your home

Should You “Test The Market” With A High Price To Start

October 27, 2021 By Deborah Ward

It sounds like a good strategy, “test the market” by asking a high price for your home. I mean, what harm could it do and you could even luck out and get asking right? Well, not so fast. It’s not a good strategy and here’s why.

Who will and won’t see your home?

For one thing, when you “test the market” the people who can actually afford your home at the right price won’t even see it. Most people start searches online but even if they start with a Realtor, the searches the Realtor does won’t include your home. Those that do see it won’t be interested. Your home will be too small or not what their price range usually offers. Of course, that means you won’t be getting any offers. Unfortunately, your neighbor who is also selling will. Your overpriced home makes their correctly priced one look good. Not to mention that the first few days your home will be on the market are the golden ones. Most deals are made then.

Remember today’s buyers are very savvy

People know what a home is generally worth. They do their homework. They also will be less likely to want to try and negotiate a deal. If they even see the listing. That means your home is sitting and a stale house doesn’t sell for asking, or even for less than the true market price. It’s true. When you lower a price because you asked too much to begin with, those who are interested will demand a bigger discount and more concessions.

What if you do get an offer?

So let’s say you actually get a bite at your first price. Guess what? The house won’t appraise at the high price and the buyer won’t get a mortgage. No mortgage, no sale.
Oh, and if you find a Realtor who thinks it’s a good idea, find a different one!

Does It REALLY Take Longer To Sell My Home FSBO

October 27, 2021 By Deborah Ward

People often wonder how long it takes to sell their home. If home sales are taking longer than they like in their area they often think they can do it better and faster by selling themselves. They would be wrong.

“How long will it take to sell my home?”

It is a common question: “how long will it take to sell my home?” Realtors can give a few different types of answers. One is average time on the market. But averages are really only useful for spotting market trends.

You can get a rough estimate of how long it will take to sell your home by taking a few factors into consideration and making a few assumptions. Basically, you need to assume that it takes about 20 prospective buyers touring your home. Then assume that it will take 2-3 offers before you actually get the house sold. It’s not foolproof, but it generally works.

So how does that translate to the time it takes to sell your home yourself? Well, that comes down to how effectively you get those 20+ prospective buyers through your door, and how well you negotiate the sale to get the 3+ offers. Easy peasy, right?

Do you know how to effectively market your home?

It’s not as easy as plunking a sign in the front yard, or throwing an ad up on the internet. You need to get the right attention from all over, not just your neighborhood. Do you know where to put your listing? Do you know what information to include to make it stand out from the rest?

Pricing your home

Then there’s how to price it. You just KNOW it’s worth a certain amount. It’s not. You are emotionally involved in the value of your home. It’s also not the average asking price of your neighbors. Asking and selling prices are two entirely different things, and your neighbor’s home may have amenities and upgrades that yours doesn’t.

Do you know how to sort through all those who respond to your ad or stop by because of your sign? How will you know if they are qualified to buy or not? Do you have hours to waste showing your home to people who can’t possibly buy it? Then there’s the question about whether you understand all the legal ins and outs of home sales.

Call a Realtor

It will take longer for you to sell FSBO, so don’t make yourself wait, call a us today! 727-410-0336 or check out our Selling FSBO mini course.

How Much is Your Home Worth?

October 27, 2021 By Deborah Ward

How much is your home worth? Well, that depends on how you look at it. There are three ways to do that: market value; replacement value; and property tax value. There’s a substantial difference in these values, but each affects the other.

Market value: Market value is the value that homeowners are most interested in. It’s the amount homes sell for in your area. It is partially determined by what other homes that are similar to yours sold for. Market value isn’t based on what you paid to do certain kinds of improvements, such as finishing your basement, update your bathroom or kitchen, etc. These improvements add to the value, but that value isn’t determined by how much they cost. The market value will tell you what you could get if you sold your home, and how much you would actually receive, or its equity. The best way to determine the market value is to have a realtor tour your home and assess its value.

Replacement value: Replacement value is the amount it would cost you to rebuild if your home was destroyed by something like a fire or natural disaster. Replacement cost is what you would have to spend to remove debris and rebuild based on construction costs in your area. Replacement value is what your insurance company will come up with in order to know what to charge you for premiums. It’s also an important value to know and keep on top of, because if costs to rebuild go up, but you don’t change your coverage, you could find yourself under insured and paying out of pocket if a disaster happens. Replacement value is something to always have in mind.

Property tax value: This is the value that state, county and/or municipal governments use to figure out how much you will pay in real estate taxes on your home. These values are often similar to market values, but not always. There can be differences either higher or lower due to outdated assessments or mistakes made by those assessing the property tax values. Property tax values are also based on improvements to your home.

Replacement value as well as property tax value is important. Don’t just worry about market value, even if your aim is to sell.

When Should You Break Up With Your Realtor?

