Listing your home at the right price is crucial to its eventual sale, and relying on the knowledge and experience of a Century 21 JRS Realty agent will help you determine exactly what that price should be. Your Century 21 JRS Realty agent will provide you with a Comparative Market Analysis (CMA) to show you where your home fits in with other, similar homes in your area. Then s/he will help you set a fair price that is in line with its appraisal.
An appraisal (also called a probable sale price) is simply an estimate of your home's market value. It focuses on value (an estimation of the benefits of owning a particular home) and on price (the actual amount of money a buyer will pay).
The buyer typically arranges and pays for the appraisal, but only after you've accepted and negotiated their offer.
When you put your home up for sale, prospective buyers (and the lenders who hold or insure their mortgages) expect that your home is worth your asking price. An appraisal for less than the asking price can complicate, or perhaps block, the sale.
Your Century 21 JRS Realty listing agent can provide the appraiser with a record of comparable area homes, including those that are actively listed, expired or sold. This record will complement the appraiser's inspection of your home, the home's improvements and its condition, helping him/her more accurately appraise your home.
Buy or Sell First
Which Comes First: Selling or Buying?
Like the proverbial chicken and the egg, the question of "which comes first?" – in this case, the sale of your existing home or the purchase of your new home – can leave you scratching your head.
The answer to that age-old question depends on you and your individual situation. Evaluate each of your alternatives, taking into consideration the effect each scenario will have on your (1) finances, (2) negotiating position and (3) moving-day timeline.
Buying before selling
If you choose to buy a new home before you sell your current home, you may have to pay on two mortgages until your former home sells. A bridge loan can ease the strain of double mortgage payments; however, you generally must have sufficient equity in your current home to qualify.
Of course, you could make the purchase of your next home dependent upon the sale of your current home, and your Century 21 JRS Realty agent can write this contingency into your purchase agreement.
A strong housing market may mean that the seller will not be as likely to accept such an offer. The advantage of buying a home before you sell your current one is that you have more time to look for your new home – without the added pressure of moving.
Selling before buying
You may be in a stronger bargaining position for your new home if you put off serious home shopping until after you've accepted an offer on your current house. If you wait, you'll have a better idea of how much equity you can put into your next house and, more importantly, you won't have to make the purchase of that home contingent upon the sale of your old one.
Of course, there's the added pressure of needing to find a new home quickly. You may not be able to negotiate a lower purchase price if the seller knows you have time constraints.
In the end, only you can decide. Be sure to talk with your Century 21 JRS Realty agent. S/he's trained and experienced in helping you explore and narrow your options, as well as understand the "why and wherefore" of most home-related dilemmas, including buy first/sell first.
Capital Gains Tax
Capital Gains and You
Congratulations! You now have a "sold" sign in your front yard. The sale of your home is complete and, hopefully, you netted a profit. If you did, be aware that you may be subject to capital gains tax. That simply means that you sold your home (a capital asset) and made a profit (gain), which could be subject to taxes.
The Taxpayer Relief Act of 1997 changed the tax laws concerning capital gains on primary residences. In years past, when you sold your home you could delay paying tax on your profit if you purchased another home within two years of selling. (There were also restrictions on the price of the home you had to buy.)
Today, you don't have to purchase another home to receive capital gains tax relief and you only pay taxes on any gains over $250,000 ($500,000, if filing jointly).
Here's how the IRS recommends figuring the gain (or loss) on the sale of your primary home:
1.Subtract your expenses from the selling price to obtain the realized amount.
Expenses typically include:
oCommissions,
oAdvertising fees,
oLegal fees, and
oLoan charges, such as points.
2.Subtract the adjusted basis you made to the basis of your home from the realized amount to get the gain (or loss). (The basis is the amount you paid if you bought it or built it.)
According to the Internal Revenue Service (IRS), you do not have to report the sale of your home on your tax return unless:
You have a gain and you do not qualify to exclude all of it, or
You have a gain and choose not to exclude it.
Otherwise, you must report the gain on Form 1040, Schedule D.
As with any tax information, your personal situation (including such things as divorce) can have major tax implications. And since IRS tax rules change often, you'll want to be sure to consult with a qualified tax specialist.
Disclaimer: These are general guidelines and provided for information only. Other IRS rules may apply. Consult with your accountant, CPA or tax attorney for professional advice.
Closing and Moving
Closing, Moving and You
Once you have a contract on your house and you head toward closing, much of the excitement tends to surround the buyer, who is eager to get their keys and move into your former home. But you're still important, too!
This is a big moment for you, as well, because you're moving out of your home and into your future.
Closing
Closing (also called a settlement) involves the signing of documents to complete the sale and transfer of property from you to the buyer. How the closing is conducted varies according to local custom. In some areas, round table closings bring all parties together at the closing table; in others, buyers and sellers complete the process through separate, individual appointments with the title company. Ask your agent to explain what's normal for your area.
Here's a general guide, however, of what to expect at closing. Your agent can explain any of this to you in more detail, and a closing agent will be present at the settlement to explain each and every document.
Prior to closing:
You or your agent will arrange for any inspections that were agreed to in the purchase agreement and follow up with proof of completion.
Gather all warranties on equipment, any instructions on appliances or household items, as well as the keys to your house and plan to bring them to closing.
If possible, have your agent obtain a copy of the settlement statement so you can review it for accuracy prior to actual closing.
Obtain a cashier's check to cover any closing costs you will be paying.
At closing:
1.Meet at the appointed time and place. An attorney or title company representative, the buyer, your agent and the buyer's agent will be there, too.
2.The attorney or title company will have searched the title, provided title insurance and obtained old and new lender instructions. All unresolved walk-through deficiencies will be resolved at this time.
3.The attorney or title company representative will explain the deed of trust or mortgage and the settlement sheets.
4.Review and sign the deed and settlement sheets.
5.Pay appropriate closing costs with a cashier's check.
6.If your taxes or insurance have been escrowed, you may receive any money accumulated in the account for bills not yet due.
