It's time to SELL....
The majority of sellers choose to sell their home with an agent, which is statistically wiser. Fewer financial results and smaller sales are produced from homeowners selling their own homes. How can this be? The simple fact is that the sale of your home depends upon what a buyer is willing to pay. If you cannot attract the right buyer, or negotiate the proper deal, then you’re stuck behind the eight ball. And remember - marketing your own home can be very costly. With an experienced agent, covering the marketing cost and applying proven plans to sell your home becomes less stressful. They are experienced with the process, which means fewer mistakes, if any at all.
During the decision process, you want to make sure the reasons for selling your home are beneficial. Many people move to save money, finding out that close to 15% of their home sale goes to moving costs, closing costs and the agent (or marketing for FSBO). Speaking to an accountant is also beneficial to protect yourself against any tax consequences.
Prepare to Sell
Take the initiative and get a pre-sale inspection, to prevent costly surprises from the buyer's inspector. Inspections usually cost between $300 to $400. If major damages are discovered, your decision to sell or at least the price at which you sell may be altered.
Washington State sellers and their agents have to disclose issues that may affect a buyer's decision to purchase your home. This is a touchy topic, so speak with your agent to make sure you understand what you need to disclose, what repairs need to be made, or what problems can be back-ended by adjusting your asking price. This is not the time to undertake major improvements. It is generally wiser to make only necessary repairs and cosmetic improvements that will enhance your home.
Set the Price
Your home's value is ultimately what a buyer is willing to pay at any given time. It’s dramatically affected by the strength of the market: supply verses demand. If you want to sell quickly, or you are in a buyer's market, you may decide to set your price lower than market value. On the other hand, if you're in a seller's market where multiple offers are common, you may want to set your price higher than market value. Price is everything
Use an Agent to Set the Price
Choose an agent familiar with your area that has a track record. A good agent will provide an honest assessment of your home's value. When deciding an agent and sales plan, consider the current market and your home's salable assets as well.
Comparative Market Analysis
A comparative market analysis should take into account repairs, improvements, and annual costs (such as property taxes) of your home, in addition to its size, features, and amenities. Expect to get an analysis of recently comparable homes sold in the neighborhood, as well as a list of equivalent homes currently for sale. When you receive the analysis, break down the home comparisons to square footage. It will allow you to analyze how accurate the CMA estimate is.
Accept an Offer
In most cases, you will wait anywhere from 30 to 180 days for an offer, depending on the market and location of your home. This can be an emotional process, especially if offers come in far below your list price, or your home has been on the market for several months. This is why obtaining an experienced agent is essential, so you know what to anticipate and can attack the market accordingly.
Never rush. Take the time needed to make an appropriate decision and never jump at initial offers, but remember, "time kills deals." Consider all offers carefully, and make sure that the terms are as favorable to you as they are to the buyer. Never accept an offer on the phone. Contact your agent and meet in person. This rule will prevent you from emotionally reacting.
Before you list your home, decide on the lowest acceptable offer. Keep this number to yourself; do not share with your agent, as the number may change during the time your home is on the market.
Make sure that everything is in writing. This is for your protection and the buyer's. Documenting the process helps avoid confusion and potential legal problems down the road. In most states, land transitions and their details need to be in writing to be valid. The majority of the time, you’ll want to counteroffer. Someone purchasing a home will almost always start out on the low side, so take this into consideration.
Close the Sale
You have identified the buyer. Now the buyer is busy with financing; until the sale closes, you are responsible for keeping your property in the same condition as when the buyer saw it last. The closing date should be clearly specified in your sales contract, which should include deadlines for the buyer to sign off on contingencies. Make sure the buyer meets any deadlines you've set. Be ready to deal with any problems that may crop up.
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