Mary Stephens

When you sell property in a planned community, there are special considerations and some extra work. Selling the community helps sell your unit. Before meeting with your agent, gather general information about the development, as well as any special required items for the MLS listing.

When you sell property in a planned community, whether it's a house, townhouse or condominium, there are special considerations and some extra work. You're marketing the community, as well as your unit, and because the community is competing against others in your area and elsewhere, it will be scrutinized carefully. If the builder has colorful marketing materials, display them for buyers.

Features of the Community Buyers Will Evaluate (Tangible and Intangible)

• Age, location and reputation, and that of the builder(s).
• Types of properties offered, and the price ranges.
• Eligibility requirements, such as a single buyer or one of a couple being age 55+.
• Convenience to shopping, recreation and various forms of transportation (freeways, airport, public).
• Amenities or special features (golf course, dining room).
• Controlled access, if any.
• Quality and style of construction.
• Quality and maturity of landscaping.
• Quality of maintenance.
• Social groups and activities.
• Perceived quality of life and ambience.
• In older developments, percent of units with full or partial updating.
• Condition of original buildings and improvements.
• Recent or planned renovations.
• Plans for further construction (older units will compete against new ones).
• Sales history and trend of property values.
  

Information to Give Your Agent
Your agent will need some or all of the following items, as applicable, to prepare the MLS listing:

• Age of your house or unit, as it could differ from others in the community.
• Name, mailing address, phone number, web site and email address of the management company, and contact person.
• Name, address and phone number of the president of the homeowners' association.
• Minutes of the association meetings for the past year.
• Amount of the regime fee, and when it is paid (monthly, quarterly, yearly).
• Details of what the regime fee covers. (varies widely).
• Details of any assessments, including date, amount and purpose.
• Details of any outstanding assessments currently due.
• Summary of coverage - master insurance policy.
• Copy of the Covenants, Rules and Regulations.
• Full details of pet regulations, including number and type allowed, and the weight limit, if any.
  

Smart Selling Tip:
Selling the community helps sell your unit. Before meeting with your agent, gather general information about the development, as well as any special required items for the MLS listing.

©2010 Mary Stephens and Sandy LeRoy

Some sellers feel overwhelmed by the magnitude of the job and don't know where or how to begin. If they can't do the work themselves, they worry about finding the time, money and manpower to accomplish it. Whatever your concerns may be, there are good reasons why you should do your best to overcome them. We'll discuss solutions later.

Failing to manage your belongings before you list your house costs you time and money.

You haven't made a total commitment to selling. This will be clear to buyers who won't give the house serious consideration.

Because it's not at its best, the house can't be listed at the top of its price range. You forfeit some of your hard-earned equity at the outset. A cluttered house won't photograph well and will have fewer showings.

The house can't be cleaned properly and buyers will notice. They'll wonder what else hasn't been done.

You waste selling opportunities, especially during the crucial first thirty days.

Your house won't represent the best value for the money. That helps sell competing properties.

If you do the work later, some buyers will have moved on.

Accumulated belongings could hide damage or maintenance issues. If discovered by a buyer's home inspector, they could delay or endanger a sale.

The expression, "Clutter eats equity." is true. Failing to organize and edit your belongings means that you probably won't sell as quickly, or you may not be able to sell at all. Even if you do manage to sell, it likely will be at a lower price than you anticipated, and you'll have to deal with your things anyway in order to move.

Smart Selling Tip:

Smart sellers organize and edit their belongings before they list. They get help as needed and transform their house from a personal space into a product that can resonate with buyers.

©2010 Mary Stephens and Sandy LeRoy

Smart selling requires that you prepare your house for market by evaluating its physical condition, including systems such as plumbing, heating and electrical, and components such as the foundation, roof,doors and windows, floors, fixtures and finishes. The time to begin the evaluation depends on how soon you want or need to sell. If you know the house has been well maintained, less time is needed. In most cases, allow thirty to sixty days before listing.

Today most buyers demand that a house be in move-in condition, meaning that it's structurally sound, in good general repair with no obvious signs of deferred maintenance, and meticulously clean, attractive and inviting. If your house doesn't look ready to occupy, buyers will quickly move on, knowing they have many options. Don't expect that you can skip doing the work, put the house on the market and offer a price reduction or repair allowance. Buyers will have difficulty picturing how the house might look with new carpet or neutral paint colors, so you risk taking an even longer time to sell, getting no offers, or eventually getting an offer that is far lower than you anticipate. That's a waste of money, time and effort. Keep in mind that you're competing against new construction in pristine condition, often with buying incentives from the builder, well-maintained, existing homes and homes in foreclosure selling at a greatly reduced price.