7.You may also be reimbursed for any money paid in advance and not used, such as for property taxes. (You may receive these funds the day of closing or after the settlement, depending upon where you live).
8.Get a copy of the settlement sheets for your records.
9.Hand over the keys to the new owner.
Learn about the buyer's experience at a home closing.
Moving checklists
In conjunction with your agent and the buyer, you will negotiate (in the purchase agreement) when move-out day will be. That date may be before, on or after closing, depending on your circumstances and preferences, as well as the buyer's.
While you've already de-cluttered your home for showings and open houses, you probably still have plenty of household and personal items to pack. Planning is the key to getting it all done.
We offer these moving checklists to help get you organized.
Six Weeks Before You Move
Make an inventory of everything to be moved. Decide what goes with you, what gets sold at a garage or tag sale, and what gets donated.
Get moving company/services estimates.
Find out if your employer helps pay moving expenses and confirm what preparations, if any, you must make.
Select a mover and get boxes and packing materials.
Contact your insurance agent for transfer coverage, especially for out-of-town moves.
Ask your Realtor® to obtain a map and area information about your destination city.
Four Weeks Before You Move
Put in your change of address. Don't forget to notify your accountant, alumni association, appliance service contractors, attorney, banks, book clubs, catalog merchants, charitable organizations, credit cards, dentist, doctors, employer, frequent flyer programs, insurance companies, investment and stock brokers, lending institutions, publishers and veterinarian.
Contact utility companies for refunds or deposits; establish turn-off dates.
Dry-clean clothes that will be moved and pack them in protective wrapping.
Service power and recreational equipment (such as mowers, blowers and boats); drain all gas and oil to prevent fire or other hazards.
Make arrangements for the transfer of school records.
Select a new daycare center/preschool in your destination city.
If your car or other possessions are not fully paid for, get permission to move them. Have your bank arrange credit references for establishing new accounts in the city to which you are moving.
Remove jewelry and other valuables to a safe deposit box to prevent loss during the move.
Finalize arrangements with the moving company.
Notify friends and relatives of your move.
Give away your house plants or make other arrangements to transport them to your new home. (Most moving companies will not move plants.)
Contact the utility companies in your destination city to establish service in your new home. Inquire about fees or deposits and information requested.
Two Weeks Before You Move
Transfer or close checking and saving accounts; move the contents of your safe-deposit box to the bank in your new community. Arrange for payment of the moving company upon arrival at your new home.
Call your local telephone company to establish a date for phone service to begin.
Pack items you won't need over the next two weeks. Fill a separate carton with cleaning products and utensils.
Have your car serviced if you're making a long trip.
Arrange for pet transport or travel.
Dispose of all flammable liquids such as spray paints, solvents, thinners and gasoline.
Return or retrieve all borrowed and loaned items.
Check and inventory all furniture for dents and scratches; notify the moving company of your inventory and compare on the final day.
Cancel all newspapers, lawn or other services.
Order checks with your new address.
Make arrangements with your Realtor® to transfer keys, garage door openers, warranty papers, etc. to the new owners.
Confirm arrangements with the moving company.
Moving Day
Plan to spend the entire day at the house. Last minute decisions must be made by you. Don't leave until the movers have completely left.
Hire a sitter or send the children to a friend's house for the day.
Stay with the moving van's driver to oversee the inventory.
Tell the packers and/or driver about fragile or precious items.
Double-check with the driver to ensure that moving company records show the correct delivery address.
Confirm arrival time with the moving company.
Leave keys with your Realtor®.
Make a final check of the entire house before leaving.
Arriving at Your New Home
Check pilot lights on range, hot water heater and furnace.
Install new batteries in smoke detectors.
Notify the post office to begin mail delivery; obtain any mail that has been held for your arrival.
Have your new address recorded on your driver's license.
If you've moved to a new state, register your car soon after arrival or you may incur a penalty.
Visit city offices and register to vote.
Expected Selling Time
Time to Sell
It's a fact. Your home will attract the most excitement and attention when it's first listed. And all the buzz simply increases your chance for a quick sale.
However, nobody can promise when your house will sell. It could be one day, two weeks, three months – or longer. Some of it depends on these factors:
local and national economic factors
market conditions
the number of comparable homes for sale in your area
whether or not people are buying new homes, existing homes, or none at all
Any or all of these factors can speed up (or slow down) the sale of your home. So ... want to know a secret for selling your home faster? Here are three!
1.Make it look good.
2.Price it right.
3.Market it well.
Make it look good
Ever see a food commercial that just makes you drool? It looks so good. Presentation, they say, is everything. And so it is with your home. The more appetizing it is, the more likely buyers will bite.
Sixty percent of buyers purchase homes at market value–not above it. Price your home at market value and you're likely to see more prospects, which increases your chance for a sale.
Reduce the time to sell with proper marketing. Innovative, effective marketing is crucial to improving your sell time. To reach the most possible buyers, a good agent will advertise your home across many different and relevant venues, going far beyond traditional methods like print advertising to proven-effective venues like the Web and direct mail.
With 80 percent of home buyers online, you'll want to be sure you're working with an agent who uses the Internet to sell your home; otherwise, you'll be missing out on a lot of buyers!
Marketing is so much more than advertising. It's a complex process that's a little of both art and science. Having technologies and ideas is one thing; knowing how and when to use them is another.
Your mother, your brother, your best friend – maybe even you – could have a story to tell about selling to a buyer who financed through an FHA or VA loan.
It used to be that sellers regarded government-backed loans like those as less than desirable compared to conventional loans. If a seller learned that a buyer was going FHA or VA on his/her loan, sometimes the deal ended quickly. That's because FHA and VA loans had a reputation for longer processing, less qualified applicants, and more paperwork and hassles. FHA and VA buyers also were thought to want more from the seller – like points and/or closing costs.
Today, nothing could be further from the truth!
FHA and VA loans are processed with the same speed and efficiencies as conventional loans, with simplified paperwork and streamlined procedures. In fact, in today's robust housing market, many prospective buyers are seeking financing through FHA and VA loans so it's likely you'll run across just such a buyer.
