Marysville Home Owners: What It Takes to Sell in 2011

Submitted by Vicki Owens, ABR, CRS, GRI, Best Homes Real Estate

Want to make that sale finally successful in 2011? Perhaps you have tried in the past years to sell with no luck or have been "waiting for the market to bounce back" to make your move or you have a need to sell due to personal circumstances. If you are reading this, chances are you are seriously considering making your move this year.

Contrary to bad media static or conversations with friends, family or neighbors, if you have a strong desire to change your lifestyle and move on, your home can be sold. Preparation and patience are a virtue. There is no doubt the competition is tough. Banks are releasing foreclosure properties at rock bottom prices, short sales are abundant and it is likely that you are seeing neighbors walking away leaving an empty home that at some point will be more competition. Just setting a random price and putting a sign out in your yard is likely not going to get the job done.

First and foremost you must check your finances. The balance of your mortgage loan may tell you that you need to stay, consider refinancing, or work out a way to get that balance to a level that will cooperate with the market. Agent success fees are not the only expense you will have as a home seller. In our market sellers are expected to pay for title insurance, search and closing fees, warranties as well as a pro-ration of property taxes due at the time of closing. With inspections and any repairs, it is best to think of that number as 10% of the selling price. In many successful sales, Sellers are assisting Buyers with $2000-3000 in closing costs as well. AND how much from the sale do you need to move on to your next home if you plan to buy? Consult with your local mortgage loan banker to see how you qualify. Being informed of the numbers is definitely the best step you can initially take to avoid being disappointed.

Look at your home from the Buyer's eyes. Think about what made you love your home when you bought it. Was it the location, floor plan, décor? Go onto the web and search sites like zillow.com, realtor.com, trulia.com and some local agents websites. Look at the photos and virtual tours. Check the prices. Which homes similar to yours do you think look appealing and which ones would you rule out? The hard question is realistically, how much would you pay for your home in today's market? Take inventory of the improvements like carpet, paint, flooring, fixtures that it would take to get your home into a condition where is might compete with a new home for sale, or some of the best that you see on line. Are you ready to start looking at your home as a product instead of as the place you live?

Consult with several agents. There should be no charge for a consultation. A full time real estate agent who is actively working your market area should be able to provide you with information about what has sold in the last 60-90 days, advise you on what you are competing with, and give you an estimate of what you can expect financially when your home sells. In addition, many times agents can recommend reliable lenders, technicians and resources to help you prepare. With such a big decision, surprises are not welcomed. Do not be shy to ask questions about the agent's track record, training, and fee flexibility especially if it is someone that is new in the business or unfamiliar to you in your market area. The marketing of your home is just the beginning and a part of the process. You will need assistance for every step and communication during the process. Do you trust that the agent you pick will work in your best interest and will really work with you to meet your goals?

What will it take for you to be "the one" that a home buyer chooses in this market? Keep in mind that today's home buyer typically does a lot of research. With access to public records it is likely by the time they come in to take a look that they know what the county auditor has on file including how much you paid and what the value for tax currently is. Likely that potential buyer is touring multiple homes and may have been for several months. Not only are they looking for the perfect place for them to settle in, but the best price available. Buyer's can choose to purchase a home that needs work and get loan options that assist with this. They are likely to add up any work that needs or has been done and consider that in the price. There are LOADS of fixer upper homes. If you feel yours has issues, price it accordingly. Allowances and excuses do not work well for buyers who want a move in ready property. In other words, a move in ready price requires a move in ready condition in order to succeed. Even builders are discounting and offering financial incentives for Buyers, so keep in mind you will be competing with them as well.

Something else to consider is the appraisal. Nothing is more disheartening as to get the offer you have been waiting for to find that the Buyer's lender will not approve the amount. Appraiser's for the banks will look at sold comparables when arriving at the value of your home. The value you place on granite or a finished lower level may not match the value an appraiser gives it. Not because you did not do a great job, but because of what other homes are actually selling for in the last 6 months. Chances are that you can lose your buyer if you cannot match the appraised price. Buyer's are unlikely to pay more than appraised value. Would you? You can hire a licensed appraiser to provide you with a market value before going on to the market. However, the appraisal at the time of sale may not match another appraisal at a later date. Appraisals essentially are only good for the date and time they are performed.

Want to know more? Contact Vicki Owens, ABR, CRS, GRI, SFR with Best Homes Real Estate of Marysville. Highly recommended in the area and successfully assisting 40-50 clients a year with selling and buying residential property, Vicki can provide you with the information you need to plan and succeed in selling your home. Visit www.movetomarysville.com. Call 937-644-3385 or 614-440-5174 or email to movetomarysville@gmail.com