|BUYER AND SELLER TIPS|
Homebuyers or Sellers represented by Preferred Group Realtors agents are provided top professional service, which is always focused on the client's needs. With a formal agreement that stipulates your Realtor is acting on your behalf, he or she can serve as your advocate and your negotiator. Scroll down for each topic.
- Don't buy an unusual home if you have to resell soon.
- Remember, even if the quality of a school district doesn't matter to you now; it might someday to another buyer.
- Expect lower maintenance costs with a brand-new home.
- Never tell a seller's agent how much you'll raise your offer for a particular house.
- When interest rates are low opt for a fixed mortgage.
- Pay attention to floor plans. Changing layouts of rooms later can be costly.
- You can deduct on that years tax return points paid by either party on the purchase of your own residence.
- If the present owner has a title insurance policy less than 3 years old, you could have substantial savings by buying a reissue of that policy rather than a completely new one.
- Pay attention to the original listing date of the homes you inspect; Sellers tend to be more flexible in the price the longer the home is on the market.
- A house that's sited to take advantage of the sun, the wind and the typography costs less to heat and cool and can save thousands of dollars over the years in utility bills.
- Buying a house whose style is uniquely individual will probably minimize rather than maximize its resale value because the house will appeal to a somewhat more limited number of potential buyers.
- If you think you may need more space in the near future, be sure the house and lot will allow for expansion.
- Redoing a kitchen is likely to be expensive. So be sure of what you need and want before you buy.
- Don't buy a house with foundation problems. Although most foundation problems can be corrected, repair work is usually expensive.
- Before you buy a house that may have a wet basement problem, get a good unbiased diagnosis from a professional with moisture control experience. The solution could be costly.
- A roof that complements the style of a home and is carefully maintained adds to the home's visual appeal and its resale value.
- A light-colored roof reflects heat and is best in areas where air-conditioning is the greater energy user. In colder weather climates, a dark roof is preferable because it absorbs more heat. In temperate climates, a middle-range shade is best.
- The three most popular wall choices are brick, wood siding and stucco. About half of all home shoppers prefer brick for exterior walls; about one-third prefer wood siding; and about one-fifth prefer stucco.
- Wood floors suggest warmth, quality and good taste and are an asset when it comes time to sell a house.
- Plant trees, shrubs and vines on south and west sides of the home to provide shade in the summer and sunshine in the winter. Remember trees enhance the value and beauty of a house.
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Seller Questions & Tips
- How do I determine the best price for my house?
Review the Comparative Market Analysis provided by your Realtor. Ask a lot of questions.
- Is there one major factor that determines price?
Recent "solds" are the true determining factor for market value.
- Should I price my home similar to those homes listed close by?
If these similar homes have been listed for quite some time and not sold, it shows that buyers are not yet willing to pay that price. The actual solds are more accurate.
- Should I price my house high and test the market?
Pricing your home high loses the six important advantages when the listing is new and the existing buyers in the market are waiting for market-priced properties. Those advantages are: sign, MLS update, open house, office tour, advertising and MLS book.
- How can overpricing my house actually help the buyer?
Overpricing leads to the house being on the market for a long time. That leads to buyers believing that the sellers are now desperate or that something is wrong with the house. Either conclusion leads to offers lower than market value.
- What is computer shunning?
If buyers want a home between $245,000 and $250,000, and your home is worth that amount but you have overpriced it at $269,000, then the buyer never sees it because the computer search only retrieves homes that are in the $245,000 to $250,000 price range.
- Why not list high and hope for a buyer who doesn't know prices?
Buyers buy by comparisons. They get to know values in one quick day. Even if a buyer did not look at other homes and bought an overpriced home, the appraisal would be less and the home sale would be discontinued because financing could not be obtained.
- What if I need a certain amount of money to be able to sell?
The market is just that - the market. If the market indicates houses in a specific area are worth $150,000 to $155,000, that is all someone will pay. You need to then determine where the balance of the money will come from if you need a certain amount.
- Does the cost of my improvements equal what I can get for them now?
Yes, if the improvements are similar to other homes around you. However, if you have over-improved the house beyond the features offered in other homes in the area, the answer is no.
- Does time on the market affect the selling price?
There is a direct correlation between time on the market and price. Houses over 24 weeks on the market may receive a full 10% below price.
- How do I justify my price to the buyer?
Allow the Realtor to justify price to potential buyers based on the Market Analysis of sold properties.
- What if the house sells in the first weekend - Did I ask too little?
If the Realtor prices the home at market value, there are already buyers in the market place who have looked at other properties and are waiting for market value homes. They usually buy as soon as a good property becomes available
- I have some expensive improvements to the house - Should I include them in the listing?
If you really want an improvement like an expensive chandelier - then take it down now and don't even let the buyers see it. If you feel these improvements can help sell the home quicker - include them.
- Is selling my house an emotional decision?
Yes. 78% of a decision to buy or sell anything is emotional. That is why Realtors can act as third party unemotional negotiators.
- Should I invest any money in the house before I sell it?
Invest money in the home if the costs of materials are low, such as paint, and if you can do the work yourself. Sometimes a small investment can mean a quick sale.
- Do I really need to keep the house clean for every showing?
Yes, make it as close to a model home as possible. Everyone wants to look at a home in as perfect condition as possible and then imagine how they can make it their own.
5 reasons a home sells:
4. Condition of Property
5. The Agent You Select
- YOU Control Four of These
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