ perception of current value, there may be some showings, and maybe one offer below the asking price. Without competition and the sense of urgency, there is no need for a single buyer to offer the asking price, and a low offer is usually the result.
- If the property is priced a little below buyers’ perception of value, it becomes a hot property. Buyers now perceive high value. The property receives significant showings and possibly multiple offers that could start a bidding war for the property. By setting the price a little below the buyers’ perceived value, the seller has simulated the conditions found in an appreciating market and ultimately, sells the property quicker and possibly for higher than the asking price.
If you want more help on accurately pricing your home, you can also:
- Order an appraisal to price your home
- Ask for feedback from people who walk through your home; this will help you see your house as a commodity that has positive and negative selling points
- Ask a neighbor, friend or relative to point out advantages or disadvantages about your house that you hadn't thought abouts
To get an estimate of fair market value plus details on recently sold homes, ask me for a Competitive Market Analysis (CMA) of your house. This service is free of any charge, without obligation.PUTTING YOUR HOMES BEST FOOT FORWARD
Unless your house is nearly new, chances are you'll want to do some work to get it ready to market. The type and amount of work depends largely on the price you're asking, the time you have to sell, and of course, the present condition of the house.
In general—stick to light, neutral colors. Keep the yard and rooms free of clutter or kids' toys. Remember, when a buyer looks at a house, he or she is trying to imagine living there. Create as clean a canvas as possible.
HERE ARE A FEW LOW COST WAYS TO ACHIEVE THAT:
- "Curb appeal" is the common real estate term for everything prospective buyers can see from the street that might make them want to come in and take a look. Keep two key words in mind: neat and neutral. New paint, an immaculate lawn, picture-perfect shrubbery, a newly sealed driveway, potted plants at the front door—put them all together, and drive-by shoppers will probably want to see the rest of the house.
- People may look behind closet and crawl space doors, as well as those to the bedrooms and bathrooms. So get rid of all the clutter; have that garage sale and haul away the leftovers.
- After you've cleaned, try to correct any cosmetic flaws you've noticed. Paint rooms that need it, re-grout tile walls and floors, remove or replace any worn-out carpets. Replace dated faucets, light fixtures and the handles and knobs on your kitchen drawers and cabinets.
- Clear as much from your walls, shelves and countertops as you can. Give your prospects plenty of room to dream.
- Adding central air conditioning to the heating system
- Building a deck or patio
- Finishing a basement
- Doing some kitchen remodeling (updating colors on cabinets, countertops, appliances, panels, etc.)
- Adding new floor and/or wall coverings, especially in bathrooms
INVESTING IN REPAIRS OR RENOVATIONS
You're unlikely to sell for more than 15% above the median price of other houses in the neighborhood, whether you do $1,000 worth of work or $50,000. That's why you might want to ask your broker’s opinion about the viability of recouping the cost of any major renovation before you start the work.
To view a complete list of people who can help you make smart updates to your home— especially for larger jobs involving mechanical systems (heating, electrical, plumbing) or local building codes—contact a licensed home-improvement company.
This is particularly important because if the buyer's inspection reveals major problems with your house's structure or mechanical systems, the buyer can negotiate to have them fixed properly. Sometimes, repairs may be required before the transfer of title takes place. This is especially true in sales that involve financing insured or guaranteed by the government (FHA/VA loans, for example).
FINDING BUYERS
I will list your home in the Multiple Listing Service (MLS), a system that reaching millions of buyers around the world. The system also enables participating brokers to share commission on the sale of houses. For example, if you list your house with one broker and another broker actually sells it, he or she shares the commission. The advantage to you is clear: more brokers have an interest in selling your house.
Fewer than 5% of buyers actually purchase the first house they call an agent about. So I will design advertising to "find the buyer" using large-size fonts and easy-to-read layouts, eye-catching photographs and professionally written descriptions, and multiple channels—the Internet, newspapers and direct mail.
As another valuable part of the marketing process, I offer open house to prospective buyers who want a low-pressure, "browsing" atmosphere. With that in mind, you shouldn't expect it to generate a sale, at least not directly. What you should look for is increased showings of your home after an open house, whether it be from calls and private showings or from the open house attendees returning with their agent.
(Agents often hold an open house for other agents shortly after a house is listed. This event, usually held mid-week when other real estate agents can give it their full attention, can be as important to your efforts as your listing in the local MLS. The more professionals who see your house, the more prospects you're likely to reach.)
You and your pets should definitely plan to be out of the house during any open house your agent has scheduled; the same goes for showings to prospective buyers. People often feel uncomfortable speaking candidly and asking questions in front of current owners. You want them to feel as free as possible to picture your house as their "dream home."
CLOSING A SALE
Keep in mind that when you do sell, you’ll owe a commission. Perhaps the most important matter you negotiated at the time of listing your house is the duration of the listing contract. Terms vary, but listing agreements are seldom for less than six months or one year.
Good agents are also extremely helpful in the days immediately prior to the closing. They'll help you prepare by giving you a step-by-step preview of the entire process and what will be expected of you. And they'll make certain you bring all necessary documents and other information to the closing.
Day of closing once all of the documents are signed, the home is sold. Congratulations!
I'll help you make the experience of selling your home as smooth and easy as possible. So even if you're not ready to list your home quite yet — if you simply have questions about the market in your area, price or mortgage trends, anything at all about real estate as it relates to you — just give me a call as I'm always available.
