SELLING YOUR HOME
For most families, their home is their largest financial asset, and deciding to sell it is a big decision that involves a lot of preparation and work. When you're ready to sell it's important to have an experienced real estate professional handle the details involved in the successful sale of a home for top dollar.
As experienced professionals who have helped many homeowners sell their homes, we know how to handle every aspect of the sales process - from strategically marketing and showcasing your home to making sure everything's signed, sealed and delivered by the closing date.
Providing you with comprehensive, high-quality listing service is our top priority. We can provide an accurate assessment of market value and a comprehensive and professional marketing plan. So when you decide to sell your home, please contact us and let's get started!
The Basics of Marketing Your Home
Our marketing efforts and considerations will include advertising, showing the property, how long the house has been on the market and whether you're buying another home. Your home will be listed through a Multiple Listing Service (MLS), as well as all of the most popular websites and the ones exclusive to Coldwell Banker Residential Brokerage.
Advertising and Promotion
Properties are commonly advertised through real estate agent Web sites, Internet home search/listing services, classified advertising and real estate guides. Promotion efforts through office and MLS tours are a good way of getting other buyer agents to view your home and to promote it to the buyers they are working with.
Even with all these advertising avenues, " For Sale" signs on front lawns are still remarkably effective. When appropriate, and with your permission, we may send a mailing about your property to neighbors. Sometimes one of them has a friend or relative who always wanted to live near them. You never know how far reaching the benefits of word-of-mouth advertising by friends, relatives and neighbors can be.
Showings and Open Houses
To prepare your home for viewing, make it as bright, clean, cheerful and serene as possible. Always look at your home from the buyer's point of view. We will probably find a tactful way to suggest that you be absent while the house is being shown to prospective buyers, because your presence will inhibit their actions and conversations. They won't feel free to open closets and cabinets, test out the plumbing and discuss their observations objectively as they walk through the house. It goes without saying that your children and pets should not be on the premises either.
When we have scheduled an open house, we will notify the neighbors via postcards, and assure them that they'll be welcome. They'll jump at the chance to poke around in your house, and sometimes they can turn up a buyer among their friends.
What we do at all showings and open houses:
- Clean or replace dirty or worn carpets.
- Open all curtains and blinds.
- Replace any burned out light bulbs and turn on all lights.
- Clear all clutter.
- Clear all countertops.
- Wash and put away any dirty dishes.
- Put fresh towels in the bathroom.
- Take any laundry out of the washer and dryer.
- Leave the house so your we are free to deal with prospective buyers in a professional manner.
- We will work with you and your pets.
How Long Has Your House Been on the Market?
Professional appraisers sum up their entire body of knowledge in three words: " Buyers make value." Your home is worth as much as a buyer will pay for it.
If your home has been on the market for months, it's a clear message that the property may not be worth what you're asking for it. This is particularly true if there haven't been many prospects coming to see it. What you do at that point depends on whether you really need to sell, and whether you're working with a time limit.
If you're not really motivated to move soon, you can always wait - years if necessary - and hope inflation will catch up with the price you want. The problem is that in that time, your home begins to feel shopworn. Buyers become suspicious of a house that's been for sale for a long time.
If you really do need to sell, we can discuss a schedule for gradually dropping your price until you find a level that attracts buyers. There's no point in saying, " We simply can't sell our house." Anything will sell if the price is right.
If You're Buying Another Home
You may wonder what will happen when you're selling one home and buying another ? how will all the details work out? This is a common situation and us along with lawyers, and mortgage brokers have plenty of experience in arranging contracts and loans so that the two transactions dovetail smoothly.
And should you sell your home first then buy or buy first then sell? Ideally, it's best to find a home you like and make an offer subject to selling your current home. This generally works in a normal market. However, in a "hot" market most sellers will not accept a "subject to sale" offer. In this case you need to sell your home first and then buy a new home in the interim period between selling and vacating your house.
If you find that you need to buy the next house before you've received the proceeds from the present one, lending institutions can sometimes make you a short-term " bridge" loan to tide you over between the two transactions. Make sure you fully understand the exposure and emotional investment before proceeding with this type of loan.
