90% of American homeowners hire a qualified agent to sell their homes – and with good reason.
Selling is a daunting task for any homeowner. It involves pricing the house, preparing property description. home appearance and photos, creating and paying for advertising, showing the home to prospective buyers, understanding real estate regulations, being available whenever a prospective buyer wants to view the property, determining whether a buyer is qualified, negotiating and preparing contracts, and coordinating the details of a closing.
For many, selling a home entails a mixture of sadness, fear, relief, excitement and apprehension. These emotions conjure up many questions: Are we doing the right thing? Is now the right time? What about the kids and their friends? Can we really afford this? Will the house sell before we move?
It’s no surprise that homes sold by real estate agents sell faster, more easily, and for more money.
Our Value Proposition
We can answer all questions about selling your home, including how much it’s worth.As you prepare to sell your home, we appreciate the opportunity to assist you. Our Full Service Marketing System represents our reliability, professionalism, and commitment to comprehensive service that exceeds expectations and allows a quick, smooth and profitable sale of your home . Our commitment is not simply to sell your house, but to help you realize the best possible price. Once you list with Coldwell Banker Preferred and us as agent, we will begin managing the sale of your home, implementing our Full Service Home Marketing System.
The relationship with you is key to the successful sale of your home. Because your home and your needs are unique, we will not use a predesigned plan. Rather, we listen to your goals, address your concerns, and use our local market knowledge and experience to create a customized plan.
Want the secret of selling your home for the highest possible price? It’s balancing finances and emotions, so you get real value and a successful transaction.
Selling Your Home Process
Finally you are ready to sell your home! Your first step should be to have us to assist you in preparing your home for sale.
To help preparing you for the process and make it a success, this section delves into a variety of topics related to selling your home, including the following key milestones:
- The Role of Your Agent Real estate agents know how to sell homes. Successful sales balance four components: the market, price, condition of the house, and exposure. Because agents know about market trends and the other houses in your neighborhood, they’re well equipped to play up your home’s advantages and downplay disadvantages. Plus, agents:
- Are trained in areas like pre-qualifying potential buyers and negotiating with them
- Have access to people who are most likely to buy your home
- Will list your property in the MLS so anyone worldwide can find it
- Are always “on-call”—they work weekends and answer the phone at all hours
- When to Contact an AgentYou should connect with a qualified agent as soon as you decide to sell your home. There are always buyers looking, and the agent is your bridge to those buyers. While the number of buyers remains relatively constant, they tend to act when a new property with high value comes up for sale. Timing is key, and a good agent is able to act quickly.
Peak selling seasons vary in different parts of the country, often dictated by weather. Late spring and early fall are prime listing seasons because houses tend to “show” better in those months. And of course, people like to do their house shopping in pleasant weather.
But keep in mind that there are also more houses on the market during peak seasons, which means you’ll have more competition. While there is seasonality in the real estate market, it shouldn’t completely dictate your decision of when to sell.
Even if you’re under no pressure to sell, waiting for particular market conditions is not likely to increase your profit potential. While you’re waiting for conditions to improve, you are continuing to make mortgage payments, insurance payments, HOA payments if applicable, and home repairs. This increases the amount of money you invest in your home while the price of your next home may also be increasing.
- How Long it Takes to Sell
Average listing times vary from 14 to 90 days, depending on a variety of factors, which your broker can fill you in on. When your property is first put on the market, creating a perception of value and a sense of urgency will get you the greatest number of showings.
Buyers who look at your property in the first few weeks are typically financially qualified and have been working with a Realtor®. They will likely have seen other properties in the area, and know about market prices. They contacted agents months ago about properties they found, and are prepared to make offers when they see the right home at the right price.
By the third week, the number of showings will drop. From this point, most potential buyers are just entering the market and will not be ready to make a decision for months. They still have to arrange financing and have not seen enough properties. So, your best opportunity is during the initial exposure to the market. This is when you’ll have access to the largest pool of buyers, and when properties sell at the highest price.
Buyers pay attention to how long a house has been on the market, and their perceptions change accordingly:
- A house that has been on the market for only two days is a “must see.”
- As the days pass, buyers think the seller is anxious and should be willing to negotiate.
- When the property is on the market longer, they wonder why it hasn’t sold and think something might be wrong with it.
