10 Step Home Sellers Guide
How to Think Like a Successful Home Seller in the Texas Real Estate Market
Step 1. Listen to Your Real Estate Expert's Advice! CALL ME!! Jody Allen 512-736-5639
An experienced Realtor® knows the process, challenges, and how to navigate a home sale to a successful conclusion. Suppose you want to prevent common seller mistakes. In that case, your agent's carefully researched Market Comparable report and critical preparation advice are key to getting top dollar and finding a buyer sooner. A teamwork mentality is exactly what you need from your agent and how I approach my client relationships.
If your home is not under contract in 30 days, I will supply a new comparable report to review any market changes and reassess. Price reductions help stimulate interest and alert prospective buyers via email updates. We will have a plan for this in place from day one. If a new comparable report suggests a price reduction, it is generally better to act sooner before competing listings adjust their pricing.
Step 2. Pricing Your Home Right on Day One!
Setting your sales price too high is the number 1 reason homes fail to sell. In today's information age, the buyer and buyer's agent can spot the wrong price quickly. Homes priced too high put off the critically important showings during those first weeks your listing is active. If you want a higher selling price, consider some eye-catching cosmetic enhancements or even large remodeling projects. Money spent on enhancement projects will raise your price and move the needle on appraised value.
Maybe You Feel You Have That Special Home?
Ok, so you think your house is worth more than the average nearby homes in your neighborhood and that you have something ‘special’? Well, maybe you do. Lot location, lot size, pools, interior updates, and enhancements can add special value that buyers are willing to pay more for. In fact, buyers will possibly pay more for the right setup such as the items listed below:
- DON’T Shop for an Agent Based On Who is Offering the Highest Listing Price. -
Knowledge and FACTS are more valuable than empty promises and fluff. The easiest way to undermine your efforts to sell your home for top value is to continually shop for an Agent until you get a price you “want” that is no longer supported by the factual data. Once your home has been on the market for an extended period, you begin to jeopardize the money you could have earned had you priced your home correctly from the start. Markets constantly shift. Your home could have possibly sold for a different price just weeks prior. If you chase previous price jumps or historical prices you “heard from your neighbors” about, you will be setting yourself up for failure when you home finally hits the market. Today’s data is all that matters. Not one, three or six months ago.
About 90% of agents are part-timers, hungry for business, and are more prone to provide you with exactly what you want to hear versus what you should hear. There is just no getting around pricing correctly, as buyers and agents too easily obtain today's comparable properties. When you are at the right price, you often get a full offer or very close to a full offer, and your time on the market, along with the associated interruptions, is greatly reduced.
Over the years, I have seen many incorrectly priced homes expire, even after being re-listed with multiple agents. Had these home sellers worked with real time comparable values and priced their homes accordingly before their listing became stigmatized, they would have sold sooner and for market value. Going through 3-4 Realtors® is not how you succeed but how you fail. When I present you with hard facts about the market, it is for your benefit.
Step 3. Importance of Preparing Your Home to Look its Best
You have something to sell, and buyers are looking for something to buy. As a seller, you are in complete control of what buyers will see. I’m here to guide you and show you what needs to be done. Lighten-up (declutter), Brighten-up, Fix-up, Clean-up, No Personal Belongings/Beliefs. Quality MLS Photography plays a big role in creating a positive first impression, but great photography depends on a home that is ready to market. As a seller, your primary objective is to increase your home's impression value so your home can connect mentally and emotionally with buyers. A well-prepared, well-lighted, properly staged, de-cluttered, and sparkling clean home sends all the right inputs a buyer needs to bring an offer.
Step 4. Leave Your Emotions Out of Your Home Sale
When you finally get an offer, don't blow your top if it's not what you expected. It is not about you; it's about the house. Bricks, Wood and Paint = No emotions. Not all your upgrades and experiences in the home hold value to a potential buyer. Everyone values those things differently and we must keep that in mind. It is a business transaction that requires a cool hand to prevail, but we understand how financials can get underneath your skin, as it can raise our eyebrows. Low offers can be countered. Again, selling a home is a fact-finding exercise that began before you listed it in MLS. Sure, buyers can present unreasonable offers, and those are easy to counter, but the goal is to use market facts to justify your price and responses to offers.
Just remember, don't take it personally. My job is to stay professional and grounded, and focused on the best outcome possible. And remember, it is a process, with each home sale being a unique set of circumstances.
