Thank you for reading our Seller’s Guide to California Real Estate brought to you by CAPropertyFinder.com. This is a free report written to help simplify the real estate selling process for California home buyers.
We will continue to add to and improve this guide based on your feedback. Please e-mail or call us at 1-800-287-1808 with questions, comments, or suggestions.
UNDERSTAND THE TRUE COSTS OF SELLING YOUR HOME
There are normal costs associated with selling your home. It’s important to consider these expenses when pricing your home.
Example: If you sell your home for $500,000, a 6% commission would cost you $30,000.
Staging – Staging is the art of making your home more aesthetically pleasing for a large group of potential buyers. Work with an experienced broker who can help you stage your house.
De-Personalize Your Home – Remove pictures of family and other personal effects. If there are items of value that are personal property that are not going to be sold with the home, remove them. For example, if you have a beautiful heirloom chandelier in the foyer that you plan on keeping, never let a buyer see it.
De-Clutter Your Home – Straighten things up. A neat, tidy home will appear larger and more homey. This will appeal to more people.
Paint – Inside and outside. Use neutral colors that appeal to the most people.
Landscaping – Minor landscaping improvements can be a cost effective way to better your “curb appeal” or perception to the outside market. Adding flowers will give more color to your yard which will make it more inviting.
Make Those Minor Repairs – Patch holes in walls, replace light bulbs, fix leaky faucets – anything you can do to make your home show better will help.
Moving Costs – Hiring a third party moving company can cost $500-$1,000 or more. To save money, consider moving yourself, but you will still have to purchase boxes, packing peanuts, box tape, protective cloths, and rent a moving truck.
KNOW THE MARKET
Understanding the current conditions of your local real estate market is important to selling your home. Speak with one of our expert real estate brokers at CAPropertyFinder.com to determine the optimal selling price of your home.
A “Buyer’s Market” is characterized by a period of oversupply and falling prices. Oversupply means there are many substitutes, so many sellers are chasing only a few buyers. Falling prices means there is no urgency for buyers. During a Buyer’s Market, the buyer holds the power and can negotiate from a position of strength.
A “Seller’s Market” is characterized by a period of undersupply and rising prices. When supply is short there are more potential buyers than there are properties for sale. This forces prices up and gives power back to the sellers. Sellers can hold out and ask for full list price.
What do the “Comps” look like?
“Comps” are properties that are comparable to each other – substitutes.
Brokers can create a Comparative Market Analysis (CMA) that compares properties that have sold recently that are similar to your home.
When selling it is important to always factor the comps into your decision making process. Comps will show you approximately what price to list your home for sale.
Always consider Active, Pending and Sold properties. Active listings are those that are currently listed on the market for sale. Pending sales are those which are under contract to close. Sold properties are those which have closed escrow and are now possessed by the new owner. These three types represent various stages of a real estate transaction (start to finish) so they can give you a gauge of where pricing is possibly moving.
How many “Days on Market” have the properties been listed for? If properties have been listed for an average of several months or years it means they have been difficult to sell. If properties are selling with only 30-120 Days on Market it means they selling relatively quickly. Days on Market are a good gauge of demand within a given market.
How many of the properties listed are distressed?
Distressed properties are those in foreclosure or pre foreclosure, short sales, or real estate owned properties (REO). These properties typically sell at a discount but are difficult to close due to the complex buying process and always come in an “as-is” state. This means the property may not include appliances, new paint, landscaping, countertops, or it may have unsettled liens from the government, contractors, associations, etc.
Short Sales – Short Selling is an alternative to foreclosure. When a homeowner is delinquent on their mortgage, sometimes a lender will approve a short sale, rather than foreclosing. The lender will sell the home and allow the buyer to remain an occupant until the home sells.
Real Estate Owned (REO) – If a lender forecloses on a property and is unable to sell the property at auction, the lender takes possession of that home. The Real Estate is now Owned by the lender, thus the name Real Estate Owned.
Check the School Zoning – Most school boards show the school zoning online. Find out which schools your potential home is zoned for and research those schools. Being in a top school zone will help you when it comes time to sell; schools matter a great deal too many homebuyers. Be knowledgeable about the good schools in your area to discuss with potential buyers.
Check the Crime in the Area – Some police departments, such as LAPD, have crime statistics online. In Los Angeles, we recommend using LA Crime Map. If you live in a safe area, you should convey this to any potential buyers.
Use Your Community – Let your neighbors know you are selling. They may know someone who is looking to buy.
One of our experienced real estate brokers can help you determine the most marketable qualities of your home for sale.
WORK WITH EXPERIENCED PROFESIONALS
Let CAPropertyFinder.com set you up with one of our experienced real estate brokers.
Working with a broker will team you up with an expert who can help you make decisions that are best for you in the long run.
Brokers can list your property on the MLS for you and then give you advice on where to price your home.
Brokers can determine the optimal selling price of your home by creating a Comparative Market Analysis (CMA) that compares similar properties that have sold recently to yours.
Our team at CAPropertyFinder.com can take care of selling your home start to finish from listing your home on the MLS and finding qualified buyers to negotiating the highest selling price on your behalf and finalizing the paperwork. Your satisfaction is our top priority.
Call us at 1-800-287-1808 or contact us at CAPropertyFinder.com to speak to one of our experienced real estate brokers about listing your home for sale.
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