Buyer perceptions of value decrease with every day a house is on the market. This is another reason a property will most likely sell at its highest price within its first few days on the market.
- Pricing Your HomeYour home is only worth what a buyer in the current market is willing to pay; in other words, fair market value. This is the highest price an informed buyer will pay, assuming there is no unusual pressure to complete the purchase. It is usually not the asking price.
Deciding on an asking price:There are many factors that affect the list price of a home: location, condition, amenities, supply and demand, as well as local and global market conditions. Your agent can provide a thorough market analysis of your home so you will be able to come up with a realistic, competitive pricing strategy.
You will know if your home is priced right by the number of showings:
- If a property is overpriced, buyers and agents will notice it when it hits the market, but there won’t be a perception of value. Therefore there will be no showings or offers.
- If a property is priced close to buyers’ perception of current value, there may be some showings, and possibly an offer below the asking price. Without competition and a sense of urgency, there is no need for a buyer to offer the asking price.
- If the property is priced a little below buyers’ perception of value, it becomes a hot property. There will be numerous showings, multiple offers, and possibly a bidding war. By setting the price a little below buyers’ expectations, the seller simulates the conditions found in an appreciating market, and ultimately sells more quickly and possibly for more than the asking price.
It is your agent’s job to watch the market and determine how your property stands out against the competition. It is the broker’s job to make sure you position your property at a price to drive traffic to it and create the best conditions for more than one offer. This is why they recommend asking prices based on recent listings and selling prices of houses in your neighborhood.
If you want more help on accurately pricing your home, you can also:
- Order an appraisal to price your home.
- Ask for feedback from people who walk through your home. This will help you see your house as a commodity that has positive and negative selling points.
- Ask a neighbor, friend or relative to point out advantages or disadvantages about your house that you might not have considered.
Most buyers leave room for negotiation when they make an offer. Thus, a certain degree of flexibility is called for on the part of the buyer and seller. While it is ultimately your decision to accept or reject an offer, or present a counter-proposal, a good agent can be of great assistance during the negotiating process. As negotiations proceed, your agent will inform you of your options in responding to each offer.
To get an estimate of fair market value, plus details on recently sold homes, ask to your agent for a Competitive Market Analysis (CMA) of your house. This service is free of charge, with no obligation.
- Putting Your Home’s Best Foot ForwardUnless your house is nearly new, chances are you’ll want to do some work to get it ready to sell. What type and how much work depends largely on the price you’re asking, the time you have to sell, and of course, the present condition of your home.
As a general rule, stick to light, neutral colors. Keep your yard and all rooms free of clutter. Remember, when a buyer looks at a house, he or she is trying to imagine living there. Create as clean a canvas as possible. Here are a few low-cost ways to present your home in the best light:
“Curb appeal” is the common real estate term for everything prospective buyers can see from the street. Keep two key words in mind: neat and neutral. New paint, an immaculate lawn, picture-perfect shrubbery, a newly sealed driveway, potted plants at the front door…put them all together, and drive-by shoppers will probably want to see the rest of the house. People may look behind closet and crawl space doors, as well as those to the bedrooms and bathrooms. So get rid of all clutter; have that garage sale and haul away the leftovers. After you’ve cleaned, try to correct any cosmetic flaws you notice Paint rooms that need it, re-grout tile walls and floors, remove or replace worn-out carpets. Replace dated faucets, light fixtures and handles on your kitchen drawers and cabinets. Clear as much from your walls, shelves and countertops as you can. Give your prospects plenty of room to dream. Expedite promptly the following activities:Declutter: In preparation for staging your home, and moving out, it’s never too soon to start weeding out your possessions. Throw out, recycle, give away, or sell the things that you don’t want to move.
Decide what to take with you: You will also need to decide what will be included in the sale before you start showing your home. If you want to take your washer and dryer with you, for example, tell serious buyers before negotiations start.
Start packing early: Anything that you are sure you will not be using before moving day should be boxed.
Identify your home’s flaws or problems: Sellers are obligated to disclose any major problems or flaws in the structure or property, such as dry rot, termites, asbestos, or a new highway slated to run nearby. The disclosure requirements vary by state, but if you fail to mention the leaky roof or flooding basement, you could be sued for fraud.
