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Kentucky
Real Estate and Mortgage Resource
Center
"Your
Real Estate and Mortgage Answer Place"
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10
tips for Selling Real Estate in Kentucky
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Tip
1- The Only
"Sure Fire" Way To Sell Your Home Fast Is To Price It
Substantially Below Its Fair Market Value. If it
truly is priced at far less than its worth it should sell quickly.
For those of us who can’t or don’t wish to sell our home for
less than the fair market value, the next best alternative is to
take the time to learn each of the components of a successful home
sales initiative and make the effort needed to assure that in each
area you are doing everything possible to maximize its contribution
to the home marketing effort.
Tip 2-
If You Plan To Purchase Another Home The Best Time To Sell Is During
A Period Of Low Interest Rates. Low rates benefit
buyers and sellers alike, and you will be both. A "sellers
market" is also helpful, but this competitive benefit will be
canceled out if you plan to buy a replacement home.
Tip 3-
To Be Effective You Must Participate In The Marketing Process.
If you’re in a sellers market, and you have both good marketing
skills and the necessary time, you can greatly reduce the selling
costs by selling the home yourself. There are now over 200 private
local organizations that offer assistance for self sellers,
including magazines, radio and TV advertising, private computerized
listings, and other selling tools such as for sale signs, how-to
videotapes etc. In a buyers market it will be harder for a self
seller to overcome the disadvantage of lack of access to the
multiple listing service as well as the large number of real estate
agents scrambling for the attention of the limited number of buyers.
Compromises include discount brokers, which typically provide MLS
access but limited market support.
Tip 4-
If You List Your Home With A Broker, Seek A Broker And Agent With A
Successful Track Record In Your Neighborhood.
Give preference to a broker with the greatest emphasis on
representing sellers. Also ask how the firm attracts buyers. Since
most brokers try hard to encourage their subagents to sell buyers on
house listings first a firm that represents only or mostly sellers
and which also is successful in attracting many buyers is in your
best interest. Include language in the listing providing for the
sharing of the real estate commission with a buyers agent should
they be a source of the buyer. (A buyers agent works for they buyer
and owes their loyalty to the buyer while a traditional subagent
finds the buyer but works for and represents you.) If an offer is
presented by a buyers agent, give it serious consideration, but
remember that the buyer’s agent’s duty is towards the buyer.
(For these same reasons we recommend that buyers who choose to work
through an agent use a buyers agent and not a subagent).
Tip 5-
You Can Sell Your Home Without An Agent. To Have A Reasonable Chance
Of Success You’ll Need:
A) Time. It will likely take longer to sell your home without an
agent so its best if you’re not facing a deadline. Also, selling
is work. Developing and executing a marketing plan will take a lot
of time if your effort is to be effective. Its not a smart idea for
two income parents of young children who both are already working 40
plus hour weeks.;
B) Talent. Selling is a marketing effort. If you don’t have an
instinctive bent towards advertising and
marketing, and you don’t like negotiating, reconsider.
C) A favorable market. In a strong sellers market (more buyers than
available homes) almost anyone can sell a home. That's the very best
time to sell without an agent. In a strong buyers market even the
best executed market plan will have a hard time overcoming the
inherent marketing advantages of the MLS system/broker/agent
network.
Tip 6-
If You List Your Home With A Broker, Ask Them To Prepare A Market
Analysis (how much is it worth?) And A Marketing Plan (how do you
plan to sell it?). Ask lots of questions
about both. Include the main points of your marketing plan in your
listing agreement so that all parties will know what is to be
expected (i.e. frequency of ads and the publications where they’ll
appear, frequency of open houses, etc.). Limit the length of the
listing - two months or less is good, but no more than three months.
If the agent is doing his/her job as set out in the listing
agreement you can reward them with a renewed listing. If they’re
not you’ll be able to show them why they aren’t getting the
renewal and you’ll have hard documentation of reasons to cancel
the listing if they don’t perform.
Tip 7-
Shine Your Apple. Make your home look as nice as it can look.
Have a presale yard sale and get rid of as much clutter as possible.
Clean up and repaint with neutral colors if necessary. Open blinds
and replace light bulbs with brighter substitutes. If important
parts of your home are outdated consider cost effective updates. If
your kitchen or bath is old or in bad shape a prudent remodel can
often return over 100% of the investment and help you sell the home
faster. But don’t over improve. There’s not much point in adding
a fourth bathroom to a home that is already worth more than most of
the others in the neighborhood.
Tip 8-
Price Realistically, Especially In Slow Markets. When markets
are slow buyers are psychologically unprepared to overpay - and they
apply stringent standards of value. They will heavily discount many
expensive and unusual improvements unless they appeal very strongly
to their own personal tastes.
Tip 9-
Consider Providing Owner Financing If You Can, But Be Cautious.
If you can provide some financing, even if its a small second trust,
you may be offering the deal maker. AT the same time you can often
earn a considerably higher interest rate that you would have earned
with the same money otherwise. Caution: Fluctuating real estate
markets can wipe out your security in the event of foreclosure.
Foreclosures cost money and second trusts get paid after first
mortgages, and only if there's money remaining. Make sure to check
the financial records of the buyer and make sure that they put up a
substantial down payment if your providing owner financing.
Tip 10-
Study. More money hangs in the balance here than in most
financial transactions in your life. It therefore makes sense to
learn as much as you ca about selling your home. No matter whether
you’re a self seller or have an agent, you need to learn enough to
be in command of the process. The difference between several days of
study can be several thousand dollars in the eventual selling price. |
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