Century 21 JRS Realty recommends that you, as a seller, strongly consider the offers of all prospective buyers. Bear in mind that each offer you receive will need to be negotiated.
While the requirements of both FHA and VA loans mandate a home inspection, most home buyers are already likely to request a private home inspection anyway. And, even if the buyer asks you to pay some costs on their behalf, your Century 21 JRS Realty agent can work to negotiate a higher sale price to offset the costs.
FHA loans are insured The federal government insures FHA loans and for some first-time homebuyers, this type of financing is their best option. FHA loans allow buyers to enter the housing market with a lower down payment than conventional lenders allow. These loans offer more flexible underwriting guidelines than even conventional lenders.
VA loans are guaranteed The Veteran's Administration guarantees a VA loan, meaning the lender is protected against borrower default. As such, this guarantee encourages lenders to offer honorably discharged veterans and active military personnel in the U.S. armed forces (Reserves and National Guard, too) more favorable terms. No down payment is required for a VA loan, and closing costs may be a gift. Like FHA loans, VA loans offer flexible underwriting guidelines.
We suggest that you open your options to the broadest possible market of potential buyers and consider each offer on its individual merit. Your Century 21 JRS Realty listing agent will offer sound advice throughout the selling process. Then perhaps you'll have your own FHA or VA story to tell – the one that got your house to SOLD!
Help From Your Listing Agent
Help From Your Listing Agent
From A-Z, there are literally dozens of things that need to be considered, handled and resolved in the course of selling your home. Certainly that's why you've engaged a professional real estate agent as your partner.
From placing your home on the market to signing the final closing papers, here's how your listing agent can help:
Price and Prepare Your Home for sale
Market to Other Agents
Market to Potential Buyers
Negotiate, Handle Paperwork and Close the Deal
Prepare Your Home
A good agent will help you prepare your home for sale. From offering advice on how to spiff-up your living space to helping you decide on your asking price, here are a few things you can expect from a Century 21 JRS Realty agent. Contact us for more information.
Comparative Market Analysis (CMA). Your Century 21 JRS Realty listing agent can generate a report that compares your home to the other homes currently being sold in your area. It may also show other homes that have sold recently, or expired from the market before selling. This data will help you and your agent decide together on the most realistic asking (or list) price for your home.
Interior and exterior improvements. Your home should "smile a welcome" to prospective buyers. The exterior's curb appeal will get them in the door; the interior will seal the deal. Your agent will tour your home with you, offering objective advice about which improvements that should or could be made. Learn how to prepare your home for sale.
Market to Other Agents
A good agent also knows the value of spreading the word about your home to other agents. A Century 21 JRS Realty agent will widen your audience of potential buyers using these techniques.
Multiple Listing Service (MLS). The MLS lets real estate agents show and sell each other's listed properties as "cooperating brokers." It's an electronic database promoting large and small brokers' listings. The more agents who know your home is for sale, the faster it's likely to sell.
Brokers' Open. Your agent will host this tour (usually held on a weekday morning) and invite local agents to see your home; agents who will preview it for their buyers.
Hot List. Century 21 JRS Realty sales associates are able to quickly broadcast new listings within the real estate community, via computerized "hot sheets" that announce your home's arrival on the market. The faster agents and brokers know your home is for sale, the sooner their buyers will take a look.
Lockbox. Your agent will provide an electronic key or numeric combination to open a door-hanger, which holds your house key. Agents will be able to show prospective buyers your home, even when you're not there. If you're away from home a lot, or if you're house is off the beaten path, this is a great convenience.
Market to Potential Buyers
For every home, there's a buyer. Let your Century 21 JRS Realty agent connect you to "the one" with these tactics.
Yard Sign. Yard signs are an awareness-generating tool, notifying neighbors and drive-by buyers that your home is for sale.
Web Listing. The Internet is a popular choice for home "shoppers." Nationally, more than 80 percent of people in the market for a new home use it. It's especially valuable for people relocating to your area. Your Century 21 JRS Realty agent will provide you with real-time listings, online open houses and plenty of photos that showcase your home to Web surfers. Plus Century 21 JRS Realty guarantees that every one of our listed properties will be promoted on multiple Web sites.
Community Newspaper Ads. This most basic marketing tool is still important in many areas. Your agent will advertise your home in the real estate pages of your local newspaper (and tell you how often), with a brief description, asking price and contact information.
Home Book or Magazine. Free of charge and available just about everywhere that potential buyers shop, home books are another popular marketing tool among sellers (not to mention a very useful catalog when you're buying you're next home).
Showings. Your Century 21 JRS Realty sales associate will set up showings to accommodate the schedules of qualified buyers and their agents – without inconveniencing you and your family.
Open Houses. Your potential buyer may still be around the corner, but open houses can bring them to your door. Ask your Century 21 JRS Realty agent if s/he will hold them and if you should be away from the house when they occur. Consider a weekday open house – they're not just for Sundays anymore! And don't forget to ask your agent to market your open house online!
Direct Mail. Promotional postcards and other written materials about your home can be sent to targeted market areas and the potential home buyers who live there.
Home Warranty. Century 21 JRS Realty offers a home warranty program: a one-year plan that assures prospective buyers that your home's systems (electrical, heating/air conditioning, plumbing, appliances, etc.) will be functional during that time. Such a warranty will protect you and reassure your buyer that your home is of solid value and in good condition.
Close the Deal
It may seem ceremonial, but closing the deal is often the hardest part of a real estate transaction. Your Century 21 JRS Realty agent will start working for you even before the final sale.
Qualification/Pre-Screening. Prospective buyers visiting your home should be financially able to purchase it. Your listing agent can work with the buyer's agent to assure that the people who see your home can afford what you're asking. You may wish to require pre-qualification (or more complete pre-approval) by a qualified lender.
Inspections. City code, general home, and pest and radon inspections. Your Century 21 JRS Realty listing agent can represent you (and your interests) during these appointments so you don't lose time from work or school.
