Dear Homeowner,
If you want to sell your home, I hope that this blog will help you to achieve your goal.
Selling your home, starts off with knowledge! Armed with the proper information all the complicated pieces of selling your home will fall into place.
For most people, their home is their biggest financial asset. It’s your Home!
- It’s where family gathers for holidays
- Its backyard barbecues
- It’s where you eat, sleep, it’s where you LIVE!
- It’s memories. good and bad
Realize that selling your home is a business transaction and you need to put your emotional ties to it aside. To you it’s your home to a buyer it’s a house to buy so, they can make it their home. You need to understand that a buyer isn’t interested in your personal memories. It’s natural to feel like your home is worth more than others, but DON’T FALL INTO THIS TRAP!
1 – Know Why You Are Selling And Keep It To Yourself.
Your motivation to sell will determine how you will approach the process. For example if you want to sell it quickly, you will want to price it below the current market price for a quick sale. If you want to maximize your profit the selling time may be longer. Once you set your price, you are telling the buyer the maximum they will have to pay for you house. Setting too high or too low has it’s consequences.
Setting the price too high and your house will be on the market unsold and develop the identity of a “problem” property and may get stigmatize. Real estate agents and the general public will wonder, if there is something wrong with it. On the other side, if you price it too low you may be losing thousands of dollars in profits.
Keep the reasons for selling your house to yourself, if you reveal your motivations to the buyer it could be used against you at the negotiating table. If asked, simply say that your housing needs have changed. The reasons for selling is only for you and your REALTOR® to know.
2 – Understand The Market
Effective months of inventory.
The market conditions for houses are just like the stock market, it is a supply and demand issue. You must know if you are in a seller’s market, more demand for houses than the supply or a buyer’s market, more supply of houses than the demand . A six month inventory of houses on the market is considered a balanced market.
3. – Price It Right
The value of your property is determined by what, a ready, willing and able buyer will pay for it, which will be based on the value of recently closed sales of relevant properties. Buyers determine value.
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BENIFITS OF PROPER PRICING
- FASTER SALE: The proper price gets a faster sale, which means you save on mortgage payments, insurance and other carrying costs
- LESS INCONVENIENCE: It takes a lot of time and energy to prepare your home for showings. Proper pricing shortens market time.
- INCREASE SALESPERSON RESPONSE: When you home is priced right real estate agents will be excited about a property and its price and will contact their potential buyers and show the property.
- EXPOSURE TO MORE PROSPECTS: Pricing at market value will open your home to more people who can afford it.
- HIGHER OFFERS: When a property is priced right, especially in a sellers market (our current market) buyers are less likely to make a low offer, for fear of losing out on a great value.
- MORE MONEY FOR SELLERS: When a property is priced right, the market produces a higher sales price in less time. You NET more due to a higher sales price and lower carrying costs.
DRAWBACKS OF OVERPRICING
- REDUCED ACTIVITY: Agent won’t show a property if they feel that it is overpriced. Would you want to see or buy a house that you feel is overpriced?
- ATTRACT THE WRONG PROSPECTS: Serious buyers will feel that they should be getting more for their money.
- HELPS THE COMPETITION: The high price makes other properties look like a good deal.
- ELIMINATES OFFERS: If your home is overpriced, many buyers will just move on to another property. They may think that, offering a fair price will be too low and insult the seller.
- CAUSES APPRAISAL PROBLEMS: Appraisers must base their value on what comparable properties have sold for. Your home needs to sold twice, once to the buyer, the second time to the buyer’s lender, through the appraisal.
- LOWER NET PROCEEDS: Most of the time an overpriced property will eventually end up selling for less than if it had been priced properly to begin with, not to mention the extra carrying costs.
4. – CHOOSE THE RIGHT REAL ESTATE AGENT.
A knowledgeable agent and REALTOR® will help you set the proper price of you home. A full time agent is a must, around 80 percent of real estate agents that belong to the Greater Las Vegas Association of Realtors are part-time. The stakes are high a full-time agent will give you their full professional capacity and be fully invested in knowing the market conditions, and advise you on the pros and cons to a transaction, once you start getting offers for your home.
