The Phoenix real estate market showed to be very strong over the last 12 months. Most home owners are thrilled with their appreciating home values. Many are planning to take their new equity and purchase a bigger home. As you look to list and sell your home, there are a number of options that can leave you with more money or less money for that new purchase.
When the market is appreciating, we also see loads of new agents enter the market. Most are eager to build a real estate business, but few understand the business basics. Some are unaware of how to get sellers higher prices for their home, and some are unaware of how to net sellers more from a purchase contract. Here are a few business basics to protect you when you look to sell:
Presentation – Most buyers are picking homes to see on weekends from a variety of websites such as Zillow, Realtor.com, Trulia, Redfin and more. Buyers are also using a variety of devices like iphones, ipads, laptops and desktop computers. Buyers pick out 6-8 homes to see on Saturday, after reviewing 50-100 homes more online. The point is that if your online presentation is not good enough to make the short list, buyers will not be seeing your home on Saturday. So, what is the plan to make the short list for viewing on Saturday?
Buyer Qualifications – The purchase offer came in at a great price, but the lender is unable to document the buyer’s down payment. After 30 days, when the home does not close on time, the lender breaks the bad news to the buyer, seller and agents. Agents should be reviewing buyer qualifications with the lender prior to contract acceptance and should have a plan to get updates throughout the escrow period. Without that plan, your home may not be closing on time, if at all.
Negotiating Offers – The last 6 months has been a great time to list your home and get more than one offer on your home. However, what is the game plan when the 2nd, 3rd, and 4th offers are delivered. How do we manage the 10-20 showings each day at your home, while we are reviewing these offers? If the showings and offers are handled well, your sales price can be 2-4% higher. At $400,000 that can be $8000-$16,000 more money going into the bank. Agents that are great negotiators may make you more than you pay in commissions!
Follow-up Plan – After you have your home sold, what are the next steps to closing escrow? Details, Details, Details! Remember, while you are packing the boxes for the moving truck, the buyer still needs to complete inspections, loan paperwork and title work. Lenders require more documentation than ever before. So, if you are going to be moving on time, there needs to be a plan to get all of this done. A good plan not only keeps you, the seller, informed, but also keeps the buyer on track for an on-time closing.
Do you want to learn more about ways to your home sold for the best price? Contact us at (602) 753-0177 or www.MyAZHouse.com
