Eastern Connecticut Association of Eastern Connecticut Association of REALTORSREALTORS®®

Home Seller’s Home Seller’s SeminarSeminar

OverviewOverview

Deciding when it’s right to sell your house.Deciding when it’s right to sell your house. Hiring the right listing agent.Hiring the right listing agent. Preparing your home for sale.Preparing your home for sale. Understanding how real estate markets work.Understanding how real estate markets work. Setting the right price for your home.Setting the right price for your home. Marketing your home.Marketing your home. Working with offers.Working with offers. Finalizing the deal.Finalizing the deal. Closing on the sale of your home.Closing on the sale of your home.

The Home Selling ProcessThe Home Selling Process

Deciding when it’s right Deciding when it’s right to sell your house.to sell your house.

The Home Selling ProcessThe Home Selling Process

• Upsizing?Upsizing?• Downsizing?Downsizing?• Changing your lifestyle?Changing your lifestyle?

Be clear about what you want Be clear about what you want to accomplish and budget to accomplish and budget accordingly.accordingly.

The Home Selling ProcessThe Home Selling Process

It has to be rightIt has to be right

• FinanciallyFinancially

• EmotionallyEmotionally

The Home Selling ProcessThe Home Selling Process

Hiring the right listing Hiring the right listing agent.agent.

The Home Selling ProcessThe Home Selling Process

Choosing a REALTOR®Choosing a REALTOR®

The Home Selling ProcessThe Home Selling Process

Why Use a REALTOR®?Why Use a REALTOR®?

There are at least 8 reasons…There are at least 8 reasons…

The Home Selling ProcessThe Home Selling Process

1. Your REALTORS® are market 1. Your REALTORS® are market specialists.specialists.

2. REALTORS® are neighborhood 2. REALTORS® are neighborhood experts. experts.

3. REALTORS® have more information 3. REALTORS® have more information on homes than you do.on homes than you do.

The Home Selling ProcessThe Home Selling Process

4. REALTORS® save you time.4. REALTORS® save you time.

5. REALTORS® can work with you the 5. REALTORS® can work with you the way you want to work.way you want to work.

6. REALTORS® share the risk.6. REALTORS® share the risk.

The Home Selling ProcessThe Home Selling Process

7. REALTORS® work to protect you 7. REALTORS® work to protect you from unqualified buyers.from unqualified buyers.

8. REALTORS® know how to close 8. REALTORS® know how to close the deal.the deal.

The Home Selling ProcessThe Home Selling Process

Which REALTOR®?Which REALTOR®?• Friends, neighbor or relative – 41%Friends, neighbor or relative – 41%• Previously used agent – 23%Previously used agent – 23%• All others - 36%All others - 36%

Make sure that the REALTOR® is Make sure that the REALTOR® is familiar with your area.familiar with your area.

The Home Selling ProcessThe Home Selling Process

Ask about:Ask about:

• ExperienceExperience

• Type of licenseType of license

• Designations and certificationsDesignations and certifications

• Company track recordCompany track record

• Marketing planMarketing plan

• ReferencesReferences

The Home Selling ProcessThe Home Selling Process

The Home Selling ProcessThe Home Selling Process

Do you want to be a FSBO?Do you want to be a FSBO?

Consider these facts:Consider these facts:

• 9% of sellers in 2010 sold themselves.9% of sellers in 2010 sold themselves.• 42% of those sales were to family members 42% of those sales were to family members

or people they knew.or people they knew.• Sellers using an agent had an average sale Sellers using an agent had an average sale

price of $215,000.price of $215,000.• Unrepresented sellers had an average sale Unrepresented sellers had an average sale

price of $172,000.price of $172,000.

The Home Selling ProcessThe Home Selling Process

The PaperworkThe Paperwork

• Exclusive Listing AgreementExclusive Listing Agreement

• Property Condition Disclosure Property Condition Disclosure FormForm

• Dual Agency AgreementDual Agency Agreement

• Designated Agency AgreementDesignated Agency Agreement

• Purchase & Sale AgreementPurchase & Sale Agreement

The Home Selling ProcessThe Home Selling Process

Preparing your home for Preparing your home for sale.sale.

The Home Selling ProcessThe Home Selling ProcessMusts!Musts!• Cosmetic improvementsCosmetic improvements• Structural and mechanical repairsStructural and mechanical repairs• Remove clutter, lots of light.Remove clutter, lots of light.

Cans!Cans!• Seller home inspectionSeller home inspection• Remodelling – 73 – 112%Remodelling – 73 – 112% www.realtor.org/rmodaily.nsf Search Cost vs. ValueSearch Cost vs. Value

The Home Selling ProcessThe Home Selling Process

• 11stst impressions impressions

• Curb appealCurb appeal

• Living condition vs. showing conditionLiving condition vs. showing condition

• StagingStaging

Appear cleanAppear clean

Smell cleanSmell clean

Feel cleanFeel clean

The Home Selling ProcessThe Home Selling Process

Understanding how real Understanding how real estate markets workestate markets work

The Home Selling ProcessThe Home Selling Process

• What do buyers want?What do buyers want?

• Tax incentivesTax incentives

• Interest ratesInterest rates

• DemographicsDemographics

• Buyer’s market?Buyer’s market?

• Seller’s market?Seller’s market?

The Home Selling ProcessThe Home Selling Process

Tip O’Neill said:Tip O’Neill said:

““All politics are local.”All politics are local.”

It’s also true that all real estate is It’s also true that all real estate is local.local.

The Home Selling ProcessThe Home Selling Process

Setting the right price for Setting the right price for your home.your home.

The Home Selling ProcessThe Home Selling Process

• Comparative Market AnalysisComparative Market Analysis

• AppraisalAppraisal

• Cost vs. valueCost vs. value

• Days on market vs. % of list price Days on market vs. % of list price receivedreceived

The Home Selling ProcessThe Home Selling Process

MarketingMarketing

The Home Selling ProcessThe Home Selling Process

• Showings by other agentsShowings by other agents

• BuyersBuyers

• Open HousesOpen Houses

• Fair Housing lawsFair Housing laws

• Don’t show up for showings!Don’t show up for showings!

The Home Selling ProcessThe Home Selling Process

Working with offers.Working with offers.

The Home Selling ProcessThe Home Selling Process

• Is the buyer qualified?Is the buyer qualified?

• What’s an acceptable offer?What’s an acceptable offer?

• Is the first offer the best offer?Is the first offer the best offer?

• How to handle multiple offers.How to handle multiple offers.

The Home Selling ProcessThe Home Selling Process

Finalizing the deal.Finalizing the deal.

The Home Selling ProcessThe Home Selling Process

• The Purchase & Sale Agreement – The Purchase & Sale Agreement – You’re halfway there!You’re halfway there!

• Buyer inspectionsBuyer inspections

• AppraisalAppraisal

• AttorneyAttorney

• Homeowner’s insuranceHomeowner’s insurance

The Home Selling ProcessThe Home Selling Process

Closing on the sale Closing on the sale

of your home.of your home.

Enjoy benefits of using a REALTOR®

in the home selling process