You're probably already aware of some necessary repairs and other chores to address. Create a list of things to do, and decide if you can manage them yourself, or if you need help. Get estimates, develop a budget and proceed according to your selling timeframe. Consider getting a seller's home inspection if you suspect any serious problems, because known defects must be disclosed. Correcting them at this stage will cost you less in the long run because the buyer's repair estimate or demanded price reduction will always be more than if you had done the work before listing. Even minor disrepair can make a buyer worry that there are larger problems, so be thorough. Cosmetic preparations are equally important, and we will discuss them next time.

Smart Selling Tip: Before listing your house for sale, evaluate its condition and make any needed repairs. Don't plan to lower the price and skip doing the work because it will cost you time and money.

©2009 Mary Stephens and Sandy LeRoy

Sellers should know about the health risks associated with radon, a naturally occurring gas you can't see, smell or taste. Radon can be found anywhere, and the Surgeon General has issued the following Health Advisory: "Indoor radon gas is the second leading cause of lung cancer in the United States and breathing it over prolonged periods can present a significant health risk... It's important to know that this threat is completely preventable. Radon can be detected with a simple test and fixed through well-established venting techniques."

Radon trapped in soil typically enters indoor air through cracks or holes in the foundation, or through well water. Local geology, construction materials and how the house was built are all factors that affect radon levels, which can vary widely in the same neighborhood. The EPA suggests mitigation when the indoor level is 4 pCi/L (picoCuries per Liter) or more. Because of rock formations prevalent in the area, Henderson, Buncombe and Transylvania Counties are rated Zone 1 (red zones) with a predicted average indoor radon screening level greater than 4 pCi/L.

Consider having your house tested by a qualified individual or company before putting it on the market. If you don't test, it's likely the buyer will. Have the test done in the lowest level of the house that could be used regularly. If an unacceptable level of radon is found, it can be reduced by installing a simple venting system. The right system depends upon the design of your house and other factors, and must conform to EPA requirements. There is a potential conflict of interest if the same person or firm performs the testing and installs the mitigation system. Obtain more than one estimate, and after the mitigation is done, have your house re-tested by an independent qualified radon specialist.

Answers to your questions about radon can be found in a publication from the EPA, "Home Buyer's and Seller's Guide to Radon" (EPA 402/K-09/002). You also can visit the EPA website for more information: http://www.epa.gov/radon.

Smart Selling Tip:

Because of local rock formations, radon issues are a fact of life in our area. Before putting your house on the market, consider having it tested by a qualified individual or company and install a mitigation system, when needed. If you don't test, the buyer likely will. Use a clean radon report as a marketing and negotiating tool.

©2009 Sandy LeRoy and Mary Stephens

Smart Selling is a collaboration by two local businesswomen whose work is directly connected with the real estate industry: Mary Stephens of Prudential Lifestyle Realty (ronstephensproperties.com) and Sandy LeRoy of Sterling Property Services (sterlingpropertyservice.com). Questions and comments invited.

More and more sellers are choosing to get a home inspection before listing their house as a competitive tool and to help ensure that that the selling process goes more smoothly, with fewer surprises. This is by no means a complete list, but a typical home inspection includes an evaluation of the site, the exterior, the interior, the systems such as HVAC, electrical and plumbing and the building components. A home inspection does not include radon, septic system, termites, wells, mold or water quality issues, which must be evaluated by specialists. If you have concerns about any of these matters, rest assured the buyer's inspector will find the problem. It's smart selling to identify the problem yourself.

One of the major benefits of a seller's home inspection is that it provides an unbiased third-party report on the condition of the house. Other benefits include:

•§ Improves your ability to set a more accurate listing price reflecting the true condition of the house.

•§ Justifies a higher listing price if the house is in superb condition.

•§ Creates a powerful marketing tool that makes your house stand out from the competition and increases buyer confidence from the outset.

•§ Gives you the choice of making repairs or selling "as is".

•§ Controls the cost and timeframe for making repairs.

•§ Demonstrates your good faith by publishing the report.

•§ Prevents the buyer from using inflated costs as a negotiating tool.

•§ Streamlines the negotiation process.

•§ Prevents closings from being delayed or deals from falling through when the buyer's inspector finds a problem.

•§ Demonstrates your due diligence in completing the mandatory disclosure forms.

•§ Helps the buyer make a faster, better informed decision about your house, with less likelihood of buyer's remorse.

•§ Prevents small details from disrupting or derailing otherwise smooth negotiations.

•§ Allows you the opportunity to make corrections in the inspection if needed, and attach invoices for completed repairs.

The cost of a home inspection is based on the age and square footage of the house, but generally is between $300 and $400. If you have any suspicions or concerns, a seller's inspection and specialty inspections worth considering. The confidence and peace of mind they can provide is priceless.

Smart Selling Tip:

Even if the house is in superb condition and has been diligently maintained, smart sellers consider the benefits of a seller's home inspection as a competitive and negotiating tool.