Evaluating and Negotiating the Offer. It takes a certain finesse to navigate the ins and outs of a buyer's offer. Is the offer acceptable? What closing date works for you? Are you willing to repair the roof in exchange for your full asking price? Helping in shaping your decisions is why you'll want a trusted, objective professional like a Century 21 JRS Realty sales associate as your partner.
Contract Acceptance. Buying a home is one of the biggest decisions of your life. Rely on the guidance and objectivity of a trusted professional. Your Century 21 JRS Realty listing agent can make sure that details are remembered and your interests protected.
Legal and Other Documents. A real estate transaction can involve listing and purchase agreements, multiple disclosure statements, addenda, amendments and contingencies. Do you work with real estate-related legal documents every day? Your Century 21 JRS Realty listing agent does. Rely on his/her familiarity with the language, timelines and requirements that lie within these legal documents.
Dispute Resolution. Even the smoothest, simplest real estate transaction involves two parties, with needs and objectives that may differ. The right real estate agent can provide skilled negotiation and mediation and conflict resolution. Let your agent deal with the sticking points that can sometimes offend a seller.
Facilitate Closing. The old adage, "the devil is in the details," is no less true at closing. Once you've accepted an offer on your home, your Century 21 JRS Realty agent will work quietly and efficiently to keep things moving smoothly and according to plan. Broker, lender or title examiner. Everyone needs paperwork, signatures, verifications and certifications. From opening escrow to title transfer, it's another area where the right agent can make the difference.
Transfers. The number one irritant of home buyers is running into unanticipated difficulties in gaining possession of their new (your former) home. Your Century 21 JRS Realty listing agent will make help the transition go smoothly by handling everything from finalizing the transfer of utilities to handing over the house keys and ownership to the new owners.
Pre-sale Repairs and Upgrades. Got a leaky roof that requires a certification? Or perhaps you've agreed to remove an unsightly tree stump. Your Century 21 JRS Realty agent can create a tickler system that will remind you to fulfill your obligation in a timely fashion to prevent breach of contract.
Title Services. Creditors' claims, undisclosed heirs and mistakes in public records. These are issues that could stall your closing. Century 21 JRS Realty offers title service as part of our "one-stop shopping" service.
Contingency Resolution. Contractual contingencies are terms that must be met before an agreement is binding. The written contingency, therefore, must also be removed in writing, by a specified date, before the contract can be fully in effect. Whether it's financing, inspection or any other item your agreement is subject to, your Century 21 JRS Realty listing agent can assist you in understanding and fulfilling these contractual conditions.
Helping the Buyer
How to Make Your House Easier to Buy
With so many tools and information sources available, the homebuyer is even more sophisticated and demanding than ever. In addition to wanting to know everything about your home, they want details about the neighborhood, community, culture, schools, shopping and recreation.
Such information is actually a powerful sales tool for you!
By making it easy for buyers to learn everything there is about your home and neighborhood, you can actually influence the sale. Working with a Century 21 JRS Realty agent who is intimately familiar with your neighborhood will help ensure that these details are well-marketed to potential buyers. You should also be sure to share any key information about your home or neighborhood with your Century 21 JRS Realty listing agent so s/he can use it to more effectively and efficiently market – and sell – your home. You'll also want to make sure that your agent provides as much information about your home as possible – on the Web. Time-starved home buyers like to use the Web as a convenient way to hasten the home search process. Oftentimes, it's the homes that are marketed online, with the most information, photos and details, that sell the fastest and for top dollar.
Here's a sample of the kinds of information you may wish to make available to potential buyers:
Fixtures or furnishings you plan to include in the sale of your home, including draperies, blinds, and appliances.
Warranty information on appliances that go with the house.
Records of maintenance costs, such as utilities (especially budgets), property taxes, insurance, and trash/recycling pick up.
Homeowners' (or condo) association bylaws, financial statements, maintenance fees, and special assessments.
Here's a list of information your agent should be prepared to make available online:
Multiple photos of your home (inside and out, showing your home's best features)
Property, school and tax information
A brief description of your home's best features
Mapping tools to show your home's location
Home details including parking, number of bedrooms, bathrooms, etc.
Contact information for your agent, so interested buyers can schedule showings online
Your Century 21 JRS Realty agent can also provide a buyer market analysis, which provides community facts, information on average home prices, public and private school data, plus a summary of area conveniences like shopping centers, medical facilities, parks and museums.
While this will give you a great start, be sure to ask your Century 21 JRS Realty listing agent what questions they hear during open houses, just to see if there's additional, helpful information you can provide.
Home Improvements
Changes That Sell, Changes That Don't
Think home improvements will substantially increase the selling price of your home? You may want to think again. Before you invest a lot of money into home improvements and upgrades, you should consult with a real estate agent to determine which changes will most impact your home's sale.
Some renovations not only fail to improve resale profits, but could actually detract from your home's overall value. Swimming pools, water gardens and greenhouse additions fall into this unfortunate category.
So if you're considering the change simply to increase the value of your home, check out this list first. The list from the National Association of Realtors® includes improvements that enhance the sale of your home and an estimated rate of return on the improvement or upgrade. This information is based on 2006 national averages.
Remodeled kitchen, 80.4% (major upgrade). 85.2% (minor upgrade) Kitchen updates can offer a solid payback. Simple, functional and neutral are the key words here.
Second Bath, 74.9% Add a second full- or half-bath to your home and you'll reap some benefit. Even a humble lavatory can make a difference for many potential buyers.
Family Room Addition, 71.5% This is one of the most popular choices for improving resale value.
Remodeled Bath, 84.9% With a master bath on most buyer wish lists, this is a wise place to invest your money. Consider installing two sinks, which goes over big for buyers who have to handle morning rush hour.
Deck, 76.8% Regardless of locale, outdoor living spaces are in high demand. Low-maintenance deck materials give potential buyers more time to enjoy the view.
Finished Basement, 78.8% A terrific way to add space without building a costly addition is by simply finishing your basement. And if you can include walk-out access in the mix, you'll add even more value.
