Selling a Home in Lakeview

Selling Your Lakeview Property

It's time to put your Lakeview house or condo on the market and there are two ways to go about it: you can either sell the property yourself (For Sale By Owner) or use a real estate broker/agent to market and sell the home for you.

There are pros and cons to both, but the choice really boils down to money, convenience, time and profitability. What are your priorities in selling this home and what is the main goal? For example, are you more concerned with a quick sale because you are moving away for a job? Or do you have time to wait for the price you want, even if it takes months? Do you have time to show the home to every buyer that comes along? Or could you take off work to accommodate buyers' schedules? Also think about whether you could objectively take on the role as a non-biased sales person. It can be difficult to detach yourself from the place you've lived in for so long and work with buyers' concerns to reach a favorable deal for both parties. These are all questions/considerations you have to address when deciding whether work with an agent or go FSBO.

By hiring a broker to list your house, show it and negotiate price, the amount you get from the sale is decreased because the broker or agent takes a commission from the sale. But keep in mind that having a professional Realtor wheel and deal with the sellers usually results in a higher price than a FSBO transaction, so you are getting more money for the home overall. On average, buyers offer lower prices on FSBOs than on homes represented by a listing agent or professional agency.

A Realtor also has the marketing experience and connections with local advertising outlets to sell a home effectively. They often hold "frequent user" accounts or other special discounts that you wouldn't have on your own. And when you factor in the time, effort and hard work it takes to sell a property that commission may start to sound like a very reasonable fee for what your agent can bring to the table.

If you do decide to go on your own, you'll need to know the ins-and-outs and ups-and-down to produce a successful sale. The Internet or your local library is a good resource for materials to guide you in the process. If you chose to let an expert handle the sale, make sure you investigate a few different real estate brokerages to find the one you feel the most comfortable and confident with the sale of your house, condo, townhome, etc. Interview individual agents from the company and determine who you want to act as your listing representative. Inquire what their commission is and find out how many homes they've sold for an idea of their experience level. You can also get recommendations of good agents from friends and family who have gone through the home selling process before. No matter who you end up working with, get all the terms upfront and on paper so there are no discrepancies later on.

Setting the Asking Price -- The Vale of a Comparative Market Analysis

When determining the asking price for your home it's best to get a Comparative Market Analysis of the property. A Comparative Market Analysis or CMA is a list of homes comparable to yours (in size, amenities, location, number of bedrooms, etc.) that have recently sold or are under contract. You can see what homes like yours are selling for these days and use the info to set a proper price for your own listing. If you are working with a Realtor, they will supply you with a CMA and help you hash out a fair market price from the report's data. If you are a For Sale By Owner, you can request a CMA from a local real estate agency (there may be a fee involved) or search online for the service (again there may be a fee for the report).

In some cases, a CMA may include homes with different categories of listing status. For the most part, you'll see active, pending and sold listings. Active listings are homes currently up for sale on the market, pending listings are under contract (which means someone put an offer on the property but has not officially closed yet), and sold listings are no longer available but the transaction occurred in the past six months. There may also be some homes on the CMA with expired listings. An expired home listing could be the result of overpricing or it could have been withdrawn from the market for other reasons. It's common for expired home listings to reappear on the market as active listings with reduced prices.

For Sale By Owner vs. Using a Listing Agent

Many believe there is a financial benefit of selling a home on your own because listing agents take a commission of the sale. But what home sellers don't realize is the services of a licensed professional can end up making you more money than if you go the "For Sale By Owner" route. And don't rule out the value of the time and marketing efforts required to sell a home in Lakeview -- something that's included in the Realtor's commission.

Consider the fact that the majority of buyers automatically offer less to For Sale By Owners than to a seller's agent because they know they are not negotiating with a professional Realtor. As an FSBO, bids for your home start off lower and -- unless you are a master negotiator -- you are up against an expert who knows the red tape and market trends better, so it can be intimidating to fight for the price your home deserves. And you can bet all this negotiating, not to mention the home walk-throughs and open houses, are time-consuming procedures. So be prepared to schedule a significant amount of your everyday to the selling process as a FSBO.

And out of those who feel they've got the time, the negotiation skills, the know-how of the market, and the patience to sell their home on their own, a large number fall back on the services of a trained listing agent when their property isn't getting the traffic and, more importantly, the offers expected. Just something to think about when you are deciding whether or not to hire a listing agent to sell your Lakeview home.

Preparing Your Home for Sale

Ok, here's a no-brainer -- if you're going to be showing your home to potential buyers, it's a good idea to get it looking as good as possible. Fix those cracks in the plaster, paint those faded walls. The toilet handle is loose and jiggles? Get it fixed. The light bulb in the fridge has been burnt out for the past ten months? Change it. The hinge on the kitchen cabinet is broken? Replace it. The little things are the least you can do. You might consider hiring a home inspector as well. Any potential buyer is going to have their own home inspector come and give the place a good going-over, but if you are proactive and have one come first, you can eliminate many of the problems in advance.This will give the buyer confidence and give you some leverage in the bargaining process. Other little touches that appeal to buyers' senses are a newly mowed lawn out front, fresh-cut flowers in the living room, the smell of cookies baking in the kitchen, fresh air from an open window, a fire in the fireplace, and an inviting yet non-personal allure that allows visitors to really envision themselves in the home. Other quick to-dos before showing the property: wash windows, clean rugs, repaint marked walls (preferably in a neutral color), air out all rooms… every little bit makes a difference to the buyers.

How can a Professional Stager Help?

You can give your property the edge on competition by enlisting a professional home stager's services. The techniques of an accredited home stager are proven to sell homes faster and for more money.

A stager is trained to create maximum buyer appeal in all types of living spaces, from tiny condo units to large single-family homes. They typically take care of all the basics (painting, rug cleaning, carpet shampooing, minor electrical or plumbing issues, de-cluttering, etc.) but they also add the important element of interior design with furniture arrangement, art placement, color theme, incorporation of natural light, use of plants and other items to give new life to any home. A home stager looks at every detail, from the nuts-and-bolts of the house to aesthetic things like how the addition of drapes, a certain piece of furniture or a throw rug can maximize and enhance the charm of your home.

The cost to hire a professional home stager varies, but their services are guaranteed to shorten the turn-around time on your listing and increase the asking price of your property.

Selling DOs and DON'Ts

DO go over your home with a fine-tooth comb before putting it on the market.
DON'T neglect even the smallest repairs to your property.
Make a list of everything that needs to be tidied up, trimmed down, nailed down, screwed in, caulked up, painted or plastered and get it done. You'll want your home to have maximum appeal to potential buyers so don't skip steps or take any shortcuts.

DO get an appraisal on the value of your property.
DON'T wait too long to schedule an appraiser visit, plan ahead.
If you are using a real estate broker to help sell your property many of these steps will be implemented or suggested by them. This one is mandatory to find out what your home (and other homes in the area) are worth and should be booked well before you plan to show your property.

DO get a licensed home inspector to review the condition of your home.
DON'T let the buyer be the first to get your home inspected and surprise you with problems that need fixing.
This way you can correct any material defects ahead of time and avoid having to negotiate repairs or purchase price changes to compensate for the problems.

DO get a Comparative Market Analysis (CMA) to help determine a fair asking price.
DON'T just guess at a price for your home without doing some research first.
You can make an educated assessment of an appropriate price based on the sale of comparable homes in your area -- provided by a CMA. Any good agent should supply a CMA for you at no charge in the hopes of securing your future business. So call around to real estate agencies and ask for a free CMA.

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