Home Seller Advice – Things To Consider If Your Home Gets Appraised

The appraisal

If your buyers are getting a mortgage, they will also have to hire an appraiser. The appraiser will not only size up your home in person but check out the sale prices of comparable houses in your neighborhood (much as a Realtor would do for you). If the appraiser’s price matches the one your buyers are paying (or even if it’s higher), all is good.

But if the appraisal comes back lower than the asking price, it may become a problem. Typically, lenders won’t loan buyers anything above the appraisal amount. The buyers have two choices: Pay cash for the difference, or negotiate a lower sale price with you. If they choose the latter, you’ve got two choices, too: Accept the lower home price, or walk. To decide, ask yourself: How easy would it be to find a new buyer? If you were deluged with offers, it may be in your interests to move on, but keep in mind that you might run into the same problem with subsequent appraisals. So unless you’re confident your home is worth more and you’re willing to head back to square one, you may want to take a hit just to keep moving forward


Posted on October 27, 2017 at 4:30 pm
Steven Galindo | Category: Home Seller Advice

Home Seller Advice: On the fence about selling your home? Read this

All year, the overwhelming sentiment in the housing market has been frustration. Too few homes for sale drove prices sky high and led to fierce competition among buyers, especially at the entry level. So it was a little bit more than surprising to see a sudden burst of optimism among potential homebuyers in a monthly sentiment survey from Fannie Mae. Housing confidence rose in September to match the all-time high set in June. The main driver: a big jump in the share of current renters surveyed saying now is a good time to buy. In addition, the share of those respondents saying they believed home prices would go up in the next year dropped significantly. This, even though respondents continue to say that the main barrier to entry-level homeownership today is high prices. Consumer confidence is good for the time being, but when it shifts, it shifts rather fast and usually effects the real estate market. If you’ve been thinking of selling, the current conditions are in your favor, but won’t last forever

Posted on October 13, 2017 at 4:49 pm
Steven Galindo | Category: Home Seller Advice

Today’s Consumer Confidence Index Report

Consumer confidence can effect the real estate market and currently the Consumer Confidence Index is down .6 point which is nominal and consumers assessment of economic conditions remains favorable

Posted on October 12, 2017 at 8:23 pm
Steven Galindo | Category: A Thought About Real Estate, Home Seller Advice, Real Estate News

What Is a Listing Agent? Why a Home Sale Hinges on Agent’s Expertise

Posted on October 7, 2017 at 2:31 am
Steven Galindo | Category: Home Seller Advice

What is a listing agent? Here is the answer…

What Is a Listing Agent? Why a Home Sale Hinges on Agent’s Expertise

If you’re getting ready to sell your home, finding a listing agent should be at the top of your to-do list. But just what is a listing agent? You might have a vague mental image of someone who plants a “For Sale” sign on your front lawn and shows potential buyers around your place, but there’s plenty more to it.

Here’s a primer on what a listing agent does, how the agent makes or breaks your sale, and how to find the right agent for you.

How listing agents help you price your home

How much is your home worth? That’s a hard question to answer and that’s where a good listing agent can help.

And the stakes are high: Price your home too low, and you could lose out on a lot of money. Price it too high, however, and the picture isn’t pretty either. While it may be tempting to work with an agent who says he can fetch a fortune for your home, overpricing may mean your home languishes on the market for months or even years—making buyers wonder if something’s wrong with your home and lowball you anyway. Listing agents have many duties and responsibilities, but at the top of the list is to properly price your home.

To do this, a listing agent will analyze the sales prices of comparable homes, or “comps,” in your area to see where yours should fit in, and advise you accordingly.

How listing agents help you sell your home

After you determine an asking price, a listing agent should provide you with a comprehensive marketing plan detailing how she’ll get your property sold. This plan should include the following:

  • Recommendations for home improvements or home staging, if necessary. Yes, these alterations will cost you time and money, but they will improve your chances of a faster sale and higher asking price.
  • Taking photos or hiring a photographer who will be able to highlight your home’s best features.
  • Adding your home to the multiple listing service, where home buyers and their agents can view your property and decide if they’d like to come visit for a closer look.
  • Advertising and holding open houses.
  • Coordinating showings with prospective buyers.

How listings agents negotiate with buyers

Once you get an offer on your home, it’s the listing agent’s job to present it to you and advise if any haggling needs to be done. For instance, if you get an offer way below asking price, your knee-jerk reaction may be to refuse in a huff. But a listing agent might be able to negotiate with the buyers and bring that price up to a decent level—or, if the buyers truly can’t budge much, find other ways to sweeten the deal like a faster closing date or waived contingencies. These compromises can actually save you tens of thousands of dollars.

