Important Steps when Selling a Home
When it comes to selling your home you need to know what to do and how to make it desirable in a Buyers Market. Depending on your situation, you need to take into consideration the factors that will determine if it will Sell fast or just sit there. If you want or need to sell it fast and bought the home in ’07 or later, you may have to bite the bullet and take a loss. If you have owned the home more than 6 years you could either break even or maybe make a little profit on the sale. Every situation is different, as is every home.
In Archuleta County, home prices (and values) have dropped considerably and the average overall drop is approximately 38% across the board. There are already signs that the area has hit bottom and is beginning an upward swing. Home Sales are already up 28% compared to last year, (third quarter comparison). This year to date, according to MLS statistics, there have been over 300 Homes sales and we still have a month to go. I am expecting to see home sales, at year’s end, to hover between 330 and 350. We have not seen that type of volume since 2006. (415 homes sold that year). Home sales were down in 2007 through 2010, with 2009 being the worst year ;( 211 homes).
There are approximately 450 Homes for sale in Archuleta County and with that type of inventory you need to have your home stand out above the rest. First you have to price it accordingly. If you need to sell it fast you’ll need to price it at a lower p/sf (Price per square foot) than average market is showing. With most of the homes selling for around $125/sf you have to figure a high-low ratio on your home and what it could potentially sell for. Of course, some homes have more features, views or even locality and some of those area’s could have a higher p/sf than others, but in order to sell it faster you need someone that can help you get the absolute best price for your home. I always recommend to my clients that they do the following when selling their home:
1. Interview a minimum of 3 separate Agents, preferably from different agencies, to get a feel of what you can expect in terms of price, advertising and communication with your potential Agent/Broker.
2. Get a Comparative Market Analysis (CMA) on your home to see realistic numbers. If an Agent states they have to charge you for one, avoid that Agent. It shouldn’t cost a thing.
3. Depending on your situation, ask the Broker/Agent for a 30, 60, 90 and maybe even a 180 day Marketing plan. The quicker you need to sell the lower the price should be.
4. Choosing an Agent that works for you is essential. Some Agents will plant a sign in your yard for their own advertising needs and may not care at all if your home sells. (Free Advertising)
5. After making your decision about the Agent that will work for YOU, that Agent should be able to tell you about the things you need to do in order to sell the home faster.
6. When I work with my Clients, I tell them first and foremost, that they need to remove all clutter from the home. They also need to pack up some of the Personal items that they have on the interior of the home. You want to make it homey, but you don’t want to have too many of your personal items out in plain view. Your potential Buyers have to be able to vision what it would look like with their belongings in the home.
7. Make the Home easily available to show to other Agents. If appointments are a necessity, make sure your Agent knows this and can accommodate not only you as the homeowner, but the showing Agent as well. If it is too much of a burden, your potential home buyer may just pass your home up.
Selling your home can be an emotional and stressful situation. Prepare yourself for the challenges you may come across; Attachment, Loss, Memories, etc. Also look at the point of view that you’re moving on with your life to new horizons. Change is inevitable, how you look at it will determine how painful or painless it has to be.
If you have any questions regarding Buying or Selling a home and want straight forward answers, send me an email. My email addresses are as follows: Jon@pagosabrokers.com, Jon@joneliason.com, or Jon.firstname.lastname@example.org, in the subject line, simply put “Question” to identify it as a non spam email.