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Learn About Selling
Marketing Plan
Create a marketing plan for your home that will help distinguish it in your local marketplace and attract buyers to your property. This may include advertising in the newspaper, posting your listing on the Internet, holding an open house and more. Effective marketing and advertising of your home will result in a quicker sale and command a higher sale price. Every property is unique and the marketing plan should be designed to target those buyers most likely to want your home. Special attention should be paid to the most popular sources buyers use to find the homes they purchase.
Determining the Value of Your Home
Before you set an asking price for your home, you and Sandia Peak Realty will complete a Competitive Market Analysis. The Competitive Market Analysis presents an opportunity to review and evaluate the facts before you make a very important decision -- the price you'll ask for your home. The analysis also helps us look at your home from a buyer’s perspective -- the perspective that counts when you're pricing your home to sell. Competitive Market Analysis will show:
What's happening in the local real estate market right now?
What buyers are willing to pay for homes similar to yours?
What they won't pay
Which homes will be competing with yours for buyers' attention?
Setting the Price
This is the number one factor in the sale of your home. The actual market value is determined by what a buyer is willing to pay. Through research and market data, Sandia Peak Realty will assist you in determining the most appropriate sales price. If a home is priced too low, it may cost you money. If a home is priced too high, potential buyers may be scared away. To determine the best asking price review the cost of recently sold homes, evaluate the competition and study marketplace trends. Sandia Peak Realty agents are trained to use this information to help you reach the right asking price. It is also helpful to discuss other terms and conditions, such as timing and items that can be included with the sale of the home. Both of these can make your home more attractive to potential buyers. The second most important factor in the buyer's mind is location. The proximity to area amenities and schools is typically a concern. In addition, street traffic, proximity to expressways and public transportation are considerations in determining the asking price.
Market Conditions
Interest rates, competition from other properties, the economy and consumer confidence all influence the sale of your home and are beyond your control. The best response to these conditions is expert marketing and pricing strategy.
How the Marketplace Works
Selling is a team effort. Your real estate professional is your marketing coordinator and is responsible for developing and implementing your home's marketing plan. As the seller, you control the home's condition and you set the price. However, it is the buyer who will actually determine the value of the home based on what he or she is willing to pay for it.
While we want to establish the highest possible market value for your home, it’s critical not to under price it.
That's why we do a Competitive Market Analysis: to determine the market-value range for your home. And we'll discuss…
- How soon you need the property to sell
- Financing options that appeal to buyers
- Other factors that impact your home-sale goals.
Conversely, there are risks associated with overpricing your home out of the market:
- Makes competing homes look like better values than yours
- Reduces agent and buyer interest
- Can lead to mortgage rejections once the appraisal is in.
Remember, the value of your home is based on the buyer's perception of that value rather than the amount you originally paid for the house. Our goal is to match the list price with your selling goals.
First impressions are lasting impressions. That's why the appearance of your home's exterior and landscaping, the “curb appeal,” is so critical in marketing your home and attracting buyers.
Showtime
Now it's time to get your home ready for the spotlight. Start with a good cleaning, then eliminate any clutter, add a fresh coat of paint and tidy up the yard. Buyers consider the structural and mechanical integrity of your home as well as the upkeep and cosmetic appeal. Neutral décor, including floor and wall coverings, appliances and fixtures, offers the broadest appeal to potential buyers. Talk to your real estate professional about other tips that can help boost a home's curb appeal and impress potential buyers once they're in the door. One way to make a home more attractive is to purchase a Home Protection Plan. This insurance protects you, the seller, from paying repair or replacement costs of major items during the listing period. It also protects the buyer during their first year of homeownership.
Open House Help Ideas
Cleanliness, neutral decor, necessary repairs and the first impressions of potential buyers are four main points of concern when showing a home.
Kitchens, baths and entries are among the most important parts of the home to concentrate on. Prospective buyers pay close attention to details in such areas.
Plan to be gone during the Open House so that prospective buyers will discuss your home openly with your real estate sales professional. If you can't leave, let your sales professional do the talking. He or she can discuss price, terms, possession and other factors, as well as handle objections or questions.
Make the Most of that First Impression
A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted, or at least freshly cleaned front door. If it’s autumn, rake the leaves. If it’s winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.
Invest a Few Hours for Future Dividends
Here’s your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. If you’re worried about time, hire professional cleaners or painters to get your house ready. Remember, prospects would rather see how great your home really looks than hear how great it could look with a little work.
Check Faucets and Bulbs
Dripping water rattles the nerves, discolors sinks, and suggests faulty or worn-out plumbing. Burned out bulbs or faulty wiring leave prospects in the dark. Don’t let little problems detract from what’s right with your home.
Don’t Shut Out a Sale
If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect’s mind. Don’t try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.
Think Safety
Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.
Make Room for Space
Remember, potential buyers are looking for more than just comfortable living space. They’re looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.