Step 5. Receiving an Offer
Once a buyer decides they would like to buy your house, an offer will be presented. Review the entire offer taking note of what is being presented, so you can accept, counter or reject the offer outright. Once you accept and execute your offer, changing anything will take the consent of the other party.
Your offer, though not limited to this list, should include the following:
Step 6. Negotiating an Offer on Your Home
Most offers to purchase your house will require some level of negotiating to come to a win-win agreement. You will need to understand contract basics, including what each contract clause means to you and your buyer, what you will net from your home's sale, and what areas in the contract lend themselves easiest to negotiation. That’s what I’m here to explain and discuss with you.
Some of the things that you may have to negotiate on are:
It is my duty to provide experienced advice about any offer received its potential hazards, as well as strengths and merits. I will review the written offer to make sure that you thoroughly understand what the buyers are offering and what they are asking for in return. It is my primary responsibility to protect your best interests as your listing agent throughout the escrow process.
Step 7. After You Sign Your Contract
Once you have accepted an offer to sell your house, you will need to make a list of all the things you must do and a list of all the things the buyer must do to proceed successfully to closing. The property may need to be formally appraised, surveyed, inspected, and repaired. Depending on the specifics reached during the negotiations, you may pay for all, some, or none of these items. If there are problems with the property, the terms outlined in the contract will dictate your next step. Depending on the contract, you or the buyer may decide to walk away, open a new round of negotiations, or close.
I can save you time and money by assisting and even coordinating all the necessary items that must be done to finalize the sale. I will be directly involved and keep you informed about the results of each action and what effect, if any, it will have on the sale of the property. I will also help you coordinate any actions you must take to keep the sale moving forward. Some sales go smoothly, and some require a lot of work to get to the closing table. Either way, I will prove to be a valuable resource for you.
Step 8. Pre-Closing Preparation
A few days before closing, you will want to contact whichever entity that is closing the transaction and make sure that all of the necessary forms and documents have been prepared and will be available to sign on the appropriate date. It would be a shame to get this close to selling and have the deal fall through because of a document not being at the right place at the right time. You should also begin to make arrangements for your upcoming move if you have not done so.
I can save you time and money by ensuring that all of the necessary documentation is prepared for closing. I will also make sure that all parties have done what they need to do so that the closing can proceed at the date and time planned.
You will need to schedule with all your utility providers a shut-off date.
Step 9. Closing
This is where ownership is legally transferred to the buyer. As the seller, you will need to be prepared to give over any necessary documentation regarding the property. Depending on the arrangements made during negotiations, you may be required to have done something specific to close. Be sure and read all the documents. Mistakes are more common than you might think.
I can save you time and money by being present during the closing to help explain the process and forms to you and make sure everything goes as planned. By being present during the closing, I will help mediate any last-minute issues that may arise. Something always seems to come up!
Step 10. Post-Closing
Congratulations on the successful sale of your home! Hopefully, everything went smoothly, and you will be vacating your house in the time frame you had anticipated. You should make a list of all the items you will need to complete before turning your former property over to the new owners.
Disconnecting utilities: Gas, Electric, City, Phone, Internet, Alarm. Agreed upon items that need to be conveyed to the buyers.
Congratulations! Your home sale is now complete!
How to Think Like a Successful Home Seller in the Texas Real Estate Market
Step 1. Listen to Your Real Estate Expert's Advice! CALL ME!! Jody Allen 512-736-5639
An experienced Realtor® knows the process, challenges, and how to navigate a home sale to a successful conclusion. Suppose you want to prevent common seller mistakes. In that case, your agent's carefully researched Market Comparable report and critical preparation advice are key to getting top dollar and finding a buyer sooner. A teamwork mentality is exactly what you need from your agent and how I approach my client relationships.
If your home is not under contract in 30 days, I will supply a new comparable report to review any market changes and reassess. Price reductions help stimulate interest and alert prospective buyers via email updates. We will have a plan for this in place from day one. If a new comparable report suggests a price reduction, it is generally better to act sooner before competing listings adjust their pricing.
Step 2. Pricing Your Home Right on Day One!
