How much is my home worth? What do I need to do to get ready to sell? How much will I net from the sale?
Most homeowners are curious about the value of their homes. It’s certainly to be expected with the recent decline in values. We’ve been in the real estate business for 20 years and have never seen anything like the past 7-8 years.
The value you of your home depends on many factors. Here are some things to consider…
Location – This depends on what a buyer is looking for but properties that are closer to shopping and entertainment areas tend to have more potential buyers.
Price – With the economic recovery, and people feeling the effects of the past few years, we are all cautious about getting a good value with our purchases. Appraisers have also found more restrictive guidelines which tends to keep prices lower.
Condition – The condition of your home is a major factor in getting a top sales price. There are upgrades, then there are general repairs. Even though you replaced the roof, installed new carpet and repainted the interior and exterior of the home… these are not considered upgrades. These are general repairs that all homeowners should do. It does mean the new owner won’t have to do this work, but maybe they don’t like the colors you painted and they plan to install hardwood floors to replace the carpet. This is something that must be considered before spending money on doing these repairs. The roof is a definite and it’s pretty safe to say a standard roof is not a detriment to the sale of your home. Carpet and paint can be given as an allowance so the buyer can make their own selections.
Cleanliness – A good way to make your home more attractive is to pack away everything you don’t need. This makes it feel more spacious to a potential buyer. And, be sure the house is clean – inside and out!
Kitchen – When we were getting ready to sell our house, there was a discussion about what to leave out on the kitchen counters. This is a large kitchen with about 14’ of counter space. But, with the help of a friend, we decided to “scale back” a little. We kept a small painting, a jar with utensils, and a bowl of fruit on one end. The other end had a cookie jar, plant and 3 small ceramic animals, plus a paper towel holder. That’s all! We removed the blender, toaster, coffee maker, dish drain, cutting board, a stack of bills, papers with stuff we needed to remember to do, etc. Inside the cabinets, we got rid of all the mismatched coffee cups, unless it had special meaning to us, odd plates, and checked for out of date food. We also got rid of a bunch of plastic containers, old candles, vases that we didn’t need and reorganized what we did want to keep. And, we never missed a thing!
Front porch, garage, basement – Same goes for these areas, make sure there is not “extra” stuff and if there is, box it up. It’s fine to have 50 boxes stacked in the garage or basement when selling a home… people just assume that you’re getting ready to move (and you are!)
CLICK HERE for a FREE home valuation report. To get the best estimate, it’s a good idea for us to see your home. We will schedule a time that’s convenient for you, including nights and weekends.
How much will I net?
The real estate commission, as agreed on the listing agreement, will be a deduction on the closing statement. If you agreed to pay the buyers closing costs, that amount will be deducted from the sales price. You will also be required to pay any property taxes that haven’t been paid (they are due toward the end of the year for the current year), your mortgage payoff and the overnight fee to get the payoff to your mortgage company. There may be other miscellaneous charges, but these will be discussed prior to closing. They could include a home warranty policy for the buyer, termite treatment you agreed to, and outstanding HOA fees.
You will receive a refund of any unused balance in your escrow account after closing and a refund when you cancel your homeowners insurance policy.
If you have questions about the home valuation report or the net amount received, email or call us.