Sellers...what do you really want to know?

Since selling in todays market seems to be the most difficult thing to do I thought I would kick off this blog with seller concerns.

One of the first thoughts a seller has right now is: “How can I be sure now is the right time to sell?” For some home owners, the decision to sell at a particular time is necessitated due to job relocation or some other factor that makes the answer to this question an easy one, however, for the majority of sellers, moving is a more subjective matter. Therefore, one of the most important first steps any potential seller can take is to decide exactly what his or her own personal motivations for selling are. Just testing the market these days probably is just adding to the problem of overcrowding the inventory.

After the decision is made to sell the next logical step for the homeowner is to find out what market conditions are like in the area and to determine whether factors are in favor of allowing them to achieve their goals. Potential sellers can compile this information themselves by researching home sales to find out what comparable homes are selling for, or they can talk to a Realtor they trust who can provide them with this information as well as current insights on the market.

For the most part, pricing will depend on how much similar homes in the area are selling for. But each home is different. The best price is the one that takes all of the property’s advantages and disadvantages into account as well as the goals of the seller. If the seller absolutely must sell within a given time frame, they will need to set lower price than a similar home with owners who are in no rush and want to maximize their profits

As for how long it will take, local real estate boards keep track of the average length of time most properties stay on the market in the area. It is advisable to pay close attention to the time frames established in listing agreements before you sign with an agent. Ask the agent how long most of his or her listings remain on the market, and what will happen if your home doesn’t sell within the prescribed time.

Initially the idea of not having to pay a commission to an agent may be tempting to some sellers. However, any erstwhile do-it-yourselfers should also be aware of exactly what’s involved in selling a home and make sure they have what it takes to follow through with every step. The majority of home owners choose to let a professional real estate agent handle all the legwork and paperwork for them…as well as any potential problems that may arise in even the seemingly simplest of transactions. In addition, by listing with a Realtor, home owners have access to the Multiple Listing Service, the marketing tool that accounts for the vast majority of home sales. Most sales through Realtors end up netting the seller more money in the end than if they didi it on their own.

Even if a seller chooses to go it alone, it’s not a bad idea to talk with a Realtor. Many professionals will offer help with paperwork and marketing for home owners handling their own sales. This way, if something unexpected does happen, the seller has already built a relationship with a professional who is ready to help.

Contrary to conventional wisdom, all Realtors are not created equal. The key to choosing the right agent is to find someone whose personal style and methods fit in with your own. Start by getting referrals from friends or by contacting local agents and setting up interviews.

Take time to interview each potential agent. Look at the professionalism of his or her marketing materials and get a feel for how comfortable you feel talking with this person. Don’t be afraid to ask for references. Ask the agent to show you their statisics for sales. Not that a brand new Realtor can't sell your home but if they are throwing around experience have them prove it. You should feel confident that the agent you choose is a trustworthy and knowledgeable individual, working fulltime and representing a reputable agency.

Selling your home involves more than simply putting a sign in the front yard. To maximize your home’s appeal to potential buyers, you may need to make cosmetic changes, minor or even major repairs.

Ask you Realtor for a complete list of cleaning and makeover strategies, as well as other details which can add to the curb appeal and ultimately may make your home worthy of a higher price and stand out to a potential buyer.

If there is something wrong with your home disclose! It is always in the seller’s best interest to disclose everything regarding the state of the property. In most cases it is illegal not to. In many areas laws have been established to hold the seller accountable for home defects, even if the seller wasn’t aware of the problem. Sellers should consider going above and beyond the law’s requirements for home inspections and disclosure. This will make buyers more comfortable about buying your home and, in some cases, even paying more for it.

Befor e the offers begin to roll in each seller should know in advance what his or her “bottom line” is, what contingencies or terms would be acceptable and what would not. In addition, the seller should find out whether the buyer has been prequalified for financing…something most real estate agents will quickly determine right from the start…before seriously counting on any offer. Beyond that, each offer should be reviewed for a deposit, the price offered, the down payment, the terms involved, occupancy details and any contingencies.

Any offers should be reviewed in private with the seller’s agent. This way the home owner and the agent can openly discuss how well this offer matches the seller’s goals and what should be included or deleted from any counteroffer that may be necessary.