New Windows, 85.3% (wood), 83.7% (vinyl) New windows can offer reduced energy bills, which is very appealing to prospective homebuyers.
Now if you aren't ready for major home improvement projects like these, get started with some quick-fixes to make your house more appealing. Or, connect with a real estate agent to get some professional insight on the topic.
Home Inspection
Letting the Buyer Take a Closer Look
Once your home goes into contract and you're counting the days to the closing, you can expect a call about scheduling an inspection of your home. Century 21 JRS Realty firmly believes in the value of a thorough home inspection conducted by a qualified professional. In fact, a Century 21 JRS Realty buyer's agent will include a clause in the purchase agreement that informs the buyer of their right to engage a private inspector.
What to Expect
You probably made as many home repairs as you could before you put your home up for sale, so there won't be much for you to do in preparation for the inspection. Simply make your home available to the inspector, buyer and buyer's agent.
Perhaps the inspector will identify some issues; as long as they're dealt with according to your agreement with the buyer, your home sale should proceed as anticipated. Not only do home inspections make buyers feel at ease, they also help protect you by reducing the possibility of legal action in response to undisclosed and unanticipated defects.
Century 21 JRS Realty suggests that buyers choose an inspector who can provide proof of membership in the American Society of Home Inspectors (ASHI). Even though home inspection is fairly unregulated in many states, ASHI-certified inspectors meet stringent requirements and abide by a strong Code of Ethics.
Learn more about home inspections from the buyer's point of view.
Multicultural Resources
Multicultural Resources
Whether it's your casa, maison or heim, there's simply no place like home. But now you've decided it's time to sell. And having someone understand how to make that happen in the best possible way can make all the difference.
Finding a real estate agent and developing a working relationship can be complicated by language barriers. But it doesn't have to be. That's why we at Century 21 JRS Realty have developed programs that put you and your needs first.
We're committed to serving our diverse population and helping you sell your current home – and find your next piece of the "American Dream." From language assistance to community outreach programs to agent training, we're focused on providing you with the best possible home-selling experience.
Every Century 21 JRS Realty sales associate and employee receives special training in diversity-related issues, such as fair housing, affirmative marketing and multicultural sensitivity.
Only an artful negotiator can take two sides with opposing interests and bring them to consensus. No formula can be applied to the process; no scientific equation can bring it about. And the back-and-forth communication that is negotiating is a huge part of the home buying and selling process.
A favorable negotiation involves your Century 21 JRS Realty listing agent working with the buyer's agent to arrive at an agreement on price, and terms and conditions. As with any bargaining session, the discussion can get bogged down; but a professional knows how to avert problems. It's about working through, around and over any potential sticking points to bring the talks to a mutually satisfying conclusion. More than one buyer has rescinded an offer in the negotiation process, so it's best not to tackle this oh-so-important business dealing without the help of a skillful negotiator.
Having an expert negotiator manage the sale of your home is just one more reason to work with a real estate professional, like the experienced agents at Century 21 JRS Realty. Make sure your listing agent offers capable representation, objective counsel and caring guidance for this process.
Before engaging your agent, know how s/he will handle negotiation. Ask him/her questions like:
How will multiple offers be handled?
Will the buyer's agent always present his/her offer to me or will you be the only professional present?
On which points should we stand firm and on which can we compromise?
How can you help me figure my bottom-line selling price?
What will you do to get me the best price in the shortest period of time?
Answers to these and other questions will give you a good idea of how your agent negotiates the deal to get the best sale price and terms for you.
When you have a Century 21 JRS Realty listing agent, you have a guide who will understand your concerns, expectations and needs – not only in negotiation, but throughout the entire home-buying process. S/he will be able to negotiate on your behalf; after all, at stake is your best interest and your piece of mind in knowing that your home was sold at its best value.
Neighborhood Considerations
Neighborhood Considerations for the Seller
An old real estate maxim says that three criteria determine market value: Location, location and location. The same boards and brick may be used to build two houses, yet one house will bring a price thousands of dollars higher than the other – simply because of its location.
The concept of neighborhood is not as precise as a county or city. Some people consider the boundaries to be the district around an elementary school. Others consider it to be walking distance, which is more or less within a half-mile radius. Wherever you draw the line, a neighborhood is the immediate area around your home.
Obviously location is important to the buyer. But it's also important to you as a seller. That’s because your neighborhood has a lot to do with how fast your home will sell – and how much you'll get for it. Selling a home located in a desirable neighborhood will net you a much higher price than selling one in a less-than-optimal one. If your home is located in a "hot" neighborhood, that may increase your chances for a sale. You're likely to have more prospective buyers interested in your home, simply because of its location.
A desirable neighborhood usually exhibits these characteristics:
High or increasing property values
Reasonable commute and close proximity to employers, schools, hospitals, shopping and public facilities, like parks and community centers.
Low crime rate.
Well-planned traffic infrastructure.
Well-maintained properties.
Higher percentage of owner-occupants.
Well-regarded school district
If your neighborhood is stagnant or in a popularity decline take heart, there's probably a buyer out there who is a perfect match for what your home has to offer. Be sure to maximize your home's appeal and keep in mind that you may have to compromise a bit on your asking price.
That's where your Century 21 JRS Realty listing agent can help. S/he can determine fair market value based on a Comparative Market Analysis (CMA) of the homes in your neighborhood.
Find out what the buyer wants to know about your neighborhood.
Prepare Your Home to Sell
Staged to Sell
It won't surprise you that an attractive, well-maintained home will generally sell faster and for a higher price than a similar home that looks worn, run-down or bland. So when you prepare your home for sale, think of it as more than cleaning it – think of it as marketing it!
Of course you'll make sure the dust bunnies are gone and that no clutter is lying about, but you'll also need to think about what will attract a buyer. Put yourself in the buyer's shoes and take a critical look inside and out. Although this can be a bit of a challenge since you're used to seeing your own house day after day, it's important to see it through the fresh eyes of a potential buyer.
