Selling Your Home
You have decided you want to move and you need to sell your home. Now what? The decision is extremely personal and can be overwhelming; so overwhelming that people are slow to act, even once they have made the decision to sell. Did you know that once you have contract, it will take at least 45 days to close? If you want to close on the sale of your home in the near future, the time to start the process is now. Let me help!
To start, CONGRATULATIONS, we are in a seller’s market! Although it varies across price points and neighborhoods, buyers looking to purchase homes exceed the number of homes available. This results in shorter market times, higher sale prices and sometimes multiple offers. Provided you price your home competitively (discussed below) you will have the opportunity to sell your home quickly.
There are five main steps that need to be taken to be ready to list your home. As your REALTOR, I will take the time to help you go through these steps to get your home sold as quickly as possible and for as much money as possible.
1. Research the Local Market
CLICK HERE for your instant, free local market report detailing homes that have sold near yours. Once you look at this report, think about whether your home shares the features of those homes, or has additional features that may help your home sell for more. Call me with questions or for a complete Comparative Market Analysis (“CMA”) with an estimated value range for your home. Please note: There is no easy, automated or truly objective way for any website or program to with any level of accuracy determine the value of your home! Every piece of real estate is unique, and every home has different features and attributes. Further, the same exact home may have a significantly different value being one street over. Without someone with real estate experience subjectively reviewing those minute details, even the fanciest algorithm is not taking into account some items that may significantly affect the value of your home.
As your REALTOR, as part of the process of listing your home, I will prepare a complete CMA that will drill into the very details available to real estate professionals on the multiple listing service “MLS” and take into account what buyers will actually be looking at when they are shown your home.
2. Assess the Home Condition
After reviewing the homes that have sold near yours, ask yourself: Do repairs or updates need to be made? If so, will the cost bring additional profit? Does personal property need to be stored to make the home seem less cluttered? Should any staging be done?
As your REALTOR, after preparing the CMA and presenting it to you, I will help you answer these questions as objectively as possible to help maximize your potential home value.
3. Understand the Costs
How much in proceeds are needed to pay off any mortgages on the property after paying all costs to list and close? There are credits, commissions, closing costs and mortgages that must be paid at the closing to sell your home.
As your REALTOR, once you provide the required payoff amount of any mortgages on your home, I will prepare a net proceeds worksheet to estimate the minimum sale price needed to cover all credits, commissions, closing costs and mortgage payoffs. Note: If the estimated home value is NOT higher than what you need to close on the sale, this should NOT factor into the the listing price.
4. Set the List Price
Price is the biggest factor in determining how quickly you will sell your home and for how much. Too high of a price means longer market times. Longer market times mean lower final sale price. Pricing too low may mean lost potential profit and buyers concerned about future expected value.
As your REALTOR, I will develop a pricing strategy with you to maximize your sale price and minimize market time.
5. Sell Your Home
When you receive an offer, or multiple offers as the case may be in this seller’s market, you will need to negotiate the best price possible.
As your REALTOR, and as a licensed Illinois attorney, I have many years of experience in negotiation of real estate contracts.
Selling your home often comes with a lot of emotions involving relationships, finances and your personal circumstances. As your REALTOR, I would be honored to be selected to list your home, and walk you through this process. I will keep all personal information I learn during this process confidential.