Doing whatever you can to put your house’s best face forward is very important if you want to get close to your asking price or sell as quickly as possible. Without spending a lot of money, here are several ideas for making your home show better:
- Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard.
- Clean the windows (both inside and out) and make sure the paint is not chipped or flaking. And speaking of paint, if your home was built before 1978, new federal law gives a buyer the right to request a lead inspection. If you think you might have some problems, do the inspection yourself beforehand and make any fixes you can.
- Be sure that the doorbell works.
- Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It’s especially important that the bathroom and kitchen are spotless.
- Organize closets.
- Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords.
- Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce simmering on the stove. Hide the kitty litter.
- Put vases of fresh flowers throughout the house.
- Having pleasant background music playing in the background also will help set the stage.
For more suggestions, see our Resources for Sellers
Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home.
If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if there are cosmetic defects that you missed and can be repaired.
Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker caravans, advertising, good signage, and listings on the multiple listing service (MLS) and on the Internet.
Another option is to pull your house off the market and wait for the market to improve.
Finally, if you who have no equity in the house, and are forced to sell due to financial considerations, you could discuss a short sale or a deed-in-lieu-of- foreclosure with your lender.
A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.
In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings.
If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if there are cosmetic defects that you missed and can be repaired.
Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker caravans, advertising, good signage, and listings on the multiple listing service (MLS) and on the Internet.
Another option is to pull your house off the market and wait for the market to improve.
Finally, if you who have no equity in the house, and are forced to sell due to financial considerations, you could discuss a short sale or a deed-in-lieu-of- foreclosure with your lender.
A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.
In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings.
Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home’s worth. Second, go through the house and repair any obvious cosmetic defects that may deter a buyer.
In a down market you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure your home is getting the exposure it deserves through open houses, broker caravans, advertising, good signage and a listing on the multiple listing service.
There is no “best” time to sell per-se. Selling a house depends on supply, demand and other economic factors. However, the time of year in which you choose to sell can make a difference in the amount of time it takes to sell your home and in the ultimate selling price.
Weather conditions are less of a consideration in San Diego, but most of the time, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June.
With the onset of summer, the market slows. July is often the slowest month for real estate sales, due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer.
Following the summer slowdown, real estate sales activity tends to pick up in the fall. This lasts until November when the market slows again, as buyers and sellers turn their attention to the holidays.
If this makes you wonder if you should take your home off the market for the holidays, consider the advice of veteran agents: You are more likely to sell your house if it is available to show to prospective buyers continuously.
Weather conditions are less of a consideration in San Diego, but most of the time, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June.
With the onset of summer, the market slows. July is often the slowest month for real estate sales, due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer.
Following the summer slowdown, real estate sales activity tends to pick up in the fall. This lasts until November when the market slows again, as buyers and sellers turn their attention to the holidays.
If this makes you wonder if you should take your home off the market for the holidays, consider the advice of veteran agents: You are more likely to sell your house if it is available to show to prospective buyers continuously.
It’s very important to price your home according to current market conditions. List too high and your home will not sell. List too low and leave money on the table. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it’s imperative to select your list price based on the most recent comparable sales in your neighborhood. Monty likes to list properties aggressively but reasonably. He takes satisfaction in helping clients receive as much money as possible without their home sitting on the market too long.
A comparative market analysis provides the background data upon which to base your list-price decision. When you prepare to sell and are interviewing agents, study each agent’s comparable sales report (the data should be no more than three months old).
If all agents agree on a price range for your home, go with the consensus. Watch out for an agent whose opinion of value is considerably higher than the others.
A comparative market analysis provides the background data upon which to base your list-price decision. When you prepare to sell and are interviewing agents, study each agent’s comparable sales report (the data should be no more than three months old).
If all agents agree on a price range for your home, go with the consensus. Watch out for an agent whose opinion of value is considerably higher than the others.
While it may not reduce the actual value, a cluttered landscape next door can detract from the positive aspects of your home. Review your local laws, which should be on file at the public library, county law library or City Hall.
A typical “junk vehicle” ordinance, for example, requires any disabled car to either be enclosed or placed behind a fence. And the city of San Diego prohibits parking any vehicle on a city street too long.
It also may be worthwhile to check into local zoning ordinances. An operator of a home-based business usually is required to obtain a variance or permanent zoning change in residential areas.
In addition, if a neighbor’s repair work produces loud noises, he may be breaking local noise-control ordinances, which are enforced by the police department.
Before bringing in the authorities, you may want to make a copy of the pertinent ordinance and give it to your neighbor to give them a chance to correct the problem.
A typical “junk vehicle” ordinance, for example, requires any disabled car to either be enclosed or placed behind a fence. And the city of San Diego prohibits parking any vehicle on a city street too long.
It also may be worthwhile to check into local zoning ordinances. An operator of a home-based business usually is required to obtain a variance or permanent zoning change in residential areas.
