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ERA Nalbandian Realty
Guide to Selling Your Home
Selling your home is more involved
than merely planting a For Sale sign on your lawn. From setting
the correct price to marketing to negotiating an agreement and
finally closing on sale, there are a series of choices, each one
of which can make a distinct difference in the final outcome.
Whether you're a first-time seller or
you have plenty of experience, you're bound to have questions. Here,
we've put together some of the most important answers and advice
for selling a home.
Whenever you're ready, you can turn to
a knowledgeable and helpful ERA Nalbandian Realty Sales Associate who specializes
in selling homes in your local area.
What to do First
– Buy or Sell
Preparing to Sell
Sellers' Frequently Asked
Questions (FAQs)
Setting the Right
Price
Marketing Your Home
Reaching an Agreement
Real Estate Glossary
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What
to do first – Buy or Sell
If you already own a home, it's a basic question and the answer is
as individual as you are.
Generally speaking, under most market conditions, real estate professionals
advise listing your present home and shopping for your new home simultaneously.
To consider your own individual needs and circumstances, though, you
should talk to your agent about how fast you need to sell and how
long you should expect it to take in current market conditions. In
a robust real estate market, for example, you can assume your home
would be more likely to sell quickly. In that case, if you have
very specific criteria – like location, size, views, age,
etc. which could lead to a time-consuming home search – you
should consider finding and buying a home first before you sell
your existing home. If necessary, you can make an offer to buy that
home contingent on selling yours. On the other hand, if you sell
first, you can make your sale dependent on finding a home to buy.
Seasonality can play a role in deciding
when to sell – with spring and fall the most popular seasons
to put a home on the market. Your agent can also help you consider
the effect of factors like interest rates and consumer confidence
in the economy. Low interest rates will send you buyers year round.
Some may be deterred by unpleasant weather conditions, of course,
but it's been our experience that potential buyers who brave inclement
weather tend to be very motivated.
Your ERA Nalbandian Real Estate Sales
Associate will help you find the solution that's right for you. |
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Preparing
to Sell Your Home
"What do you need to consider
when preparing to sell your home?"
To be certain your home will be its most appealing to a potential
buyer: Make a great first impression.
Well-cared-for lawn
Plowed driveway in winter
Seasonal door decoration
Make all necessary repairs.
Remove clutter to make your home more spacious.
Neat closets
Organized basement
Keep things light and bright.
Sunny, well-lit rooms look larger
Fresh paint makes them seem new
Highlight your home's best features.
Arrange your furnishings to spotlight a beautiful view
Use colors to draw attention to a charming fireplace
Add special touches to create an inviting atmosphere
Fresh flowers
Scented candles
Most importantly, have someone take an unbiased look at your home's
appeal. A knowledgeable person, like a ERA Nalbandian Real Estate
Sales Associate, will offer specific suggestions that let you add
to its value without spending a lot of money.
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Home
Sellers' Frequently Asked Questions (FAQ)
Q.
Why shouldn't I price my house a little high, since I can always drop
the price later?
A. That's a strategy that sounds good – but, in fact, is more
likely to result in a lower price. Here's why. The first few weeks
a house is on the market is when it will have the most activity. If
a house is overpriced, it has to compete with houses at that higher
price level, which are almost certainly larger or have newer/more
luxurious features.
So the overpriced home is unlikely to
attract an offer. Worse yet, those first weeks are when real estate
agents preview the house. If it's overpriced, they may not even
bother to show it to their buyers. Eventually, the seller will have
to drop the price – and may end up with an even lower price
because buyers will wonder why the house has been on the market
so long and may factor that into their offer. A ERA Nalbandian Realty Price Trend
Analysis provides a unique method for arriving at a selling price
that takes your local market situation into account.
Q. What is meant by the term "contingency"
in a sales contract?
A. Sales contracts typically contain several "contingency"
clauses, or stipulations that the sale is subject to. For example,
with a mortgage contingency, if the buyer is unable to obtain financing
within the specified timeframe, neither the buyer nor the seller
is required to complete the purchase. Among other common provisions
in the "subject to" section are termite and other inspection
issues and the purchaser's need to sell a current home first.
Q. What is an escape clause?
A. An escape clause, also known as a kickout or knockout clause,
is a provision that allows the party to void the contract. For example,
the seller may retain the right to look for a more favorable offer,
with the original purchaser retaining the right, if challenged,
either to firm up the first sales contract (such as by waiving a
contingency) or to void the contract. As another example, sellers
might insist upon an escape clause in a contract that hinges on
the buyers' selling their home. |
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What's
My Home Worth?
A pricing strategy that is sensitive to market trends is most likely
to achieve the best end result.
Pricing a home for an optimal result is both science and art, and
ERA Nalbandian Real Estate Sales Associates apply considerable study
and skill to this critical professional task. Determining an attractive
initial listing price is especially important, because homes almost
always gain the most attention in their first two weeks on the market.
As you can see from the chart below, pricing greatly affects the number
of buyers you will attract. As a starting
point, your ERA Nalbandian Real Estate Sales Associate will thoroughly
research comparable homes in your neighborhood and town. He or she
will advise you of recent sale prices and how similar homes are
priced now, and even review homes that didn't sell and were taken
off the market. Location, property size/features, style, age, physical
condition, special features, and recent enhancements will all be
considered in assessing your home's value.
To analyze the data, ERA Nalbandian Real
Estate has developed a unique tool called a Price Trend Analysis.
It goes beyond the capabilities of a typical Comparative Market
Analysis (CMA) by projecting local price trends. With our method,
your Sales Associate can use the many market influences that impact
price – including supply of homes versus demand, how the local
economy is faring, and home appreciation rates – to help you
determine the best asking price for your home.
