This is very important! If you set your price too high, your home may sit on the market. If it is too low, you risk losing yourself thousands of dollars. While anyone can run the numbers for you, the real magic begins when you pair those numbers with the real-world context. That is what we are here to help you do with our comparable market analysis to research the competition.
You probably have heard repeatedly that upgrading your home with new flooring, cabinetry, doors, counters, and other amenities will almost always assure a maximum asking price when it is time to sell. However, sometimes finances, time frames, and other circumstances prevent making these upgrades.
If you are in a situation, consider taking smaller steps to boost your home’s “curb appeal.” According to industry experts, doing so may mean selling it ten to fifteen times faster. Tackle the easier tasks if you are up to it, and think about hiring professionals for the bigger jobs such as landscaping and painting.
Here are a few suggestions to get you started.
Replace damaged or loose roof shingles
Apply a fresh coat of paint to front door
Install clearly readable, elegant house numbers
Check foundation, steps, and walkways for cracks and crumbling
Inspect doors and windows for peeling paint
Clean and straighten gutters
Replace cracked floor and/or counter tiles
Patch holes in walls
Patch visible cracks in concrete or brickwork
Replace carpeting or have it professionally cleaned
Replace old or flaking wallpaper
Switch out dated appliances and décor
Replace burned-out bulbs
Fix doors that don’t close cleanly and quietly (same for drawers/cabinets)
Fix or replace leaky faucets
Replaced damaged windows, including those that are scratched
Place potted seasonal flowers near front entrance
Sweep and wash sidewalks (if local water-use rules permit)
Keep lawn edged, cut, and watered regularly
Trim hedges and prune trees
Clean out refrigerator
Wax the floors
Replace worn-out rugs
Hang up fresh towels
Air the home out
Clean walls thoroughly
Wash windows inside and out
Dust carefully, clean out cobwebs (especially in tall corners)
Re-caulk showers, tubs, and sinks
Polish faucets and mirrors
As home sellers, we all want the very first offer to be one we cannot refuse. However, this is rarely the case. Most home sales require negotiating before an acceptable agreement is reached. This process can be difficult to navigate on your own, but with the help of Rhodeway Realty, Inc. you will be able to negotiate an offer with ease and confidence.
When an offer is received, you are not required to reply immediately. If you are not certain the terms and price meet your needs, it is okay to take some extra time to review the offer, but make sure to consult with your agent about the time you have to respond to an offer.
When considering which offer you should accept, look at the current real estate market. Are the homes in your neighborhood selling slowly, quickly, or not at all? Do not just assume that one offer will lead quickly to other offers. One predictable factor in the market is that it is completely unpredictable.
Make a list of your priorities and outline which is the most important to you. For instance, if you have a minimum price, be clear on what it is. Sit down with your agent when you are ready to review your offer or offers. Bring your list with you and remember that there is more to an offer than price. For instance, has the buyer asked for anything to be included, such as furniture or appliances?
When reviewing offers, look at the buyer’s funding. Does the buyer have all funds available and ready to be transferred? Pre-approval is not guaranteed; review the pre-approval letter and compare it to the offer. Also, ensure that the time works for you. The closing date should meet the needs of both parties.
Once an offer is received, you can reject, accept, or make a counteroffer. A counteroffer is the response you give to an offer asking for modifications; it also is when negotiations begin.
01 The amount of the down payment
02 The date closing will take place
03 The total price
Always review the offer to see if the buyer has included items of personal property, such as a refrigerator or a washer and dryer. Make sure if you do not want those items to be included that you exclude them in a counteroffer.
Most buyers will submit offers on a California form residential purchase agreement. This agreement includes, among other things, contingencies which will permit the buyer to cancel without penalty if the inspection of the property uncovers major problems or if they fail to obtain financing.
There could be several counteroffers, so be prepared to continue the negotiations.
Congratulations! At this point, you have officially accepted an offer. Although, you are in the final stretch, there are a couple more things to mark off your to-do list before your home is officially sold.
The first thing to do is open escrow. Escrow is an arrangement with a neutral third party who holds the legal documentation and funds on behalf of both the buyer and the seller. The escrow agent and real estate agent work together to ensure all conditions are in compliance. This period of time is where the buyer is given the opportunity to complete their due diligence.
Next, the buyer may hire a licensed home-inspector to review the physical condition of the home. Based on the inspection, the buyer could ask you to make repairs on the property which you can disagree or agree to perform. Once all the investigations and inspections are performed, the seller can request that the buyer remove the inspection contingencies.
If the buyer is obtaining financing, the final contingencies that may remain are the appraisal and loan. Once the appraisal is complete and the buyer receives the loan, the parties can prepare to close escrow.
Several days before escrow is to close, the buyer will conduct a final walk through to ensure the property is in the same condition as it was when the offer was accepted. This is not an inspection, but just a review of the property.
Finally, the escrow process is funded, closed, and the keys to the property are turned over to the buyer.
