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Diane Beekler
RE/MAX on the
River
50 Water
Street,
The Tannery Mill #3
Newburyport, MA 01950
(978) 499-8808
– office
(978)
992-4028 – VM
(978) 992-4028
– fax
Luxury Home Search
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 Information For Home Sellers
If you’ve
decided to sell your home, chances are you’re caught up in a host of emotions.
You may be looking forward to moving up to a new dream house or facing the
uncertainty of a major move across country. You may be reluctant to leave your
memories behind or eager to start new adventures. Whatever turbulent feelings
you’re experiencing right now, there are plenty of practical matters that need
your attention. Keep in mind the following considerations to help the whole
process go more smoothly.
Time
Becomes Money
It’s a
good idea to place your home on the market as far in advance as possible of
purchasing a new one. If you find a new home first and then try to sell your
present home, you may wind up with two mortgages. If this does happen, ask your
real estate agent or banker about a bridge loan to help you make the double
payments. Lenders use the same criteria for offering bridge loans as they use
for mortgages. Should you choose to accept a bridge loan, beware of the expense;
during the term of the loan you must continue to pay both mortgages. Shop around
for the best terms.
Keep in
mind that when people move, sell and buy, there usually is a domino effect.
Closing and moving dates have to be coordinated, and the more firmly everyone
commits to a window of dates and sticks to them, the better for all involved.
Put all agreements about dates in writing, and protect yourself by negotiating
financial penalties for failure to comply.
Check
Your Curb Appeal
Homes
that are visually appealing and in good condition will attract potential buyers
driving down the street. Use this checklist to view your property through an
outsider’s eyes.
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Are the lawn
and shrubs well maintained?
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Are there
cracks in the foundation or walkways?
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Does the
driveway need resurfacing?
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Are the
gutters, chimney and walls in good condition?
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Do the
window casings, shutters, siding or doors need painting?
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Are garbage
and debris stored out of sight?
Inside
the Home
Strong
curb appeal will lure potential buyers inside, where you have to live up to
their expectations. Fortunately, there are plenty of easy improvements you can
make to your home’s interior without spending a lot of money. Cleaning is No. 1.
Your windows, floors and bathroom tiles should sparkle. Make sure you have clean
heating and air conditioning filters. Shampoo dirty carpets; repair dripping
faucets and oil squeaky doors. It may not seem fair, but a peek in the oven may
be the hallmark by which a buyer judges how well you have kept up your home.
Remove
unnecessary clutter from the garage, basement, attic and closets. If your home
is crowded with too much furniture, consider putting some things into storage.
If a room needs a fresh coat of paint, use a neutral off-white. Think, too,
about how your home smells. You may be used to the smell of a pet or cigarettes,
but such odors can be a strong turn-off to others. Finally, set a mood for the
buyer. Make your house homey with live flowers and fresh guest towels in the
bathroom. Place scented potpourri around the house or, on the day you’re
expecting a potential buyer, pop a batch of frozen cinnamon rolls into the oven
for a welcoming aroma.
Remember,
cosmetic changes do not have to be expensive. In fact, costly home improvements
do not necessarily offer a good return on your investment when you sell. It’s
attention to the basics -- anything that says ´´this home has been carefully
maintained´´ -- that will help you get the price you want.
Go It Alone
or Choose an Agent?
Some
homeowners decide to sell their homes themselves in order to save the commission
charged by a real estate agent. The commission rate may vary, depending on where
you live or what agency you choose. However, handling your own sale means you
will be responsible for placing ads, answering phones and showing your home to
strangers. What’s more, buyers who know you are saving on an agent’s commission
may offer less for your home, wiping out the financial incentive to do it all
yourself.
You may
decide an agent’s commission is a bargain the first time that a would-be buyer
shows up unannounced at dinnertime. Also, be aware that a real estate agent
probably knows a lot more about the business of selling a home than you do. Here
is some of the advantages professional agents offer:
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They will
help you establish a fair asking price for your home.
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They will
promote your home to other agents and list your property in multiple listing
services. A multiple listing service is a book or computer database that all
real estate agents who subscribe to the service can access. Your home will get
exposure to all those agents, one of whom may have the perfect buyer.
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They will
create, pay for and place advertising for you.
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They will
schedule appointments to show your home to prospective buyers even when you are
not there.
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They can
weed out buyers who will not qualify for a mortgage.
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They can
refer you to sources for insurance, inspections, legal counsel and financing.
They will help you negotiate with the buyer.
Ask prospective agents how
they plan to market your home. Don’t sign with an agent just because he or she
suggests the highest asking price.
Setting A Fair Price
Naturally, you want to get top dollar for your home. But, at the same time, you
don’t want to scare off potential buyers with a price tag that’s too high.
Setting an artificially high price may cause your property to languish on the
market for months. Reducing your asking price later on may lead buyers to wonder
if there is something wrong with your home. Here are some of the factors to
consider in pricing your home.
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Your
location
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Economic
conditions
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Supply and
demand in the local housing market
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Seasonal
influences
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Local
schools
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Average home
prices in the neighborhood
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Your home’s
extras -- pool, fireplace, central air, etc.
To
determine the value of your home, you probably will want the advice of a real
estate agent or appraiser. Ask an agent to prepare a market analysis for you,
showing the recent selling prices of three neighborhood properties comparable to
your own. The agent can help you adjust for the unique features of your own
property.
Either
you or your agent will want to quickly weed out potential buyers who cannot
really afford to purchase your home. A number of factors will help determine
whether or not you are wasting your time negotiating a sale.
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The buyer’s
debt and credit history
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The buyer’s
current income and employment
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The buyer’s
cash position and availability of a down payment
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The length
of time the buyer needs before closing on your home
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How
interested the buyer appears to be in your home versus others
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