Tips For Selling Your Home
Want to sell your home fast and for top dollar? Stay away from these seller pitfalls.
Prices are up, interest rates are low. It should be easy to sell your home, right? Under the best conditions, yes, it is. However, some sellers make bad choices that can cost them thousands of dollars, or even cost them the ability to get their home sold at all.
Three common mistakes sellers should avoid.
Selling your home yourself.
“Hey. I can do this myself,” you’re thinking. “Why should I pay all that money to a real estate agent?” Okay. So you plunk a “For Sale By Owner” sign in your yard. Maybe you throw something on Craigslist or other public internet media advertising your home. A few questions for you: How do you know the “buyer” approaching your door is qualified to purchase your home? Better yet, what criteria are you using to determine your home price? Finally, what do you know about title, taxes, escrow, insurance, contingencies, and addendums, just to name a few? Continue reading
What does it REALLY take to get an offer on your home within your desired time frame?
Homeowners have many different reasons for selling their home. Whether upsizing, downsizing, or due to unforseen economic issues, it’s important to garner as much attention from buyers in an effort to sell it as quickly as possible.
Of course, pricing your home right is the first step, and we’ve covered that issue at least a few times in the past. However, feedback from potential buyers is critical in making sure that your home is indeed appealing to those who may be interested in purchasing your home. And how do we generate feedback from buyers? First, we get them through your door. And how do we do THAT? Marketing, of course!
Welcome to the future of real estate marketing.
It’s still a hot real estate market for sellers, but how realistic are your goals?
We’ve spoken in depth on several occasions about the real estate market rebound. Compared to the chaos of a half decade ago, home owners are once again enjoying rising value and, in many cases, a quick sale.
It’s important as a seller to understand that even in a positive real estate market, the Principle of Value still applies. In some cases, sellers have lost out to really good offers lately because they get greedy about the possibility of making even more money on their home than the market can bear. Yes, it’s one thing to sit back while dozens of simultaneous offers pour in from buyers, but its another to use bad strategies in hopes that you can “cash in” on the market.
The proven real estate selling strategy that works…EVERY TIME!
This is where we get a LOT of resistance from some sellers, but honestly, this strategy DOES work all the time, every time. Our job is to sell your home at the best possible price, right? The best way to do that is to get as many buyers through your door as possible. So what drives buyers? Well, aside from their own wants, needs and desires when it comes to their dream home, they are also driven by price. It’s a natural modern human trait. We all want a great deal. Continue reading
It’s a seller’s market, but should you be too picky when it comes to accepting a buyer’s offer on your property?
Wow, how exciting! We listed your home for sale and you’ve already received an offer at your asking price with 20% down. Congratulations! Wait…ANOTHER offer has come in as well and it’s OVER your asking price, but with a 100% financed loan. Okay, another one has come in at slightly below your asking price, but it’s an ALL CASH offer.
What to do, what to do?
This type of scenario is happening with incredible frequency in today’s market, especially with the low inventory here in the Santa Clarita Valley. This, coupled with incredibly low interest rates and loan incentives for qualified buyers is helping to fuel a rapidly recovering real estate industry. After several years of repressed prices and foreclosures, we’re once again seeing double digit growth in equity and housing prices. Continue reading
Improvements and upgrades to your home MAY increase its value, but…
There are two sides to home value: Its perceived value, and its appraised value. Both can help determine what’s known as Fair Market Value. What’s important to understand however, is that appraised value drives the bank’s final decision on how much they will lend a buyer to purchase a home. Part of what can drive both is the number and types of improvements made to the property. The question is, which improvements affect home value to the positive, and are there any that may have a negative impact on a home’s value?
The Positive Side of Conformity
In considering upgrades to your home, there are some factors to keep in mind. Upgrades to any area of your home, be it the outside (Landscaping, hardscaping, addition of a swimming pool or exterior buildings) or the inside, care should be taken in not only in the quality of the work performed, but also to some degree, conformity to the area in which you live. For example, expanding your home to 5,000 square feet when the rest of the homes in your neighborhood don’t exceed 2500 square feet might make your home harder to sell because it does not conform to the rest of the homes in the neighborhood. Thus it would be difficult to assess Fair Market Value based on the conditions of the area. Now that’s a bit of a stretch for a standard example, but things like this have been done before.
External conformity in home improvement is a bit more important than some upgrades inside the home due to the fact that the outside of a home is the first impression buyers get, for obvious reasons. Many newer developments, even those without homeowner’s associations, require homeowners to comply with CCR’s (Covenants, Conditions and Restrictions). CCR’s regulate to a degree the types of exterior improvements homeowners can make to their property. These are usually set up to insure property value remains consistent. Either way, considering that your home is an investment, keeping the look and feel of the neighborhood in mind when making exterior property improvements is a wise financial choice.
In making upgrades to the inside of your home, conformity doesn’t play quite as strong of a hand. Even still, there are wise decisions and choices a homeowner can make when considering interior improvements.
“Kitchens and Bathrooms Sell The Home”
You may hear this a lot, even from some real estate agents. To a degree, this may be true. Kitchens and bathrooms are the most used from a utilitarian point of view, but they also reflect the aesthetic of home and comfort, and are often the deciding factor in a buyer’s final choice of a home.