October 27, 2021 By Deborah Ward

Every relationship has their downsides. The one you have with your Realtor is no different. If the relationship has gone bad, you need to break up. Just make sure you do a few things before the break up and a few things to keep in mind during.

If you are selling your home and you’ve become dissatisfied with their performance it may be time to break up. Before you take that step you need to try a few things. First, meet with your Realtor and make him or her aware of the issues you are having. Believe it or not, they may not be aware that you are dissatisfied. Make them aware of your concerns. If you feel that your home isn’t being shown enough, tell them. If you think your home is priced wrong, find out why they priced your home the way they did. Not enough communication? Ask for more. As with any other relationship, try and fix the issues before throwing in the towel.

One thing that you must remember is that having a Realtor list your home means you signed a listing agreement. This isn’t just a handshake agreement; it’s a legally binding contract. There are things that your Realtor is required to do, and things you are required to do as well. Breaking a contract has consequences. Read your listing contract. Make sure your current Realtor is living up to what the contract states. If not, you have grounds to break it. If so, move on to read the clauses where it talks about consequences for breaking the contract and prepare yourself.

Lastly, don’t hire a new Realtor before you break up the relationship with your old one. If you lie about not having a listing contract in place, your new Realtor relationship will start off on the wrong foot. That’s because they WILL find out, mostly because the old Realtor won’t just slink off and lick their wounds. They will think the new Realtor is interfering with a business relationship and possibly sue. End one before starting another.

Tips to Make Your Open House a Success | Tips For Sellers

October 27, 2021 By Deborah Ward

Make your open house a success by being smart home seller! Make your house shine inside and out and you will have a successful open house and sell quickly.

You’ve listed your home and scheduled an open house. A great first step. Now get busy on making your home look great.

Start with the outside of your home. Make sure the lawn and landscaping are mowed, neat, weeded and watered. Freshen up the front door. You don’t want to turn buyers off before they even step in the door.

Once buyers get inside your home, appeal to their every sense. Start with smell. If your home smells stuffy or like pets, kiss their interest good bye. Obviously, if you live with them day in and day out, you won’t notice them. So how can you be sure? Baking! Nothing says “you’re home” like the smell of freshly baked cookies or muffins. Of course another way to make your home smell fresh is to make sure it’s clean from top to bottom. The smell of “fresh baked” will only cover so much.

Make your home light and bright. If it’s warm out open the windows to let in fresh air and sunlight. If it’s cold, open blinds and curtains to get the same effect. This is especially important in smaller rooms. If a room doesn’t get enough natural light, light lamps. Light gives the illusion of space and cleanliness.

Next, play music. Why? Music can greatly affect mood. No hard rock, or elevator music, but jazz or classical are good choices. Play it softly, in the background.

Have a fact sheet about your home. Buyers looking will have many of the same questions, such as when it was built, how old the roof and heating system is, schools, etc. Unless you want to be answering the same ones all day, a fact sheet is very handy. Also helpful if your property is family friendly, have a small area set aside for children with coloring books, crayons and small toys. That way mom and dad can look while the kids are occupied.

Stage your home. Set the table, set out flowers, light fireplaces, light candles. Rearrange furniture to make rooms look larger and less cluttered. Make sure the temperature is comfortable, and then if you live in a seasonal area, set out pictures of what your home looks like in different seasons.

Home Seller Tips – Selling Your Assets

October 27, 2021 By Deborah Ward

Here are some home seller tips to help you with selling your assets, (your home is an asset). What is the best part of your home? That is the question you should be asking yourself as you start to get it ready to sell. Why? Because the answer will tell you which assets you need to be playing up. You aren’t selling your home, as much as you are selling your assets.

The first home seller tip is to have a Realtor come in and look at your home with you when you are getting ready to sell it. They will be able to give you ideas on what are great selling points and what needs to be spruced up. Have a list ready before they get there of your favorite spots in your home. Is it your deck? How about your pool? The amazing lanai? Where do you spend most of your leisure hours when at home? What would draw you to an area like that in another home? Your Realtor will probably agree with you and have great ideas on how to make these areas shine. Selling your assets like your home is a big deal so get all the help you can from a Realtor.

Most people know to look at the kitchens and baths. Yeah, we all have them and isn’t it great when they are up to date. But what about the great reading nook you have on your lanai? Or the amazing set up around your pool? And who could resist the outside kitchen on your deck? These are the assets you need to play up. These are the areas that will make people want to live in your home.

So, another home seller tip is stage them. Just like every other area of your home. Make sure your deck or lanai furniture is clean, new looking or replace it. If your grill has seen better days, replace it. Even if it’s all going with you, it’s the visual you need the buyer to see to want to be there every day. Fix screening outside. Make sure your pool is clean 100% of the time. If you have safety covers, make sure they are in working order and ON when people come to look. It will be a huge selling point with families.

You know what you love about your home, so make others love it too. Then get ready to pack and move!