25 Tips You Should Know To Get Your Kansas City Home Sold Fast and For Top Dollar
Because your Kansas City home may well be your largest asset, selling it is probably one of the most important decisions you will make in your life. To better understand the home selling process,our guide has been prepared from 20 years of research from a leading industry expert. You will discover how to protect and capitalize on your most important investment, reduce stress, be in control of your situation, and make the most profit possible.
1. Understand Why You Are Selling Your Kansas City Home
Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from what you set your asking price at to how much time, money and effort you're willing to invest in order to prepare your home for sale. For example, if your goal is for a quick sale, you will want to price your home a minimum of 5-10% lower than comparable homes. If you want to maximize your profit, the sales process might take longer to sell in order to reach a "TOP DOLLAR" buyer thus determining a uniquely different approach.
2. Keep the Reason(s) You are Selling to Yourself
The reason(s) you are selling your Kansas City home will affect the way you negotiate its sale. By keeping this to yourself you don't provide ammunition to your prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage in the negotiation process. When asked, simply say that your housing needs have changed. Remember, the reason( s) you are selling is only for you and your agent to know. A prospective buyer may be a friend or family member of a work associate. What you tell your work associates may get back to a prospective buyer.
3. Do Some Research Before You Price Your Kansas City Home
Many soon to be Kansas City home seller rely on outdated or incorrect information. Sure Zillow, Trulia and Realtor.com will give you a close estimate but they are not the best sources. Contact a local real estate marketing master for accurate sales data. A skillful real estate marketing master will be able to provide an estimate called a Comparative Market Analysis. Also another way to get accurate data is to view your competition at open houses. You should be able to discover what turns buyers off. Take notes on floor plans, condition, appearance, size of lot, location and other features. Particularly note, not only the asking prices but what they are actually selling for. Remember, if you're serious about getting your home sold fast, don't price it higher than your neighbor's. Don't rely on list prices but more on sold prices. In Kansas City on an average month over 2,000 don't sell mainly because they were priced too high.
4. Before Setting a Price - Be Aware of the Risk
When you set your price, you make buyers aware of the absolute maximum they have to pay for your home. As a seller, you will want to get a selling price as close to the list price as possible. If you start out by pricing too high you run the risk of not being taken seriously by Kansas City home buyers and their agents.
If You Live in a Subdivision - If your home is comprised of similar or identical floor plans, built in the same period, simply look at recent sales in your neighborhood subdivision to give you a good idea of what your home is worth. If you get comparable sales from a real estate marketing expert make sure you actually get comparable homes. Many Kansas City home sellers mistakenly get comparable comps that are not similar.
If You Live in An Older Neighborhood - As neighborhoods change over time each home may be different in minor or substantial ways and you will probably find that there aren't many homes truly comparable to your own. In this case you may want to consider seeking a professional appraisal to help you with the pricing process.
5. When Getting an Appraisal is a Benefit When Selling Your Kansas City Home
Sometimes a good appraisal can be a benefit in marketing your Kansas City home. Getting an appraisal is a good way to let prospective buyers that your home's list price has been independently verified by a neutral third party. The cons of an appraisal upfront is that they cost money, have a limited life, and there’s no guarantee you’ll like the value the appraiser figures on an appraisal.
6. Valuation Assessments - What Do They Really Mean
Some people think that valuation assessments are a way of evaluating a home. The difficulty here is that assessments are based on a number of criteria that may not be related to property values, so they may not necessarily reflect your home's true value. Assessments are typically not accurate in figuring a list price. Many Kansas City home sellers want to use an assessment because the assessment may be a higher number than from a appraisal or comparative market analysis.
7. Ensure You Have Negotiating Room
Before settling on your asking price make sure you leave yourself enough room in which to bargain. For example, set your lowest and highest selling price. Then check your priorities to know if you'll price high to maximize your profit or price closer to market value if you want sell quickly. Make sure you leave room to negotiate on how buyers respond to the list price.
8. Appearances Does Matter - Make them Count!
Appearance is so critical that it would be unwise to ignore this when selling your home. The look and "feel" of your home will generate a greater emotional response than any other factor. Prospective buyers react to what they see, hear, feel, and smell even though you may have priced your home to sell. The first impression a buyer feels when they first see your home is typically the most important. If the buyer doesn't get a positive first impression, typically they start thinking about the next home they are going to view. Remember the curb appeal is the most important.
9. Invite the Honest Opinions of Others
The biggest mistake you can make at this point is to rely solely on your own judgment. Don't be shy about seeking the honest opinions of others. You need to be objective about your home's good points as well as bad. Invite a friend over and get their honest opinion. Also a good real estate marketing master will offer ideas to improve your homes appeal.
10. Get it Spic n' Span Clean and Fix Everything, Even If It Seems Insignificant
Scrub, scour, tidy up, straighten, get rid of the clutter, declare war on dust, repair squeaks, the light switch that doesn't work, and the tiny crack in the bathroom mirror because these can be deal-killers and you'll never know what turns buyers off. Remember, you're not only competing with other resale homes, but also brand-new homes as well.
