Strategies for Pricing Your Home To Sell

One of the first steps to selling your home is to determine the current market value of your property. This is done by comparing your home to similar ones that have recently sold, are on deposit, and actively listed for sale. The actively comparable homes are your home’s competition. Your broker’s goal is to price your home competitively so that home buyers who are looking at similar homes based on style, size, price etc., will decide to go with your home because it appears to be the best value to them.

Steps to Selling Your Fairfield County CT Home

It is very important to not price your home over market value. Even if a buyer comes along that is willing to pay an inflated price their bank will order an appraisal to ensure that the home is priced at fair market value based on what has sold in recent months. If the property does not meet current market value the buyer will not be able to obtain financing and the deal with fall through.

Listing Your Home

There are several types of listing agreements in Connecticut, the most common being the exclusive right to sell contract, which is typically for a duration of 6 months. This is an agency relationship that gives a brokerage the exclusive right to market and sell your property and negotiate acceptable terms on your behalf.

Additional addendums to this contract may be required such as lead, property condition, and mold disclosures that your listing broker will discuss with you in great detail at contract signing.

The commission that the brokerage will charge for this service is not a set fee it is typically a % of the sales price or can be a flat fee. These terms will be negotiated between you and your listing broker at your listing appointment.

Marketing Your Home

A for sale sign will be placed in a highly visible location on your property. Your listing broker will place your property on the Coop MLS which will expose your home to thousands of buyer brokers who are actively searching for homes for their qualified homebuyer clients. If one of these buyer brokers brings the homebuyer who will purchase your home then a % of the listing commission or a flat fee whichever applies will be paid to the buyer brokerage.

Your home will be marketed on various websites online and at times by direct mail, print, and an open house may be conducted. Your listing broker will come up with a custom marketing plan for your particular property and will discuss this with you in great detail at your listing appointment.

Preparing Your Home to Sell: Staging Strategies That Work

Homes that are clean, decorated nicely, have well-manicured grounds, and fresh coats of paint in neutral tones are the ones that appeal to most buyers. It is a good idea to have a professional staging expert come in for a consultation prior to listing.

Pack all items such as clutter on counters in the kitchen, personal items such as photographs, and knickknacks. Your objective is to create a blank canvas for the prospective buyers to visualize their personal items there.

Clean the garage, attic, and closets of all unnecessary items. This will make the room appear larger and will assist the buyer in their visual moving in process. Other minor cosmetic upgrades may be needed. Your listing broker may make additional suggestions at your listing appointment. It is very wise to consult with a staging and design expert prior to listing your home. A small investment up front can equate to thousands more in your bank account at the closing table.

Conducting a Pre-Home Sale Home Inspection: Is It Necessary?

It is a good idea to have your home inspected by a licensed home inspector who can inspect all mechanical systems (i.e. electrical, plumbing, structural) of the home as well as all appliances, cosmetic issues, pest infestations in particular termite and bark beetle, and in some cases radon (for more information on radon go to http://www.epa.gov/iag/radon/pubs/hmbyguide.html and download your Home Buyers and Sellers Guide to Radon).

An inspection can pick up on potential environmental issues such as asbestos and underground oil tanks. Any issues can quickly be detected, addressed, or factored into the listing price. Your broker can provide you with a list of reputable inspectors.

Receiving Offers to Purchase and Negotiating Terms

An offer to purchase, outlining terms such as sales price, financing, closing date and occupancy will be presented to your listing broker.

The buyer broker representative will provide to their buyer client the most recent market data of similar property listings that are listed on the MLS as active, on deposit, and recently sold to help them arrive at a sales price that is based on fair market pricing.

The buyer’s agent will present this offer to your listing broker who will then explain the terms to you in great detail. You can accept, counter, or reject this offer. Your broker will advise you on the strength of the offer, which will assist you in making an informed decision whether to counter or accept.

Contract Acceptance

Once a mutual agreement is reached a formal contract will be executed either by the buyer broker or their attorney. A copy of this contract will be submitted to both attorneys as well as the home buyer’s bank to complete the mortgage process.

As part of the sales contract the buyer will agree to obtain financing within a specified time period; this period may be extended with the seller’s permission in the event that the bank needs additional time to obtain mortgage commitment.

An appraisal will be ordered by the bank to make sure that the sales price meets current market pricing based on comparable properties that have recently sold. The buyer may elect to have a home inspection conducted at which case an inspection contingency will be made part of the sales contract.

Closing Your Property

After receiving mortgage commitment, your lender will require you to obtain homeowners insurance, which is usually a prepaid 12-month policy. You will be requried to show proof of this prior to or at closing. The attorneys will wchedule a time to close your property. Adjustments will be made for misc. items such as taxes and heating oil. Your attorney or lender will notify you of the amount that you will be requried to bring to closing via a certified or bank check, once they receive your funds package from the bank. A final alk through is usually scheduled within 24 hours of closing. The purpose of this is to make sure the property will be conveyed to you as stated in the sales contract. At closing, you will have to sign and initial a package of closing documents that will be explained to you in great detail by your attorney. you will receive title and keys to your new property.

Welcome home! Even if you have questions at this point, Annette is happy to help: 203-903-9488.

“…Annette knew us better than ourselves and she was more patient than we were in waiting for the perfect house to come along—and when it did, to make sure that we got it at the right price.”

Redding CT Real Estate Preparing your Home for Sale Annette Copplit's Home Selling Guide How to Price Your Home to SellMarketing Your Home, Annette Coplit