Seller's Articles & Resources
When selling your home, there are no guarantees that a buyer will simply walk through the front door. There are steps that you need to take so that your property receives maximum exposure to attract a ready, willing and able buyer.
The appearance of your home, a buyer's first impression, and other considerations can also affect the sale of your home. Have you considered that home prices in your neighborhood and the value of your property are also factors used for pricing your home? As Realtors in your neighborhood we go see as much housing inventory as possible to ensure we are pricing your house accurately based on current market conditions. Effective marketing will help ensure that your home is sold in a timely manner at the best price.
The Massachusetts Association of Realtors has some good information for Sellers:
http://www.marealtor.com/content/consumer_resources_sellers.htm
And Realtor.com has a subsite called House Logic that is worth checking out:
http://www.houselogic.com/
Below are some articles that you might find useful in the home selling process. Please feel free to click on one the links to read more. Seller Articles
copyright © Agent Image 2008
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June and Fred Smith were diligent about getting their home ready for sale. They ordered a pre-sale termite inspection report. The report revealed that their large rear deck was dry-rot infested, so they replaced it before putting their home on the market.
The Smiths also called a reputable roofer to examine the roof and issue a report on its condition. The roofer felt that the roof was on its last legs and that it should be replaced. The Smith's didn't want buyers to be put off by a bad roof, so they had the roof replaced and the exterior painted before they marketed the home.
The Smith's home was attractive, well-maintained and priced right for the market. It received multiple offers the first week it was listed for sale.
But the buyers' inspection report indicated that the house was in serious need of drainage work. According to a drainage contractor, the job would cost in excess of $20,000. Fred Smith was particularly distraught because he'd paid to have corrective drainage work done several years ago.
First-Time Tip: If you get an alarming inspection report on a home you're buying or selling, don't panic. Until you see the whole picture clearly, you're not in a position to determine whether you have a major problem to deal with or not.
What happened to the Smiths is typical of what can happen over time with older homes. The drainage work that was completed years ago was probably adequate at the time. But since then, there had been unprecedented rains in the area, which caused flooding in many basements. Drainage technology had advanced. New technology can be more expensive but often does a better job.
The Smiths considered calling in other drainage experts to see if the work could be done for less. After studying the buyers' inspection report, the contractor's proposal and the buyers' offer to split the cost of the drainage work 50-50 with the sellers, the Smiths concluded that they had a fair deal.
The solution is not always this easy, especially when contractors can't agree. Keep in mind that there is an element of subjectivity involved in the inspection process. For example, two contractors might disagree on the remedy for a dry-rotted window: one calling for repair and the other for replacement.
Recently, one roofer recommended a total roof replacement for a cost of $6,000. A second roofer disagreed. His report said that the roof should last another three to four years if the owner did $800 of maintenance work. Based on the two reports, the buyers and sellers were able to negotiate a satisfactory monetary solution to the problem for an amount that was between the two estimates.
It's problematic when inspectors are wrong. But it happens. Inspectors are only human. Here is another example: A home inspector looked at a house and issued a report condemning the furnace, which he said needed to be replaced.
The sellers called in a heating contractor who declared that the furnace was fit and that it did not need to be replaced.
The buyers were unsure about the furnace, given the difference of opinions. The seller called in a representative from the local gas company. The buyers knew that the gas company representative would have to shut the furnace down if it was dangerous. He found nothing wrong with the furnace, and the buyers were satisfied.
In Closing: Sometimes finding the right expert to give an opinion on a suspected house problem is the answer, but it is always good to get two opinions.
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CMA is real estate shorthand for "Comparative Market Analysis." A CMA is a report prepared by us providing data comparing your property to similar properties in the marketplace.
The first thing we will need to do to provide you with a CMA is to inspect your property. Generally, this inspection won't be overly detailed (we are not going to crawl under the house to examine the foundation), nor does the house need to be totally cleaned up and ready for an open house. It should be in such a condition that we will be able to make an accurate assessment of its condition and worth. If you plan to make changes before selling, inform us at this time.
