Selling a Home

Selling a Home in Orange County

Thinking of selling a home in Orange County? Before selling your home you should ask your analyze your current situation of why your are selling. You may be selling a home and moving up to a dream house or you may be buying your first home. Here are some home selling tips to make the selling a home as smooth as possible.

When Selling a Home Time is Money

When selling a home it's a good practice to place your home for sell on the market as far in advance as possible of buying a home. This is important because it provides you with time to prepare and coordinate the selling of your home and buying a new home. If you find a new home first and then try to sell your home, you may wind up with two mortgages.

Remember that when people move, sell and buy, there typically is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. Put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply.

Talk to a Mortgage Professional before selling your home

Why talk to a mortgage professional before selling my home? This is a common question but the reason is simple. Before selling your home, you want to make sure that you can qualify for and afford a mortgage to buy a home in the price range and area you want. If you do not qualify for a mortgage to buy your next home, you will probably not sell your home.

Get a free mortgage consultation before selling your home. Once you know that you can buy another home then you can begin the following steps of selling your home.

Before Selling a Home Check The Curb Appeal

A home that is visually appealing and in good condition will attract potential buyers driving down the street and yield a quicker and higher price sell. Use this checklist to view the home through an outsider’s eyes.

Are the lawn and shrubs well maintained?
Are there cracks in the foundation or walkways?
Does the driveway need resurfacing?
Is the garage door closed?
Are the gutters, chimney and walls in good condition?
Do the window casings, shutters, siding or doors need painting?
Are garbage and debris stored out of sight?
Are lawn mowers and hoses properly stored?

Selling a Home The Inside Matters Most

Strong curb appeal will lure home buyers inside, but the inside will sell your home. It may not seem fair, but a home buyer looks at the inside or you home and judges how well you have kept up your home overall. Here is a checklist of easy improvements you should make to your home’s interior before selling a home:

Clean windows (inside & out), floors and bathroom tiles
Make sure you have clean heating and air conditioning filters
Shampoo and clean all carpets
Clean tubs and showers, repair dripping faucets and oil squeaky doors
Keep your home neat, clean and picked-up at all times
If a room needs a fresh coat of paint, use a neutral off-white.
Remove unnecessary clutter from the garage, closets, etc and straighten stored items
If your home is crowded with too much furniture, consider putting some things into storage.
Think about how your home smells. You may be used to the smell of a pet or cigarettes, but such odors can be a strong turn-off to home buyers.

Setting the Mood for Selling a Home

Finally, set a mood for the buyer to help you to sell you home more quickly and get maximum sells price. Here are some last minutes details you should do every time you show your home to a home buyer:

Make your house homey with live flowers and fresh fruit
Set out fresh guest towels and soap in the bathroom
Place scented potpourri around the house
Pop a batch of frozen cinnamon rolls into the oven for a welcoming aroma.
Open blinds and curtains and allow natural light and turn on lights

Remember, cosmetic changes do not have to be expensive. Attention to the basics—anything that says “this home has been carefully maintained”—that will help you get the price you want.

Selling your Home For Sale by Owner or with a Realtor

Some homeowners decide to sell their homes for sale by owner to save the commission charged by a real estate agent. The commission rate may vary but it is generally upwards of 5% - 6%.

Selling your home for sale by owner also means you will be responsible for placing ads, answering phones and showing your home to strangers. What’s more, home buyers who know you are saving on the real estate commission may offer less for your home, wiping out the financial benefit of doing it yourself. Orange County Real Estate Center.net can help you with selling your home for sale by owner for free - email us for more information on selling your own home.

Selling a Home with a Realtor

Here are some of the advantages professional real estate agents offer in exchange for their fee:

They will help you establish a fair asking price for your home.
They will promote your home to other agents and list your property in multiple listing services ( MLS ) - multiple listing service is a computer database that all real estate agents who subscribe to the service can access for up to the minute listings.
They will create, pay for and place advertising for you.
They will schedule appointments to show your home to prospective buyers even when you are not there.
They can weed out buyers who will not qualify for a mortgage.
They will help you negotiate with the buyer.
They can make suggestions to help make your home more attractive to a potential buyer.

If you decide to sell your home with a real estate agent be sure to talk to several agents before picking the one to help you with selling your home. Take a walk through your home with a real estate agent should give you a feel for how that Realtor will handle prospective buyers when selling your home. Be sure to interview prospective real estate agents and ask how they plan to market your home. Do not list your home with a real estate agent just because he or she suggests the highest asking price. Negotiate the broker’s commission prior to listing your home for sale, and sign a listing agreement for a limited period of time—usually three to six months. If your are selling your home and you want to interview a few real estate agents, please send us an email and we will refer you the top home selling real estate agents in your area for you to interview.

Setting a Fair Price when selling a home

When selling your home setting a fair price will often net you more money that asking a artificially high price. Pricing your home correctly will often create a multiple offer situation causing the home buyers to compete against one another ( much like an auction ).

Selling you home with too high of a price tag will scare off potential buyers. Setting an artificially high price may cause your property to languish on the market for months (while you continue to pay interest on the current mortgage). Reducing your asking price later on may lead home buyers to wonder if there is something wrong with your home. Here are some of the factors to consider in pricing your home.

Your location
Economic conditions
Supply and demand in the local housing market
Seasonal influences
Local schools
Average home prices in the neighborhood
Your home's extras -- pool, fireplace, central air, etc.

To determine the value of your home, you probably will want the advice of a real estate agent or real estate appraiser. For a free real estate appraiser opinion of your homes value send us an email. Ask an agent to prepare a market analysis for you, showing the recent selling prices of three neighborhood properties comparable to your own. The agent can help you adjust for the unique features of your own property. Get a free, no obligation market analysis of your homes value.

Qualifying a Buyer when selling your home

When selling a home it is important that either you or your real estate agent quickly weed out potential buyers who cannot really afford to buy your home. This will save you time, money, and frustration of opening an escrow that will not close. A number of factors will help determine whether or not you are wasting your time.

The buyer's debt and credit history
The buyer's current income and employment
The buyer's cash position and availability of a down payment
The length of time the buyer needs before closing on your home
How interested the buyer appears to be in your home versus others

If you are selling a home for sale by owner and you need help weeding out home buyers who cannot afford to buy your home - send us an email for our free home buyer qualifying service.

Tax Implications of Selling a Home

Selling a home can have a major impact on your federal and state tax returns. Check with your tax consultant on the factors that may affect taxes resulting from the sale of your home. For example:

Whether you purchased the home or acquired it by gift or inheritance
Whether you used your home partly for business or rental
Costs associated with selling your home
Home improvements or additions, which may help to offset capital gains
The sale of your home. In certain cases you can exclude up to $250,000 in gain ($500,000 for married couples filing a joint return) on the sale of property that was your principle residence for at least two years. Generally, you can use this exclusion every two years.

Selling a Home in Orange County

If you are selling a home in Orange County, please feel free to contact us via email with any questions regarding selling a home or by phone at: (800) 931-7377

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