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Steps in the Selling Process

Is it time for more space? Or a move due to a new job? No matter the reason, it can be an enjoyable time planning for your next home, but emotional as you remember all your current home has provided. Fortunately, Ruhl&Ruhl provides trusted real estate advisors and resources to help you with every step of the process.

Preparing My Home to Sell

The Buyer's Perspective

There are five things that buyers will consider when touring your home.

  • Location
  • Floor plan, amenities, features
  • Condition
  • Price
  • Size (lot and house)

Of these five considerations, you, the seller, can only control the condition and the price. These two items you will need to pay the most attention to as you prepare your home to be listed.


Pricing My Home to Sell

Compelling Pricing

In order to determine an appropriate price for your home, your Realtor will complete a Comparative Market Analysis (CMA) to understand the property's condition, compare it to the market and set an accurate price. Setting the right price before you list is critical to getting the most for your home and selling it quickly.

Having a professional with experience in your neighborhood to prepare a CMA gives you the facts and insight to set the right price. Although a CMA is not a true real estate appraisal, your Realtor uses the same methodology as an appraiser to determine where your house fits into the current real estate climate.

Two rules to follow in real estate appraising are

  1. pick “like” homes – the same features, year built, similar styles, and size, and
  2. pick homes in the same general area that have recently sold within the past six months.

Of course homes are never identical and adjustments must be made by giving value to certain features or subtracting for what is lacking. The integrity of the data rests on how close the comparable sales are to your house.

In comparing “like” homes, your Realtor will recommend a list price that is attractive to a buyer, but more importantly, in line with recent comparable sales, which is the price that real buyers are currently paying for similar homes. Be careful not to base your value on the asking price of other homes currently for sale. These are only asking prices, which likely will not be what they end up selling for.

The goal is to find a list price that makes a buyer want to make an offer NOW. If the price is too high, even a beautiful, lovely home can become “old news” and we may also have to adjust the price during the process to actually get it sold. I recommend that we pick a list price very near what we think the sales price will be to avoid the “price reduced” stigma.

On average your home will be among 10-20 homes that buyers will compare and contrast. To be picked first, your house must be perceived to be the best value. YOU control how fast your house sells when you pick the listing price.


The Road to Closing

Disclosures

One of the most important documents you will fill out as a seller is the Seller’s Disclosure. This is a form that a seller must give a buyer, which details all physical problems and defects that the seller is aware of. You must be honest and as complete as possible when filling out this document. And only you, the seller, may fill it out. It's a big crime for sellers to fail to disclose any problems they're aware of.


Current Real Estate Trends

Should I Sell?

When you begin the process of selling your home, you should first consider your goals, your timeline and the current market conditions. First, think about why you would like to sell.

  • What do you hope to gain?
  • What are your fears?
  • Where do you plan to live once you sell your home?
  • Are you already pre-approved to purchase another home?
  • Who will be involved in the home selling process?

Take some time to think through these questions and put your answers to paper. It's important to understand what you hope to achieve so you can easily share that with your Realtor, once you interview and hire them.


Selecting the Right Realtor

Going it Alone?

Hiring a professional to help your sell your house is an easy decision for many. They understand the importance of having an advocate who understands the market, law and paperwork, has the time for marketing, showings, negotiations and inspections, and also has been specially trained to handle any issues that may come up. There are some people that would like to 'go it alone', but we would encourage you to at least interview some Realtors to see how they would work for you.

Here are some additional things to familiarize yourself about the process of selling your home. If you choose to sell your home by yourself, you will want to understand these terms very well:

  • FHA vs VA Financing
  • Disclosures
  • Radon
  • Purchase Agreement

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