Sellers have enough to worry about in readying their home for market and planning their move to a new home. Home Sweet Florida Real Estate takes over a huge number of tasks and details to make sure that your real estate property is properly evaluated, priced, marketed, negotiated and carried to closing.
There are so many things to do to move to a successful sale, and we are here to advise, assist, and assure success.
One service that we believe is extremely important in Orlando real estate markets is helping our listing clients to objectively evaluate their homes for marketability. Some brokerages do a once–over to get the information to put into the various information fields in the listing. However, we go much more into the detail of the features, characteristics and condition of your home.
We will want to postpone some photos until we’ve worked with you to do a thorough inspection of your home with a whole lot of details in mind. Every buyer who sees your home will be comparing it to the competition in your area and price range. How your home compares is critical to how soon you sell it and at what price. We’re going to work with you in several areas of concern:
Interior features & characteristics – While the number of bedrooms and baths are not something you’ll be changing to compete better with other homes, you do need to objectively compare them in order to end up with a listing price that will get your property sold. Some things we can consider for improvements, others we just need to know how your home compares to other homes buyers will be seeing. Other features/characteristics:
Exterior – That “curb appeal” thing really does mean something. When a prospective buyer first drives up in front of your home, they’re going to get a first impression that is very important. We help you to look at things like landscaping, exterior paint and condition. Here is an area in which small expenditures can yield big results. It’s a fact that some buyers will ask to leave without ever stepping across the threshold if they get a bad first curb appeal impression.
Condition – Minor repairs can also make a major difference. Many buyers assume that a need for minor repairs indicates a general lack of fundamental maintenance over time. They’ll discount their offer, if they make one, thinking they’ll have a lot of work to do to bring the home to a good condition. So, we’re honest with you about things that we see and buyers will see and consider in their evaluation. From cracked window panes to scarred walls or doors, we’ll let you know what we believe is important and make suggestions.
Home Sweet Florida Real Estate is here to make sure that your home enters the market in the very best competitive position possible. A thorough and objective evaluation is an important step.
A proper list price that reflects current and realistic market conditions is critical to getting your Orlando real estate property sold quickly. We don’t want you to under–price, but it’s worse to over–price in any market. Buyers discount value by DOM, Days On Market. The longer a home stays on the market, the greater they’ll discount their offers. So, a realistic list price is how we make sure your property sells without languishing on the market.
How do we come up with a suggested list price that reflects your home’s competitive position? It’s a combination of services and experience, and we’re going to be very careful and detailed in our analysis and market evaluations to make sure that you don’t leave money on the table or sit around wondering why you aren’t getting offers.
Our evaluation of how your property compares to the current competition is the first step. Then we may suggest some worthwhile corrections you can make to improve that position. Once we know what your home will look like when listed, we’ll go into our thorough CMA, Comparative Market Analysis, process.
CMA of Sold Properties
First we select comparable properties out of those sold recently and in the neighborhood or nearby. These “comparables” or “comps” are selected based on similarity in features, location and characteristics with your home. They must have been sold as recently as possible so the sold prices are of maximum value.
We then do a go through a detailed “adjustment” process to adjust their sold prices for any differences with your property. If a home has one more bedroom than yours, we would adjust that property’s sold price downward for the value of one bedroom to make the comparison “apples to apples.” We make adjustments for garages, bathrooms and other major features to bring our comps to closely compare with your home. Then we use those sold prices to arrive at a preliminary listing price for your home.
We say “preliminary” because we have another CMA step.
CMA of Current Listings
Now we get more comps, but instead they’re properties currently listed and your competition. We go through the same adjustment process, and we come up with another, possibly higher or lower, price suggestion for your home. This second CMA gives us more up–to–date information about the market which could cause us to lower or raise our preliminary list price to adjust to the current market. Using the two CMA results and an experienced analysis of your home’s position in the marketplace, we can set a listing price that will get the job done.
Do you know how many comparable properties to your home came on the market this week? How about how many were sold or taken off the market? Markets are constantly changing, and it’s our job to monitor these changes and keep our listing clients informed. Changes in the competition don’t always require a price adjustment, but they may. Sometimes they just cause us to make changes in our marketing approach, putting emphasis on features that are no longer available in currently listed comps.
Whether we’re suggesting a price adjustment up or down or not, we’re always concerned with our seller clients’ peace of mind that their real estate property is properly priced and positioned in the market. Use the form on this page to tell us about your property and we’ll do a preliminary CMA for you with recently sold comps in your area. We’ll need more data to do the best job, but you can begin to see how the process works.
