Seller Tip

The Seller Who Tests the Market

When you see the market rising, it’s tempting to price your home even higher than nearby homes that recently sold. So you tell your listing agent that you want to "test" the market to see if you can get even more for your home.
Sometimes, it’s appropriate to choose a list price higher than recent comparable sold homes, but that strategy seldom works unless the market is climbing rapidly. If you’re looking for a quick, hassle-free sale, you need to decide which is more important – getting more for your home or moving on to your new life somewhere else.
Let’s say your neighborhood’s highest, most recent home sale was $500,000, and your agent suggests a listing price of $510,000. You want to test the market at $530,000 - which is $20,000 more than your agent recommends, and $30,000 over the latest comparable.
Your home hits the market at $530,000 and has tons of showings the first week. Your strategy is working, except that you don’t receive any offers. By the second week, there are few to no showings. Agents are reporting back to your listing agent that their buyers said your home “needs work,” or that they “found something more suited to their needs.”
After months of making two mortgage payments, your home finally sells at $518,000. Meanwhile, you paid months of overhead to get $9,000. You actually lost peace of mind and threw away a lot of money.
Overpriced homes simply take longer to sell. If you’re tempted to “test the market”, remember that the market will test you.

Home Inspection

Renegotiating After the Home Inspections

Negotiations don’t necessarily end when you and the seller sign the contract to purchase. You have the right to have the home you’re buying inspected for soundness, which you can include as a contingency to your offer. That way, if the inspection reveals a serious issue, you and the seller can address it through renegotiations.
During the inspection process, the inspector is required to tell you about the condition of the appliances, heating and cooling, electrical and plumbing systems, foundation, roofing, exterior materials and so on.
Depending on where you live, you may also get separate inspections for pests and environmental issues such as radon. You’ll also learn if your future home is up to current building codes and what needs to be done to bring it up to code.
Once the inspections are complete, you have to decide if any problems found are worth renegotiating. It’s a risk because your existing contract is no longer in force and the seller is free to accept another offer. Renegotiate only for a system that is unsafe or expensive to replace.
Most sellers expect to make reasonable repairs and replacements if the inspection reveals an issue that wasn’t obvious when you first agreed to terms. As long as communication remains open and civil, the seller should have as much desire to make the sales contract work as you do.

How To Sell High

Sell High - Buy Low

When it is time to sell your current home and find a new home that fits your current lifestyle, setting your asking price is one of the most important decisions you will make.

Location and Price is what buyer sees first. You can not change the location of your home, but you can control your pricing. Buying a home is truly an elimination process of what you need and want in a home. Often a house is discarded by prospective buyers as not being in the appropriate price range before they're even given a chance of it being show.

First impressions are important in life and homes. Your asking price is often your home's "first impression" and you want to make a good one. This is not as easy as it sounds, therefore pricing should not be taken lightly. Pricing too high can be as costly to a home seller as pricing too low. Your goal should be to sell your home at the highest price in the shortest time.

How is that done? First walk through your home as if you are the new buyer. You will be surprised at how as a perspective new buyer you will see all the details. Does it need new paint, carpet or appliances? Has it been updated within the past 10 years to market preferences? Does everything work? When you drive by your home from the curb, does it look equal to, better or worse than other homes in the neighborhood? Have your neighbors updated when you have not or visa versa? These are all questions you should ask yourself and your Realtor.

Next have your Realtor run the comparables for homes like yours, same neighborhood, same style, same age, same size, same condition. What are they selling for? Do you want to be at the market, above the market or slightly below your competition? How soon do you need to sell? The longer your home is on the market the lower you will have to drop the price to attract potential buyers. This alone wants you to set your original sales price right the first time! How do you do that. That is were Realtors are your best person to sit down with and help you make the tough sales price decision.

Find out what YOUR home is worth, www.GloriaVargo.com, Text 214-789-1076, or Email Gloria@GloriaVargo.com