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Marketing
Your Home the Right Way
"What does it take
to bring you buyers?"
The process begins with getting to know you and your home. In an initial
meeting, before you ever commit to hiring a ERA Nalbandian Realty Sales Associate,
he or she will take exterior and interior photos, measure each room,
and assess your home's key features. The Associate will also ask about
any improvements you may have made over the years and listen to whatever
concerns you may have. Everything our
Sales Associate learns will go into creating a customized marketing
plan that will provide you with a clear idea of what will be done
to attract the most potential buyers to your home. Your plan will
include such features as:
A schedule of marketing activities
A list of print materials and websites that will carry the ad for
your home
Promotional materials to hand out or mail with photos of your home
and its special features
The use of our Open House program to bring you potential buyers
Once you list with ERA Nalbandian Realty, your Sales Associate will immediately
start putting the marketing plan into action to help you achieve
a timely sale at the best possible price.
To make an appointment for an initial
meeting,
please call (201) 797-1100 or Contact Me. |
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Reaching
an Agreement
"What happens after I receive
an offer?"
When you receive an offer, you'll get an excited rush. If the offer
is a little low, however, you may want to counter that offer, and
that's where the negotiating skills of your Sales Associate will come
in. Rest assured that ERA Nalbandian Realty Sales Associates are well trained in
the techniques and complex psychology of negotiation and can negotiate
on your behalf with your best interests in mind. If
the buyer counters your counteroffer, you'll want to set aside the
emotions involved and frame your next move. Often introducing an
issue other than price can be a winner for you. For instance, your
ERA Nalbandian Realty Sales Associate may suggest to the buyer that while your
price is firm, you will agree to leave behind major appliances that
the buyer would otherwise have to purchase out-of-pocket.
Your ERA Nalbandian Realty Sales Associate can help
you get favorable terms as well. A flexible or delayed closing date,
for example, can give you the time you need to purchase another
home. Conversely, an early closing date can have real financial
benefit if you've already purchased another home and need to close
quickly to avoid carrying two mortgages.
When you receive an offer, or if more
than one offer comes in, you also want to look at how "solid"
the offer(s) is. Your ERA Nalbandian Realty Sales Associate can help you assess
offer(s) by weighing such crucial factors as whether the buyer has
a mortgage pre-approval, how much they're putting down, whether
they have a home to sell, and so on.
Sometimes the most emotionally charged
negotiating follows the various home inspections that come after
the contract is signed. "Who pays for what" is strictly
a matter of negotiation, and your ERA Nalbandian Realty Sales Associate will
help you take a balanced stance that's 1) tough enough to protect
the home equity you want to walk away with, yet 2) has enough cushioning
to avoid alienating the buyer and jeopardizing the sale itself. |
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Real
Estate Glossary of Common Terms
Real Estate has a language all its own. Here's some of the terminology
you'll be hearing.
Adjustable Mortgage Loans:
Mortgage loans under which the interest rate is periodically adjusted
to more closely coincide with current rates. The amounts and times
of adjustment are agreed to at the inception of the loan. Also called:
Adjustable Rate Loans, Adjustable Rate Mortgages (ARMs), Flexible
Rate Loans, Variable Rate Loans.
Amortization: Repayment
of a debt through monthly installments of principal and interest.
The monthly payment is based on a schedule that will allow you to
own your home at the end of a specific period (e.g., 15 or 30 years)
Annual Percentage Rate (A.P.R.):
The A.P.R. shows the cost of the loan expressed as a yearly interest
rate. It includes the interest, points, mortgage insurance, and
other fees associated with the loan. The A.P.R. is disclosed as
a requirement of the federal Truth in Lending statutes.
Buydown: A payment to
the lender from the seller, buyer, or third party, or some combination
of these, that causes the lender to reduce the interest rate during
the early years of the loan.
Buyer's Agent: The licensed
real estate salesperson who represents the interests of, and negotiates
on behalf of, the buyer of a home or property.
Cap: In adjustable rate
mortgages, the limit on how much the interest rate or monthly payment
can change.
Closing: The final procedure
in which documents are executed and/or recorded, and the sale (or
loan) is completed.
Closing Statement: The
statement which lists the financial settlement between buyer and
seller, and also the costs each must pay.
CMA: CMA, or Competitive
Market Analysis, is a comparison of homes similar to a seller's
home in terms of size, style, features, and location that have sold
recently or are on the market. A CMA is prepared by a real estate
agent to help set a home's listing price; it is not an appraisal.
Contingency: Commonly,
a stated event which must occur before a contract is binding. For
example, a home sale may be contingent upon the buyer obtaining
financing.
Deposit: A portion of
the down payment given by the buyer to the seller or escrow agent
with a written offer to purchase. Shows good faith.
Down payment: Cash portion
of the purchase price paid by a buyer from his own funds as opposed
to that portion which is financed.
Dual Agent: A licensed
real estate salesperson who represents both the buyer and the seller
in a transaction at the same time. Also applies to a buyer's agent
(see above) when the seller's agent works for the same company.
In either case, both parties must provide written informed consent
to Dual Agency.
Escrow: A procedure in
which a third (neutral) party holds all funds, documents, etc. necessary
to the sale, with instructions from both buyer and seller as to
their use and disposition.
FHA Loan: A loan insured
by the Federal Housing Administration, a part of the Department
of Housing and Urban Development. FHA insurance enables lenders
to make loans to borrowers who might not qualify for conventional
mortgages.
Graduated Payment Mortgage:
A mortgage initially offering low monthly payments that increase
at fixed intervals and at a predetermined rate. |
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