Selling a Home
How Long Will It Take to Sell My Home?
There are quite a number of factors that will influence the sale of your home. Some of the factors such as timing and competition are determined by the market. Some, like the condition of the house along with terms and price, are controlled by you, the seller. The factor that we control as REALTORS® is the marketing of the home. Our goal is to position it to attract the maximum number of buyers in today's market. We do this by providing a comprehensive marketing plan which includes an analysis of the market, a marketing package exposing your home to the maximum number of potential buyers, and ongoing monitoring and feedback to keep you informed. We would be pleased to provide you with a Seller's Information Packet which will provide you details of our marketing plan. Call us, text us, or email us if you are interested in receiving this valuable tool or if you have any questions.
What Is the “Hotel Test”?
When selling your home you want to stage it in such a way that buyers can envision its potential and picture themselves living in the home. You are showcasing the home not its contents. You want to create the perfect environment —not unlike what you see when checking into a luxury hotel or resort, hence "Hotel Test." Everything needs to be in place and ready to move in. Remember that you are not staging it to live in; you're staging it to sell.
How Important Is Timing in Real Estate?
When a home is first listed it attracts the most interest not only from potential buyers, but from the real estate community as a whole. Therefore, it has the highest chance of being sold when it is new on the market. Setting a realistic price from the beginning will help take advantage of this initial period and increase the chance of a timely sale.
What Happens When a Home Is Overpriced?
The first weeks after a home is listed is the most important time period in selling it. If it is overpriced at the start, it misses this critical period. Once passed and little traffic is generated, it becomes necessary to lower the listing price. Depending on market conditions, this cycle may repeat several times before a sale is made. The ultimate result is that frequently the final sales price is well below the initial asking price.
How Quickly Can I Sell My Home?
We don't have the answer to this question, but we do know that you want to position your home to attract the maximum number of buyers from the start. More buyers typically means a higher price, better terms and shorter days on the market. As you know, there really are only three responses from the market. (1) Slow or no showings which will require repositioning, (2) a few showings but no acceptable offers which will require patience and possibly repositioning, or (3) lots of showings and an acceptable offer within the first three to four weeks. Keep in mind that the first offers received are frequently the best.
What's the 30 Second Rule?
First impressions, as we all know, are most important. This is especially true in Real Estate. Most buyers start deciding whether they like a home within the first 30 seconds of seeing it as they walk up to the front door. We call it curb appeal. Before putting a home on the market take a good look at your home from a potential buyer's perspective. Are the bushes trimmed, is the grass mowed, are windows clean and is the home in need of paint? Make sure that the front door is freshly painted and that the door handles and locks shine.
Negotiating a Low Offer
Selling a home is not an easy process and it is fraught with emotions. This is especially the case when a potential buyer makes a ridiculously low offer on your home. Keep in mind that buyers are trying to get the best possible deal and might be testing to determine how far you are prepared to negotiate. Work with your REALTOR® to develop a strategy for the negotiations. Always be prepared to counter at least once. It will show you how serious the potential buyers really are, and in all likelihood will lead to successful negotiations.
How much is my home worth?
This is likely the first question you will ask when preparing to sell your home. Seek the advice of an experienced full-time, full-service, professional REALTOR® who understands our local market. Your agent should have a proven track record of successfully addressing their clients' needs, whether they are sellers or buyers. Interview potential agents to learn how they will market your home. Take a look at their marketing materials, find out if they do Virtual Tours (not slide shows), determine how they will keep in touch with you, and, of course, check their accreditations. Ideally, your agent should have earned the CRS and GRI accreditations.
A comprehensive market analysis is essential to determine the value of residential properties. Be sure to ask your agent to prepare a market analysis for you. Call or text us today at (520) 668-5037 or email us at Christine@Christine-Ed.com if you would like us to prepare a free Comparative Market Analysis on your home.
Should I Get a Home Inspection?
By identifying potential issues and addressing them prior to listing your home, you'll be in a much stronger marketing position. Keep in mind that buyers, especially first-time homebuyers, don't want to move into a home that requires work. By getting a home inspection by a qualified, licensed inspector you can identify any major items or systems that need to be repaired and fix them.
How important are Virtual Tours to Buyers?
The first thing potential buyers do when searching for a home is to go to the internet. They want to see what's available and to start narrowing their searches for homes that might meet their needs. In the past when you wanted to determine if a home might meet your requirements, you had to set up a showing with your REALTOR®. Today home searches begin on line. First impressions are important, hence, as a seller you want to make sure that your REALTOR® takes both still photos and a virtual tour of your home. We're not talking about a slide show. Prospective buyers want to get a feel of the home as if they were in the house viewing it.
Why a Residential Seller's Property Disclosure Statement?
The Residential Seller's Property Disclosure Statement (SPDS) form, drafted by the Arizona Association of REALTORS® is designed to assist sellers to disclose important facts about their homes to potential buyers. It enables the buyer to make an informed decision about their purchase, but equally important, it protects the seller from potential lawsuits involving non-disclosure of known problems. Disclosing problems with the home whether they have been fixed or not, eliminates lots of worries and of course is the prudent and right thing to do. By the way, (SPDS) is commonly pronounced "spuds."
Pricing Your Home
One of the most important things to consider when listing a home is to establish an asking price. Your REALTOR® will have prepared a Comparative Market Analysis to give you an estimate of your home's value in today's market. Although you might be tempted to list your home as high as possible, keep in mind that overpriced homes will linger on the market and ultimately will sell at much lower prices. Historically home prices have generally appreciated over the years, albeit there were occasional dips in home valuations. Recent events have shown that while you can build equity in a home, you can also lose value too. Pricing your home based on how much you still owe on it can cause you to list the home for too much. You need to take a close look at what the market is doing in your neighborhood.
Should I Offer a Home Warranty?
Keep in mind that the term "Home Warranties" as generally used by REALTORS are actually residential service contracts. Home warranties offer peace of mind to both the seller and the buyer. The perfect win-win situation. Buyers appreciate knowing that if any of the major appliances or components covered by the warranty breakdown, they will be repaired or replaced. For sellers it's a great marketing tool plus many warranties cover the current owner of the home through the listing period to closing. Normally payment of the policy is only due at closing. Coverage varies from company to company, so be sure to ask for copies of the warranty so that you understand what it covers and its costs.
What Is Escrow?
In the sale & purchase of a home in Arizona, the Buyer's Real Estate Agent will "open escrow." That is, deposit earnest monies, purchase agreements & related documents with written instructions to a neutral party (usually a Title Insurance Company) for the processing of settlement procedures for the transfer of ownership of the property. The principals to an escrow are the buyer, seller, lender and borrower. Once all conditions and instructions have been met, the closing will take place.Click for Video