However, if you are having trouble seeing your home objectively, consult your Century 21 JRS Realty agent. S/he is experienced in preparing homes for sale and will be able to give you specific directions to help get you started.
In the meantime, here are a few specific areas you'll most certainly want to address.
Exterior
Obviously, the outside of your home is the first thing a buyer will see – and notice. Never underestimate the importance of curb appeal. Make a good first impression by:
Keeping the lawn mowed and shrubs well trimmed.
Removing dead tree limbs and other yard debris.
Livening up the landscape by planting fresh shrubs or flowers. (A small investment of even under $100 can really make a difference here.)
Arranging outdoor items neatly and putting away lawn equipment.
Checking siding, trim and doors – especially the front door – for dirt and peeling paint. (Wash or touch up where needed.)
Inspecting the condition of your fence; repair or paint as necessary.
Repairing or replacing loose or damaged roof shingles or flashing.
Cleaning and repairing broken windows or screens.
Cleaning gutters and downspouts.
Washing the driveway and sidewalk; patch holes, too.
Cleaning and neatly arranging the garage or shed.
Making sure the gas grill is ready for use, especially in season.
Making sure the entry light and doorbell work.
If you find that a repair is needed on anything listed, fix the entire defect so it will not cause a distraction.
Interior
Make every room look as spacious, organized, bright, warm and inviting as possible by:
Washing walls, ceiling and trim; if possible, paint with light, neutral colors.
Repairing cracks in plaster.
Tightening loose doorknobs pulls on drawers and cabinets, towel racks, switch plates and outlet covers.
Fixing sticking doors and windows, squeaking doors and loose banisters.
Repairing and cleaning caulking around tubs and sinks.
Fixing leaky faucets and removing water or rust stains.
Organizing the basement and attic so they appear as spacious and neat as possible. (Discard anything you're not taking with you or hold a garage sale.)
Bringing order to closets and removing clutter. (An extra tip: limit the number of items stored overhead or on the floor.)
Organizing kitchen cabinet contents and removing clutter from countertops.
Laundering or cleaning draperies, blinds and curtains.
Shampooing carpets and waxing floors.
Spraying for bugs if you haven't already.
Arranging furniture so the room appears as roomy and appealing as possible.
Removing items you plan to take with you, including chandeliers, coordinating drapes and mirrors.
While these chores can keep you busy for a while, finishing them can make the difference in your final sale price. Be sure to talk to your Century 21 JRS Realty agent if you have any questions about getting your home ready to sell.
Learn more about making your house easier to buy.
Find out if a remodeling makeover is worth your effort.
Recommended Reading
Recommended Reading
We at Century 21 JRS Realty want to make sure you have all the information and resources available to you for your home-selling experience. In addition to the articles on our Web site and the knowledge your Century 21 JRS Realty agent shares with you we can also notify you of other reading materials. We hope you'll enjoy them as much as all the satisfied home sellers who came before you.
Selling By Owner
Don't Go It Alone
You may be tempted to stick a "For Sale" sign in your front yard, but before you do, at least carry out due diligence and look at the advantages of having a professional listing agent sell your home for you. Remember – selling your home is one of the largest, most complicated and most important financial transactions in your lifetime. There are definite benefits to partnering with a professional to get the job done.
Selling your own home may be harder than you think. Here are some things you may not have considered:
1.Selling a home means inviting strangers into it. A professional real estate agent can help you make sure this is a safe experience.
2.Choosing a list price that is realistic for your market will make the difference in whether you get what you want out of it, and will make sure it hits the radar of the right prospective buyers. Setting the right list price also affects the speed of sale. Inaccurate pricing is one of the biggest pitfalls that home sellers face when they go it alone.
3.Putting the sign in the ground is just one step that should occur as part of a comprehensive marketing plan. Effective home marketing takes financial resources, experience and marketing savvy. For instance, if you can't market your home on the Web, on a highly-trafficked Web site – then you're missing thousands of potential buyers. That also means you're losing a lot of great offers!
4.The home selling experience includes numerous contracts and other important selling-related documents that require legal expertise. Experienced Century 21 JRS Realty listing agents are fluent in handling such matters.
5.The selling process involves a great deal of paperwork that will need to be arranged and shared with appropriate parties. Your Century 21 JRS Realty listing agent is likely able to devote much more time and energy to the sale of your home than you might with your busy lifestyle.
6.Negotiating the sale price requires a good understanding of the psyche of a buyer – to make sure they're not offended and rescind the offer, for one thing, but also to have them feel good about the sale price. Your agent understands reasonable leveraging and potential sticking points, so s/he can work through them to a mutually satisfying conclusion.
7.Work. School. Family. Friends. You've got lots of other priorities. And to market your home well, you'll likely find it's a full time job! Working with a professional real estate agent will not only ensure you price your home correctly, and sell it quickly – but it will also mean that you'll have time to focus on the important things in your life.
Put your most valuable material asset in the hands of someone you can trust. Rely on a trusted partner like Century 21 JRS Realty to look out for your best interests and to make the process go more smoothly.
Century 21 JRS Realty agents undergo extensive training and are equipped with the necessary resources to effectively market your home. Trust a Century 21 JRS Realty agent to help you achieve your home sale goal. You'll increase your chances of getting the best price for your home in the shortest time possible.
Find out what to look for in a seller's agent.
Connect with an agent.
Showings and Open Houses
Showing Your Good Side
Who doesn't want their home to look their best for company? And while prospective buyers aren't "company" per se, they are VIPs. So naturally you'll want to show them your home in its very best light.
Presenting your home, either through a showing or an open house, is an important part of the selling process. Not to be confused with marketing your home, showings and open houses are simple, but effective tools for giving interested buyers a closer look.
Showings and open houses
A showing is a scheduled appointment that gives a potential buyer the opportunity to tour your home. For security reasons, it's best to let your agent (or the buyer's agent) be present during the home showing. You, however, should not be present.
Find something to do away from your home during the time of the showing. The presence of an owner makes some buyers uncomfortable and they tend to hurry or fail to ask questions. And because traffic congestion and other factors can throw off the appointment time by several minutes, it's best to leave a bit before the appointed time. Allow some extra time before returning home, too.
