Edwin St. Aubin's Blog
Selling a home may prove to be a long, arduous process. However, if you act as a reasonable home seller, you can identify home selling challenges and overcome such problems without delay.
Now, let's take a look at three tips that you can use to become a reasonable home seller.
1. Learn About the Housing Market
Real estate is complex, particularly for home sellers. Fortunately, many housing market resources are available to help you become a real estate expert.
For example, any home seller can perform an online search to evaluate the housing market in any city or town. Then, a home seller can use this real estate data to analyze the prices of houses that are similar to his or her own and price a residence appropriately.
Home sellers also should look at the prices of recently sold houses in nearby areas. That way, a home seller can find out whether he or she is preparing to enter a seller's or buyer's market and plan accordingly.
2. Try Not to Get Too Emotional
Let's face it – any home selling journey likely includes plenty of ups and downs. But a home seller who understands the best- and worst-case home selling scenarios may be better equipped than others to stay calm, cool and collected, even in the most challenging situations.
Although a home seller may expect his or her home to sell quickly, it is important to set realistic expectations before you list a residence. This will enable you to avoid potential pitfalls that otherwise can prevent you from achieving your home selling goals.
For example, a home seller who receives a home appraisal will have a good idea about the true value of his or her house. And if the home seller receives a home offer that falls well below the appraisal amount, he or she won't feel disappointed. Instead, this home seller should have no trouble politely declining or countering the proposal.
3. Consult with a Real Estate Agent
If you're unsure about how to price your home or promote your house to the right groups of homebuyers, it often pays to get expert help. Lucky for you, real estate agents are available in cities and towns nationwide, and these housing market professionals can help you make informed home selling decisions.
A real estate agent possesses comprehensive housing market expertise and is happy to share his or her home selling insights with you. This means if you ever have questions about what to include in a home listing, your real estate agent can help you out. Or, if you are uncertain about whether to upgrade your house's interior or exterior, your real estate agent is available to provide honest, unbiased home improvement recommendations.
Becoming a reasonable home seller can make a world of difference in any housing market, at any time. Take advantage of the aforementioned tips, and you can quickly and effortlessly navigate the home selling journey.
After you receive an offer on your home, how should you respond? Ultimately, there are many questions for a home seller to consider before accepting a proposal, including:
1. What is my home worth?
Did you get your home appraised before you added it to the real estate market? If so, you may want to review a home offer in contrast to your home appraisal. This will give you a better idea about whether the offer is "fair" based on your home's condition.
If you have not received a home appraisal, there's no need to worry. In fact, there are many ways to assess your home to determine whether to accept or decline a proposal.
Check out the prices of comparable residences in your city or town. This will enable you to see how these houses are priced and better understand how to proceed with an offer.
Also, review the prices of homes that recently sold in your area. With this information, you can learn about the current state of the housing market.
2. Are there any other offers to consider?
As a home seller, you'll likely have 24 to 48 hours to respond to an offer on your residence. But if you receive multiple offers at the same time, you'll want to evaluate these proposals in conjunction with one another.
Even if you receive two offers for the exact same price, these proposals may differ.
For example, a homebuyer who has financing in hand will be able to streamline the process of going from homebuyer to homeowner. On the other hand, a homebuyer who submits an offer without financing in hand may require additional time to secure a mortgage from a bank or credit union.
Take a close look at all of the offers on your home. Review these proposals with a fine-tooth comb, and you'll be able to make an informed decision.
3. Does this offer meet or exceed my expectations?
An offer on your home may fall short of your initial asking price, but this offer can still meet or surpass your expectations.
Consider what you hope to accomplish as a home seller as you review an offer.
For instance, if your goal is to sell your home as quickly as possible, you may be more inclined to accept one of the first offers you receive. Or, if you can afford to remain patient, you may want to take a wait-and-see approach to ensure you get an offer that matches or exceeds your initial asking price.
4. What will happen if I accept the offer?
After you accept an offer on your home, a homebuyer likely will want to complete a home inspection.
If the home inspection goes well, the homebuyer probably will proceed with his or her purchase. If it does not, you may need to complete home maintenance or repairs to finalize the purchase agreement.
Remember, if you accept an offer, there are still several steps that will need to be completed before you sell your house. With an expert real estate agent at your side, you'll know exactly what to expect at each stage of the home selling process.
- Make lists of all the things that need to be done, so that you don't wake up in the middle of the night wondering if you forgot to do something important. Staying mentally organized is one of the keys to feeling like you have some control over all the chaos that's going on in your life. Writing things down is also the first step to getting them completed. Keeping track of appointments, documents you need to gather, and professionals to confer with can also help prevent delays, miscommunication, or confusion.
- Schedule time for recreation, entertainment, and physical activity. Selling a home can bring with it a lot of ups and downs, so activities like socializing with friends, going for a walk in nature, or meditating can help maintain a positive outlook and a more balanced perspective on things.
When you find a home that you love, you probably already have been pre-approved by a bank for a certain amount that will enable you to buy a home. Once you put in an offer on the home and it’s accepted, however, you may need to take a step back. The appraisal can help you to know what the value of the home actually is. The bank may decline your loan based on the appraisal This is one of the most important steps to obtaining the financing that you need to purchase a home.
What Is An Appraisal?
In a nutshell, an appraisal protects the bank from investing in a property that’s worth less than what they’re paying for it. This process also protects you as a buyer from buying a property that’s worth less than what you’re expecting it to be worth.
Although the appraisal makes sense financially, it doesn’t mean that the process won’t be emotional for you as a buyer and for the sellers as well. The appraisal can in fact make or break the purchase of what you consider as your dream home. There’s a lot of data that’s collected for the appraisal, which can cause nerves to be shot on both sides while the value of the home is being calculated.
What’s The Difference Between The Inspection And The Appraisal?
A home appraisal is much different than an inspection. The home inspection is important in its own right. As a buyer, you hire a home inspector to find any potential problems or hazards that could be big issues for you in the future as a homeowner. While property appraisers will make note of glaring issues, they won’t check out the nuts and bolts of the home like a home inspector will. The home inspector checks out everything from the air quality to the chimney to the toilet and sinks. There’s many things that will affect your home appraisal. In other words, if you’re a seller, you want to get major issues fixed before you put your home on the market. Home inspections will be very important for different reasons to you as a buyer since it will be valuable to you in the future. Appraisers may request an inspection if they notice something serious within the home, but they are more interested in the value of the property than the direct problems that are within the home.
Who Will Pay For The Appraisal?
Generally, the seller will pay for the home appraisal along with the closing costs. This can be a few hundred dollars. In certain circumstances the buyer may agree to pay for the appraisal, however.
What Goes Into Calculating The Worth Of A House?
Appraisers look at many different factors including:
- The square footage of the property
- The number of bedrooms
- How many bathrooms the home has
- The condition of the home
- How much have comparable properties have sold for in the area
- Safety issues
- Other factors pertaining to health and safety
The appraisal process can seem complicated, but once you’re educated on the matter, you’ll be prepared when it gets to that point in the home buying process.