Let's talk about selling residential property

A Story by Amy Bernard | NOT PUBLISHED


Do you own a residential property you are considering selling?  Is it a primary residence, second home, vacation home, investment property? Your agent will ask this and several other questions when meeting with you to discuss your options. Knowing your property’s value is one step in helping to make the decision to sell now or sell later. As your Realtor, my goal is to provide you with up to date information on the market around your property as well as guidance on what is currently motivating buyers. 

The real estate market is fluid, meaning it can swing up or down at any time. It is typical for a market area to have higher activity seasons, however it’s important to keep in mind that every property is unique in some way which can affect the property’s value as well as the days on market. Your agent should give you weekly updates on any changes to your market activity and how this affects your property value.

Oftentimes agents will hear, “the guy down the street” followed by a statement of what he received or paid for his house and a comparison of the subject house to the one that just sold. This can be a very misleading and discouraging way to try and price your home. There could be circumstances that we are not privy to knowing that influenced the sales price of the other home. If that home is a true comparable property, it will be used as one influencer on the market value of your home but it cannot be the only influencer.

Don’t be discouraged by negative feedback from potential buyers or their agents. Feedback is important to help guide you moving forward and gives you a current representation of the buyer’s motivation. Your agent will help you to filter the feedback to know what you can address to appeal to the current buyers. It can be difficult to read or hear negative comments about a home you may love, but keep in mind these comments are not intended to be personal, they are from the perspective of a buyer who has an ideal image of what they want in their next home.

Repairs and remodels may not always be necessary. Walk your property with your agent and discuss how it will appear from a prospective buyer’s eyes. Your agent understands you have lived there and have made it your home, now she will guide you into how to help a buyer see it as their new home. Your agent will discuss the benefits of focusing on major repairs/updates versus cosmetic changes. There is no cookie cutter answer, every property is different and every seller has their own budget. Your agent will guide you into making the best decision that will still help you to receive the most return.

Know how much you owe and be honest about what you need and how it may affect your next purchase. Everyone hopes to get the big payday from their real estate sale. While it should be profitable for the seller, it’s important to be realistic. I want to help you get the most out of this investment, I am also going to be straightforward with you on the current market value. Most of my clients are reluctant to share what they owe, but it’s vital to trust your agent and be open about this information. I know that your sales price and what you owe is only a part of estimating your net profit. Aside from the standard fees from a title company, there are still plenty of negotiating terms that can happen between contract and closing which could influence your profit. Knowing your bottom line helps me to better advise you on how an offer could influence your goal. This is especially important in multiple offer situations.

Knowing the best time to sale is like looking in a crystal ball to predict the future. A better question may be to ask yourself if this is a time you are ready to move? If you are contemplating selling your primary residence than you’ll need to know what your options are for moving. Is there a home out there you love and want to purchase? Are you prepared to move into temporary living quarters if needed? Perhaps this is a vacation home or second home you no longer need. In this case, have your agent determine the current activity level of homes in the area. Are they selling quickly (days on market)? Are they selling for list price, higher than list price, or lower than list price? How does this compare to a previous quarter or season of the year? Why are you selling? This is the one question that may be the main influencer on when you list your property.

Having a conversation with a Realtor is the best first step to determining if this is the time you sale. If you don’t already have an agent, give me a call. I’m ready to take the extra stress out of selling and help you reach your next goal.

 

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Amy Bernard
Real Estate Group
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