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How do I know what my home is worth?
Before you decide to list your home for sale, consider what homes have sold for in your neighborhood in the past six months. Sold home prices in your neighborhood are the greatest indicators of home values in your neighborhood.
Ask our professional Pacific Northwest realtors to help you establish what the market will pay for your home. They are the local experts who keep abreast of changes in the home sales market and can provide a fair estimate of your home’s worth. In addition, our realtors have access to comparative sales data–another tool that helps them determine the value of your home.
When Is the Right Time for Me to Sell?
Before taking steps to put your home on the market, you need to consider many factors to decide if selling is the right decision for you. Your home’s value depends on its style and size, amenities, condition and, of course, location, location, location. In addition, the value of your real estate investment can be affected by market conditions: interest rates, supply and demand and the overall strength of the economy.
In a changing market, it makes financial sense to know your home’s worth and to monitor the return on your investment. After all, owning a home is similar to trading stock; knowing the time to buy and the time to sell can have a significant impact on your investment results.
Choose a Realtor Familiar with Your Area
The highly trained agents at CBBain and CBSeal provide superior market knowledge and expertise in the home selling process. Our website provides a direct connection with realtors throughout the Pacific Northwest area who are adept at selling homes for the right price at the right time. An effective agent helps you prepare your home for selling to increase its marketability all while guiding you through the selling process. Our agents have access to local multiple listing services and an array of marketing tools to sell homes quickly.
Obtain a Market Analysis? Understand What Your Home is Worth
Properties priced appropriately generate optimal exposure and sell in the shortest period of time. It’s critical to price your home competitively in relationship to the conditions in your local marketplace. To get the most accurate estimate of how much you should list your property for, ask one of our agents for a Competitive Market Analysis. A Competitive Market Analysis takes into account many aspects of your home, including size, features, and overall condition. The agent will discuss with you any aspects of your home which could be modified to enhance its market value.
Setting the Property Price
Setting the listing price of your home is an important step in the sales process. Your realtor will help you determine the optimal price for your home, considering variables in pricing and market value such as general market conditions, buyer activity, market analysis, and time of year. Incorrect pricing could deprive you of the money and equity your home has earned as an investment. Overpricing can result in your home staying on the market longer than it should and selling at a lower sale price than if it had been properly priced from the beginning. It’s essential to price your home appropriately.
How Do I Get My House Ready?
How you prepare your home for a potential buyer can affect the likelihood of selling quickly.
Here are some valuable selling tips.
Outside:
Increase your home’s curb appeal. Invest some time and money into your home’s exterior to increase the amount of showings and ultimately the selling price.
1. Increase your home’s curb appeal. Invest some time and money into your home’s exterior to increase the amount of showings and ultimately the selling price.
2. A trim landscape can attract buyers, so mow and water your lawn.
3. Trim trees and bushes, and tidy up mulch and other ground cover.
4. Cover bare spots in your lawn with grass seed.
5. Plant flowers – hint: yellow flowers symbolize new beginnings and can evoke buying emotions.
6. Clean sidewalks, walkways, and the sides of your home. Rent a power washer if necessary.
7. Make your house number clearly visible from the street.
8. Keep clutter to a minimum – store bikes, toys and other equipment.
9. Repaint the home or touchup the necessary areas to present a clean and kept appearance.
Inside:
Create space and clear clutter. Let potential buyers see your home as a place where they will live their lives, and not the house that is about your life.
1. Remove personal photos, pictures, paintings, trophies, mementos, etc.
Clear the space. Pack up random items you will be moving, remove books from shelves, and empty all counters.
2. Organize things behind closed doors. Smart buyers will want to open cabinets and closets, so keep it neat. This will show the buyer that you take care of the home down to the smallest detail. For example: arrange your spice rack, place cup handles in same position, neatly stack dishes, hang jackets or shirts uniformly and line up shoes.
3. Remove unnecessary furniture such as shelving units, extra leaves from the dining room table, or any thing else that may decrease the space of a room – rent a storage unit if you must.
How Can I Help with Marketing My House?
Devote some time to thinking about your buyers. With new homes listed everyday, homebuyers have plenty of options. If you market your house properly, prospective buyers will find you and be attracted to showings. While you may choose to work very closely with your agent during the marketing process, here are a number of tactics that you can try on your own.
One of the most important steps in marketing your home is taking good photographs. As many homebuyers and real estate agents conduct their initial research online, a flattering collection of photos is essential to your listing.
· Begin your photo shoot outside with shots of the entire property – cropping out the sidewalk and street – and move in to take close-ups, snap pictures that highlight the best exterior features.
· Remove cars from the driveway and clear plants that block a view of your front door.
