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real estate market

4 Factors That Affect The Saleability of Your Home in West Michigan

Helping my clients sell their homes is my favorite!! There are 4 major factors that we need to discuss that will determine the success of the sale.

Pricing

Pricing your home according to the current market is a key factor in a successful sale.

Which factors are key to determining the value of a property? Location, design, amenities, competing properties and economic conditions.

Which factors have no bearing on the property value? Price that the seller paid for their home at the time of purchase, amount spent on improvements, assessed/taxable value assigned by the municipality.

Creating the Right Pricing Strategy is something that we as a team (Realtor & home seller) will discuss as we go through the process.

Market Conditions

The only constant in the real estate market is change. It is always fluctuating and shifting. As your trusted real estate advisor, I will help you determine the pros and cons of listing your home in the current market conditions. It really depends on your ultimate goal whether or not the time is right for you to sell your home.

Two of the most frequently talked about real estate market descriptions are, Buyer’s Market and Seller’s Market. We will discuss which of these markets the current conditions favor.

Property Condition

Your home does not have to be a 10 out of 10 to sell, but the condition is an important factor on how much your home will sell for and how quickly. Major repairs should be taken care of prior to going on the market (if it is not an option it needs to be reflected in the price).

Staging is a popular term out there in real estate world. This can mean as little as thinning out all of the clutter to completely altering the paint, flooring, decor and landscaping to make the home more attractive to potential home buyers. This is absolutely something I will guide you through. I absolutely love this part of the home sale process!!

Market Exposure

Your home can be in the best location, be priced properly and show like a brand new build but if it doesn’t get the right exposure, it won’t sell.

Marketing your property is my jam! From writing the best possible listing description, to creating social media ads, to making sure that the professional listing photos show your home in it’s best light, highlighting your home to agents that are working with potential homebuyers in the area, open houses, the list goes on. I will do everything I can to ensure that your property has the maximum exposure possible.

Get these 4 factors right and you’ll be receiving a great offer in no time! Let me help you in your journey! Send me a message and we can get started.

Tips For Winning in a Bidding War

  • Have your pre-approval letter or proof of funds in hand. You may have a great offer to submit, but if you can’t back it up with proof you are qualified to purchase the home the seller may just move on.
  • Make a cash offer if you are able. If not, make as large a down payment as possible, and use a lender that communicates effectively with all parties.
  • Offer more than the asking price. Your agent should do a comparative market analysis to give you a good idea on the home value as soon as you decide to make an offer. If it’s not too out of line with the CMA or your budget, offer more than the asking price.
  • Keep your offer clean and simple. Don’t ask for contingencies that aren’t necessary to closing the transaction.
  • Shorten the inspection period. Asking for a 5 to 7 day inspection period instead of the traditional 10 lets the seller know that you aren’t going to waste anyone’s time. Find a home inspector who has availability to schedule your inspection as soon as your offer is accepted. 
  • Have your earnest deposit ready. Offer an escrow deposit that sends the message that you are serious about your offer and have the funds ready to turn in as soon as your offer is accepted. You may want to include a copy of your escrow check with your offer. 
  • Offer flexibility with your closing date. Convey through your agent that you are willing adjust the closing date to suit the seller’s needs.
  • Consider an escalation clause. Let the seller know your offer isn’t the highest you will go by including a clause stating that you will increase your offer, up to a set price, if the seller shows you a higher offer from another buyer. 
  • Offer an appraisal gap guarantee. If you have the funds available, this is a great way to lessen the risk of an appraisal falling short of the price that you have agreed to pay for the home. The seller will be more comfortable taking your offer knowing that you are willing to make up the difference if the appraisal comes in lower.
  • Be diplomatic with negotiations after your contract is signed. Remember that the seller has other interested parties to fall back on. If you turn ugly after the contract is signed, making additional demands or not following through with your promises, the seller may hand you back your deposit and work with someone else.

I’m happy to discuss these ways and others that I have used with my clients when winning in bidding wars. Message me today to schedule a consultation or click on this link to see what times I have available!