Setting your sales price too high is the number 1 reason homes fail to sell. In today's information age, the buyer and buyer's agent can spot the wrong price quickly. Homes priced too high put off the critically important showings during those first weeks your listing is active. If you want a higher selling price, consider some eye-catching cosmetic enhancements or even large remodeling projects. Money spent on enhancement projects will raise your price and move the needle on appraised value.
Maybe You Feel You Have That Special Home?
Ok, so you think your house is worth more than the average nearby homes in your neighborhood and that you have something ‘special’? Well, maybe you do. Lot location, lot size, pools, interior updates, and enhancements can add special value that buyers are willing to pay more for. In fact, buyers will possibly pay more for the right setup such as the items listed below:
- Sought after Schools
- Sought after Community
- Exceptional Floorplan/Single Story
- Larger Lot
- On a Cul de Sac
- On a Greenbelt or a Creek lot
- A noticeably Private backyard
- DON’T Shop for an Agent Based On Who is Offering the Highest Listing Price. -
Knowledge and FACTS are more valuable than empty promises and fluff. The easiest way to undermine your efforts to sell your home for top value is to continually shop for an Agent until you get a price you “want” that is no longer supported by the factual data. Once your home has been on the market for an extended period, you begin to jeopardize the money you could have earned had you priced your home correctly from the start. Markets constantly shift. Your home could have possibly sold for a different price just weeks prior. If you chase previous price jumps or historical prices you “heard from your neighbors” about, you will be setting yourself up for failure when you home finally hits the market. Today’s data is all that matters. Not one, three or six months ago.
About 90% of agents are part-timers, hungry for business, and are more prone to provide you with exactly what you want to hear versus what you should hear. There is just no getting around pricing correctly, as buyers and agents too easily obtain today's comparable properties. When you are at the right price, you often get a full offer or very close to a full offer, and your time on the market, along with the associated interruptions, is greatly reduced.
Over the years, I have seen many incorrectly priced homes expire, even after being re-listed with multiple agents. Had these home sellers worked with real time comparable values and priced their homes accordingly before their listing became stigmatized, they would have sold sooner and for market value. Going through 3-4 Realtors® is not how you succeed but how you fail. When I present you with hard facts about the market, it is for your benefit.
Step 3. Importance of Preparing Your Home to Look its Best
You have something to sell, and buyers are looking for something to buy. As a seller, you are in complete control of what buyers will see. I’m here to guide you and show you what needs to be done. Lighten-up (declutter), Brighten-up, Fix-up, Clean-up, No Personal Belongings/Beliefs. Quality MLS Photography plays a big role in creating a positive first impression, but great photography depends on a home that is ready to market. As a seller, your primary objective is to increase your home's impression value so your home can connect mentally and emotionally with buyers. A well-prepared, well-lighted, properly staged, de-cluttered, and sparkling clean home sends all the right inputs a buyer needs to bring an offer.
Step 4. Leave Your Emotions Out of Your Home Sale
When you finally get an offer, don't blow your top if it's not what you expected. It is not about you; it's about the house. Bricks, Wood and Paint = No emotions. Not all your upgrades and experiences in the home hold value to a potential buyer. Everyone values those things differently and we must keep that in mind. It is a business transaction that requires a cool hand to prevail, but we understand how financials can get underneath your skin, as it can raise our eyebrows. Low offers can be countered. Again, selling a home is a fact-finding exercise that began before you listed it in MLS. Sure, buyers can present unreasonable offers, and those are easy to counter, but the goal is to use market facts to justify your price and responses to offers.
Just remember, don't take it personally. My job is to stay professional and grounded, and focused on the best outcome possible. And remember, it is a process, with each home sale being a unique set of circumstances.
Step 5. Receiving an Offer
Once a buyer decides they would like to buy your house, an offer will be presented. Review the entire offer taking note of what is being presented, so you can accept, counter or reject the offer outright. Once you accept and execute your offer, changing anything will take the consent of the other party.
Your offer, though not limited to this list, should include the following:
- A legal description of the property
- The offering price
- The cash down payment amount
- Financing arrangements and percentages if applicable
- A list of fees and who will pay them described in each section
- Amount of the Earnest Money deposit
- Option Period Terms
- The method of conveying the title and who will handle title fees
- A list of possible personal property items, appliances, and furnishings the buyer wants to stay with the home – Non-Realty items
- Special Seller Exclusions, the seller wants to retain that would otherwise convey to the buyer.
