“It’s not you, it’s me”
You’ve weighed the pros and cons and have made the decision that the romance is over, you want out. So you tell your home it’s been fun, but there are other fish in the sea and it’s time to sell. Interest rates are low, affordability is up, so what should you do to make sure your house sells quickly and easily?
Remember a few years ago during the real estate boom where if someone had a pulse, they got a real estate loan? Well those days are long gone! Nowadays there are a lot of things you need to consider to make sure that whoever buys your house, is going to actually close escrow and buy your house. Lenders are stricter than ever when it comes to making real estate loans these days.
Real Estate Financing – A lender will issue a pre-qualification letter so the buyer of your home can qualify for a loan. A pre-qualification letter means that yes, they took a pulse, but that’s about it. Unfortunately, most Realtors will rely solely on this document without conducting further due diligence. It’s vitally important to conduct an interview with the buyer’s lender before an offer is accepted. There are some very important questions to ask like: What are the buyers FICO scores? What is their debt ratio? Are the buyers funds seasoned? By asking the right questions, you can make an educated and informed decision.
Marketing your property online – 90% of buyers are doing their search online to find a home. You should be there too! There are dozens of real estate related websites where your home should be posted. You should also be incorporating every social media outlet and get the word out that you’re selling. Photography is also important in presenting your property in the proper light. Think of it as online dating for your house!
Real Estate Appraisal – When pricing your home for sale, you should gather as much information on the current market as you can. Consider your competition and what you’re up against. By pricing your property strategically and competitively, more often than not you’ll attract multiple offers and ultimately a bidding war. At that point, the ball is in your court (and will make your house feel better about the break-up).
How do you make sure your home is presentable? Be aware that major renovations will not increase the value of your home beyond the cost of the renovation. But things like new hinges and door handles for kitchen cabinets will go a long way in perking up the appearance of your home. Recently, I had a client who wanted to paint the entire outside of his house to make it more attractive. I convinced him that it only needed to be power washed. We had a full price offer the first week it was on the market, and he was thankful to have saved the money.
It’s not always easy to breakup…I mean sell…a home, but these tips should make it a lot easier!