Carla Ness' Blog
There is a science to selling your home at the best price and within the shortest period of time, but it's not always an exact science!
Although you can't control market conditions, seasonal fluctuations, or the condition of your neighbors' property, you are still in the driver's seat when it comes to pricing, curb appeal, and the interior condition of your home.
Assuming there's no legal snags or major "red flags" about the condition or appearance or your home, the selling price you set may make the difference between a fast sale and house that lingers on the market for months on end. Many house hunters and (all) real estate agents are quite savvy about property values and real estate prices. If the selling price of your home is based on emotional factors or the amount of money you need to get back in order to purchase your next house, then there's a good chance you'll be pricing yourself out of the market. That's where your real estate agent comes in. They will help you set a realistic asking price that will favorably position it to similar properties in your neighborhood and community.
While everyone wants to get the maximum return on their real estate investment, there's usually a limited amount of "wiggle room" between the appraised value of your home and the amount of money a potential buyer would be willing to pay for it. Since it may be difficult for you, as a homeowner, to be objective when determining a realistic price for your home, it's often beneficial to have a comparative market analysis done by a real estate agent or professional appraiser.
Another reason for consulting with professionals involves the need to be objective about home improvements. Some home sellers have a difficult time accepting the fact that their asking price can't always reflect the full cost of recent home improvements. Home additions, updates, and recent remodeling work can have a positive impact on your home's asking price, but it's usually not a dollar-for-dollar return on investment.
If you're preparing to put your house on the market in the near future, it pays to do a little online research, have your property professionally appraised, and/or work with a real estate agent who will do a comparative analysis of your home's value. Other things you can do to increase the likelihood of getting your home sold quickly include a thorough top-to-bottom cleaning, applying a fresh coat of paint where needed, and "staging" your home to appeal to the widest variety of potential buyers. While that might include making some major changes to your home's décor, its landscaping, or even furniture arrangement, the rewards of a speedy sale often justify the effort and short-term inconvenience of getting your home ready for the close scrutiny of house hunters, home inspectors, and buyers' agents!
In some instances, it may be beneficial to reject an offer to purchase your home. Because if a homebuying proposal fails to meet your expectations, you may want to wait for another offer to come your way.
Reviewing a homebuying proposal and determining whether to reject this offer can be tricky. But we're here to help you evaluate an offer to purchase so you can decide the best course of action and feel confident about your choice.
Now, let's take a look at three tips to help you assess an offer to purchase and determine whether to decline.
1. Review the Local Housing Market
The housing market in your city or town is a major factor in the property selling journey. If you're selling your residence in a buyer's market, you likely face steep competition to sell your house and maximize its value. Comparatively, if you're operating in a seller's market, there may be an abundance of buyers and a shortage of sellers in place.
Take a look at the prices of recently sold residences and how long these properties were listed before they sold. You may want to consider the prices of currently available houses in your area that are similar to your residence too. With this housing market data in hand, you can differentiate a buyer's market from a seller's one and take a data-driven approach to decide how to proceed with an offer to purchase.
2. Weigh Your Home's Strengths and Weaknesses
You believe your home is great, but you also realize that your residence is far from perfect. As such, it often helps to weigh your residence's strengths and weaknesses relative to an offer to purchase and proceed accordingly.
For example, if a homebuyer submits a competitive offer to purchase your home in spite of its exterior damage, you may want to accept this proposal. On the other hand, if a buyer submits a "lowball" offer on your recently upgraded house, you may want to decline this proposal.
3. Consult with a Real Estate Agent
If you're unsure about whether to reject an offer to purchase, there is no need to worry. You can always hire a real estate agent, and this housing market professional can provide comprehensive support throughout the property selling journey.
A real estate agent is ready to help you in any way possible. If you need help listing your residence and promoting it to prospective buyers, a real estate agent can assist you. Or, if you want to find innovative ways to enhance your residence's curb appeal, a real estate agent can provide home exterior upgrade recommendations.
Of course, a real estate agent will work with you to review any offer to purchase your house. You and your real estate agent together can discuss the pros and cons of a homebuying proposal and make a decision that corresponds to your house selling goals.
Take the guesswork out of reviewing an offer to purchase – use the aforementioned tips, and you can decide whether rejecting a homebuying proposal is the best option.
After you receive an offer to purchase your residence, determining the best course of action often can be difficult. Because if you make the wrong decision, you risk missing out on an opportunity to sell your house and maximize its value.
Ultimately, it may prove to be beneficial for a home seller to submit a counter-offer. There are many reasons why a seller may choose to provide a counter-proposal, and these include:
1. A homebuyer's initial offer to purchase fails to match your expectations.
Although a homebuyer's initial offer to purchase your residence fell below your expectations, you can always submit a counter-offer to find out if a buyer is negotiable. That way, you may be able to work with a buyer to find a common price that is suitable for all parties.
When it comes to selling a house, there is no harm in submitting a counter-offer. Remember, the worst response a home seller will receive to a counter-proposal is a simple "No." And even in the worst-case scenario, a seller can move forward with the property selling journey and await an offer to purchase that matches his or her expectations.
2. You are flexible about the price of your house.
As a home seller, you probably realize that what you originally paid for your house is unlikely to match your residence's current value. But even if you set a competitive initial asking price for your home, you may still want to negotiate a counter-offer if a buyer's initial proposal falls short.
