SellersHelpful information when selling your home
DPR Real Estate Professional
Common myths about selling a home
MYTH: Set the highest price possible to leave room for negotiation.
TRUTH: Setting a price that is too high will almost immediately eliminate a portion of your potential buyers. People who may actually want to buy your home may pass over it simply because it is way out of their price range. If you do want to leave room for negotiation, set a price that is realistic.
MYTH: A warranty is not really necessary.
TRUTH: Do not undermine the importance of a buyer’s choice when it comes to a home in good condition. If you can back up the home’s condition with a warranty you can expect a better response. A warranty may help you find a buyer faster as many prefer a home where they can just move in. It will also help move the process of selling quickly as the buyer is assured and it will leave less room for troublesome negotiations.
MYTH: It is alright to sell a home with defects as long as you disclose them and accept a lower price.
TRUTH: Today’s buyers, especially from the upper strata are looking for homes that are in good condition. If a buyer realizes that there are repairs to be made he may be hesitant depending on the extent of damage. It may even delay the whole process. In addition, the sale price may be subjected to severe negotiation if there are major repairs. It is important to at least fix major defects such as a leaky roof.
MYTH: You should fix your home such that it becomes your buyer’s dream home.
TRUTH: There is nothing wrong with creating a dream home for a buyer, in fact it may help you get a better price. But you have to understand the extent to which you can do this. If you go over the top, odds of recovering the cost of improvements are narrow. It is almost impossible to get more than 20% of the value of the homes in your neighborhood or the comparables used. So do not go overboard with fixing your home up. No repairs or too many fix-ups is not the right answer.
MYTH: A successful negotiation is when you get all your terms.
TRUTH: Negotiation is about reaching a compromise. Understand that it is not going to be an easy task to get all your terms including the price. A successful negotiation is when both the buyer and seller compromise to a certain extent. Compromise does not necessarily have to be a ‘bad thing’, you just have to know which battles you want to pick. The chances of a successful sale will depend on the satisfaction of both the buyer and seller with the terms agreed upon during negotiation.
These are perhaps the most common myths that people have regarding selling a home. Keep them in mind when you are selling to avoid losing out on money or a good buyer.
Article Source: ChoiceOfHomes.com by Sadiya Anjum
Why should I use a REALTOR®?
Your REALTOR® is not just an agent, but a professional member of the National Association of REALTORS® and uphold to its strict code of ethics. Here are the top 5 reasons why you should use a REALTOR®:
- KNOWLEDGE: There is a lot of paperwork involved whether you are buying or selling a home. Having a professional by your side that speaks the language can not only get you the best deal, but help to avoid delays or costly mistakes.
- MARKET INFORMATION: REALTORS® can obtain objective information about each individual property. They can also provide local information zoning, utilities, schools and more that helps you make the best decision for your family.
- MARKETING POWER: A property doesn’t sell with advertising alone. A large share of real estate comes from a REALTORS® contacts with previous clients, friends and family. They know how, when and where to best market your property to get the most interest.
- NEGOTIATION: A REALTOR® will look at every angle of a transaction from your perspective. This allows you the flexibility you need to take the next step and feel good about it.
- UP TO DATE EXPERIENCE: Laws and regulations change over time. Having a REALTOR® that handles transactions on a regular basis ensures everything is being done in line with those current laws and regulations. REALTORS® are required to get a certain amount of continuing education hours every two years, which only increases their knowledge and experience that they can pass on to you.
BONUS – YOUR ROCK: Buying a home is the biggest investment for most people. Having an objective third party that has no emotional attachments looking out for your best interests, can help you stay focused in making the right decision and protect you against costly mistakes.
What is Agency and how does it affect me?
As a REALTOR® representing you, I have a fiduciary responsibility to you. This means I am required to put your interests before mine. If I or someone from my company represents the buyer to your current property, it creates dual agency. Under dual agency, we are obligated to keep confidential information confidential, represent both parties fairly and honestly, and make sure all necessary disclosures are provided to all parties involved. You can choose whether or not you want to have the dual agency representation at the time the option exists.