Selling Your Home
Thinking of selling your home? Get the answers to the most commonly asked questions. How do I determine the best price? When is the best time? What are the costs? Before you begin the selling process, really evaluate why you're moving, follow these guidelines and talk to your REALTOR®.
Choosing the Right Agent
Your Century 21 Summit agent is a trained professional who knows all aspects of the real estate market. A Century 21 Summit agent will save you time, money and aggravation.
As with purchasing a home, you want to list with the agent who is the expert in your location. After all, potential purchasers will be calling this "area expert" to inquire about houses for sale. There will be a few of them who are knowledgeable about your neighborhood. Call them up and interview your potential agent. You need to feel comfortable with him or her, after all, they will be working for you.
Should You Go with a Non-Exclusive or Exclusive Listing Arrangement?
If you enter into this type of arrangement with your Century 21 Summit agent, you are giving him or her the exclusive right to find a purchaser for your home. With this type of agreement, no other agent will bring potential buyers to your home, because only the listing agent is entitled to the commission.
You may consider this type of arrangement in a Sellers' Market during which time there are more people interested in purchasing a home than there are homes available.
Determining the Value of Your Home
The market ultimately determines the true value of your property.
Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:
A comparative market analysis is an indicator of what today’s buyers are willing to pay for a home. It compares the market activity of homes similar to yours in your neighborhood. Those that have recently sold represent what buyers are prepared to pay. The homes currently listed for sale represent the price sellers hope to obtain. And those listings that have expired were generally overpriced or poorly marketed.
Your Century 21 Summit professional will prepare a comparative market analysis for your home based on the most current market information. Together you and your Century 21 Real Estate Professional will establish the proper listing price for your home.
Do You Have All of the Necessary Documents Handy?
Gather the documents you'll need to sell your home.
- Mortgage documents: you may wish to meet with your loans officer to discuss transferring, discharging or paying out your mortgage. This is a good time to begin negotiations on the terms of your next mortgage.
- Property survey: be sure to inform your Century 21 Summit agent if there have been any changes to your property that could affect the accuracy of the survey.
- Your deed or transfer of title document.
- Tax assessment documents.
- Utility bills.
- Other claims relating to your home:
- separation agreement or court order
- will or probate documents
- unpaid judgments against you
- unpaid taxes
- unpaid utilities
- pending litigation
- Pertinent condominium documents (if you live in this type of home).
- Maintenance history (include repair receipts).
- Items and information that will make your home more marketable:
- photographs or videos of your home with the garden in bloom or your pool open and beautiful
- conceptual ideas for upgrades or renovations that you have considered
Determine Your Asking Price
Before you put your home up for sale, you must set the price. And before you can do that, you must know what the house is worth. That doesn't mean what you paid for it, or how you upgraded it. Determining worth is simply finding out what someone would pay for it.
The steps in determining worth are:
1. Understanding market conditions
2. Getting the details about recent sales in your neighborhood
Century 21 Summit agents have access to all of this information. Plus, they can objectively see the big picture and tell you what makes your home unique.
Once you've determined your home's worth, you and your agent will determine the asking price. Most often, the price of a home is set slightly higher than its worth, to give a little "bargaining space." Of course, if it is set too high, it may deter prospective buyers.
If you're in a rush to sell your home, setting the asking price a little lower than what your home is worth will attract a lot of attention. But beware, if the price sounds too good to be true, buyers may be skeptical. They may even offer less than the asking price anticipating problems with the home down the road.
You will have a legal relationship with your agent. When you complete the listing agreement, you are giving your Century 21 Summit agent the authority to put your house on the market for a specified period. If your house is sold during that time, you will pay the agreed commission. What's more, if the house sells shortly after the specified period because of your agent's efforts, you are still obligated to pay the commission.
Should You Offer Any Additional Items? You may choose to include your appliances in the sale, or you may offer a redecorating allowance. You may also be able to offer creative financing. You may also consider purchasing a home warranty (covering major appliances and systems) to make the home more attractive.