More detailed action plan is outlined below:
Exterior Improvements
- Painting: Touch up your house’s exterior paint, and paint or clean the front door.
- Lawn: Keep your lawn freshly mowed and neatly trimmed.
- Sidewalks: Sweep your sidewalks daily.
- Shrubbery: Remove or replace any dead or dying trees, hedges, or shrubs; prune anything that looks unsightly or overgrown.
- Flowers: Filling flowerbeds with seasonal flowers is an inexpensive way to add color and charm.
- Repairs: Be sure that all gutters and downspouts are in place and clean. Replace missing roof shingles and broken or cracked windows.
- Make sure the garage door is greased and working properly and the house address numbers are easily visible.
- Repaint or replace your mailbox if it shows signs of wear.
- Windows: Keep your windows spotless.
- Eliminate or hide clutter: Clear everything out of the garage that you don’t need.
Interior Improvements
- Clean, scrub and polish: Keep your stove, oven, refrigerator, microwave and other appliances spotlessly clean inside and out. Whether you do it yourself or hire a professional, make sure your home is sparkling clean.
- Clean and spot-treat all carpeting. Polish wood floors and vinyl flooring. Clean walls, doors and woodwork.
- Eliminate odors: Buyers will notice strong smells as soon as they walk through your front door. Eliminate smoke, mildew and pet odors.
- Fix drippy faucets and running toilets: If any of your sinks or bathtubs drain slowly, unclog them.
- Get rid of clutter: Keep clutter off kitchen counters and dirty dishes out of the sink. Straighten all closets.
- Paint, paint, paint: It doesn’t cost much but goes a long way to improving your home’s appeal inside and out. Neutral colors appeal to most people and are your safest bet.
Staging Tips
Here are some staging tips that you can use to increase your house’s “emotional appeal.”
- Kitchen: Aromas from fragrant goodies like freshly baked gingerbread or just-brewed coffee bring back wonderful memories of home.
- Bathrooms: Always have fresh towels in bathrooms. Buy new shower curtains; old ones are usually spotted with mildew. Put new soap in the soap dishes.
- Clear everything off your refrigerator: Most folks use magnets to stick everything from vacation snapshots and finger-painting masterpieces. Create a clean slate.
- Comfort: Keep your house warm in the winter and cool in the summer. A house that’s too hot or too cold isn’t inviting.
- Flowers: Vases of colorful, fresh flowers throughout the house make a wonderful impression on prospective buyers.
- Investing in Repairs or Renovations
Certain higher-cost home improvements have proved to add value and/or speed the sale of houses. These include:
- Adding central air conditioning to the heating system
- Building a deck or patio
- Finishing a basement
- Doing some kitchen remodeling
- Adding new floor and/or wall coverings, especially in bathrooms
Improvements that return less than what they cost are generally items that appeal to personal tastes, like adding fireplaces, wet bars, swimming pools, or converting the garage into an extra room.
You’re unlikely to sell for more than 15% above the median price of other houses in the neighborhood, whether you do $1,000 worth of work or $50,000. That’s why you might want to ask your agent’s opinion about the viability of recouping the cost of any major renovations before you start the work.
For a complete list of people who can help you make smart updates to your home, especially for larger jobs involving mechanical systems (heating, electrical, plumbing) or local building codes, contact a licensed home improvement company. This is particularly important because if the buyer’s inspection reveals major problems with your home’s structure or mechanical systems, they can negotiate to have them fixed properly. Sometimes, repairs may be required before the transfer of title takes place. This is especially true in sales that involve financing insured or guaranteed by the government (FHA/VA loans, for example).
You may have also heard about lawsuits involving sellers who failed to disclose problems before the sale, such as an addition to the house that wasn’t built to code or the presence of lead-based paint. Most states, including Delaware, maintain very specific disclosure laws and require sellers to provide buyers with a completed and signed Property Condition Disclosure Form. Consult with us for details and forms.
Your home is most likely your biggest financial investment. Whether you’re in it for the long run or about to put it on the market, it can pay to maintain and increase its value.
The good news is, you don’t have to break the bank to do it. Here are a few tips for increasing your home’s value in today’s market.