Consider Your Closets
The better organized a closet, the larger it appears. Now’s the time to box up those unwanted clothes and donate them to charity.
Make Your Bathroom Sparkle
Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats, and shower curtains.
Create Dream Bedrooms
Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.
Open up in the Daytime
Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.
Lighten up at Night
Turn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.
Avoid Crowd Scenes
Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they're likely to hurry through. Keep the company present to a minimum.
Watch Your Pets
Dogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way.
Think Volume
Rock-and-roll will never die. But it might kill a real estate transaction. When it's time to show your home, it's time to turn down the stereo and TV.
Relax
Be friendly, but don't try to force conversation. Prospects want to view your home with a minimum of distraction.
Don't Apologize
Never apologize for the shortcomings of your house. If a prospect volunteers a derogatory comment about your home's appearance, let your experienced REALTOR handle the situation.
Keep a Low Profile
Nobody knows your home as well as you do. REALTORS know buyers, what they need and what they want. Let Sandia Peak inform the buyer of the virtues of your home, while you remain in the background.
Don't Turn Your Home into a Second-Hand Store
When prospects come to view your home, don't distract them with offers to sell those furnishings you no longer need. You may lose the biggest sale of all.
Defer to Experience
When prospects want to talk price, terms, or other real estate matters, let them speak to an expert.
Help Your Agent
Your REALTOR will have an easier time selling your home if showings are scheduled through his or her office. You'll appreciate the results!
Protecting Yourself
In some cases, a home sale can also be an invitation for danger. Here are some things you can do to make the process safer.
- Ask for Identification
- Ask for pre-approval letters
- Lock up and hide collectibles and valuables
- “For sale” signs bring in buyers. Do not allow your children to open doors to strangers.
- If you have pets, make sure they are controlled
- Remove any dangerous items
- In addition, make sure you are aware of all the federal, state, and local disclosure laws. This information can be obtained by the specific local and federal government agencies.
Making the Deal
A buyer has made an offer - now it is time to negotiate. Rely on your real estate professional to guide you through this process. He or she will help you arrive at an acceptable price, terms and conditions. Once you have accepted an offer, help keep the deal together by meeting deadlines and criteria, including home inspections, appropriate buyer visits, scheduled deposits and other steps. In fact, during this period there may be a renegotiation of the accepted offer price depending on the outcomes of these visits. As the closing nears, you may also need to perform repairs or do additional work to the house as agreed upon in your contract. In addition, you will need to have the house "broom clean" prior to the closing so that the buyer can complete a final walk through. When you finally arrive at the closing table, come prepared with the appropriate certificates and approvals as required by your town, county and state. Once the money has exchanged hands and all the papers signed it's time to hand over the keys.
Contract Terms
The terms of the sale can make or break a contract. For instance, house sale contingencies, closing dates and exclusions of accessories or fixtures should always be handled clearly up front in order to avoid any confusion that could affect the sale.
Buyers View Point
Below are questions to ask yourself when preparing your home for sale to ensure it looks the best it possibly can in the buyer's eyes.
Exterior
- Does your yard look well maintained?
- Are the trees and bushes trimmed?
- Is your lawn mowed and edged?
- Is your lawn free of weeds?
- Are the decks and patios clean?
- Does your house need painting?
- Are there any exterior holes or cracks?
- Are your walks and porches clean and in good repair?
- Does your roof leak or sag?
- Are any shingles or tiles missing?
- Is your chimney in good shape?
Carpeting/Walls/Ceilings
- Are your carpets clean and in good condition?
- Do your carpets need stretching?
- Are there any pet or smoking odors?
- Do your walls have any cracks or holes?
- Do your walls need painting?
- What about that wallpaper?
- Do your ceilings have any water stains, cracks or peeling?
- Do your ceilings need painting?
Kitchen
- Are your appliances clean and in good working order?
- Are your cabinets in good condition?
- Are your countertops in good condition?
- Is your tile grout clean?
- Is your sink stained, chipped, or in need or re-caulking?
Bathroom
- Do your faucets shut off completely?
- Do your sinks drain freely?
- Are your toilets in good condition?
- Are your shower doors shiny?
- Do your tubs need caulking?
- Is your floor in good condition?
- Are your vanities and mirrors in good condition?
Living Room
- Is your fireplace clean?
- Is the fireplace screen in good shape?
- Are all drapes, shutters and shades clean and working properly?
- Are any window screens bent?
- Do all the windows open and close easily?
- Are the window sills clean?
- Are your doors in good condition?
- Do any doors sag or stick?
- Do the locks work?
- Is the paint in good condition?
- Do the doors seal tightly?
Basement/Attic
- Is your basement/attic organized?
- Are they well lit?
- Are they clean?
- Are the stairs in good repair?
- Do the doors open and close easily?
- Are there any signs of insects or rodents?
Garage
- Is your garage organized?
- Is it well lit?
- Is the floor swept?
- Are there oil spots or other stains on the concrete?
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