How much listing agents get paid

Listing agents don’t receive a dime unless your home gets sold. If it does, the typical agent commission is 6% of the price of your home (which is typically split between the listing agent and the buyer’s agent). This price may seem substantial, but consider this: For every hour an agent spends with you, he will spend an average of nine hours behind the scenes working on your behalf. In other words, listings agents work hard to earn that commission and get your home sold. (Realtor.com)

Posted on October 5, 2017 at 4:31 pm
Steven Galindo | Category: Home Seller Advice

Can you add the cost of any renovations you’ve made to your asking price? Answer: No…

Let’s say you overhauled your kitchen or added a deck. It stands to reason that whatever money you paid for these improvements will be recouped in full once you sell—after all, your home’s new owners are inheriting all your hard work.

The reality: While your renovations might see some return on investment, you’ll rarely recoup the whole amount. On average, you can expect to get back 64% of every dollar you spend on home improvements. Plus that profit can vary greatly based on which renovation you do. Have any other questions? Call me today…
Posted on September 29, 2017 at 4:16 am
Steven Galindo | Category: Home Seller Advice

Home Seller Advice: A Little Greenery Can Make A Difference

A little greenery can lift the look and feel of a place. If you have a house, you may want to spruce up the garden a bit and put in some new plants. Take out overgrown weeds and dead plants which can be an eyesore. If you have a condominium unit, some potted herbs, can liven up the atmosphere of your place.
There is a whole range of things that you can do to improve the way your property looks. What’s important is to focus on what may be the obvious problems that could potentially turn off buyers
Posted on September 22, 2017 at 1:04 am
Steven Galindo | Category: Home Seller Advice

Home Seller Advice: Home makeover before selling, This is when to stop

When making over a property for sale, the main aim of the owner is to spruce the place up to get the highest possible return. While they may start out only wanting to update a few small things, as relevant questions are raised, more jobs are often added to the renovation bucket list.

Before the owner knows it, the makeover idea has snowballed into an extensive (and expensive) renovation. Big ticket items end up taking priority, which means the entire budget has been blown and they still may not have a property people want to buy.

So how do you know where to start and when to stop? Do you spend your makeover budget all in one spot, or do you spend a little bit on everything?

If everything in the house is passable and nothing stands out as being an absolute “must do”, start by getting the outside right, followed by the kitchen, interior living spaces, exterior living spaces and lastly, the bathroom.

People are often told that kitchens and bathrooms sell houses. I’m not sure I agree. For example, the front exterior of your house is a very important element. It’s the picture potential buyers will see when scrolling on the internet or driving past. If they don’t like what they see in that initial photo, they may not investigate further or come for a look on inspection day.

The next most important area is the kitchen, but this could be a cosmetic update rather than a full-blown renovation. Try to prioritise what absolutely needs to be done so your costs don’t spiral out of control.

You also need to work out who your target buyer is and what they’re looking for in a house. For example, if it’s a family home, they might prefer a well-appointed en suite over a modern main bathroom, or be more focused on main living areas rather than bedrooms. Often they’re okay with everything not being perfect, so long as functional spaces work for them.

If you’re not sure who your ideal buyer is, contact a few real estate agents. Ask them for an estimate on what your property will sell for and give them a shopping list of what you intend to fix up. Discuss with your agent what your buyer will want out of a renovation.

Lastly, approach your renovation from a buyer’s perspective. The makeover you do for your buyer is entirely different to the one you would do for yourself, so keep this in mind.

From domain.com.au

Posted on September 20, 2017 at 9:20 pm
Steven Galindo | Category: Home Seller Advice

Home Seller Advice: Keep Your Home Clean During Showing Hours

Keep your house clean at all times. Wash the dishes after eating. Make your bed every morning. Hang bathroom towels neatly after using them. A messy home will likely receive lower offers.

Posted on September 19, 2017 at 9:49 pm
Steven Galindo | Category: Home Seller Advice

Home Seller Advice: Tuesday Is The Best Day To Put Your House On The Market

The best day of the week to put your home on the market is Tuesday with no showings until the weekend open house. This will create buyer excitement and anticipation which will likely produce a busy open house. Busy open house will create the “auction effect” (excited buyers seeing that other buyers are excited and in turn try to outbid each other). When buyers try to outbid each other, the seller often gets a higher price than expected

Posted on September 19, 2017 at 9:47 pm
Steven Galindo | Category: Home Seller Advice