Spend an hour with a professional: Invite your Realtor® or hire an interior designer for a small fee to evaluate your home, and give their professional suggestions as to how you can improve its look and feel.
Inspect your home: Hire an inspector to check all the areas of your home, especially those that you don’t see, such as your roof, electrical systems, etc. so you can fix small problems before they become larger and more expensive repairs.
Landscape: Landscaping can go a long way in increasing the appeal of your home and can work with all budgets. Don’t have the money to hire a professional? No problem. You can cut down on your costs by doing a lot of the labor yourself.
Make small spaces feel larger: Remove unnecessary furniture, hang mirrors to double perceived space, and open blinds and curtains to let the light in.
Update your bathrooms: Making small updates, such as tearing down wallpaper and putting on a fresh coat of paint, replacing an old toilet with a newer, water-saving one, installing a new vanity and updating your fixtures can make a world of difference. If your budget allows, consider replacing your old floors with new tile, granite or hardwood for an even greater “wow” factor.
Update your kitchen: Evaluate what needs to be done, consult your budget and go from there. It’s easy to get carried away investing a lot in kitchen updates, so only do what really makes sense for you and your budget. Replacing old appliances with new, stainless, energy-efficient models will go a long way in improving your home’s aesthetic appeal, while putting some savings in your wallet. Updating countertops and freshening the paint on cabinets can also make the room more attractive.
Go tankless: If your budget allows, upgrade your standard water heater to a tankless model. Tankless water heaters only heat the water as you need it, as opposed to older models that keep gallons of water hot at all times. This will help you save money now, and add an attractive feature to your home.
Make a great first impression: Pay special attention to your home’s entrance. If your front door is old, outdated or worn, replace it with a newer, more energy-efficient model. Adding a new coat of paint to a door that’s in good condition can do wonders and help add curb appeal. (Black, red and white are popular choices.) As a finishing touch, add a few potted plants to make the entrance more inviting.
Save on air conditioning: Consider installing a whole-house fan – a green home improvement that only uses one-tenth the electricity of air conditioners.
Brighten up your space: A well-lit room not only makes your space more cheerful and welcoming, but also makes it feel larger and cleaner. You can do this with table and floor lamps, or consider hiring an electrician to install recessed lights or wall sconces.
Bring the outdoors in: Consider turning two standard windows into an opening for French or sliding doors. Full-view glass doors brighten up the space and make it more attractive. As an added bonus, installing new doors that are energy-efficient will help you cut down on heating and cooling costs.
Add storage: Consider installing an organizer system or cabinets in the closets and garage. This will help keep you more organized, and potential homebuyers will appreciate it.
- Finding BuyersYour agent will list your home in the Multiple Listing Service (MLS), a system that reaches millions of buyers around the world. The system enables brokers to share commission on the sale of houses. For example, if you list your home with one broker and another broker actually sells it, he or she shares the commission. The advantage to you is clear: More brokers have an interest in selling your home.
The agent will design advertising to “find the buyer” with appealing layouts, eye-catching photos and professionally written descriptions. He also use multiple channels—online, print, radio, TV and direct mail.
As another valuable part of the marketing process, the agent offers open houses to prospective buyers who want a low-pressure, “browsing” atmosphere. If you have an open house, you shouldn’t expect it to generate a sale, at least not directly. What you can expect is increased showings of your home after the event, whether from calls to your broker or attendees returning with their agent.
You and your pets should definitely plan to be out of the house during any open house. The same goes for showings to prospective buyers. People often feel uncomfortable speaking candidly and asking questions in front of current owners. You want them to feel as free as possible to picture your home as their own.
- A buyer is ready to make an offerWhen an offer is presented, your agent will help you negotiate the best possible price and terms. The offer procedure and paperwork vary within regions – and understanding the forms and various transactional issues is key. It is also essential to make sure the buyer is pre-qualified. Your agent will promote your interests and assist in developing a clear and binding transaction.
Typically, an offer is initiated by the buyer through their agent and includes the following information:
- The amount the buyer is willing to pay
- Mortgage amount, if any
- Closing and occupancy dates
- Contingencies, such as mortgage commitment, building and pest inspections to include where appropriate (but not limited to): termite, pest, radon, water portability, well, lead, septic, oil tank
- Any personal property specifically included or excluded
If the offer is not acceptable to you, further negotiations may be necessary to reach terms that are agreeable to you and the buyer. Because counter-offers are common (any change in the offer can be considered a counter-offer) it is important that you remain in close contact with your agent during the negotiation process so that proposed changes can be reviewed and responded to quickly.
