How should I prepare to sell my house?
You need to start by taking a close, objective look at the property. Walk around the exterior with a pad of paper and write down EVERYTHING that needs to be done to make the house look it's best. Do the same inside and then sit down and determine how much time and money you can put into making the property most appealing to perspective buyers. You may want to consider putting some of your belongings in storage to open up some space in the rooms and closets.

This is usually one of the most difficult aspects of selling and sometimes it helps to have an unbiased point of view. If you would like me to go through your house with you and give you an idea of what would make you home more salable, give me a call at (858) 592-2141 or e-mail
badams5@pacbell.net.

 

How is an asking price determined?
Asking price is usually set using a CMA or Comparable Market Analysis. This method uses location, recent sales for comparable homes, quantity and quality of properties both currently on the market and sold, and even listings that have expired, to determine a reasonable price.

Similar homes For Sale now show what we are competing against. Similar homes Sold recently tell what buyers are willing to pay for a home like yours in this area at this time. The expired listings represent the problems of over pricing. The desired result is to find a price that will attract a qualified buyer in a reasonable amount of time.

If you'd like some more information on pricing your home for sale, call me at (858) 592-2141 or e-mail
badams5@pacbell.net.

 

How do you come up with a price for a "one-of-a-kind" property?
In most cases, there are several similar factors that can be used to help determine the basic value of a distinctive property, such as number of bedrooms, baths, lot size, living area, etc. Then, once this base price has been figured, we can add value based upon special features this specific home has over the others in the area.

 

What is the difference between sales price and assessed value?
The selling price of a home is the value placed on it based upon other home sales in the area, condition of the property, and other factors.

The assessed value of a home is estimation used by the city to determine your property taxes. Assessed value has no bearing on the market value or sales price of a property.

 

How do you determine the value of a distressed property?
The best way to determine the value of a distressed property is to find a value based on comparable homes in the area. If the property needs work, estimate the cost of the work to be done on the house, and then subtract that amount from the value you came up with from comparable properties.

If you are considering selling a distressed property and would like some more information, give me a call at (858) 592-2141 or e-mail
badams5@pacbell.net.

 

Should I price my home high for a little while to see what happens?
If a property is overpriced, it has a tendency to sell other homes in the area, all the while keeping your property on the market longer and losing the initial interest of buyers. Homes that remain on the market for a long period of time almost never get shown. Buyers are interested in something that is new and if a property sits on the market for a long time, they wonder what is wrong with the house that kept it from selling, even if the only thing "wrong" was an inaccurate price. If the property is priced right the first time, it will usually give the biggest profit.

 

What repairs should I make before selling?
While you want to be sure your home is as appealing to potential buyers as possible, you need to be careful not to overextend yourself on repairs before selling. Too often a homeowner will invest huge amounts of time and money in repairs just to realize that much of that money will not be recouped in a higher sale price.

If you'd like some tips on what repairs would be best for your home, call me at (858) 592-2141 or e-mail 
badams5@pacbell.net.

 

 

Is it better to make repairs before I sell or lower the price for the buyer to do them?
Certain repairs can bring you a return on your investment. Others, however, regardless of how much you spend, won't add any value to the property. A couple of improvements that do usually bring added value are kitchens, bathrooms, porches, and the exterior. It is very important before you do any repairs to be sure that the money you spend will be reflected in equity.

In some instances, lowering the price for the buyer to make the repairs can open up your home to more buyers who may not be able to afford the home when completely fixed-up, but can put time and effort into the project.

 

Explain the difference between a "Buyer's market" and a "Seller's market."
A "Buyer's market" is when there are more homes for sale than buyers looking for homes. In this instance, the buyers have an advantage, because they can pick a house and the seller will want to meet the buyer's terms in order to get the property sold.

A "Seller's market" is when there are more buyers looking than homes for sale. Here, the sellers have the advantage because several buyers may be trying to buy the same house and they will most likely meet the seller's terms to get the property.

 

How can I sell my house in a slow market?
There are a number of creative marketing strategies to use in a slow market. The biggest factor during these times is making sure your home has the most exposure possible to potential buyers.

If you'd like some ideas of how to make your home sell more quickly, give me a call at (858) 592-2141 or e-mail
badams5@pacbell.net.

 

 

How do I get my home ready for showings?
You may want to keep some cleaning supplies convenient to take care of any quick "sprucing up" before a showing. Make sure floors and tables free of clutter, beds are made, and pet areas clean and odor-free.

 

Whose obligation is it to disclose information about a property?
It is the ultimately the seller's obligation to disclose any known defects or other pertinent information about the property to an agent or a potential buyer. As a licensed Real Estate Agent, I have an obligation to pass along any information I have regarding defects in the property, as well as other facts that may affect the value or salability of a home to a prospective buyer.

 

Is a pre-approved buyer better than a pre-qualified one?
A pre-qualification is a letter from a lender stating that, based on income and a rough idea of expenses, the buyer may qualify for a certain loan amount. A pre-qualification is not a guarantee that they will be able to obtain financing, it is solely an estimation of what they can afford.

A pre-approval means the buyer has already submitted a loan application and most of the necessary paperwork to obtain a mortgage. The loan has already been approved, subject to finding a property that appraises for that loan amount.

Pre-approved buyers, therefore, have a distinct advantage when making an offer on a property. Most sellers are more likely to accept an offer when they know the buyer will not have a problem getting a loan.

 

What happens when a buyer makes an offer?
When you receive an offer from a buyer, you have three options. You can accept the offered price and terms, you could counter the offer with a price or terms that are more acceptable to you, or you could reject the offer altogether.

You can rest assured that when I am working for you, I will always be there to assist in determining what will fit your needs the best.

 

What if the offered price isn't what we wanted?
If we determine that the price offered just can't be accepted, we can counter. Making a counter offer is a part of negotiating. Or if the offer doesn't even look remotely good, then we can merely reject the offer. But no matter what happens, I will always explain your options to you.

 

What contingencies are usually put in an offer?
Most offers include two standard contingencies: an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction and a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender. If the seller is to make any repairs to the property, they should also be written into the offer, along with any other specific arrangements made between the parties.