From setting a price to attracting buyers to negotiating an agreement, selling your home is much more involved than merely planting a FOR SALE sign on your lawn. There are a series of choices, each of which can make a distinct difference in the final outcome.
Whether you're a first-time seller or you have plenty of experience, you're bound to have questions. We've put together some of the most important answers and advice for selling a home on this page as well as more detailed information in our handy step-by-step Seller's Guide. Of course, you can always contact one of our knowledgeable and helpful Covington Sales Associates who specializes in selling homes in the Jackson area for a more personal touch.
While the answer to this basic question is as individual as you are, here are some things to consider.
Generally speaking, under most market conditions, real estate professionals advise listing your present home and shopping for your new home simultaneously. Nonetheless, you should talk to your Sales Associate about your personal situation, so you can consider how fast you need to sell and how long you should expect it to take in current market conditions.
If you have very specific criteria – like location, size, views, age, etc. which could lead to a time-consuming home search – you should consider finding and buying a home first before you sell your existing home. If necessary, your offer to buy a home can be contingent on selling yours. On the other hand, if you sell first, you can make your sale dependent on finding a home to buy.
Seasonality can play a role in deciding when to sell – with spring and fall the most popular seasons to put a home on the market. Your Weichert Sales Associate can help you consider the effect of other factors like interest rates and consumer confidence in the economy.
Here's how to be certain your home will be its most appealing to a potential buyer.
It's important to have someone take an unbiased look at your home's appeal. A knowledgeable Weichert Sales Associate will offer specific suggestions that let you add to its value without spending a lot of money. Here are some everyone should consider.
Here's a pricing strategy that, because it's sensitive to market trends, is more likely to result in the best selling price.
Naturally, the location, property size/features, style, age, physical condition, special features, and recent enhancements must all be considered in assessing your home's value. As a starting point, though, your Weichert Sales Associate will thoroughly research comparable homes in your neighborhood and town. Recent sale prices, the current prices of similar homes, and even homes that didn't sell and were taken off the market will all be reviewed for you.
To analyze the data, Weichert has developed a unique tool called a Price Trend Analysis*. It goes beyond the capabilities of a typical Comparative Market Analysis (CMA) by projecting local price trends. With our method, your Sales Associate can factor in the many market influences that impact price – including supply of homes versus demand, how the local economy is faring, and home appreciation rates – to determine your home's Fair Market Value.
An attractive initial listing price, based on Fair Market Value, is especially important. As you can see from the chart below, pricing greatly affects the number of buyers your home will attract. And homes almost always gain the most attention when their listings are new to the market.
* The Weichert Price Trend Analysis document is not an appraisal and should not be considered to be the equivalent of an appraisal.
Here's what it will take to attract potential buyers for your home.
The process begins with getting to know you and your home. In an initial meeting, before you ever commit to hiring a Weichert Sales Associate, he or she will take exterior and interior photos, measure each room, and assess your home's key features. The Associate will also ask about any improvements you may have made over the years and listen to whatever concerns you may have.
Our Sales Associate will then return with a customized marketing plan based on everything learned in that first visit. This will provide you with a clear idea of what will be done to attract the most potential buyers to your home. Your plan will include such features as:
Once you list with The Covington Group, your Sales Associate will immediately start putting the marketing plan into action to help you achieve a timely sale at the best possible price.
Here's why we strongly recommend our Open House Program.
Consider this startling fact: almost 3 of every 4 homebuyers visit at least one open house*. Although not everyone decides to hold an Open House, our commitment to our industry-leading program has turned it into an especially powerful marketing technique. Weichert Open Houses lead directly to thousands of home sales each year.**
Weichert holds more Open Houses than anyone else because we understand how to make them work so well for our clients. More than just an Open House, in fact, our Open House Program is a 3-step process. We've learned that what's done beforehand and after are just as important to selling your home as the Open House itself.
Step one: Use every means to drive customers to attend.
Step two: Don't just "show" the home, conduct tours.
Step three: Follow up
* Private study conducted by Weichert, Realtors®
** Weichert, Realtors® sales data
Here's the help you can expect after receiving an offer.
When an offer is made on your house, it probably won't be for your full asking price, so you may want to counter that offer. That's where the negotiating skills of your Sales Associate will come in. Rest assured that Weichert Sales Associates are well qualified to negotiate on your behalf with your best interests in mind.
If the buyer counters your counteroffer, you'll need help to frame your next move. Rather than just going back and forth on price, introducing another issue can be a winner for you. For instance, your Weichert Sales Associate may suggest to the buyer that while your price is firm, you will agree to leave behind major appliances that the buyer would otherwise have to purchase out-of-pocket.
Your Weichert Sales Associate can negotiate favorable terms for you as well. A flexible or delayed closing date, for example, can give you the time you need to purchase another home. Conversely, an early closing date can have real financial benefit if you've already purchased another home and need to close quickly to avoid carrying two mortgages.
When you receive an offer, and especially if you receive more than one, you should consider how "solid" the offer is. Your Weichert Sales Associate can help you assess offers by weighing such crucial factors as whether the buyer has a mortgage pre-approval, how much they're putting down, whether they have a home to sell first, and so on.
Sometimes the most emotionally charged negotiating follows the various home inspections that come after the contract is signed. "Who pays for what" is strictly a matter of negotiation, and your Weichert Sales Associate will help you take a balanced stance that's tough enough to protect the home equity you want to walk away with, yet has enough flexibility to avoid alienating the buyer and jeopardizing the sale itself.