Can I determine how much my home is worth from an internet website? No, these websites provide estimates (or “Zestimates”) from both public data and user-submitted data. These estimates are only as accurate as the data behind them, meaning they may be outdated or incorrect. There may be mistakes in property taxes paid or tax assessments, and they do not take any upgrades or improvements made by homeowners into account. A CMA (Comparative Market Anaylsis) is a more accurate representation on your home worth.
What is a CMA? CMAs (Compartive Market Analysis) are created by looking at comparables, or comps—recently sold properties that are similar to your own home (or, if you’re a home buyer, the one you want to make an offer on). Similarity is key, since it gets you closest to an apples-to-apples comparison. CMAs take into account the final sales prices of homes, not the list prices, similar to what appraisers will consider.
Should I price my home higher to leave room for negotiations? A well priced home will sell quickly and will sell for close to the listing price. There is no need to leave room for negotiations, as today’s home buyers are very well educated. A seller who prices their home high to leave room for negotiations can actually be costing themselves more money than if they price it to reflect the suggested market value.
How can I prepare my home for selling? Prospective buyers want to be able to picture themselves living in the home, without too many personal items and clutter distracting them. Make sure your home is clear of debris, clean, and put away way any personal photos/items. Here are some more tips to make sure your home makes the best first impression. Please speak to me before making any large investments into the home!
Should I stage my home or show it empty? In my experience empty homes or homes with minimal staging tend to sell faster.
Should I include appliances or leave them as negotiable? Appliances typically do not add much value to a home since appliances are considered personal property. Removing the appliances will also decrease the number of buyers that can purchase the home, since some loan types require them.
Should I be present when buyers view my house? Preferably, no. It can make potential buyers feel uncomfortable and unable to ask certain questions.
How does the inspection phase work? Buyers have a specified number of days to obtain an inspection report and request the seller address any findings they are concerned with.
What happens if the appraised value comes in too low? If an appraiser determines the value of the subject property is lower than the agreed purchase amount, there are a few options. (1) Seller agrees to bring price down to the appraised value. (2) Buyer comes up with the difference. (3) Seller and Buyer negotiate the offer price. (4) Transaction is cancelled.
