Seller FAQ Frequently Asked Questiontitle line

    

   

  Your Hampton Roads

   Connection

title line

For Free Custom Market Analysis Property or Foreclosure List

gifgifs.com   Seller Questions/Tips

title line

Q. What is most important when selling a home?

A.    Price! The only thing that matters is price.  A home in poor condition will sell at the right price and terms.  A home in a poor location will sell at the right price and terms, etc.   Pricing is everything, and pricing includes terms ie: closing costs for a buyer, paying for condo or association fees are all part of the package. 

Q. How do I price it correctly?

A.  The market is ever changing,  your property needs to be reflective of that market.  In a "bad" market, for a seller, remember, you may take a "hit" on the selling end but may be able to make it up on the buying side.  In any market the first thing you look at is the properties that have sold in the past 6 months (do not go back further, this is what the appraisers use to reflect current market conditions).  You want to keep the price no higher than the highest sold and closed for the same square footage & condition as your home (you can go a little higher if: you have upgrades, and time on your side).  Next, you look at the homes on the market currently (these are your direct competition today).  Top of the market takes time, bottom is the quick sale.  In pricing, never forget to utilize all your tools.

 

Q. Is "staging" necessary?

A.  Yes.  When a buyer walks in they either fall "in love" or "out love" be ready to be the "one."  It is like dating :)   There are 2 types of buyers: 1.  Walk in and do nothing pay top dollar.  2.  Investors, pay bottom dollars.

Q. Do I have to pay for a buyer's closing costs?

A.  In a buyer's market, yes. 

Q. How much are the buyer's closing costs?

A.   How much depends on the market in which your home is located but generally between 3-4% of Sales Price.

Q. Where do most buyer's look for home ads?

A.  The Internet, hands down.  It is quick, easy, timely and fun.

Q. Are sites like Zillow accurate?

A.  They are not accurate and homes in the area not just the neighborhood.  Their pricing often does not take into consideration condition, upgrades and amenities. Analyzing the data researched can be tricky requiring experience to be accurate.

 

Q. Do I have to tell a buyer the roof leaks?

A.  Yes, anything that is directly affects the property.  Or you may sell "As Is" and defer to the buyer doing a Homeinspection.  If you have an older home, you may consider a home inspection prior to putting it on the market.  Once a potential buyer has a home inspection, any defects discovered must then be disclosed.  Better to find and fix.

 

Q. Why is important to price it right on the money?

A.  In today's market, the first 2 weeks are critical.  Once a home stays on the market over 30 days, buyers begin to negotiate.  The current MLS systems allow Buyer's Agents access to all the information: how long it has been on the market, how many times it has been relisted, how many reductions, etc.  It puts the Seller at a distinct disadvantage.

TIPS

Outside: 

· Check the entire exterior for paint peeling, gutters needing repair, roof tiles missing, calking at windows & seams, siding in need of power washing, etc

· Yards: curb appeal, pull all weeds, clean out flower beds, add fresh plants, trim old, add colorful annuals, EDGE the yard, it takes it to fabulous, be sure there are no low spots holding water, walkways clean and clear, all outside faucets & electrical is in good working order, mailbox & all door hardware fresh & new.


Inside:

·   Check all faucets for leaking, sinks for proper draining and stoppers working.

·   Remove all furniture that is unnecessary (the large chair that blocks the entry etc.)  Put any extra furniture in the garage or storage unit.

·   Re-arrange furniture to add space and purpose to each room, creating a "homey/cozy atmosphere.)  Pack everything you are not using and put it in the garage or storage unit.

·   Freshen paint, clean & shine floors, repair torn or stretched carpet, remove throw rugs (they are a hazard & create the illusion of clutter). 

·   Remove all goodies from counters, clear closets to look larger, add closet organizers to add even more space.

·   Clean & shine the kitchen cabinets (Old English is a great, cheap way, to accomplish this), put on new knobs if it is in your budget or paint them with a fresh updated color.

·   Get Pet food, dishes and litter boxes out of site and smell (if you can smell it, you can't sell it).

·   Check all electrical outlets with a circuit tester from your hardware store (it not only shows it is working but if there are any problems such as hot wires, reverse polarity or open grounds).

 


some animations on this page: gifgifs.com