Tag: home condition

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Home Selling Tips

Because not all listed homes sell, you should be strategizing how to make the most of your sale. What to do? Here are some home selling tips .

Think about the basics that go into a successful home sale. The first is to price the home according to the comparables in the neighborhood. The second is to consider the condition of the home. The third is to have a marketing plan. And lastly, you should have a close working relationship with your Realtor.

Home selling tips

Of course your home should be priced according to the comparables in the neighborhood, and progress should be gauged with the other homes on the market in the neighborhood. That means besides pricing according to the homes that are comparable, your Realtor should expect results within the parameters based on those sales also. Regardless of what you hear, the seller sets the selling price. Your Realtor is only an advisor providing you the data and opinion.

Sale price

Comparing your home to similar homes that sold is critical in deciding a sale price. Comparables are homes that match your home in style and size. If you have a three bedroom rambler, you should compare your home to other three bedroom ramblers in then neighborhood.  Typically, comparables are restricted within a subdivision or within about 0.5 mile to 1 mile. And sales not older than six months (unless there is a lack of home sales).

Home condition

Why is your home’s condition important when deciding a sale price? If your home has deferred maintenance or hasn’t been updated for twenty years, it’s not going to get the same price as the renovated similar home across the street. Be honest with yourself about the home’s condition.  If your home is not in move-in condition, think about the cost of renovating in the price along with market conditions.  If it’s a buyer’s market, you may have to consider a lower price or the home will languish waiting for a buyer.  If it’s a seller’s market, there are more home buyers willing to buy a home with the intention of renovating it.

Marketing plan

You need a roadmap to success. If your Realtor has not yet presented you with a marketing plan, ask for one. Your Realtor should have a plan of action to sell your home. Putting a sign in front of your home and entering the information in the MLS is not typically enough sell a home. Market conditions frequently change, and your Realtor should have a concrete plan to sell your home. The plan should include not only how the home will be marketed, but how the agent will take you from contract to closing.

Your listing agent

The final aspect that is important in selling your home is the relationship between you and your Realtor. Besides having confidence in your Realtor, you should feel comfortable being honest (for good and bad).  It’s not a good sign if your Realtor is often defensive when you express concerns and needs. Your Realtor, on the other hand, should also be honest, as well as timely with information concerning your home. Besides communicating the activity of the potential home buyers, they should also keep you up to date with the neighborhood market keeping an eye on the other homes on the market.

How will you market your home and what will you do if the market changes? When you are interviewing Realtors to sell your home ask about their marketing plan. Ask about a home pricing strategy.  Ask how your home’s condition affects the price.  Ask how the agent communicates and what you should expect from them.

by Dan Krell © 2005
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Why you need to conduct a home inspection

A home is the largest investment most of us will make in our lifetime. It seems, then, unwise to spend so much money without having a professional opinion of the status of the investment. For example, would you purchase company stock without looking at the status of the company? Wouldn’t you at the very least look at the recent performance, cash on hand, leadership, etc.-and possibly discuss the purchase with a professional investment counselor? So too it is with a home. A home inspection can reveal much about the home you are about to buy.

A typical home inspector will check the status and condition of the home structure including the foundation, basement, roof, gutters, attic, chimney, siding, windows, doors, ceilings, walls, floors. The inspector will also check the operation and condition of the mechanical systems in the home, which includes the heating system (furnace), central air conditioning, ventilation, hot water heater, plumbing and pluming fixtures, electrical system (including electrical outlets). Additionally, the inspector will check all appliances that will convey as well as checking the condition of cabinets and countertops. Other factors checked include the exterior grading around the home, excess moisture in and around the home, any additional structure or system that conveys with the home.

A good home inspector will be able to give you a list of concerns that need to be addressed. Additionally, the inspector may be able to give you an idea of price for any necessary repair or replacement. Recently, it has become popular for home inspectors to provide home maintenance manuals. The manual provide repair and replacement timetables for various items around the house, as well as general Mr. Fix-it tips if you need to make a minor repair.

When choosing a home inspector, you should interview them and make sure they have credentials. Although the state of Maryland does not license home inspectors, there are several bodies that do provide training and certification. The most popular organization that provides training and certification is the American Society of Home Inspectors or ASHI. ASHI has been around for twenty-eight years, and was the first to provide home inspectors with a code of ethics and standards of practice. You can search on the ASHI website for ASHI certified home inspectors as well as getting additional information about the home inspection process. AHIS’s website is www.ashi.org.

Up until the past few years, it was almost a given that a homebuyer would have a home inspector conduct a standard inspection on the home they were going to purchase. However, because of the recent seller’s market providing much competition among buyers, many people have waived their right to have a home inspection.

At what cost are you willing to pay for future structural repairs and/or systems replacement to get into that home? It is not uncommon for defects in mechanical systems to show themselves within the first couple of years of ownership. The furnace or air-conditioning compressor is the first to go on older homes. Whether you are a first time homebuyer or a seasoned homeowner, you might want to think twice before waiving that home inspection.

by Dan Krell
Copyright Dan Krell 2005.

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