The vast majority of all houses are sold by Real Estate Agents, but not all Real Estate Agents are the same. The Agent’s experience, knowledge and marketing plan can have a huge impact on your success. Signing with the right Agent can make all the difference in the world in getting your house sold at the highest possible price, in the shortest time with the fewest problems.
5. – MARKETING YOU HOME.
Real Estate Agents who are innovative and are offering new strategies of attracting home buyers will always outperform those who are using only traditional methods. Today’s market demands around the clock advertising exposure, through their website, social media, blogging, providing single property websites, providing eFlyers to distribute, getting your home on Youtube, doing Craigslist advertising, marketing on national websites, use of mobile technology marketing (89% of home shoppers use a mobile search engine at the onset and throughout their research) and use of the internet.
6. – PREPARE YOUR HOME FOR SALE
Preparing you home for sale or making it to appear to be “move-in ready”. First impression for buyers are very important, buyers will look at a median of 10 homes before buying, according to“NAR’s 2015 PROFILE OF HOME BUYERS AND SELLERS”.
Buyers will comparison shop and you will want your home to stand out as the best value. The first order of business is to forget your emotional attachment to your home and look at it through the eyes of a potential buyer. Be impartial, and recognize the weaknesses of your home.
Buyers buy what they see. If what they see is dirty, messy, and worn looking, you don’t stand a chance.
It’s just like if you were going to sell your car. The first thing you would do is clean and “detail” the car inside and out. Your house is no different!!
Good “curb appeal” is imperative. If people don’t like your house from the outside, they won’t want to come inside.
- Make sure your front lawn looks neat and tidy to make the first impression favorable. Cut the grass and trim the hedges and shrubs.
- Walk your fence line. Repair broken areas and paint or stain spots in poor condition.
- Take a close look at your front door. It’s a focal point and one of the first things your prospects will examine. If it’s faded or shows signs of needing repair, clean it, stain it, or paint it. While you’re at it, do the same with the back door and garage door.
- Test the entry light and the doorbell. It’s the little things that matter.
- No matter what the season, do your spring cleaning. Clean houses sell a lot easier than dirty ones.
- Too much furniture can make a home “feel wrong.” So move out all your excess furniture, especially worn or outdated furniture, to make rooms seem larger and uncluttered, and take down pictures that hide walls.
- Clean out all your closets to make them look bigger. Get rid of excess items. Neatly arrange everything that’s left.
- Clean out all your closets to make them look bigger. Store out-of-season clothes in the attic or basement, and get rid of excess items. Neatly arrange everything that’s left.
- Arrange the furniture so each room appears as spacious as possible.
Here a few Nevada discloses that are needed:
- Duties Owed by a Nevada Real Estate Licensee
- Seller’s Real Property Disclosure Form
- Residential Disclosure Guide
Now it’s Show Time!
Once the price is set, listed on the Multiple Listing Service (MLS) and the preparations are done, bring on the buyers!
You will have three basic options when your are presented with an offer:
- Accept the offer.
- Reject the offer.
- Counter the offer.
The price will always be the most important point of the offer, but there are a lot of different areas. Some items that you want to be sure that is spelled out on the offer and to consider are:
- Price
- Down Payment
- Earnest Money Deposit
- Is the Buyer Pre-Approved for a Loan
- Interest Rate
- Closing/Possession Dates
- Loan Costs – Who Pays
- Closing Costs – Who Pays
- Prorations
- Appraisal – Who Pays
- Home Protection Plan – Who Pays
- Inspections – What Type and Who Pays
- Items Included (Washer/Dryer, Refrigerator etc.)
- Title/Escrow Company
- Contingencies – What and How Long
As you can see, selling your home involves much more than simply sticking a “For Sale” in your yard and putting your listing on the MLS.
Let Us Help You, if you want to sell your home. We will help you every step of the way in Selling Your Home For The Highest Possible Price, In the Shortest Time, With The Fewest Problems! The Watanabe & Weaver Team, phone number 702-326-7473, email This email address is being protected from spambots. You need JavaScript enabled to view it.
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