Tanya Tanimoto's Blog
As a home seller, you'll likely want to do whatever you can to promote your house to the right groups of homebuyers. Thus, hosting an open house is a must, particularly for a seller who wants to enjoy a fast, profitable home selling experience.
Ultimately, there are many reasons to conduct an open house, and these include:
1. You can stir up interest in your house.
An open house enables you to provide homebuyers with an up-close look at your residence. It allows these buyers to look beyond a home listing, and as such, may lead to many potential offers on your home.
Of course, an open house empowers you to show off the true size and beauty of your home as well. If you allocate the necessary time and resources to clean your home prior to an open house, you may increase the likelihood of securing offers at the event's conclusion.
2. You can respond to homebuyers' questions.
Although a home listing may include details about your house's age and condition, it fails to provide homebuyers with a "feel" of what it's like to walk around inside and outside your residence. Fortunately, an open house allows buyers to get a first-hand look at your residence and determine whether your house matches or exceeds their expectations.
Furthermore, an open house provides homebuyers with the opportunity to ask questions about your house. And if you provide buyers with the information they request, you can make it easy for them to decide whether to submit an offer on your home.
3. You can analyze homebuyers' interest in your residence.
Believe it or not, an open house can help you gauge the effectiveness of your marketing efforts.
For instance, an open house that features dozens of potential buyers likely can be considered a resounding success. On the other hand, if no buyers attend your open house, you may need to reevaluate your home's initial asking price and other home selling factors.
When it comes to hosting an open house, there is a lot to consider. Luckily, you can work with a real estate agent to streamline the process of putting together a successful open house.
A real estate agent is a home selling guide who can offer expert tips and insights at each stage of the home selling journey. He or she will learn about your residence and help you map out a successful home selling plan. Perhaps best of all, a real estate agent will set up open houses, help you assess offers on your residence and ensure you can make the best-possible decisions throughout the home selling process.
If you're worried about hosting an open house, there is no need to stress. Hire a real estate agent today, and you'll be able to receive comprehensive home selling support. In fact, with a real estate agent at your disposal, you can seamlessly navigate the home selling cycle.
If you're on the fence about whether to reject or accept an offer to purchase, it is important to remember that a third option is available: submitting a counter-offer.
Ultimately, deciding to submit a counter-offer can be a tough choice for first-time and experienced house sellers alike. But we're here to teach you about the benefits of counter-offers and ensure you feel confident to submit a counter-proposal as needed.
Let's take a look at three tips to help you decide when to submit a counter-offer.
1. Assess Your Residence
Although the initial asking price for your house is not set in stone, you likely have expectations about how much you should receive for your home. But if a homebuyer submits an offer to purchase that falls below your expectations, you should assess your residence to help you make the best-possible decision.
Try to take an objective view of your home – you'll be glad you did. For instance, if you discover your home is one of many similar properties available in a buyer's market, you may want to accept an offer to purchase, even if it falls below your expectations. On the other hand, if you feel that your home is in great condition and you receive an offer to purchase that is short of your initial asking price, you may want to counter the proposal or reject it altogether.
2. Review the Housing Market
Housing market data can help any home seller make informed decisions throughout the property selling journey. There is plenty of housing market data at your disposal, and you should not hesitate to use it, especially when you analyze an offer to purchase.
Oftentimes, it helps to look at the prices of recently sold residences, the prices of available residences in your area that are similar to your own and other pertinent housing market data. With this information, you can gain deep insights into the housing market. Then, you can determine whether an offer to purchase falls in line with the current state of the real estate sector.
3. Work with a Real Estate Agent
There is no need to review an offer to purchase on your own. Fortunately, if you hire a real estate agent, you can get the help you need to perform an in-depth analysis of any offer to purchase.
A real estate agent is a house selling expert who will allocate the necessary time and resources to help you review an offer to purchase. He or she can provide a recommendation about whether to counter a homebuying proposal and explain the reasons for this recommendation as well. Plus, if you ever have concerns or questions about an offer to purchase, a real estate agent is happy to address them.
Should you counter an offer to purchase? The answer depends on the home seller, the real estate market and other factors. And if you use the aforementioned tips, you can perform a full evaluation of an offer to purchase and proceed accordingly.
In some instances, it may be beneficial to reject an offer to purchase your home. Because if a homebuying proposal fails to meet your expectations, you may want to wait for another offer to come your way.
Reviewing a homebuying proposal and determining whether to reject this offer can be tricky. But we're here to help you evaluate an offer to purchase so you can decide the best course of action and feel confident about your choice.
Now, let's take a look at three tips to help you assess an offer to purchase and determine whether to decline.
1. Review the Local Housing Market
The housing market in your city or town is a major factor in the property selling journey. If you're selling your residence in a buyer's market, you likely face steep competition to sell your house and maximize its value. Comparatively, if you're operating in a seller's market, there may be an abundance of buyers and a shortage of sellers in place.
Take a look at the prices of recently sold residences and how long these properties were listed before they sold. You may want to consider the prices of currently available houses in your area that are similar to your residence too. With this housing market data in hand, you can differentiate a buyer's market from a seller's one and take a data-driven approach to decide how to proceed with an offer to purchase.
2. Weigh Your Home's Strengths and Weaknesses
You believe your home is great, but you also realize that your residence is far from perfect. As such, it often helps to weigh your residence's strengths and weaknesses relative to an offer to purchase and proceed accordingly.