11. Allow Prospective Buyers to Visualize Themselves in Your Home
The last thing you want prospective buyers to feel when viewing your home is that they may be intruding into some one's life. Avoid clutter such as too many knick-knacks, etc. Decorate in neutral colors, like white or beige and place a few carefully chosen items to add warmth and character. You can enhance the attractiveness of your home with a well-placed vase of flowers or potpourri in the bathroom. Home-decor magazines are great for tips.
12. Deal Killer Odors - Must Go!
You may not realize but odd smells like traces of food, pets and smoking odors can kill deals quickly. If prospective buyers know you have a dog, or that you smoke, they'll start being aware of odors and seeing stains that may not even exist. Don't leave any clues.
13. Be a Smart Kansas City Home Seller - Disclose Everything
Smart sellers are proactive in disclosing all known defects to their buyers in writing. This can reduce liability and prevent lawsuits later on after the sale.
14. It's Better With More Prospects
When you maximize your Kansas City home's marketability, you will want to attract more than one prospective buyer. It is much better to have several buyers biding against each other o get a higher sales price.
15. Keep Emotions in Check During Your Negotiations
Let go of the emotion you've invested in your home. Be detached, using a business-like manner in your negotiations. You'll definitely have an advantage over those who get caught up emotionally in the situation. Too many times Kansas City home sellers get an offer within 20 days of putting their home on the market and decide to hold out for a higher offer. Then after 5 months of showings end up selling for a much lower price. Be reasonable and business-like in your negotiations.
16. Learn What is Motivating Your Buyer
The better you know your buyers the better you can use the negotiation process to your advantage. This allows you to control the pace and duration of the process.
As a rule, buyers are looking to purchase the best affordable property for the least amount of money. Knowing what motivates them enables you to negotiate more effectively. For example, does your buyer need to move quickly. Armed with this information you are in a better position to bargain.
17. What the Buyer Can Really Afford
As soon as possible, try to learn how qualified the buyer is to buy your home. If the buyer makes a low offer, view the pre-approval letter to see what the maximum the buyer can afford. Sometimes a quick phone call to the loan officer can benefit you when negotiating.
18. When the Buyer Would Like to Close
Quite often, when buyers would "like" to close is when they need to close. Knowledge of their deadlines for completing negotiations again creates a negotiating advantage for you.
19. Never Sign a Deal on Your Next Home Until You Sell Your Current Home
Beware of closing on your new home while you're still making mortgage payments on the old one or you might end up becoming a seller who is eager (even desperate) for the first deal that comes along. Don't get excited about buying your next home before you sell your current home.
20. Moving Out Before the Closing Date Can Put You at a Disadvantage
It has been proven that it's more difficult to sell a home that is vacant. Buyers start getting the message that you have a another home and are probably motivated to sell. This could possibly cost you thousands of dollars when selling.
21. Deadlines Create A Serious Disadvantage
Don't try to sell by a certain date. There are too many things that could stress you when selling. Why add unnecessary pressure that is often a serious disadvantage in negotiations.
22. What Happens if You Receive a Low Offer - Don't Take It Personally
Invariably the initial offer is below what both you and the buyer knows he'll pay for your property. Don't be upset, evaluate the offer objectively. Ensure it spells out the offering price, sufficient deposit, amount of down payment, mortgage amount, a closing date and any special requests. This can simply provide a starting point from which you can negotiate. Relax and attack the negotiations in a business like manner.
23. Turn That Low Offer Around into a Successful Contract
You can counter a low offer or even an offer that’s just under your asking price. This lets the buyer know that the first offer isn’t seen as being a serious one. Many low offers end up being successfully negotiated in Kansas City into agreed upon contracts.
24. Maybe the Buyer's Not Qualified to Purchase at Your List Price
If you feel an offer is inadequate, now is the time to make sure the buyer is qualified to carry the size of mortgage the deal requires. Inquire how they arrived at their figure, and suggest they compare your price to the prices of homes for sale in your neighborhood. Provide the buyer, if you haven't done so, a comparative market analysis or appraisal. Maybe the buyer viewed inaccurate comparables.
25. Ensure the Contract is Complete
To avoid problems, ensure that all terms, costs and responsibilities are spelled out in the contract of sale. It should include such items as the date it was made, names of parties involved, address of property being sold, purchase price, where deposit monies will be held, date for loan approval, date and place of closing, type of deed, including any contingencies that remain to be settled and what personal property is included (or not) in the sale. In Kansas City, verbal conversations are not enforceable. If you intend to keep the attached window curtains or the water softener, now is time to include in the contract. Changes can be made later, but often with a monetary concession.
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1 Comments
The problem is most home sellers contact a REALTOR after going to their friends for advice.
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