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Six Things Buyers And Sellers Should Know
Dated: December 11 2013
Views: 1194
According to a recent ABC News article, there are
six things that real estate agents want the consumer to be aware of
before they delve into the real estate process.
It’s not a conclusive list of all you need to know
about real estate, but it definitely points out items that are sometimes
missed between showings, contracts, lender meetings and looking forward
to a bright future in a new home.
The Gibbs Team is committed to educating our clients and we thought a quick overview of the ABC News article would be helpful.
Here are the six items the article discussed and we’ve included our own comments in italics:1. Want to sell quickly? Price it just under the market. Pricing your listing at or just below market value is always the best way to move your property quickly. Even in a good market, multiple offers are common and could raise the sales price due to a lot of interest. The absolute worst thing that a seller can ever do is to price their property above market value because the most traffic is seen during the first six weeks of a listing and it will pass quickly without offers and then the seller will be forced to wait longer than they might want.
2. The pre-approval letter is just the beginning. Just because a buyer receives a pre-approval letter from their lender does not mean it is now time to hit the stores because financing is secured. In fact, The Gibbs Team encourages buyers NOT to make any large purchases until after closing because financing is crucial to purchasing a home and credit card debt or bank account depletion can affect the approval status.
3. Selling a house probably takes longer than you think. The time it takes to sell a home can vary. However, the steps are usually the same and include: home preparation to sell, time on the market, contract negotiation and closing preparation. On average these stages of the process take anywhere from 2-5 months
4. Not all ‘buyers’ are able to buy. As a seller, if a pre-qualification letter is presented, please note that this document is based on information the buyer has given their lender and has not been authenticated. However, if a pre-approval letter is received, this means the buyer’s financial status has been verified by a third party.
5. It really does have to smell good. A stinky house, animals, dirty dishes, unmade beds and crazy colored walls REALLY do make a difference. These days, buyers are used to the ‘model home’ experience and are turned off quickly by a bad first impression. A clean and comfortable (temperature-wise) home, good lighting and snacks (a great touch) will create a setting that buyers will remember.
6. We don’t make as much as you think. Many people don’t realize that real estate agents usually take home about 25% of the overall commission and that is not taking into consideration income tax and health care. When a property is sold, the commission is split between the buyer’s agent and listing agent. The agent then gives a portion of their leftover commission to their broker. Commissions are always negotiable, but understand that you normally get what you pay for.
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Michelle Cantrell
Michelle is a native of Southwest Missouri and has twenty-five years of experience in selling real estate in the greater Springfield area! Michelle specializes in all price points, including new const....
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