The housing market constantly fluctuates, and a sector that favors sellers today may favor buyers tomorrow. Thus, if you are flexible about the price of your house, you can always negotiate a price with a buyer that accounts for the present state of the real estate sector.
3. You want to get the best-possible price for your residence.
The goal of the home selling journey is to obtain the best price for your home, regardless of the real estate market's conditions. Therefore, rather than accept or reject an offer to purchase, it may be beneficial to see if you can receive a better proposal from a buyer.
As you move along the home selling journey and review an offer to purchase, you should not hesitate to collaborate with a real estate agent. With a real estate agent at your side, you can receive plenty of guidance throughout the home selling journey.
Typically, a real estate agent will help you list your residence and promote it to prospective buyers. He or she will set up home showings and open house events and keep you up to date about any offers to purchase your residence. Then, when you receive an offer to purchase, you and your real estate agent can work together to determine how to proceed.
Hire a real estate agent – you'll be glad you did. By employing a real estate agent, you can get the help you need to fully analyze an offer to purchase your residence.
Before you sell your home, you may want to invest in property upgrades. That way, you can enhance your residence both inside and out and boost your chances of enjoying a fast, profitable house selling experience.
Ultimately, there are many questions to consider prior to investing in home improvements. These questions include:
1. Which home improvements should I prioritize?
It may be beneficial to have a professional home inspector evaluate your residence. Because if you receive a home inspection report, you can learn about your residence's strengths and weaknesses. Perhaps most important, you can use this report to establish home improvement priorities.
There is no shortage of qualified home inspectors available in cities and towns nationwide. If you reach out to a home inspector today, you can take the first step to identify and address various problems throughout your house.
2. How much should I spend on home improvements?
Although you would like to improve your residence as much as possible, there is only a finite amount of money at your disposal to allocate to property improvements. If you create a home improvement budget, however, you may be better equipped than ever before to get the most out of your available funds.
Also, it is important to remember that some home improvements are quick and simple to complete. If you can perform home upgrades on your own, you may be able to save money in comparison to hiring a professional contractor to complete these tasks for you.
3. How much time should I commit to home improvements?
Think about when you want to list your home. Next, you can craft a home improvement timeline that allows you to determine which property upgrades you want to complete and when you want to finish these projects.
Generally, it is helpful to give yourself as much time as you can to perform home improvements. And if you have sufficient time to complete home upgrades, you'll ensure that these tasks are always finished correctly.
As you get ready to list your residence, you may want to hire a real estate agent too. This housing market professional can examine your house and offer home improvement recommendations and suggestions. Furthermore, a real estate agent may be able to put you in touch with the best home improvement professionals in your area.
A real estate agent provides comprehensive assistance throughout the property selling journey as well. He or she will help you list your residence and promote it to the right groups of buyers. And if you receive an offer to purchase your home, a real estate agent will help you analyze this homebuying proposal and determine the best course of action.
Ready to transform your ordinary home into an attractive option for buyers? Allocate time and resources to perform home improvements – you'll be glad you did. If you upgrade your residence, you can show off the true beauty of your house and increase the likelihood of a successful property selling experience.
If you want to sell your home, it generally is a good idea to enhance your residence's exterior. That way, you can improve your house's curb appeal and make your residence an attractive choice to prospective buyers. Furthermore, with a terrific home exterior, you may be able to help your residence stand out to potential buyers and increase the likelihood of a fast house sale.
Now, let's take a look at three tips to help you revitalize your house's exterior.
1. Repair Damaged Siding
Cracked or chipped home siding is unlikely to do you any favors, particularly in a competitive real estate market. Fortunately, home sellers who allocate time and resources to repair damaged siding can transform an ordinary home exterior into a pristine one.
Oftentimes, it can be simple to correct home siding damage on your own. On the other hand, if you require professional assistance, there is no shortage of home exterior experts available in cities and towns nationwide.
2. Perform Home Landscaping Tasks
Let's face it – a lawn that is loaded with weeds and high grass is an eyesore that a home seller can live without. Thankfully, you can mow the lawn, trim the hedges and complete other home landscaping tasks in no time at all.
In many instances, home landscaping tasks can be finished over the course of a few hours, depending on the size of your home and the tasks you need to complete. Of course, you should continue to perform home landscaping tasks weekly or bi-weekly to ensure your lawn looks great at all times.
3. Remove Lawn Decorations
Lawn decorations may help you distinguish your residence from others. At the same time, they may make it tough for a buyer to envision what life may be like if he or she purchases your residence.
When it comes to lawn decorations, it usually is beneficial to err on the side of caution. If you remove lawn decorations, you can instantly bolster your home's curb appeal.
As you explore ways to upgrade your house's exterior, you may want to consult with a real estate agent too. In fact, with a real estate agent at your side, you can streamline the property selling process.
Typically, a real estate agent can serve as a guide throughout the home selling journey. He or she is happy to teach you about the home selling journey and ensure you can prepare your residence accordingly. Plus, a real estate agent will promote your residence to prospective buyers, offer home selling tips and recommendations and more.
For those who want to enjoy a seamless home selling experience, it may be helpful to upgrade your house's exterior sooner rather than later. Remember, a dazzling home exterior may make it simple for you to differentiate your residence from the competition. And as a result, a stunning house exterior could help you generate lots of interest in your house and maximize your home sale earnings.