Real Estate Matters
When you are getting ready to put your home on the market, you may be lying awake at night wondering about the logistics and financial ramifications of your decisions.
Here are the top six questions you should ask your agent in order to set your mind at ease and feel more prepared for the closing table.
How will I determine what price to ask for my home?
Your real estate agent will look at recent comparable sales in your area as well as your current competition among active listings and go over the information with you. This will give you a good baseline potential valuation for your home in establishing a mutually agreed upon asking price for your property.
What improvements should I make to optimize my home’s resale value?
Your agent will conduct a thorough walk-through of your home with you and look for any needed repairs or extremely out-of-date fixtures or finishes that might deter a buyer. Beyond that, you will discuss updates that can add value while offering a solid return on your investment.
You don’t necessarily want to put in a whole new kitchen or all new bathrooms because you probably won’t get the money back in your sales price, however if your home is severely out of date, you may need to give it an overhaul in order to realize a sales price comparable to those of the other, more updated homes in your area.
Is bigger always better when it comes to pre-sale home improvements?
Actually, no. According to the National Association of Realtors (NAR), some of the most cost-effective improvements with the highest return on investment (ROI) include those items related to curb appeal. A new front door or even a fresh coat of paint can make a huge difference in the way that the home is perceived.
In addition, interventions like deep cleaning or decluttering cost little or nothing, yet can have a big impact on potential buyers. Don’t forget the outdoors, which offers some of the most affordable improvements with the highest return on investment (ROI). Get your lawn in check, plant a new tree and spruce up the landscaping to improve both curb appeal and the home’s value at the same time.
What if I don’t want to make any improvements to my home before listing it?
For a variety of reasons, you may be unable, or unwilling, to make changes or improvements to your home, or you may not be in the financial position to do so. You are certainly not required to make any improvements and your agent can list your property for sale “as is,” indicating to potential buyers that you do not intend to fix anything at your cost, or negotiate any further on the price for repairs. But keep in mind that an “as-is” sale can affect your ability to get top dollar for your home, even if it is in good overall condition.
In addition, many mortgage lenders require certain baseline repairs to major systems, so, if there are plumbing, electrical, or structural issues, you may be required to make needed repairs in order to get your home sold.
How will I pre-market my listing?
The home sale doesn’t just start the day that the listing goes on the Multiple Listing Service (MLS). Generally, your agent will start helping you get your property home-buyer-ready before the first potential buyer, or any other agent arrives. This may involve staging the home, taking pictures and/or videos of your home and property, and advising you on a plan in preparing your home for sale. Your home may also be featured as a “coming soon” listing and your agent may place a for sale sign in your yard to attract, screen and prequalify potential buyers in advance and schedule individual private showings of your home.
How will I market my home listing?
Your agent may market your home in many different ways depending on the unique qualities and features of your property and location of your home and other factors. Marketing may be as simple as signage, photography, a well-written property description, creative advertising, and/or video presentations of your home and outreach through the internet to attract and capture the best buyer for your home.
Your agent should articulate a plan for your home sale along with you. Be sure to do your part to support the marketing plan by properly cleaning and decluttering the space in cooperation with your agent’s recommendations.
Congratulations to all of our graduates and a happy official summer to all of our Shore Local family. Enjoy!
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