If you must remain, be courteous and inconspicuous, and don't feel the need to make conversation. The buyer's agent knows what the buyer is looking for, so let him/her discuss your home's features and answer any questions.
An open house is exactly that. It's opening your home for any number of buyers to walk through and view its features. An open house is scheduled for a designated period of time, usually several hours. While it's been customary to hold the open house on Sunday, there's every reason to consider weeknights and Saturdays as well. The open house should be held during a time that's convenient for you, but also flexible for busy buyers. Your Century 21 JRS Realty listing agent will work with you on the specifics of the open house and s/he will handle all the details, including hosting duties.
The marketing difference
Different than showings and open houses, marketing (which will be taken care of by your Century 21 JRS Realty agent ) is a strategy designed to inform as many people as possible about your home. Century 21 JRS Realty can create maximum exposure for your home through our Web site, home books and other marketing tools. This unique combination of services means your home is actively marketed every single day until it's sold. That's our service guarantee.
And because 80 percent of home buyers use the Internet in their search for their next home, you should work with an agency like Century 21 JRS Realty; one who will showcase your home online, using loads of information and feature details, as well as plenty of photos. That way, online shoppers can have a virtual preview of your home before taking an in-person tour.
Being ready
Your Century 21 JRS Realty listing agent will give you as much advance notice as possible when a prospective buyer wants to view your home. Similarly, other agents who are part of the Multiple Listing Service (MLS) will make appointments through your listing associate (or directly with you if that's the standard for your area).
However, it's best to ensure that your home is ready to show at all times. You don't want to turn away a potential buyer simply because you're under prepared!
Before each showing, you'll want to:
Turn on all lights, even during the daytime, including outside entrance, closet, basement and attic lights. In addition, open all drapes and blinds.
Turn off the television, stereo and radio. (Easy listening music is okay).
Build a fire in the fireplace if it's in season. If not in season, make sure the fireplace is clean.
Place pets in a fenced yard, take them with you or ask friends to keep them since some people are allergic to or afraid of animals.
Repair any damage caused by pets and check for pet odor.
Display an arrangement of fresh flowers, hang decorative hand towels in the bathroom and place an attractive tablecloth on the dining room table. (The point is to present your home so that potential buyers can easily imagine themselves living there.)
Clean windows and mirrors.
Clean the kitchen and bathrooms.
In the event a potential buyer drops by unannounced and unaccompanied by an agent, it is best not to show your home. Ask for his/her name and phone number. Inform the person that you'll give their information to your Century 21 JRS Realty listing agent for follow up. Your agent is trained to screen interested buyers so you don't waste time showing your home to someone who's not qualified to purchase it.
Finally, showings and open houses are proven tactics for selling a home; however, if you're truly uncomfortable with the idea, talk with your agent about alternatives.
Steps to Selling
Sell, Sell, Sell
As you probably know, you're not the only one who's selling a home in your community. But did you know that some 100,000 people join you each week? With those kinds of numbers, it's easy to see that competition is pretty fierce. So, the better prepared you are, the better your experience will be, and the better (and faster) outcome you can expect.
Once you've decided to sell, you'll be thinking about a whole host of details, like how to get your home ready for sale, when to put it on the market, and how much to ask for it. A Century 21 JRS Realty listing agent can help you with all that and more.
Meanwhile, here are recommended steps that will help ensure your home sells fast and for top dollar.
1. Make a Good First Impression.
An attractive, well-maintained home will generally sell faster and for a higher price than a similar home that looks drab or run-down. When you prepare your home for sale, take a critical look inside and out. If you're having trouble being objective, ask your Century 21 JRS Realty agent, a neighbor or a friend to help. Watch for places and things you can clean up, repair or replace.
2. Know the Market.
Your home will be competing with similar homes for sale in and around your neighborhood, so it's a good idea to know which homes are on the market and what their asking prices are. Take a leisurely walk or drive through the area to look for signs, check local newspaper and Internet listings, and make sure you ask your agent for a Comparative Market Analysis (CMA), which includes information on area homes for sale. All of this will help you when you work with your agent to determine the fair market value of your own home.
3. Price Your Home Correctly.
Pricing your home too high can discourage offers from serious buyers. On the other hand, pricing your home too low won't leave you much room to negotiate. And most homes sell at fair market value – not above it. That's why intelligent pricing is so important. Work with your Century 21 JRS Realty listing agent to determine the best price for your home.
4. Make Sure Your Home is Marketed Effectively.
It's tough to sell your home if no one knows it's for sale. A Century 21 JRS Realty agent can create maximum exposure for your home using our Web site, direct mail, home books and other marketing tools. This unique combination of services means your home is actively marketed every single day until it's sold. That's our service guarantee.
5. Prepare for Showings and Open Houses.
Showings and Open Houses let potential buyers personally tour your home to see if it fits their lifestyle. Your goal should be to create an environment where potential buyers can visualize how the space will fit them. This includes removing items from your kitchen counters and arranging your furniture to create a simple, spacious appearance, so it's easier for buyers to see themselves living there.
6. Negotiate the Terms of the Sale.
Buyers and sellers usually expect to negotiate the price and terms of a home sale. You can speed up this process if you evaluate and respond to offers and counteroffers in a timely fashion. Don't worry if you're not personally comfortable negotiating; your Century 21 JRS Realty agent has great experience and will help you through this process by handling all negotiations.
7. Review the Home Inspector's Findings.
Most buyers will request a home inspection before completing the sale. Once they have the inspection results, many buyers request certain repairs. As the seller, you should receive a written copy of the inspection report. Be sure to review it carefully so you understand the nature and extent of any problems and repairs a buyer may request. Your agent should help you respond to the inspection, clearly stating what you will take care of, how and when.
8. Sign the Purchase Agreement.
Once you reach an understanding with the buyer, it's time to sign the purchase agreement. Review this document carefully and discuss it with your Century 21 JRS Realty listing agent. The purchase agreement will specify the terms and conditions to which you have agreed.