For example, if a homebuyer submits a competitive offer to purchase your home in spite of its exterior damage, you may want to accept this proposal. On the other hand, if a buyer submits a "lowball" offer on your recently upgraded house, you may want to decline this proposal.
3. Consult with a Real Estate Agent
If you're unsure about whether to reject an offer to purchase, there is no need to worry. You can always hire a real estate agent, and this housing market professional can provide comprehensive support throughout the property selling journey.
A real estate agent is ready to help you in any way possible. If you need help listing your residence and promoting it to prospective buyers, a real estate agent can assist you. Or, if you want to find innovative ways to enhance your residence's curb appeal, a real estate agent can provide home exterior upgrade recommendations.
Of course, a real estate agent will work with you to review any offer to purchase your house. You and your real estate agent together can discuss the pros and cons of a homebuying proposal and make a decision that corresponds to your house selling goals.
Take the guesswork out of reviewing an offer to purchase – use the aforementioned tips, and you can decide whether rejecting a homebuying proposal is the best option.
After you accept a homebuyer's offer on your residence, he or she likely will complete a home inspection. Then, the homebuyer may choose to move forward with the home purchase, rescind or modify his or her offer or ask the home seller to complete home improvements.
Ultimately, a home seller is likely to have many questions following a home inspection, including:
1. What did the homebuyer discover during the home inspection?
As a home seller, it is important to do everything possible to enhance your residence before you add it to the real estate market. By doing so, you can boost your chances of generating substantial interest in your house. Plus, when a homebuyer performs a home inspection, he or she is unlikely to find any problems that may slow down the home selling process.
An informed home seller may conduct a home appraisal prior to listing his or her house on the real estate market. This appraisal enables a home seller to identify potential trouble areas within a residence and explore ways to address such problems.
If you failed to perform a home appraisal, there is no need to worry. For home sellers, it is important to see a home inspection as a learning opportunity. And if a homebuyer identifies problems with your residence during a home inspection, you should try to work with him or her to resolve these issues.
2. Should I stand my ground after a home inspection?
Be realistic after a home inspection, and you'll be able to make the best decision about how to proceed.
For example, a home seller who goes above and beyond the call of duty may address major home problems prior to listing his or her house on the real estate market. This home seller will dedicate the necessary time and resources to correct home problems and ensure a homebuyer is able to purchase a top-notch residence.
But what happens if a homebuyer identifies problems during a home inspection, despite the fact that a home seller already tried to correct various home issues?
A home seller should consider the homebuyer's inspection report findings closely. If minor home repairs are needed, he or she may be able to fix these problems to move forward with a home sale. Or, if a homebuyer is making exorbitant demands, a home seller may feel comfortable allowing the homebuyer to walk away from a home sale.
3. How should I proceed after a home inspection?
A home inspection can be stressful for both a home seller and a homebuyer. After the home inspection is completed, both parties will be better equipped than ever before to make informed decisions.
If a homebuyer encounters many problems with a residence, he or she will let the home seller know about these issues. Then, a home seller can complete assorted home repairs, offer a discounted price on a home or refuse to perform the requested home maintenance.
Working with a real estate agent is ideal for a home seller, particularly when it comes to home inspections. A real estate agent will negotiate with a homebuyer on your behalf and ensure you streamline the home selling process.
Want to list your house? Ultimately, you'll want to work with an expert listing agent, i.e. a housing market professional who knows what it takes to get the best price for a residence.
Let's face it – hiring a listing agent can be tough, particularly for a first-time home seller. Lucky for you, we're here to help you streamline your search for the perfect listing agent.
Now, let's take a look at three tips that you can use to find the right listing agent for your house.
1. Learn About a Listing Agent's Background
Evaluating a listing agent's background often serves as a great first step in the home selling process. It allows you to better understand how long a listing agent has worked in the real estate sector and learn about his or her industry expertise.
In most cases, you should have no trouble finding information about a listing agent online. Or, you can always call a listing agent's office for more information.
Allocate the necessary time and resources to learn about listing agent's background. That way, you can understand this housing market professional's experience, education, networking skills and much more and plan accordingly.
2. Conduct a Face-to-Face Meeting with a Listing Agent
If a listing agent looks good on paper, invite him or her to meet with you. By doing so, you can gain first-hand insights from this housing market professional and find out what separates him or her from other listing agents.
Prepare a list of interview questions before a face-to-face meeting with a listing agent. This will enable you to get the insights you need to make an informed decision.
Also, evaluate a listing agent's communication skills and personality. If you feel comfortable with a listing agent after a face-to-face meeting, don't hesitate to hire this individual to help you sell your residence.
3. Get Client Referrals
How has a listing agent helped past home sellers optimize the value of their properties? Request client referrals from a listing agent, and you can receive additional insights into how this real estate professional has supported home sellers over the years.
A top-notch listing agent should be able to provide you with multiple client referrals. Meanwhile, it only takes a few minutes to reach out to a listing agent's past clients and learn about their home selling experiences.
Client referrals can help you accelerate the process of finding the right listing agent. Moreover, they can provide insights into what it is like to work with a listing agent throughout the home selling cycle.
Lastly, be sure to ask past clients how a listing agent approached challenges throughout the home selling process. If a listing agent went above and beyond the call of duty to help past clients overcome myriad home selling challenges, he or she probably will be able to help you do the same.
Selecting the right listing agent may seem impossible at first. But with the aforementioned tips, you can choose a listing agent that will promote your residence to the right groups of homebuyers consistently.