selling your house on your own

The Spooky Side of Selling Your House on Your Own

Posted on

Before deciding to sell your own home, it’s important to understand the potential risks involved. Discover the spooky side of selling your house on your own now, including scarce real estate knowledge, pricing challenges and more.

Legal risks.

Real estate transactions involve complex laws and regulations. When selling your home without a knowledgeable Realtor, you may be unaware of legal obligations that can lead to legal and financial liabilities.

Things you may not be aware of can include but are not limited to:

  • Information that must be disclosed to potential buyers.
  • Knowing what to ask lenders to ensure an easy escrow process.
  • The implications of buyers changing their minds and when they are entitled to their earnest money.
  • Deadline management.

Pricing.

One of the most prominent risks of selling your house on your own is the pricing challenge. Pricing is key to a successful sale, and real estate agents have experience in the local housing market. Hence a thorough understanding of current housing trends and listing prices down to the neighborhood.

Homeowners often lack this knowledge and experience, leading to overpricing or underpricing the home.

Limited exposure.

With access to professional networks, multiple listing services and other marketing tools, real estate agents can get your property maximum exposure. With For Sale by Owner, your listing may not reach a broad audience, lengthen the selling process.

Complicated negotiations.

Coordinating with the buyer, the buyer’s agent, the inspection company, the appraiser and more can become overwhelming for an individual trying to sell their home. Plus, navigating negotiations and handling contingencies and contract terms can be challenging for sellers without representation.

Working with a Realtor can keep negotiations professional, accurate and on track to seal the deal.

Summary

Were you thinking about selling your home without a real estate agent? Now that you know more about the spooky side of selling your house on your own, consider working with Realtor for a smooth selling process.

Are you looking for a Realtor in the East Alabama area? Connect with one of our trusted Realtors! For more real estate tips and industry news, continue reading our blogs.

factors to consider when determining an offer price on a home

9 Factors to Consider When Determining an Offer Price on a Home

Posted on

You finally found it—the home of your dreams! Now what? It’s time to make an offer. Your buyer’s agent will guide you through the entire process, including sharing these nine factors to consider when determining an offer price on a home.

Making an offer

Before you can make an offer, there are several factors to consider when determining an offer price on a home. Are you ready to figure out where to start? Now is the time to ask your REALTOR® about the following.

The home’s current list price.

For starters, what is the home’s list price? Is the asking price in line with the fair market value? If so, is it within your overall budget?

The sold price of similar homes in your area.

Your buyer’s agent can provide you with valuable information, including what similar homes in your area recently sold for. Commonly referred to as “comps,” this information offers you a reasonable baseline in terms of a starting offer.

How long has the house been on the market?

In a nutshell, if the home has been available for longer than average, sellers may be more willing to negotiate or accept a lower offer.

On the other hand, if the property is new to the market, the offer may need to be higher.

Look at the condition of the home.

Before you make an offer, take the time to learn about the home’s history and pay attention to its details. When was the house built, what types of building materials were used, what is the square footage?

What are the home’s top features and amenities? Is it in need of repairs or is it move-in ready?

Consider seller concessions.

And the questions to ask yourself continue. Will you be asking the seller to make any last-minute improvements?

Or, would you want them to cover the closing costs? These are the sorts of questions to review with your agent.

Outline exactly what’s included with the home.

Make sure the agreement and offer clearly define what is included with the home, such as appliances or window treatments.

Add in the earnest money.

When you get ready to make your offer, remember to add in the earnest, or deposit, money.

Factor in home inspection contingencies.

It may be a good idea to consider the unknowns that could be uncovered during the home inspection. Leave room in your budget for any potential updates or repairs.

Is there flexibility in your offer?

Finally, when it comes to factors to consider when determining an offer price on a home, did you give yourself some wiggle room? Is your offer going to fall at the top, middle or low end of your budget?

If the price point is firm, can you sweeten your offer in other ways? Consider being flexible when it comes to requested repairs, the closing date or the closing costs, for instance.

Summary

Bottom line: even after doing your research and carefully considering several factors to determine your offer price, the sellers could turn it down. But, remember, your trusted local REALTOR® is on your side and ready to negotiate on your behalf!

Are you looking for additional real estate tips? Keep reading our blogs for more!