9. Prepare for Closing.
The closing process involves an attorney or title company representative, the buyer, listing and selling brokers, and oftentimes you, the seller. This important meeting will include the final transaction, which is transferring the home from your possession to the new owner. Make sure you bring all equipment warranties, instructions, and maintenance or operation information to hand over to the new owners.
Learn Century 21 JRS Realty's three secrets for how to sell your home faster.
Timing is everything, so they say. And so it is with selling your home. So when's the best time to sell? That depends. The law of supply and demand prevails in the real estate market.
But more than anything, having a well-maintained house at the right price, and marketing it well, says the most about when it will sell.
At Century 21 JRS Realty, we believe the best time to sell your home is any time that's right for you!
Peak season
There's no denying that there are peak selling seasons; but they change from year to year and vary from market to market. Weather certainly has an influence on peak season, but it doesn't dictate it. Early spring and early fall are thought to be prime listing seasons. That's when homeowners prefer to spend their time preparing their homes for sale; when the kids are getting out of school (or just going back); and when houses look their best–outside of the heat of summer or the cold of winter.
If you decide to sell during a peak season in your area, keep in mind there are many more houses on the market then. That means you'll have much more competition and possibly a tougher sale. But it's also likely that many more prospective buyers will see your home, too.
Your best time
Only you can decide when the best time to sell your home is. Keep in mind that your selling situation is unique. Let a qualified Century 21 JRS Realty listing agent work with you through the steps to selling your home.
In the interim, here are some do's and don'ts for deciding when to sell:
DO give serious thought to when would be ideal for you. Consider your family, your lifestyle and all the other happenings in your life.
DON'T base your decision to sell strictly on the season. Or your mother's advice or your neighbor's, for that matter.
DO spend time to prepare your home for sale.
DO consider whether your area is in a buyer's market (with more houses for sale) or a seller's market (with more buyers than houses). You'll probably sell a bit faster in a seller's market.
DON'T forget to consider the buyer. Remember what attracted you to your home and figure out when's the best time to showcase that.
DO talk with your agent about his/her thoughts on the timing of your home sale. S/he has an immense amount of experience and can provide wise and thoughtful insight.
And, if you find that you want and need some hard facts and figures to help you make your decision, ask your Century 21 JRS Realty listing agent for a Comparative Market Analysis (CMA). Using the data from the report (which includes attributes and selling prices of comparable houses that have been listed for sale, recently sold, or expired from the market), your agent can identify buying trends in your area. Together you can look at the data, talk about your choices and narrow your options until you've made a decision that's right for you.
What to Look for in an Agent
What to Look for in a Seller's Agent
Once you've made the decision to sell your home, your next step is one of your most important: finding a real estate professional to market your property and get it sold fast, and for top dollar. A good agent will help you avoid pitfalls, help you get the most out of your home, and bring order to the entire buying process.
Realtors are licensed professionals who adhere to the National Association of Realtors (NAR) Code of Ethics. Those belonging to the NAR receive continuing education and are up on the latest trends, making them well-prepared to offer you the most advanced real estate advice. Your agent will provide you a variety of tools and assistance to streamline your selling experience.
At Century 21 JRS Realty, we believe that both the buyer and the seller should have agent representation. Real estate transactions involve many complicated legal dealings and partnering with a professional agent can help safeguard your interests.
One of the things to look for in an agent is their reputation and standing in the community. Realtors know (and are known) favorably in their territories. Know which questions to ask an agent before entering into a relationship.
A Century 21 JRS Realty seller's agent actively approaches the selling process with enthusiasm, experience and patience. Look for an agent who will:
Research comparable properties to determine a fair price and terms.
Help you prepare your home for sale.
Work on your behalf to sell your home.
Create a comprehensive, innovative marketing plan for your home – making sure that all potential buyers are exposed to it.
Use the Internet to meet the ever-increasing demands of today's online buyers.
Prepare all the paperwork involved in the sale of your home, including disclosure documents.
Negotiate for the price, terms and conditions that are agreeable to you.
Finally, remember to employ an agent with whom you have a rapport. Knowing you're in capable, trusting hands will let you enjoy the sale of your home, not agonize over it. Connect with an agent.
Your Home's Value
Priced to Sell, Not Sit
Being carried over the threshold. Baking cookies with the kids. Every holiday for the past eight years. Start counting the memories created in your home, and it may be hard for you set a realistic list price.
The actual value of your home, however, isn't decided on the priceless value of cherished memories; it's determined by the market. Market value is the amount that prospective buyers are willing to pay at the time you're ready to sell.
The best way to judge market value and ensure you get the best price is to obtain a Comparable Market Analysis (CMA) from a Century 21 JRS Realty listing agent. This analysis of homes in your area includes those that are currently on the market, expired from the market, pending a sale or already sold. Of course the best indicator of your home's value is the sale price for similar homes in your area that have already sold.
The comparison is based on several factors, including the proximity to your home and the similarity of characteristics, such as lot size, square footage and number of bedrooms and baths. Since the goal is to obtain a balanced market view, you and your agent will look at four basic groups:
Current listings to identify "the competition."
Recently sold homes to indicate what buyers are willing to pay.
Homes with a sale pending to point to current demand for this type of home.
Expired homes to suggest what buyers are unwilling to pay.
While your Century 21 JRS Realty listing agent will help you make sure you are taking into consideration the most appropriate details, be sure to avoid the urge to price your home based upon considerations that don't affect market value, such as:
How much money you need to purchase your next home.
How much you paid for your home.
How much you paid for home improvements.
The value of a similar home in a different community.
Area appreciation statistics.
The cost to build the same home today.
Personal attachment.
Contact a Century 21 JRS Realty agent to get a free, professional Comparative Market Analysis to find out how much your home is worth. It's the first step to making sure your home is priced to sell!
CENTURY 21 JRS Realty. is a proud member of the National Association of REALTORS® Equal Housing Opportunity.
Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to change, withdrawal, or prior sale.