- The settlement date
- The all-important lender pre-approval letter - This letter can either validate the quality of your offer or substantially undermine it
- Any relevant contingencies and Addendum(s) IE: Third Party Financing, HOA Addendum
Step 6. Negotiating an Offer on Your Home
Most offers to purchase your house will require some level of negotiating to come to a win-win agreement. You will need to understand contract basics, including what each contract clause means to you and your buyer, what you will net from your home's sale, and what areas in the contract lend themselves easiest to negotiation. That’s what I’m here to explain and discuss with you.
Some of the things that you may have to negotiate on are:
- The offer price
- Amount of Earnest Money to bind the contract
- Financing considerations and general strength of the offer
- 3rd Party Financing Addendum, type of loan, length of time to qualify, and what that ultimately means to a seller
- Lender quality considerations the seller needs to be made aware of, and why that matters
- Closing costs requests
- Noted repairs added to the original offer after an inspection and how to respond
- Appliances and fixtures the buyer wants to include in the offer
- Actual Seller Move-out date
- Seller's temporary leaseback considerations for up to 60 days from the closing date, depending upon the parties' agreement
It is my duty to provide experienced advice about any offer received its potential hazards, as well as strengths and merits. I will review the written offer to make sure that you thoroughly understand what the buyers are offering and what they are asking for in return. It is my primary responsibility to protect your best interests as your listing agent throughout the escrow process.
Step 7. After You Sign Your Contract
Once you have accepted an offer to sell your house, you will need to make a list of all the things you must do and a list of all the things the buyer must do to proceed successfully to closing. The property may need to be formally appraised, surveyed, inspected, and repaired. Depending on the specifics reached during the negotiations, you may pay for all, some, or none of these items. If there are problems with the property, the terms outlined in the contract will dictate your next step. Depending on the contract, you or the buyer may decide to walk away, open a new round of negotiations, or close.
I can save you time and money by assisting and even coordinating all the necessary items that must be done to finalize the sale. I will be directly involved and keep you informed about the results of each action and what effect, if any, it will have on the sale of the property. I will also help you coordinate any actions you must take to keep the sale moving forward. Some sales go smoothly, and some require a lot of work to get to the closing table. Either way, I will prove to be a valuable resource for you.
- Allowing inspections, and buyer access during the buyer's option period
- Negotiating the Buyer's Option Period Repair Request, offering options, cash instead of repairs, etc
- Issues found by buyer's inspector, how to get professional opinions on suspected deficiencies
- How to get receipts and pay ahead if work can't be completed before closing
- How to prepare for the "appraiser's visit with receipts for recent improvements, and other contracts in support of value, if there were multiple offers
- Strategies as to how to deal with a low appraisal, mistakes by appraisers
- How to keep scheduled closing on time to prevent the last-minute panic
Step 8. Pre-Closing Preparation
A few days before closing, you will want to contact whichever entity that is closing the transaction and make sure that all of the necessary forms and documents have been prepared and will be available to sign on the appropriate date. It would be a shame to get this close to selling and have the deal fall through because of a document not being at the right place at the right time. You should also begin to make arrangements for your upcoming move if you have not done so.
I can save you time and money by ensuring that all of the necessary documentation is prepared for closing. I will also make sure that all parties have done what they need to do so that the closing can proceed at the date and time planned.
You will need to schedule with all your utility providers a shut-off date.
Step 9. Closing
This is where ownership is legally transferred to the buyer. As the seller, you will need to be prepared to give over any necessary documentation regarding the property. Depending on the arrangements made during negotiations, you may be required to have done something specific to close. Be sure and read all the documents. Mistakes are more common than you might think.
I can save you time and money by being present during the closing to help explain the process and forms to you and make sure everything goes as planned. By being present during the closing, I will help mediate any last-minute issues that may arise. Something always seems to come up!
Step 10. Post-Closing
Congratulations on the successful sale of your home! Hopefully, everything went smoothly, and you will be vacating your house in the time frame you had anticipated. You should make a list of all the items you will need to complete before turning your former property over to the new owners.
Disconnecting utilities: Gas, Electric, City, Phone, Internet, Alarm. Agreed upon items that need to be conveyed to the buyers.
- Landscaping contacts
- Pool Service Contacts
- Garbage Pickup day
- Leave keys and garage openers at title for new owner
Congratulations! Your home sale is now complete!