For us to determine an accurate sales price for your home, several factors need to be considered. We will research data from homes that have sold in your neighborhood and surrounding areas during the last 6 months and find an accurate market value relating to the price per square foot of comparable homes. We will then make adjustments to the price based on upgrades, floor plan, year built, etc. We can give you an accurate sales price you can expect to sell for based on current market conditions.
The market value of a home is constantly changing and is determined by the price a seller is willing to sell for and the price a buyer is willing to pay. The tax appraised value of a home is on record with the local appraisal district, is usually less than the market value of a home, and is the value that is taxed at the end of the year.
A home appraisal is a valuation given by a certified appraiser that is adjusted for market value based on similar homes that have recently sold in the area. The cost for an appraisal is generally between $400 and $500. For a buyer to get approval for their loan on your house, the home must appraise at or above the sales price. There are several options if the appraisal comes in low. 1. The seller can accept the appraisal amount as the new (lower) sales price for the home. 2. The seller and buyer can terminate the contract. 3. The buyer can bring the difference between the lower appraised value and the sales price as cash to closing.
Seller closing costs generally include the title policy on the home, the total commission negotiated with the real estate broker selling the property, the seller’s portion of taxes prorated for the year, document preparation fees to the title company, and the survey. A close estimate of total seller closing costs is 7.5% of the sales price.
Depending on market conditions, your home may sell as fast as a few hours, or 3-6 months. Currently we are in a seller’s market and homes are selling very quickly with Blackshear Realty Agents. Call us today and we can prepare an analysis to show you list price vs. time to sell based on your market area. We will sell your home quickly and for the highest amount possible using our proven marketing strategy.
Buyers will subconsciously make decisions about your home within seconds of driving up. Is the yard well maintained along with the bushes and flowerbeds? Does the trim and siding look clean and bright? An attractive exterior will tell a buyer that you care about your home and you have taken great care of it, inside and out! To maximize curb appeal: Wash the windows, clean the front door, give the door and trim a fresh coat of paint if needed, plant some flowers and mow the lawn. A great first impression goes a long way to sell your home. The exterior of the home affects the buyer’s expectations of the interior.
De-cluttering the interior of the home along with a good deep cleaning can mean thousands of dollars more in your pocket. A clean home will also allow our photographer to shoot the best pictures of your home. A buyer’s first impression when walking through the front door can sell a home instantly.
Some small repairs should be made to the home before listing it on the market, unless it is priced to sell “as-is.” Contact us and schedule a walk-through for further recommendations on preparing your home for the highest selling price.
Everyone signing documents at closing will need their driver’s license and a pen!
In Texas, the seller typically pays for the title policy. A title policy guarantees your title does not have any liens, judgements, or claims against it. This is important to prospective buyers because it shows that you have a clear title to the property and are in a position to sell it.
The survey can be purchased by either the seller or the buyer, and is a negotiable cost in the transaction. If a seller has a pre-existing survey of their home, the lender may be able to use it instead of ordering a new one to be completed.
Sometimes a buyer will need to sell and close on their current home before a lender will approve them to purchase another. When this situation arises, a buyer will attach a contingency along with their offer on your home. The contingency states that they will close on their home by a certain date, and then use the proceeds to purchase your home. We suggest accepting or rejecting contingencies on a case by case basis. One deciding factor where we would recommend accepting a contingency might be if the buyer already has his current home under contract and is about to close. Accepting a contingency changes your homes listing status from Active to Option Pending on the market, which may deter other buyers from making an offer. Our experienced agents can help you make the right decision whether to accept or reject a contingency on your home.
Only items permanently attached to the home stay with the home when you sell, unless you list it as an excluded item in the contract. Some items which are permanently attached but may be excluded might be a mirror, a tree in the yard, wall mounts for TV’s, or drapes and curtain rods. Items not attached to the home that are usually taken with the seller include: the refrigerator, washer, dryer, and furniture.
Just like the seller, the buyer has specific closing cost that relate to their side of the transaction. These closing costs typically run the buyer 3 ½ percent of the sales price plus the down payment amount. The appraisal, lender charges, down payment, title fees, and home inspection are all part of the total closing costs for the buyer. Some buyers may also choose to escrow their insurance and taxes. Lenders usually require 12 months of pre-paid homeowners insurance and a few months of taxes to hold in escrow for these payments due at the end of the year.
An option period gives a buyer the option to terminate the contract for any reason without losing their earnest money if they terminate during that time (usually 7-10 days after the contract is executed). The buyer will pay a non-refundable fee (usually $100-$200) to the seller and will perform their inspections on the home during this time. Any repair negotiations must be completed during the option period as well.
Sellers in Texas are required to fill out a Seller’s Disclosure Notice for potential buyers. When it comes to the condition of the property, it is required that the seller disclose any and all defects on the home that are of the seller’s knowledge. It is also important to let your agent know if you have a survey on the home or any additional paperwork pertaining to repairs or improvements. An agent can inform you on further disclosures that need to be made.
Some buyers may not have enough cash out of pocket to cover their down payment and closing costs, so we raise the sales price in the contract and “roll in” their closing costs. When a buyer finances some of their closing costs, it is listed in the contract as seller contribution. This amount is deducted from the sales price, and therefore; the seller’s net proceeds, and credited to the buyer for use towards the appraisal and lender fees. Many of our buyers finance some of their closings costs this way. Your agent will make sure that you are comfortable with the sales price and carefully go over any seller contribution added into an offer on your home.