That being said, homeowners should not overlook the opportunity to improve other areas of their home as well. Going back to the investment and value aspect of your home, improvements should reflect a broader based appeal in decor and color. Trendy patterns, colors, and textures can become outdated, and unless you can afford to make improvements every few years (And some homeowners do), it is best to make improvements as “trend neutral” as possible. This doesn’t mean improvements have to be bland and boring, but again, quality and overall value of the improvement should take precedent over the fashion and style trends of the moment.
How much extra will my swimming pool get me when I sell my home?
Believe it or not, while a well built, well designed swimming pool appeals to some home buyers, they do not necessarily add a huge amount of extra value to a property. Remember, not all buyers swim, and not all buyers want the responsibility or costs usually associated with owning and maintaining a swimming pool. They also do not take away from a home’s value (Unless they are damaged or in disrepair). If you are considering adding a pool, do it because of the enjoyment you and your family will receive.
Improve for value? Or improve for comfort?
Ultimately, all home improvements are subject to the taste of the homeowner making them. It’s always good to make sure your home has the best chance to sell and the best chance of maintaining its competitive value. Even still, it’s your home. Making it comfortable for you and your family should be first and foremost your ultimate goal.
With all of the mobile apps available, it is always difficult to decide which one will work best for your needs. Tune in to our video blog to hear about some of the apps we recommend when searching for homes or managing your budget. Although these apps may be a quick and easy way to find some basic information, they are definitely not error proof. The only way to pin point what is happening with your neighborhood’s real estate climate is to ask a professional Realtor. At Montemayor and Associates, we are here to help you and we have the answers you are looking for. For a free consultation or for additional information about the Santa Clarita Real Estate Market, contact us at 661-510-2789 or www.bringingyouhomescv.com.
It doesn’t rain that often in Southern California, but when it does, nothing prevents rain and water-related damage to your home better than just a little bit of proactive inspections.
Before the next rain storm, make sure you check your rain gutters to make sure they are clear. When it is raining, try to make the opportunity to do a quick outside inspection to insure water from rain gutters is flowing smoothly to the gutter’s exit spout, and not overflowing from the gutters themselves. Water overflowing from the gutters usually means there is debris blocking the flow somewhere which can eventually cause water damage along your roof line or eaves of the house. Waterlogged eaves can eventually lead to dry rot, which can open the way for wood-destroying pests.
While you’re checking around the outside of the home, make sure there are no puddles forming where they shouldn’t be. Puddles forming along hillsides, portions of your back yard, or even your hardscape are possible indications of drainage or foundation issues.
You also want to make sure you see no moisture or water stains on the ceilings inside the home. It is also best to check your attic for water leaks as well. Many water-related issues inside homes begin in the attic. Remember that unchecked moisture problems can lead to physical damage of your home as well as contribute to mold and mildew that can possibly become health hazards if not treated early.
Montemayor & Associates is a professional real estate team with Keller Williams VIP Properties in Santa Clarita CA. Our team has had great success working with home buyers and home sellers from across the valley. We are here to answer your questions. Go to http://bringingyouhomescv.com or call us direct at 661-290-3802.
My neighbor just sold his house for X price, so I should be able to sell mine for substantially more.
Many home sellers make this mistake only because they have not yet been educated on how the process of determining Fair Market Value (FMV) works when it comes to pricing their home for sale. When we help home sellers price their home for sale, we take into account many factors in what we call a Comparative Market Analysis (CMA). The CMA helps us and the seller determine their home’s value using recently sold comparable homes in the area. We also can assess fair market value based on some of the amenities the home has that perhaps other sold homes have not, but even still, one must remember that amenities and upgrades can still be subject to buyer’s tastes.
There is a formula that actually works when pricing your home for sale. The strategy in any real estate listing is to drive as many potential buyers to your home as possible. By pricing your home AT OR SLIGHTLY BELOW fair market value, you will drive more potential buyers to preview your home.
BUT…I don’t want to sell my house below fair market value!
We’re not saying you HAVE to sell your price at below fair market value. You have total control over any final offers that come from potential buyers of your property. By driving more buyers to your property using this strategy, you effectively may receive more than one offer at a time, which gives you more control in the negotiating and counter-offer process. As you can see from the chart below, the more aggressively you price your home, the more potential buyers will be attracted. The more potential buyers come through your home, the more potential offers you may receive. The more offers you receive, the more control you have in setting your sale price in the counter-offer process. Competition drives sales prices upward.
We work diligently with our sellers and ultimately, they make the final decisions regarding their property. However, we have the tools, education and experience to sell your home quickly and for the best price possible. Learn more by going to http://bringingyouhomescv.com, or by calling us direct at 661-290-3802.
If you’re considering selling your home, it is important to put together a proper strategy that will attract as many potential buyers as possible.
With the advent of instant access to homes for sale via the Internet as well as an increase in savvy buyers gaining a better understanding of the real estate market at large, pricing your home properly can make a difference in getting an offer within your desired time frame or having your home languish on the market.
One of the main things to consider when pricing your home is the principle of value as it applies to comparable sales of similar homes in your neighborhood or area. Our associates are skilled in helping home sellers determine the right price to help bring buyers through the door. Contact us for details.
The best way to begin the process is to assess the value of your home through a Comparative Market Analysis (CMA). A CMA will bring together data including comparable neighborhood properties that have sold, current homes on the market, and other valuable area data that will help you determine whether it is time to sell your home, and at what price. We can provide you a detailed CMA at absolutely no obligation to you. Click here to get started.
Is it time to sell your home? We’re here to help! For more information or to schedule a no obligation home seller analysis, go to http://bringingyouhomescv.com, or call us direct at 661-290-3802.