10 Things all Sellers Should Know

Though much is made of buying a home — the thrill of the hunt, the stress of the negotiations — there is just as much to handle when you’re the seller. After all, the longer your place sits vacant, the longer you are stuck paying for it.  Whether this is your first time selling a home or your fifth, the truth is home selling can be an inconvenient, stressful, and uncertain process. Here are ten tips to help you avoid the pitfalls and minimize your home’s time on the market.

1. Choosing the Right Time to Sell

The decision to sell your home should be based on a variety of factors that are both financial and emotional. Every real estate market is different and timing the housing market to the moment when interest rates are low and buyer demand is high may seem ideal, but if everyone had the ability to see exactly when home values are at their peak, we’d all be millionaires. Generally speaking, the spring months (March, April, & May) are the months that a seller will receive top dollar for their home. However, market saturation during these peak months can build inventory causing an influx of homes for buyers to choose from and, in turn, creating more competition for you and your home. So when selling a home it’s important that you choose a time that is most convenient for you to avoid a plethora of tiring, unwanted hassles.  Evaluate all the pro’s and con’s of each selling time frame that works best for you. A great Realtor should be able to give you the information needed to make the right decision.

2. Picking the Right Realtor

One of the most important, and often the most overlooked, steps when selling a home is hiring the right real estate agent. There is great value in using a realtor, and I’ve seen limited success at doing it yourself. But with so many agents out there how do you know which one is right for you?  It all starts with an interview process.  You should have high expectations of the real estate professional you hire, and top producing agents possess qualities and skills sets that set them apart from the rest. A great agent is one that is first and foremost honest.  Hiding facts or lying during the selling process can put you on the fast track to a lawsuit, and it is your agent’s job to make sure that you disclose everything upfront. Don’t hide problems. If buyers find them during inspections, they’ll know you’ve lied. If they find your problems afterward, you lose in court!Additionally, a great realtor should be savvy in all aspects of real estate, whether it be buying or selling, market trends, legal obligations, documentation, or advertising techniques. And YOUR perfect agent should go even further. He or she should have in depth market knowledge of your neighborhood, should work within a sizable and reliable network of agents (this goes a long way in marketing your home for a speedy sale), and can take into account your personal selling wants and needs thus maneuvering the transaction accordingly.  Adversely, nothing can kill a deal faster than an incompetent or lazy agent that doesn’t do much or fumbles through the whole ordeal.

Knowing how to interview a realtor is the key in finding the right one, and it could take some practice.  Luckily, our agents here at Levine Homes would be more than happy to help!  With multiple successfully and smoothly executed property transactions all over the South Bay and a Top Producer ranking within Re/Max (the largest brokerage) our agents embrace technology and are always ahead of the game when it comes to finding today’s best marketing tools and ideas. We would love the opportunity to help you hone your agent interviewing skills by starting with one of our trusted an dedicated staff, and if in the process we turn out not to be the right fit, we can, through the vast network of agents that we closely work with, help you find who is right for you.

3. Pricing it Right

Finding out what your house is worth and pricing accordingly is crucial. Accurate pricing is be done by comparing the sale price of multiple recently sold houses in your area and taking into account variables unique to your home, such as minute location differences (ie: is your home closer to a busy street, or adjacent to a park?), upgrades, and current market trends for you region. Markets vary not only by area codes, but also by annual fluctuations cause by various factors, such as changes in mortgage and interest rates, and different markets call for adjusted methods of pricing. A trusted licensed realtor, like those here at Levine Homes can be a life saver at this juncture of the selling process. However, if you’ve decided to go it alone a good rule of thumb for pricing right is finding out the physical worth of your home, then shaving 10 to 15 percent off that price.  You’ll be bombarded by buyers and multiple bids – even in the worst markets – and they’ll bid up the price hopefully over it’s worth.  It takes great courage and many sellers shy away from the risk, but it is the single best strategy in today’s market.

4. Gathering Paperwork and Information

Now that you have picked the right agent and agreed on a listing price, it is time to get all your documents in order. A great agent knows what inquiries might arise from buyers, and will include all necessary information of the house they are selling when listing.  The realtor is not going to just place a sign and wait for the sell.  They should know how to write compelling information regarding your home to attract potential buyers. Therefore, gather dates and paperwork of any home improvement projects like kitchen upgrades, bathroom remodels, and window and carpet installations.  Any home permits pull during ownership can be pertinent to the sale, and while you’re at it pull out your old utility bills. Seasonal rate totals may make your home look more appealing than those a county over. Also, all operating manuals on appliances and your HVAC system, notes about the paint colors you used on your walls and any applicable warranties are important to have on hand, such as roof, water heater, and central air-conditioning.

