Strategies to Pricing Your Connecticut Home To Sell
One of the first steps to selling your Connecticut home is to determine the current market value of your home. This is done by comparing your property to similar properties that have recently sold, are on deposit and currently on the market (these homes will be your homes competition). This is the process that determines the listing price of your home.
Your Connecticut realtor’s goal is to price your home competitively so that homebuyers who will be looking at similar homes, style, size, price etc…will decide to go with your home because in addition to suiting their needs, it appears to be the best value to them.
The prospective buyers’ bank will order an appraisal to ensure that the home is priced fair market value. If the property does not meet current market value the buyer will not be able to obtain financing.
Listing Your Connecticut Home
There are several types of listing agreements in Connecticut, the most common being the exclusive right to sell contract, which is typically for duration of 3-6 months. This is an agency relationship that gives the Connecticut brokerage the exclusive right to market and sell your property and negotiate acceptable terms on your behalf.
Additional addendums to this contract may be required such as lead, property condition and mold disclosures that your realtor will discuss with you at contract signing.
The commission that the brokerage will charge for this service is not a set fee it is typically a % of the sales price or can be a flat fee. These terms will be negotiated between you and your listing agent at your listing appointment.
Marketing Your Connecticut Home
A for sale sign will be placed in your yard or on the premises. Your listing brokerage will place your property on the coop MLS and the Fairfield County CLMS, which will expose your home to thousands of Connecticut realtors who are actively searching for homes for their buyer clients. If one of these agents brings the buyer who will purchase your home then a % of the listing commission (or flat fee whichever applies) will be paid to the co broke brokerage.
Your home will be marketed on various websites online, by direct mail, in print and an open house system will be implemented, which your Connecticut listing agent will go over with you in detail at your listing appointment.
Preparing Your Connecticut Home to Sell - Staging Strategies That Work
Homes that are clean, have well manicured grounds and have a fresh coat of paint are the ones that appeal to buyers. It is a good idea to have your home painted a neutral color and cleaned professionally prior to listing.
Pack all items that are unnecessary to daily living such as clutter on counters in the kitchen, personal photographs, and knick-knacks. What you’re doing is creating a blank canvas for the prospective buyers to picture their personal items here.
Clean the garage, attic and closets of all junk. Not only will this make them appear larger, but will assist the buyer in their visual moving in process. Other minor cosmetic upgrades may be helpful. Your listing agent will assess and may make additional suggestions at your listing appointment.
Conducting a Pre-Home Sale Home Inspection - Is it necessary?
It is a good idea to have your home inspected by a licensed home inspector who can inspect all mechanical systems (electrical, plumbing, structural) of the home as well as all appliances, cosmetics issues, pest infestations, particularly termite and bark beetle, and in some cases radon (for more info on radon go to http://www.epa.gov/radon/pubs/hmbyguid.html to download your home buyers and sellers guide to radon).
An inspection can pick up on potential environmental issues such as asbestos and underground oil tanks as well. Any issues can be detected, addressed and/or factored into the sales price or marketing approach of your home.
Your CT realtor can give you a list of reputable inspectors; you can also obtain one your self.
Receiving Offers to Purchase and Negotiating Terms
An offer to purchase outlining terms such as sales price, financing, closing date, occupancy, personal items requested to convey with the property and home inspection terms along with a bank pre-qualification will be presented to your listing agent when a buyer is attempting to purchase your home.
The buyer’s agent will advise the buyer on the terms of their offer based on recent market data of similar property listings that are active, on deposit and recently sold.
The buyer’s agent will present this offer to your Connecticut realtor, who will explain these terms to you. You can accept, counter or reject your offer. Your agent will advise you on the strength of the offer, which will assist you in making an informed counter and/or acceptance.
Contract Acceptance
Once a mutual agreement is reached a formal contract will be executed either by the buyer’ realtor or sellers attorney. A copy of this contract will be submitted to both attorneys as well as the potential buyer’s mortgage broker to complete the mortgage application.
As part of the sales contract the buyer will agree to obtain financing within a specified time period, this period may be extended with the sellers permission in the event that the bank may need additional time to pull the financing together.
An appraisal will be ordered by the bank to make sure that the homes sales price meets current market values based on comparable properties recently sold.
Closing Your Property
After the buyer receives his financing package a closing date will be scheduled. The attorneys will coordinate this process.
Adjustments will be made for miscellaneous items such as taxes, heating oil, etc.
A final walk through is usually scheduled within 24 hours of closing. The purpose of this is to make sure the property will be conveyed to the buyer as stated in the sales contract.
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