8 Factors to Selling Your HomeJuly 7, 2017 catalysthometeam
You’re ready to sell your home. And, while you’re looking forward to seeing the word “SOLD” posted from the curb, you know there’s a lot to consider along the way. One of your first decisions is to select a real estate company and real estate agent who’ll join you in the process.
You deserve much more than a sign in the yard, fliers in a box and an occasional viewing. You deserve an agent who will be at your side from beginning to end, ensuring that your property sells smoothly and you get the most money possible from the sale. Catalyst Home Team is a top producing team of real estate specialists serving the needs of sellers in Metro Atlanta. We approach your selling journey in a consultative and systematic manner. Our goal is to sell your home for the most amount of money in the least amount of time.
Our proven systems and processes make the biggest difference in helping you prepare your home for sale, including addressing any delayed maintenance or repairs & staging the home, and also in helping you navigate the period from going under contract to getting to the closing table.
Understanding the Current Market
During our appointment with sellers, we first share what’s going on in the current Atlanta real estate market. First, we review metro Atlanta sales numbers – including the current level of inventory of homes, the average sales price vs original list price percentage, how many homes are selling above original list price, and the average days on market before going under contract. We review these by area of town, and also by price range.
Next, we review the current number of homes for sale in their specific price range – that is the competition. We also review the number of homes currently pending for sale. These are the homes that have received an offer, the offer has been accepted, and they are on their way to the closing day. This helps us understand how active the current Atlanta real estate market is. Then we review the number of homes that have expired. These homes were rejected by the buyers.
Current real estate market conditions affect the price of your home for sale because it is always a matter of supply and demand. If there is an abundance of homes available for sale, a buyer will have more homes that match their needs, then they have a negotiation advantage, and the end sales price is generally lower. When there are not as many homes for sale, prices are not as negotiable and are generally higher.
Assess the Value of your Home
There are two ways to assess the value of your specific home. The first is to look at it through the eyes of an appraiser. An appraisal is a requirement for any buyer using financing to buy the home. An appraiser will look at 3-6 homes that have sold in the last 6 months. The second way is to look at your home through the eyes of the potential buyers. Buyers are going to look at everything for sale in the market, not just your neighborhood.
To assess the value of your home, we will look at houses that have sold in your neighborhood or school cluster. These are the best indicator of market value because they show what the current pool of buyers is willing to pay for a home similar to yours in today’s market. We will also look at the homes in your neighborhood or school cluster that are pending sale, and those that expired and did not sell at all. The homes that did not sell are usually owned by people who were testing the market to see if they could get more than the market would bear to pay.
Pricing a home is not a perfect science. We will compare your home with the most similar homes that have sold. We most likely won’t find the exact same home, so we’ll look for homes that have enough similarities that they give us an indication of value. If we get the price wrong, the market will tell us in one of two ways. Either we will get a lot of showings and no offers – and what that means is the the buyers who have seen your home felt that there were other homes out there that are better value. Or, we’ll get little to no showings. That means is the buyers have determined on paper that your home is not comparable to other homes available in that price range.
Set a Price
The most important factor when putting your home on the market to sell is setting the right price. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so having the expertise of a real estate professional is invaluable at this step.
What factors should be part of determining the price of your home? We look at properties that have sold in your neighborhood or area in the last 3-6 months. When looking at these sales, we are closely looking for what type of concessions have been made in order to sell, which homes are the most similar – no two properties are alike – and get the best information about what buyers around here have been willing to pay for Properties, and find out how other sellers have priced their homes. We also look at the houses on the expired listings, where people have been asking certain prices but have not, for whatever reason, been able to sell their property. This will give a good indication of what price may be too high. Finally, we look at the current competition. Remember though, the competition can ask whatever price they want for their house. But they won’t necessarily get what they ask for. The mistake would be to base your price only on what you see other sellers currently asking for their homes.
Calculate the Bottom Line
After we determine a price range, we will calculate the net amount of money the seller will receive at the closing table. We try to calculate a worst case scenario of all costs involved. If the seller has an outstanding first and/or second mortgage balance, we’ll subtract that balance from the sales price. Next, we’ll subtract any concessions the seller may need to make in order to sell – including but not limited to the potential of contributing a portion of closing costs to the buyer, paying for a home warranty for the first year of the next buyer’s ownership, any repairs that may come up during the inspection. The property taxes and homeowner’s association dues will be prorated between the seller and the buyer based on the month and day of the sale. The portion of the year the seller has to cover for their ownership will be subtracted from the net dollar amount. Lastly, we’ll subtract the commissions paid by the seller to both the listing agent and buyer’s agent on the transaction.
Preparing Your Home for Sale
Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. We can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers.
A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized decor will help buyers visualize the home as theirs. Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression. Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible. Staging your home to look its absolute best is an important factor in the selling process. We help you identify some inexpensive ways to highlight your home’s best features.
Advertise & Market Your Home
Every real estate market is unique so our marketing plans and staging strategies effectively target and attract potential buyers to your Atlanta home for sale. We dig deep to learn the unique selling points of your home and neighborhood. There are many ways to get the word out, including. The National Association of Realtors studies * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.
Manage & Broker Your Transaction
This is quite frankly where our work really begins in representing you during the sale of your home. When you receive a written offer from a potential buyer, we will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then we will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. Most offers to purchase your home will require some negotiating to come to a win-win agreement. We are well versed on the intricacies of the contracts for the sale of homes used in Atlanta, Georgia and will protect your best interest throughout the bargaining. We also know what each contract clause means, what you will net from the sale and what areas are easiest to negotiate.
Once you accept an offer to sell your home, we will make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. We will spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. “Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. We will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, we can mediate any last-minute issues that may arise.
Help Get You Settled Into Your New Home
This is the fun part! We’ve helped you achieve the goal of selling your home and now you are moving into your next home for the next stage of life. We will be glad to connect with some of our service partners to help coordinate your move out and move in process.
Ready to sell? Contact one of our team for help, or get a look at homes on the market with our real estate listings.
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