The summer market is in full swing and many families are eager to get situated in new homes before the new school year starts. In my area, 83% of homes are selling in 90 days or less and closed sales for my brokerage are up 60%. It is no wonder that people are asking themselves if their current home still meets their needs or if the grass is indeed greener down the street.
One common concern, and a valid question, among sellers is how much will selling my home cost me? What the real questions are how much will I make at closing, and how can I get the most money, right?
Let’s play a little game to see if you know how to increase your bottom line…
TRUE or FALSE If we re-do the kitchen and perhaps the master bathroom, my house will sell faster and for more money.
FALSE…Big remodel projects for the purpose of a sale might help sell your house faster, however you will not be able to recoup all of your expenses for the improvements to make financial sense. A better plan would be a coat of neutral paint where necessary, a thorough cleaning, and freshen up your curb appeal. It really is amazing at what a mowed yard and some fresh mulch can do.
TRUE of FALSE I will make more money by not paying for a Realtor.
FALSE… If you saw a gorgeous Tiffany watch at a garage sale still in the box, even with the tag still attached, would you still pay full price? Probably not, right? You would talk with the seller to strike a deal, and would probably walk away with a pretty sweet deal, wouldn’t you? For Sale By Owner homes are exactly the same.
89% of buyers will purchase their new home with the help of a real estate agent. They work for the best interest of the buyer, not for you. Real Estate agents, on average, will net a seller $41,000 more than you would have selling your house on your own. A good agent will prequalify buyers, negotiate on your behalf, (from contracts, to protecting your asking price, to saving you from spending thousands in unnecessary repairs). In some cases your agent can provide lenders with valuable information to make sure your appraisal comes in at the right price. It is up to you to protect your most expensive asset, do the right thing and leave it to the pros.
TRUE or FALSE Buyers will make me pay for everything.
FALSE…Many sellers fear buyers will throw them a low ball offer and ask for the moon on top. The fact is almost all of the terms of a real estate contract are negotiable. Once you receive the offer it is your turn to play offense. It is entirely acceptable for buyers to ask for some closing costs, a home warranty, a longer inspection period, even choose the closing date. However, just because they ask doesn’t mean they will receive. A good deal is a win/win for everyone. Giving them a few extra days to complete inspections and pushing up the closing date is just one way to save you money by keeping an extra month of mortgage payments and taxes in your pocket. The bottom line is your agent will work to make sure you are comfortable with the deal, or there is no deal.
Your home is your largest asset and misconceptions are often the largest hurdle a homeowner will overcome in preparing to sell. Consulting a trusted professional to help you get started will ease your fears and help you make the transition as easy as possible. An agent with the heart of a teacher, and not a salesman will make sure you are not just another MLS number. It is my honor to walk you through the process so you can get settled into your next chapter.