Occasionally, one can see "For Sale By Owner" signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Realtor®. Before you decide to take on this very important and LEGALLY COMPLICATED processÖremember most Real Estate Lawyer's does NOT recommend selling your own home yourself in today's market. Here are a few of the reasons why:
1. You are LIMITING your exposure to potential buyers (less than 10% of what a good real estate broker will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.
2. The longer a home is on the market the LOWER THE SELLING PRICE. Why? Because most buyers think that if the home has not sold after this long... there must be something wrong with the home.
3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor... and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate sales representative does not represent the buyer, and they are looking on their ownÖthey usually leave the home and start to talk themselves OUT of the buying process. If the buyer is represented by a real estate professional Realtors® are trained on how to overcome buyers remorse, a very common occurrence.
4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your homeÖ SELLING MEANS EXPOSURE. You need the maximum exposure possible, to generate the highest price possible.
5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO properties.
6. LACK OF negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and POSSIBLE LAWSUITS.
7. The majority of qualified buyers are working with EXPERIENCED real estate professionals.
8. Many serious buyers will PASS BY a FSBO home merely because they recognize that it is NOT the real estate mainstream, this can some times make buyers wary.
9. Most local buyers retain an experienced real estate sales person to represent them under a buyer-agency, you will probably be NEGOTIATING against an experienced professional.
10. Expected savings in broker's fees will also be GREATLY REDUCED if you offer a selling commission to entice real estate sales representatives to bring potential buyers.
11. If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer's fees will be CONSIDERABLY HIGHER.
12. Only real estate sales representatives have ACCESS to the UP-TO-DATE MARKET INFORMATION. News reports cannot approach the timeliness or specificity available to real estate sales people. Further, real estate sales representatives are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an EDGE on negotiating and successful selling.
13. You ONLY pay the commission to the real estate agent/broker, if they successfully sell your home at the price you negotiated.
14. Accepting an offer is one thing, ENSURING a safe and SUCCESSFUL CLOSING IS QUITE ANOTHER. Real estate transactions can have problems on closing. At times, expecting the Buyers and Sellers Lawyer's to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced real estate professional, can be the most important. Your Realtor® can act as a great mediator. Lawyers MUST act only on their client's instructions and are not paid to negotiate.
Hereís a surprising statistic. In several surveys, upwards of 60% of people surveyed listed ďbedroomsĒ as one of the reasons they decided to purchase a particular property. So donít overlook these rooms when preparing your house for sale. You need to make sure they appear roomy and attractive to potential buyers.
The first step is to make sure every bedroom actually has a bed. Otherwise, you might inadvertently give the impression that your home has fewer bedrooms than it really does. To a potential buyer, a bedroom is often more valuable than the home office or storage room you may have converted it into.
You canít change the number of bedrooms your home actually has, but you can make sure that each one shows well. Consider the layout of each room carefully. Is the bed and other furniture placed in a way that makes the room appear as spacious as possible? Can buyers easily walk around the bed? Are the curtains, bedding and other dťcor items clean and attractive?
Finally, buyers will understand that a kidís room may be somewhat cluttered and may even have an eclectic style, but you need to make sure itís as clean and tidy as possible.
Have questions about how to prepare your house for sale? Call (647)232-7743 today.
Want to know what your home is worth? Email us today at Scottagegroup@gmail.com
Are you part of the "empty nesters" club? There are people whose children have matured, left the home, and established homes of their own. You may have disposable income, homes with large amounts of equity, and a desire to change living arrangements either by downsizing, by moving to a different area, or by the addition of a second home such as a cottage or an investment property.
Your children may have left for college, job relocation, or a family of their own. The entire house now is quieter and definitely cleaner than before. Empty Nest Syndrome is real for everyone and its complexity is different for everyone. Downsizing isnít just about moving to a smaller home. It also means cutting bills, preparing you for the future, and even make you feel happier and less cluttered overall.
Here are 7 things to remember when it comes to navigating this new chapter of your life.
1. Take the time you need to move, but donít wait too long to start downsizing your home. The longer you wait, the harder it becomes in the long run. You may have some long-awaited vacations planned. Maybe you just want to hold onto your home a little longer because you are not sure of your next steps and this is where the Megan Scott Team will be able to help you with those answers. Itís okay to take some time after the kids have gone to settle into a new routine.
2. Moving to a different home can be emotional for many people, but donít let that discourage you. You raised your family in that house, and there are so many memories. By downsizing, youíre doing the best thing for you and your partner. By selling your home, a new family will have the chance to make their own memories filled with love.
3. Ask for help or advice. You need someone who can bring a fresh pair of eyes to the situation and assist with making sense of the fine print.
4. Keeping a larger home has costs that you incur. Even if itís paid off, there are still taxes, insurance, and city services that all cost much more with a larger home. By moving to a smaller space, you can cut these expenses significantly (maybe even in half), in turn saving more money in your pocket for your retirement and doing the things you dream of doing.
5. Donít just reduce your living space, but the things in it, too. The truth is, we all hold on to belongings that we donít need. This is the perfect time to sort through all your items and all of the tasks you said youíd eventually get to. Choose the items you want to give your children as inheritance - everything should have a function. The rest can be donated or sold.
6. Envision your future lifestyle when choosing your next home. Are the rooms easily accessible? Are there a lot of stairs? You may not need assistance now, but itís always a good idea to look at the next phase of your life and plan accordingly. By planning ahead, you may not need to make many changes later. Moving to a smaller house usually isnít for everyone, but for some, itís the right move.
7. The one thing you have to remember is that this is just the next chapter in your life. Itís normal to feel scared and excited, and itís just like the feeling you had when you moved away from home for the first time. But like then, you only need to take that first step before you realize that this was a great decision.
Searching for a home? Let the Scottage Group help you find the home the fits your new lifestyle. Check out our homes for sale here or contact us at 647 232 7743 to learn more.