Whether you're moving into a new home or out of state, you have enough to worry about.
Let us do all of the hard work. We have a full service listing program that includes working with a professional home stager and premiere advertising on seven websites. All of this leads to short market time and top dollar for your home!
Here at Fox Homes, we do things a little differently.
Throughout every step of the process, we will guide you through and make sure everything is a easy and stress-free as possible. Click on a step to find out more.
Step 1: Plan & Prepare
Millions of existing homes are sold each year, and while each transaction is different every owner wants the same thing — the best possible deal with the least amount of hassle and aggravation.
Unfortunately, home selling has become a more complex business than it used to be. New seller disclosure statements, longer and more mysterious form agreements, and a range of environmental concerns have all emerged in the past decade.
More importantly, the home-selling process has changed. Buyer brokerage — where REALTORS® represent homebuyers — is now common nationwide, and
good buyer-brokers want the best for their clients.
The result is that while hundreds of thousands of existing homes may be sold each week, the process is not as easy for sellers as it was five or 10 years ago. Surviving in today’s real estate world requires experience and training in such fields as real estate marketing, financing, negotiation and closing — the very expertise available from your Fox Homes agent!
Are you ready?
The home-selling process typically starts several months before a property is made available for sale. It’s necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out.
Ask yourself: If you were buying this home what would you want to see? The goal is to show a home which looks good, maximizes space and attracts as many buyers — and as much demand — as possible.
When should you sell?
The marketplace tends to be more active in the Spring & Summer because parents want to enroll children in classes at the beginning of the school year (usually August). The Spring & Summer is also typically when most homes are likely to be available.
Generally speaking, markets tend to have some balance between buyers and sellers year-round. In a given community, for example, there may be fewer buyers in late December, but there are also likely to be fewer homes available for purchase. So, home prices tend to rise or fall because of general demand patterns rather than the time of the year.
How do you improve your home’s value?
The general rule in real estate is that buyers seek the least expensive home in the best neighborhood they can afford. In terms of improvements, this means you want a home that fits in the neighborhood but is not over-improved. For example, if most homes in your neighborhood have three bedrooms, two baths and 2,500 sq. ft. of finished space, a property with five bedrooms, more baths and far more space would likely be priced much higher and likely be more difficult to sell.
Cosmetic improvements – paint, wallpaper and landscaping – help a home “show” better and often are good investments. Mechanical repairs – to ensure that all systems and appliances are in good working condition – are required to get a top price.
Ideally, you want to be sure that your property is competitive with other homes available in the community. Fox Homes agents who see numerous homes, can provide suggestions that are consistent with your marketplace.
Step 2: Meet with a Fox Homes Realtor
Fox Homes has a team of real estate experts that are ready to sit down with you to discuss how they will market your home and get it sold. They have the tools and expertise to help you through the entire process.
Step 3: Set the Price
Every reasonable owner wants the best possible price and terms for his or her home. Several factors, including market conditions and interest rates, will determine how much you can get for your home. The idea is to get the maximum price and the best terms during the window of time when your home is being marketed.
In other words, home selling is part science, part marketing, part negotiation and part art. Unlike math where 2 + 2 always equals 4, in real estate there is no certain conclusion. All transactions are different, and because of this, you should do as much as possible to prepare your home for sale.
What is your home worth?
All homes have a price, and sometimes more than one. There’s the price owners would like to get, the value buyers would like to offer and a point of agreement which can result in a sale.
In considering home values, several factors are important:
- The value of your home relates to local sale prices. The same home, located elsewhere, would likely have a different value.
- Sale prices are a product of supply and demand. If you live in a community with an expanding job base, a growing population and a limited housing supply, it’s likely that prices will rise. Alternatively, it’s important to be realistic. If the local community is losing jobs and people are moving out, then you’ll likely have a buyer’s market.
- Owner needs can impact sale values. If owner Smith “must” sell quickly, he will have less leverage in the marketplace. Buyers may think that Smith is willing to trade a quick closing for a lower price — and they may be right. If Smith has no incentive to sell quickly, he may have more marketplace strength.
- Sale prices are not based on what owners “need.” When an owner says, “I must sell for $300,000 because I need $100,000 in cash to buy my next home,” buyers will quickly ask if $300,000 is a reasonable price for the property. If similar homes in the same community are selling for $250,000, the seller will not be successful.
- Sale prices are NOT the whole deal. Which would you rather have: A sale price of $200,000, or a sale price of $205,000 but where you agree to make a “seller contribution” of $5,000 to offset the buyer’s closing costs, pay a $2,000 allowance for roof repairs, fund two mortgage points, re-paint the entire house and leave the washer and dryer?
Step 4: Market It
Selling can entail a variety of marketing strategies. Once listed, the home will be quickly entered into the Twin Cities Northstar MLS (Multiple Listing Service) and placed on REALTOR.com®. Open houses, broker access to the home via the use of a lock box and networking with both local and out-of-town brokers are also common. Fox Homes prides itself by keeping up with the latest technology in marketing homes. Talk to your Fox Homes agent about all of the latest techniques!
Step 6: Closing
There is no question that selling a home is an important event. A home sale represents transition, movement and change. Big money is involved. Households move from the known and comfortable to the unknown and a period of adjustment. There may be job changes, new schools, distance from old friends and the possibility of new ones.
Step 6: Closing
Closing — or “settlement” or “escrow” as it is known in some areas — is essentially a meeting where the closing agent (the party who conducts settlement) takes in money from the buyers, pays out money to the owner and makes sure that the purchaser’s title is properly recorded in local records along with any mortgage liens.
The closing agent reviews the sale agreement to determine what payments and credits the owner should receive and what amounts are due from the buyer. The closing agent also assures that certain transaction costs are paid (taxes and title searches).
Closing is also the time when “adjustments” will be made. For instance, suppose you’ve pre-paid taxes four months in advance. In this case, the closing agent will compensate you for the prepayment at closing by having the buyer pay you additional money.It could also work in reverse. If you are behind on property taxes, the closing agent will reduce the money due to you at settlement by the amount of the unpaid taxes.
Congratulations, you have sold your home! Whether you start your search for a new home with or not, your relationship with your Fox Homes Realtor is not over. We pride ourselves on our client relationships and are always available to answer any home questions or refer you to other professionals like architects or remodelers. We feel that your real estate transaction is only the beginning of our relationship with you.