The next step is for us to obtain data on comparable properties. This data is usually available through MLS (Multiple Listing Service), but we will also know of properties that are on the market or have sold without being part of the MLS. This will give the us an idea how much your property is worth in the current market. Please note that the CMA is not an appraisal. An appraisal must be performed by a licensed appraiser.
The CMA process takes place before your home is listed for sale. This is a good assessment of what your house could potentially sell for.
CMAs are not only for prospective sellers. Buyers should consider requesting a CMA for properties they are seriously looking at to determine whether the asking price is a true reflection of the current market. Owners who are upgrading or remodeling can benefit from a CMA when it's used to see if the intended changes will "over-improve" their property compared to others in the neighborhood.
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Ready to close the deal? Maybe not.
Sometimes unforeseeable issues arise just prior to closing the sale. Hopefully, with negotiation, most of these have a workable solution. Unfortunately, this is not always the case. But don't panic. Another buyer might still be found who is willing to accept the house as is.
Imagine that your prospective buyers are a couple with young children. They envision your unused attic as the perfect playroom for the kids but, before closing the deal, they request an inspection to see if it's safe and also if they will be able to install a skylight to provide natural light to the new space.
This inspection reveals that under the shingles that are in good condition is a roof that will only last another year or two. The prospective buyers immediately balk, not wanting to incur the time and cost of replacing the roof. Their plans were to move in and only have to spend time and money renovating the attic. The additional cost of the new roof, they say, is just too much.
At this point, you sit down with the prospective buyers and calmly discuss the situation and how it can be solved to the benefit of all. First, you agree to get another professional opinion on what really needs to be done. Inspectors are only human, and are not infallible. Once the extent of the damage is agreed upon, you can jointly decide what to do about it. While the buyers hadn't planned on that expense, you show them that instead of a limited roof life that they would get with most existing homes, they'll have a new worry-free roof that won't cost them in repairs for the next decade or so. Since the roof wasn't in as good shape as you had thought, you agree to lower the purchase price to help offset the cost of the new roof.
By negotiating calmly and looking at all possibilities, what could have been a "deal breaker" can be turned into a win-win situation for both the buying and selling parties. In other cases, the most workable agreement for both parties might be for the deal to be called off. The seller can always find another buyer and the buyer can always find another home.
To protect yourself against last minute "buyer's remorse," make sure the purchase contract anticipates and closes as many loopholes as possible after all known defects have been fully disclosed.
copyright © Agent Image 2008
Working With Developers
As a team we have represented and sold some of the top developments in Jamaica Plain.
From the Rockview At Green to 304-306 Lamartine Street, we have consulted for Developers on projects ranging from adaptive re-use to newly built structures.
Our newest endeavors have brought us to 39-41 Cranston Street. This includes 3 newly renovated condos in Jamaica Plain ready for occupancy Spring 2009!
We have direct experience working with mid to large cap developers. With over 20 years collective experience in new development and resales, we are two of the most experienced Real Estate real estate agents in the Boston market.
We use our experience and integrity to reach our goals and retain more revenue for our Developer clients.
Some of our clients have included:
New Boston Ventures
Since its establishment 20 years ago, New Boston Ventures and its principals, David Goldman and Dennis Kanin, have successfully financed, marketed, and completed every project that they have undertaken. In this time, New Boston has achieved impressive success in developing both market rate and affordable housing, both as new construction and in the preservation and adaptive reuse of historic structures. These landmark developments illustrate the breadth of New Boston's capabilities:
http://www.newbostonventures.com/
Pratten Development, Design & Construction
Since its establishment in 2001, Pratten Development has successfully financed, marketed, and completed residential developments with close to 50 units of housing in the Boston area.Roxane C. Pratten has served as general manager of Development operations since the company's inception in 2001. Ms. Pratten has had impressive success in renovating market rate housing. In recent years, Pratten Development has completed several developments in Cambridge, Jamaica Plain, and Roslindale.In 1988 Roxane incorporated her general construction firm Pratten's Design & Construction, Inc. and secured her builder's license shortly thereafter. The company has worked since then on high end residential and light commercial projects as well as the builder of her development projects.
http://prattendesign.com/
Contact us for a confidential meeting at:
617.256.8455Ellen
617.869.0496Janis
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