Catherine Albiani's Blog
Looking to sell a home for the first time? Ultimately, a first-time home seller must be able to identify a strong offer for his or her residence. With extensive real estate insights, a first-time home seller may be better equipped than others to accept a strong offer and accelerate the home selling cycle.
Identifying a strong offer for a home can be quick and easy – even for a first-time home seller.
Now, let's take a look at three tips to help a first-time home seller differentiate between a strong offer and a poor one.
1. Analyze the Housing Market
The housing market can be complex, particularly for a first-time home seller. Fortunately, many free, easy-to-access resources are available to help a home seller learn about the ins and outs of the housing sector so he or she can plan accordingly.
For example, a home seller can check the prices of homes available in his or her area via a simple online search. This home seller can even find out how long a particular house has been available, whether the price of a home has been reduced over time and much more.
With in-depth knowledge of the real estate market, a home seller can study how his or her residence stacks up against the competition. Then, this home seller can establish a competitive price for his or her home, increasing the likelihood that he or she will receive a number of strong offers.
2. Understand Your Home Both Inside and Out
A home appraisal is a must for a first-time or experienced home seller, and perhaps it is easy to understand why.
During a home appraisal, a property inspector will take a close look at a house's interior and exterior. This inspector will provide a report at the appraisal's completion that highlights a house's strengths and weaknesses too.
For a home seller, an appraisal offers a valuable learning opportunity. It enables a home seller to gain deep insights into a home's condition that he or she may struggle to obtain elsewhere. That way, a home seller can complete assorted home repairs before listing a residence and boost his or her chances of receiving multiple offers that exceed a house's initial asking price.
3. Consult with a Real Estate Agent
A first-time home seller should meet with a real estate agent and discuss the differences between a strong offer and a poor one.
Thanks to a real estate agent, a home seller can seamlessly navigate the entire property selling journey as well.
Typically, a real estate agent will help a home seller establish a fair price for a residence from the get-go. This housing market professional also can offer helpful tips throughout the home selling journey to ensure a home seller can get the best possible results.
Don't leave anything to chance as you prepare to list a residence for the first time. Instead, take advantage of the aforementioned tips, and a first-time home seller should have no trouble distinguishing between a strong offer and a subpar proposal.
No matter how well-intentioned, when it’s time to sell your home taking the advice of friends and family while disregarding the advice of your agent is a recipe for slowing down your home’s sale. Your professional agent knows the current market and what buyers look for. In fact, they may even have specific buyers in mind; so mind your agent’s input for staging your home.
When staging, remember these things and follow your agent’s lead:
- They know the competition. Your agent has seen other homes like yours on the market. They recognize that when buyers see two or three similar houses in the same neighborhood, the one that resonates is the one they choose. Pitting your DIY staging against a professional’s is not the battle you want to take on if selling your home is your goal.
- Less is always more. Your agent knows that fewer pieces of furniture show your home better. But these aren’t just any pieces of furniture. Specific pieces attract buyers, while others repel them.
- The same holds true for collectibles. Some buyers cannot see themselves in a home with specific memorabilia and collectibles. This group includes sports and competition awards, trophies or doll and figurine collections. Even rock displays can be off-putting. Anything that personalizes your home makes it harder for buyers to see themselves there.
- Be willing to paint. Even if the deep, ocean blue wall evokes restful imagery to you, it may instill irritation in a potential purchaser. If your agent suggests toning down a color or painting a room in a neutral rather than orange, go with it. The best options are pale shades of cool or warm neutrals that showcase architectural details such as trim and crown-molding.
For the most exceptional selling experience, trust your real estate professional. They know the market, the pool of buyers and the competition. If you’re ready to put your home on the market, call for a consultation today.
Have you heard the term “earnest money” but really aren’t sure what it means? Once you have found the perfect home and are all set to make an offer, there’s one more step that you need to take. That’s to make a deposit on the home you want to buy. This is known as an “earnest money deposit.”
The Purpose Of The Deposit
The deposit shows the seller that you’re serious about buying the home. It’s a measure that allows the seller to have some faith in you as a buyer that you’re truly moving forward with your decision; you’re ready as a buyer to make the financial commitment. This deposit allows the deal to begin on a solid basis without much question.
Is The Deposit Required Legally To Buy A Home?
From a seller’s perspective, a deposit keeps a buyer from changing their mind. If there is a significant amount of money involved, the seller sees the deposit as a way to keep the buyer locked in. This makes it easier for sellers to accept an offer.
How Much Is Expected For An Earnest Money Deposit?
These deposits don’t quite have a standard amount. The general rule is that they range from 1% of the home price up to 5%. The more expensive of a home that’s being purchased, the larger the earnest money deposit should be. In some cases, the seller may even ask for a certain amount of a deposit to ensure that buyers are serious. How much money you pay at once is often negotiable. You may be able to pay part of the money at one time and the other part at a later date.
New Construction Can Require Large Deposits
New construction homes can require large earnest money deposits- up to half of the purchase price of the home. This is because the construction costs need to be paid upfront and the bank wants proof that the units being constructed with loan money are being sold to buyers who can pay for the home.
New construction homes are often customized as well. It would be detrimental to a developer to make special changes to a home only for a buyer to walk away.
Getting The Deposit Refunded
As with everything in real estate, you’ll have a contract. If you don’t follow the terms of the contract, you risk losing your earnest money deposit. Two main reasons for buyers to walk away are a flopped home inspection or financing that falls through. Read your contracts carefully. Sellers sometimes state that deposits are nonrefundable after a certain number of days.
You need to be sure that you are covered as a buyer in the purchase and sales agreement. If you back out of a home purchase without good reason like a contingency included in the agreement) you could be out of luck when it comes to getting your deposit back.
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