· Inside, take at least one photograph of every room. Though you may choose not to display every room in your listing, you may find some great images where you least expect. Open all of the blinds or curtains, turn on lights, remove personal photos and undesirables, like garbage cans, from the frame.
· In the kitchen and dining room, place floral arrangements on the table to add a peaceful atmosphere to the space. As you move from room to room, focus on the most interesting aspects– be it a large closet in a guest bedroom or a fireplace in the living room.
· When you are finished, the photos you have taken should represent all the best elements of your home.
Work with your agent to place adequate signage on the property.
· A useful sign should list the agent’s name and contact information and, if necessary, additional contact information for the nearest real estate office.
· If you reside on a quiet residential street, ask the neighbor residing on the corner of the nearest busy street if you can place a small, directional sign in their lawn.
· Take-one boxes with fact sheets should be available outside your home. This takeaway brochure will typically list the details of your home, number of bedrooms and bathrooms, square footage and lot size. It can also be used during open houses, as a reminder to prospective buyers. Feature one or more of the photos used in your listing on the fact sheet.
There are a number of advertising options available to you and your agent.
· List your property in real estate sections of local newspapers, or even local real estate publications. Check printing dates and browse through an issue to make sure your home is a good match for the type of publication
· Explore internet opportunities for home sellers. There are numerous classified sites and databases that prospective homebuyers check daily, many of which offer free listings.
· You and your agent can also use the internet to publicize your open house and offer additional details that were not featured in your print ads.
Schedule an open house with your agent.
· Granting prospective buyers an opportunity to view your home in person is often one of the most important steps in selling a home.
· Prior to the open house, your agent should actively seek ways to attract prospective buyers.
· If an interested buyer or agent is unable to visit your open house, your agent can also arrange private tours to make sure prospective buyers have a chance to see your home.
What is Covered in a Real Estate Contract?
The Contract of Sale, or Purchase and Sale Agreement, is a legally binding document, whereby the homeowner and the buyer agree to terms under which the buyer will acquire the seller’s property.
Who is paying the various expenses of the sale, including closing costs?
In Oregon and Washington State, both buyers and sellers incur expenses during the transaction process. Your knowledgeable CBBain or CBSeal realtor will walk you through the details, but here are the basics.
Buyers are typically responsible for costs associated with the down payment placed on their new home, any home inspections, a portion of the escrow fees, the portion of the title insurance policy that benefits the lender, and any loan costs.
Sellers generally pay for a portion of the escrow fee as well as a standard title insurance policy.
Shared responsibility for the annual expenses of property taxes and homeowner association fees is divided between buyers and sellers and prorated based on the closing date.
The actual closing date of a real estate transaction is the date in which proceeds from the sale are available to the seller and the transfer of the title has been recorded by the county. The lender is responsible for providing the buyer with a good faith estimate, which will provide a close approximation of the buyer’s financial requirement to close the transaction.
The date of occupancy is agreed to between the buyer and seller during the negotiation process. If the seller remains in possession after closing, there should be a rent back agreement in place prior to closing.
Utilizing some of the above mentioned tactics will help increase the odds of prospective buyers finding your home – and getting them to your front door is the first step in making the sale.
What is Title and Escrow?
The final stage of the transaction process occurs with the transfer of title from seller to buyer. An escrow professional, a third party, will facilitate the transfer of money and documents (including title and deed) between the buying and selling parties. The escrow company prepares documents, draws up the closing statements, obtains necessary signatures, records documents, and receives and disburses funds.
If either seller or buyer cannot attend, he or she can sign papers in advance, and/or grant power of attorney to a representative.
The proceeds from the sale are released directly to you, the seller, via wire, automatic deposit, or check. Funds can also be deposited into an escrow account opening for the purchase of your next home.
The Exchange of Property and Funds
- Once you have sold your home, make sure to keep your closing and settlement papers organized in a file.
- Be sure to include receipts for any home improvements you made while you owned the house in the event that you have to pay capital gains tax.
- Also, know your rights as a home seller, including one of the benefits of buying a home – the tax breaks you receive from the government.
- Contact the Internal Revenue Service directly at 800-TAX-FORM and ask for the following free publications, which are designed to assist you in the sale of your home:
521 Moving Expenses
523 Selling Your Home
527 Residential Rental Property
541 Partnerships
551 Basis of Assets
555 Community Property
561 Determining the Value of Donated Property
908 Bankruptcy Tax Guide
936 Home Mortgage Interest Deduction
Releasing the Property to the New Owners
Once the closing papers have been completed and the deed recorded with the county, the buyer can take legal ownership of the home. The possession date for the new owner is determined by the term of the sales contract. Prior to possession, you should start contacting the phone, electric, natural gas, garbage, and other utility companies to close any accounts relating to the home under your name.
Beth Silva 