Home Selling 101

Even though making the decision to sell your home isn’t easy, the real work – actually selling it – has just begun. Fortunately, expert help is available from your local real estate agent.

You need to become familiar with your competition (competing homes) and establish a selling price that’s consistent with comparable homes in your area. You can do online research and visit open houses yourself, but at this stage, consider hiring an experienced agent. It’s important to note that you will not obtain 100% for all your gorgeous upgrades. A more likely return is 5 to 20 cents on the dollar depending on the feature.

Your agent will provide you with a Comparative Market Analysis (CMA) which details what other homes like yours have sold for over the last ninety (90) days or so. If you visit open houses, notice features that make positive or negative impressions on you. Now ask your agent to suggest ideas to ensure your home makes a positive impression, and make suggested repairs and/or consider staging. At this point, you and your agent will come up with a realistic selling price. Be realistic and understand that what you consider a gorgeous, artistic upgrade may be a turn-off to someone else. I’ve learned over time that certain features such as high ceilings, pools, granite, and stainless steel appliances can be desirable to you but, a potential buyer may complain about pool safety, finger prints on the stainless, potential granite cracking, and the heating & cooling cost with volume ceilings. Additionally, Remember that the market conditions have changed over the years. It may take a little longer to sell your home.

The most critical task of any agent is negotiating the sale of your home. For this, you need one who has been in the business for a while. There is a difference. By selecting an experienced agent, you’ll be helping ensure a positive outcome.

Through the negotiating process, your agent will work hard to help you and the buyer agent & buyer come to an agreement that you both can live with. Your agent should always show respect for the other party and set a positive tone for the negotiation.

Remember, everything is negotiable. If the buyer won’t increase the offer to your price, you can negotiate other things such as upgrades or repairs, or inclusions and services such as appraisals, home protection plan, or home inspections. You can also offer to sell the house as is, without doing any repairs, at a lower price.

Be involved. The more both parties are involved in the process, the more likely you are to come to a good agreement – one which is wise and efficient and provides a good outcome for both parties. Keep in mind that there are many people involved in a real estate transaction therefore, there will likely be hick-ups during the transaction. Keep your cool and keep good will on the table. 

About me

I’m a full time Realtor in Southern Nevada. I look forward to speaking with you about the real estate market. i can be reached at (702) 358-7070, RonaldSellsVegas@gmail.com. Follow me on Twitter @ronfeir and Ronald Feir on Facebook. To learn more about me, go to Linkedin.com  and enter “Ron Feir” in the search bar.

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