Frequently Asked Questions
First, you have to figure out what needs to be done to your home. A thorough property inspection up front will help to identify problem areas. Having the property inspection done and all the corrections taken care of before you get offers also shows the buyers that you are conscientious homeowners. This will relieve some of their anxiety about buying a home.
Also, any buyer will have a property inspection done before closing the sale. Often, this is when they will re-negotiate the price because of any problems that may turn up in the inspection. Having your own inspection done and making all necessary repairs first removes this opportunity for the buyer to try and re-negotiate.
Properties in prime condition are a pleasure for real estate agents to show, so they get shown more often. The more exposure a property gets, the better the chance of selling it quicker and for a higher price.
There are countless decisions to be made when buying a home, and many of them will significantly affect whether or not you are able to get a contract to closing and move into your new home.
A real estate agent can offer specialized knowledge in research, and negotiations to help you meet or exceed your goals. According to the National Association of REALTORS 82 percent of home sales are the result of agent connections.
Pricing decisions should be grounded in reality
When the time comes to price your home for sale, you may be tempted to start with the price you paid for it, add a healthy markup and call it a day. Unfortunately, that strategy is unlikely to result in a true reflection of your home's market value.
When making an offer a written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but all the terms and conditions of the purchase. For example, if the sellers said they'd help with $2,000 toward your closing costs, be sure that's included in your written offer and in the final completed contract, or you won't have grounds for collecting it later. REALTORS® usually have a variety of standard forms (including Residential Purchase Agreements) that are kept up to date with the changing laws. When you use a REALTOR® these forms will be available to you. In addition, REALTORS® cover the questions that need to be answered during the process. In many states certain disclosure laws must be complied with by the seller, and the REALTOR® will ensure that this takes place. If you are not working with a REALTOR®, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items. State laws vary, and certain provisions may be required in your area. After the offer is drawn up and signed, it will usually be presented to the seller by your REALTOR®, by the seller's REALTOR® if that's a different agent, or often by the two together.
Understanding what your home is worth can help you decide whether or not to sell, how to price your property, and whether your property is holding its value.
Consider getting a comparative market analysis or appraisal done by a certified real estate professional.
Bear in mind that these estimates are based on local sales and prices at one point in time, and may not reflect other issues affecting your home's value.
It also helps to have a basic understanding for what drives home values. When you bought your home, you bought it for its inherent value. Inherent value is what attracted you to the house in the first place: architecture, quality of construction, landscaping, even just how the house felt to you.