In addition, if a neighbor’s repair work produces loud noises, he may be breaking local noise-control ordinances, which are enforced by the police department.
Before bringing in the authorities, you may want to make a copy of the pertinent ordinance and give it to your neighbor to give them a chance to correct the problem.
If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found.
The trick is not to over-spend on pre-sale repairs, especially if there are few houses on the market but many buyers looking to buy. On the other hand, making such repairs may be the only way to sell your house in a down market. As a rule, the “low-hanging fruit” consists of the following four items:
The trick is not to over-spend on pre-sale repairs, especially if there are few houses on the market but many buyers looking to buy. On the other hand, making such repairs may be the only way to sell your house in a down market. As a rule, the “low-hanging fruit” consists of the following four items:
- Neatness – reduce clutter and make sure the home is spotless when you show it.
- Paint – if your home needs it, a new paint job is an inexpensive way to dramatically improve your home
- Carpeting – especially if you have pets
- Landscaping – planting flowers around the front and back of your home makes a big difference in appearance
Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee’s sale or a judicial foreclosure, in which case the property is sold at public auction.
A borrower can cure the default by paying the overdue amount after the notice of default is recorded, up to a few days before the property’s sale.
Some sales allow the successful bidder to take possession immediately. If the former owners refuse to vacate, the court will issue an unlawful detainer that allows the sheriff to evict them.
Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events to an individual’s credit history.
A borrower can cure the default by paying the overdue amount after the notice of default is recorded, up to a few days before the property’s sale.
Some sales allow the successful bidder to take possession immediately. If the former owners refuse to vacate, the court will issue an unlawful detainer that allows the sheriff to evict them.
Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events to an individual’s credit history.
Yes, in some cases you can sell your home for less than what you owe on the mortgage. But it is complicated and depends on the lender. This situation is known as a “short sale.” Sometimes a lender will be willing to split the difference between the sale price and loan amount.
If the loan was a low-down payment mortgage with private mortgage insurance, then the lender must also involve the mortgage insurance company.
If the loan was a low-down payment mortgage with private mortgage insurance, then the lender must also involve the mortgage insurance company.
Appraisers use several factors when estimating a home’s value, including the home’s size and square footage, the condition of the home, the neighborhood it is located in, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, go to www.appraisalinstitute.org.
The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process – fees range from $200 to $300.
Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.
Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.
The list price is a seller’s advertised price, a figure that the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is fair, be sure to consult comparable sales prices in the area.
The sales price is the amount of money you as a buyer would pay for a property.
The appraisal value is a certified appraiser’s estimate of the worth of a property and is based on comparable sales, the condition of the property and numerous other factors.
The sales price is the amount of money you as a buyer would pay for a property.
The appraisal value is a certified appraiser’s estimate of the worth of a property and is based on comparable sales, the condition of the property and numerous other factors.
A comparative market analysis and an appraisal are the standard methods for determining a home’s value.
Monty James and his team at Pacific Coast Executive Realty will be happy to provide a comparative market analysis, an informal estimate of value, based on comparable sales in the neighborhood. You can also research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location.
An appraisal, which generally costs $300 to $400 to perform, is a certified appraiser’s opinion of the value of a home at any given time. Appraisers review numerous factors, including recent comparable sales, location, square footage and construction quality.
Monty James and his team at Pacific Coast Executive Realty will be happy to provide a comparative market analysis, an informal estimate of value, based on comparable sales in the neighborhood. You can also research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location.
An appraisal, which generally costs $300 to $400 to perform, is a certified appraiser’s opinion of the value of a home at any given time. Appraisers review numerous factors, including recent comparable sales, location, square footage and construction quality.
Buyers considering a foreclosure property should obtain as much information as possible from the lender, including the range of bids expected. Monty would be happy to assist you in acquiring this information.
It also is important to examine the property. If you are unable to get into a foreclosure property, check with surrounding neighbors about the property’s condition.
It also is possible to do your own cost comparison through researching comparable properties recorded at local county recorder’s and assessor’s offices, or through Internet sites specializing in property records.
It also is important to examine the property. If you are unable to get into a foreclosure property, check with surrounding neighbors about the property’s condition.
It also is possible to do your own cost comparison through researching comparable properties recorded at local county recorder’s and assessor’s offices, or through Internet sites specializing in property records.
You can get some idea of your home’s value by searching the Internet. A number of websites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value, based on acceptable software appraisal standards. They also depend on historic home sales records to calculate the estimate.
These services do not produce official appraisals. They also don’t factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home. They are fine for obtaining a rough estimate of your home’s value. To receive a more accurate estimate, contact Monty at 619-922-1981.
These services do not produce official appraisals. They also don’t factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home. They are fine for obtaining a rough estimate of your home’s value. To receive a more accurate estimate, contact Monty at 619-922-1981.