- You have an acceptable offer
The contract writing procedure, down payments required, building inspection contingency dates and other aspects of the transaction vary within regions, so you will want to rely on the expertise of your agent. He can inform you of the immediate action steps. Timing is critical at this stage!
- Between contract and closing
Throughout the transaction, you will need to closely monitor the progress of all contingencies to make certain all deadlines are met. This is also a good time to gather all of the paperwork that you will need to expedite the closing. Your agent can provide you with a list. In addition, you may want to begin the process of selecting a real estate attorney to represent you. If needed, your agent can provide you with a list of local attorneys who specialize in real estate.On the day of closing, the buyer will have a final walkthrough to make certain that the house is in good condition, with all required repairs made.
- Closing the SaleClosing is a formal process where all parties sign the necessary paperwork needed to complete the sale. Title to the property is transferred from you to the buyer. The buyer receives the house keys and you receive payment for the house! From the amount credited to you, the title representative subtracts the funds to pay off the existing mortgage and other transaction costs. Deeds, loan papers and other documents are prepared, signed and ultimately filed with the local property record of the State. Keep in mind that when you sell, you’ll owe your agent’s broker a commission. Perhaps the most important matter you negotiate at the time of listing your house with a broker is the duration of the listing contract. Terms vary, but listing agreements are seldom for less than three months or greater than one year.
We are also extremely helpful in the days immediately prior to the closing. We help you to prepare by giving you a step-by-step preview of the entire process and what will be expected of you. They’ll also make sure you bring all necessary documents and other information.
The buyer, the buyer’s agent, and your agent will all be at the table when you close the sale and hand over the keys. The lender and/or title companies will also be there.
Once all of the documents are signed, the home is sold. Congratulations!
- After the closing: Our exclusive Concierge program is designed to assist you with the services you need before, during, and after your move.
We’ll help make the experience of selling your home as smooth and easy as possible. Even if you’re not ready to list your home and simply have questions about the local market, price or mortgage trends, you are welcome to contact us.
Luxury Homes
The Coldwell Banker Global Luxury® program sets the benchmark for modern luxury real estate marketing, continuing the legacy established more than 110 years ago. The essence of this elite program is simple: combine the prestige of the Coldwell Banker® name with the top luxury real estate masters and the reach of a robust international network in 47 countries and territories. The result is an unparalleled combination of leadership and experience in one program.
With an eye towards the future, the Coldwell Banker Global Luxury program continues to establish a new standard for how the world’s finest properties are bought and sold.
POWER. PRESTIGE. EXCELLENCE
Coldwell Banker affiliated agents and teams:
- Handled an average of $144.4 million in luxury home sales each day*
- Represented affluent clients in the sale of almost 27,595 $1 million+ properties*
- Attained a $1.9 million average sales price in 2019 for $1 million+ homes*
*Average daily sales. Data based on closed and recorded buyer and/or seller transaction sides of homes sold for $1 million or more as reported by affiliates in the U.S. Coldwell Banker® franchise system for the calendar year 2019. USD$. Total volume calculated by multiplying the number of buyer and/or seller sides by sales price.
Speaking the Language
Here are some common abbreviations you might see in real-estate listings or advertising.
BA: bath
BLT: built-in
BR: bedroom
BRK: brick
BKPORCH: back porch
BLDRS REDO: builder’s renovation
CAC: central air conditioning
DR: dining room
DK: deck
FHA/VA: qualifies for FHA/VA financing
FIN LL: finished lower level
FML: formal
FPL: fireplace
FR: family room
FROG: finished room over garage
FSBO: for sale by owner
GMT KITCHEN: gourmet kitchen
INGRD POOL: inground pool
LR: living room
MSTR: master bedroom/suite
MTG: mortgage
PVCY FENCE: privacy fence
SCC SYS: security system
SCRND PORCH: screened porch
TH: townhouse
TXS: taxes
WBFP: wood burning fireplace
W/O: walk-out
U/G SPRK: underground sprinkler system
YD: yard