All buyers want to pay as little as possible for the home they purchase. Buyers in slower markets are definitely looking to score a bargain. Our job is to combine services to our sellers that include marketing to improve the competitive position of their homes, and then to assist them in countering low offers and buyer resistance to fair pricing.
Part of this process begins with the CMAs we do and the price at which we suggest that you list your home. Starting at the right price for the market with a little room for negotiation combines market specifics with buyer human nature factors. We’re really good at this negotiation thing, as we do it every day. We’re on your side, and our job is to get a combination of the best price and contingencies resolutions for your home.
Many sellers are intimidated when there are distressed properties for sale in the area or foreclosures putting downward pressure on prices. However, generally there is a 20% to 30% difference in selling prices between those homes and seller-occupied homes in good condition. You see, those distressed properties are usually in poor-to-terrible condition. In many cases, they will not even qualify for a mortgage without extensive modifications and repairs, and that’s not going to be possible for most buyers.
So, the first thing to remember is that you’re selling a “ready to move in” property, and this commands a higher price. The more “ready to move in” it appears to the buyer on that first walk-through, the better the price you’re going to get. So, we’ll make some suggestions as to landscaping, curb appeal, outdoor and indoor improvements, and possibly even “staging.” Staging is the process of moving, adding to or taking away from furnishings in the home to make it seem more spacious and to allow potential buyers to view it as “their home” in the future.
Consider the possibility of post-inspection repair requirements by the buyer(s) as well. The time to think about this is from the first offer, as you don’t want to negotiate a purchase price that leaves you little or no room for possible repairs or condition corrections. This single item is the cause for the vast majority of deal failures after a successful initial price negotiation.
Some negotiations are short and sweet, while others can involve multiple counter offers with terms and conditions related not only to price, but also related to closing costs, items included in the sale, partial owner financing and more. Our job is to work with our sellers to know their needs and to tailor the negotiation to those requirements to get the best deal for them.
INSPECTIONS AND REPAIR NEGOTIATIONS:
While our sellers tend to become less stressed as soon as all of the purchase contract signatures are in place, Home Sweet Florida Real Estate is with them and ready for the next negotiation phase. Property inspections can frequently result in buyer requirements for corrections by the seller. Whether you’re prepared for these or they come as a surprise, we’re here to help you to deal with them, as repair disputes are the most frequent reason for contract failures before closing.
Part of our job is to help you to avoid too many “surprises” related to condition and repair negotiations after inspections. We’ll do our best to give you information about what we see that buyers may want corrected, but there are definitely things that neither nobody can anticipate until the inspectors have submitted their reports. So, there’s one other thing we try to do in order to prepare you and leave some negotiation room for you.
We want you to always be thinking ahead to inspections and repair demands from the first offer. Always be thinking of what may be coming in the way of inspections and repair negotiations, especially when the initial purchase contract price negotiations are in play. No matter how urgent your need to sell, if you go too far in price concessions at the beginning, you may have no room left when inspections are done and condition corrections are requested by the buyer.
As the buyer is normally paying for and ordering inspections, our job for our sellers is to make sure that they happen on time and that we receive the inspection reports by deadline due dates. We then meet with our sellers and go over the reports and any buyer objections/requirements to develop a counter strategy. If there are no objections or they’re minor in nature and cost, you may opt to agree to corrections. However, if they’re more extensive and were not anticipated, our job is to help you to reply in a way that saves you money and keeps the buyer in the transaction.
Depending on the desires of the buyer and their selection of inspectors, there could be as few as a single inspector hired to do a thorough inspection of the home and all equipment supporting the home. However, there may also be other inspectors hired with a more focused goal, possibly a heating and air conditioning contractor, a well inspector, septic inspector, etc. Each of these inspections will have deadlines for completion and submission of reports and buyer requests for corrections.
We have our own list of inspectors and contractors, and can call in experts to provide cost estimates and help our sellers to make decisions within the deadline times. Unless you have multiple offers, a buyer in the hand is worth something. Our job is to get them to the closing table and your satisfaction with your net proceeds from the sale.
CONTRACT TO CLOSING:
Our seller clients really appreciate our services in listing, marketing and getting a buyer signed on the dotted line on a purchase contract. However, neither they nor we can rest just because a contract is inked. There are more than 50 tasks and deadline deliveries on our normal residential seller side real estate transaction checklist. And, we take our responsibilities seriously in the processing of all documents and meeting of all deadlines.
The process of taking a signed purchase contract through to closing involves a great many details, deliveries and document submissions. We coordinate all of this for our sellers, making sure that all phases of the closing process move along smoothly.