5. Consider a Home Warranty

If most of your warranties are expired, consider getting a home warranty. Home warranties are a nice bonus to offer a potential buyer and also a great marketing tool for a Realtor to use when selling a home. If you’re unsure, consult your agent and see how he or she feels about the benefit of purchasing one for your particular situation.

6. Pre-listing Inspection

Before putting it on the market, having a professional home inspector inspect your home can be a good idea. Whether a buyer a purchasing their first home or fifth, it’s extremely likely they will make their offer contingent on an acceptable home inspection. For a couple hundred dollars, a good home inspector gives sellers and early warning on any repairs that you might have to make, and in this market being proactive on all the potential fixes that are needed can shave weeks off the sale and save you money by shopping around and picking a cost effective inspection rather than paying an inflated last minute price later.  Make sure that your inspector, preferably a member of ASHI (American Society of Home Inspectors) or NIBI (National Institute of Building Inspectors), provides you with a detailed report and pictures relating to any noted issues. Other inspections that a buyer could possibly make their offer contingent upon are Radon, Pest, Chimney, Septic, and Well Water.

7. Marketing

Now that you have dotted your “i’s” and crossed your “t’s” thus far, it is time to put your house on the market and generate a buzz about all that it has to offer! There are several ways to attract buyers and create quality traffic via targeted marketing and advertising, and here is where your agent should do all the heavy lifting.  According to the National Association of Realtors the techniques that work the best surprisingly cost very little.  Great news right?! Ideas like newspaper, TV, or billboard advertising were predominantly ineffective at generating leads, where as good looking and well placed signage provided by your agent, an agent’s strong network of associates, prospects, open houses hosted by your agent (it is important to let him or her take the wheel here because buyers are naturally more at ease walking through a home when the owner is not present), and good ol’ fashioned hard work fit the bill perfectly.  Having professional pictures taken, getting a floor plan made, and keeping promotional fliers for your house handy are also good ideas in actively marketing your home, along with having an agent that is well verse in the advances in cost effective online real estate advertising.

8. Clean and Repair Wherever Needed

While your agent is busy working away getting word out about the wonderful opportunity to purchase your home, take the time to get your home in tip top shape. There is a saying in Real Estate, “A Clean house is a Sold House”, so before selling your home a deep clean is a must. Start at the doorway replacing welcome mats and clearing all cobwebs from both inside and out. Dust all furniture and walls, and mop the floors.  Put some elbow grease into scrubbing counters and bathrooms (while doing so it would be a good time to start de-cluttering and packing away personal items). Vacuum and clean all carpets, rugs and window coverings.  House hold repairs like new paint both inside and out where needed (doors too), recaulking/regrouting tiles and windows, replacing the house numbers with new, lustrous lettering, replacing burned out light bulbs, broken appliances, leaky faucets, fixtures, torn screens, etc, can go a long way in attracting the right attention!

9. Organizing and Staging

This part is all about visual appeal.  When selling a house you want to create an environment where buyers can envision themselves in the space. One of the most important steps in doing so is to de-clutter and de-personalize it. A good rule of thumb is to get rid of a third of your stuff – put it in storage.  Get rid of excess furniture and other items that are not being used on a daily basis. Take half the items out of closets, pack them away, and face all hangers in the same direction. Arrange kitchen cabinets so labels face forward, jars/cans/boxes are in rows, dishware is neatly stacked and everything appears in its place. Additionally, put away all family photos, memorabilia collections and personal keepsakes.  Doing so will not only make you home seem exponentially larger, but will also lessen distractions for buyers. Lastly, put out fresh kitchen and bath towels, blankets and bedspreads. Air out closed spaces, place lightly scented air fresheners throughout your home, and consider adding some fresh flowers liven up the place.

10. Showing Your Home

Once all these steps are taken, you are now ready to show your home to potential buyers and just sit back and wait for all of the offers to come pouring in. When showing your property take the time to open up all window coverings, turn on all the lights, and open all the doors allowing for a free flow of light throughout the house.  After location, good interior lighting is the most important feature most potential home buyers look for. During the showing period it is also extremely important to keep your home in tip top shape.  Now I know this might seem difficult, life has a tendency of getting in the way, however, on top of scheduled open houses, there will be frequent call from agents wanting to show your home to prospective buyers, usually on very short notice. And every single time, your place has to be looking its best because you never know when your buyer will walk through.  Don’t leave dishes in the sink, put items like mail and shoes away, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there are no dust bunnies in the corners. It’s a little inconvenient, but it will get your house sold.

Once these 10 steps are completed and in action, you should feel confident and ready to put your best foot forward for a speedy sale!