Home Sellers Information
Are You Ready? Or Just Curious?
Are you looking to sell your home in the next year or so are you just curious about the value of your home? Either way – We’d be happy to chat with you in person.
For an in-depth consultation on home buying and today’s market place, please call us today.
Is This the Right Time to Sell?
Are you wondering if this is a good time to sell? In our area we’re seeing a market where home values have rebounded and are steadily climbing. If you market and price the home correctly, you may have multiple buyer offers coming through within days of a property going on the market. And, if you’re looking to upgrade, it’s more affordable than ever with low mortgage rates. (Interest rates are raising this last quarter of 2018)
Are You Ready to Sell?
If you’re considering selling your home, you’re probably interested in one big question – How much is your property worth?
Determining the market value of your home is complex and working with a local market expert like us can help you determine the right price to get you top dollar when you’re ready to sell.
Whether you’re looking to move quickly or just want to explore your options, we are happy to help.
What is a Comparative Market Analysis?
A Comparative Market Analysis or CMA is a report that contains valuable information on several recent real estate sales. It will include information on:
- How long each property stayed on the market
- How close the sale price was to the asking price.
- Notes comparing each home to yours
Reviewing comparable homes that have sold within the past year, along with the listing or asking price on current homes for sale, should help you determine a fair sale price for your property.
Getting Familiar with Market Activity
If you’re considering selling your home, one of the things you may want to do is stay up-to-date on real estate sales in your local market. The more you know about what kind of homes are selling, the better feel you’ll get for the market value of your home.
Marketing vs. Listing
Putting a ‘For Sale’ sign in your front yard is not a marketing plan. Making sure your home is on the MLS isn’t either. The difference between listing a home and marketing a home is crucial to success. A solid marketing plan will bring qualified buyers to your listing and get you top dollar for your home.
Costs of Selling Your Home
Selling your home is typically about making a profit. You shouldn’t forget however that there are costs associated with real estate transactions. Here is a quick reminder of the expenses you’ll need to account for when you sell your home.
- Mortgage balance and any home equity loans
- Mortgage prepayment penalty (if any)
- Pre-sale preparations like repairs, updates, and cleaning costs
- The real estate broker compensation
- Capital gains tax, but only if you don’t qualify for an exclusion.
- Moving costs
Boosting Your Home’s Curb Appeal
What would buyers see if they drove up to your home? Take a look. Stand outside your home and try to look at it through a stranger’s eyes. First impressions are lasting impressions. If buyers see paint peeling, a crack in a window, or an unkempt yard, they are apt to speculate that there are other, more substantial things wrong with the home.
First impressions are lasting impressions
That first impression, or curb appeal, can make the difference in the amount of money a buyer is willing to offer.
Here are some suggestions to enhance the curb appeal of your home:
- Mow the lawn, clean up the yard, and prune the shrubs
- Scrub or paint the front porch and door
- Check porch/deck and hand railings to ensure they are secure
- Wash the windows; make them sparkle
- Pick up and put away toys and bikes
- Check that lawn furniture is in good repair, or store it away
- Add charm with pots of flowers
- Repair and paint the fence, if necessary
- Repair the roof, gutters, and downspouts as necessary
These improvements are essential. A prospective buyer, when met with an untidy home, can’t help but wonder if there are problems with the rest of the house.
Now that you know there’s nothing better, than a Great First Impression
What’s the first thing a potential home-buyer will notice about your house? If your house’s front exterior is lacking appropriate ‘curb appeal’ it’s unlikely that buyers will even make it through the front door. So whether you’re getting ready to sell your home or are just looking for an easy way to improve your property value, taking small steps to improve your curb appeal can be a simple, worthwhile investment.
The best ways to improve your home’s curb appeal are the most obvious one
It doesn’t make a lot of sense to add ornamental flowers if your lawn is yellow and dead. A new door knocker won’t do much if your home’s paint is chipped and falling off. Taking a nice long look at your house will make it clear what project you should tackle first.
Try looking at your house from someone else’s shoes
There are lots of ways to add curb appeal to your home and sometimes the list of suggestions on how to do so can be overwhelming. Try standing at the end of the driveway or even across the street. Ask yourself: What would my neighbors notice about my house? You might even want to take a few pictures of your home’s exterior and send them to a friend or relative. They might be able to see things that you wouldn’t.
Small details can make a big difference
If you’re looking to change your home’s curb appeal but you don’t want to make a big investment, don’t fret. There are lots of small, low-cost ways to add additional charm and character to your home’s exterior and make it more appealing to potential buyers.
Get your home ready with a little elbow grease
Often, the most impactful and cost-effective way to improve your home’s curb appeal is simply taking time to clean and touch up the house’s exterior and front landscape.
Inspecting Before You Sell
Are you concerned about any of the major systems in your house? Have you put off any costly repairs that will need to be addressed by a new owner?
“…knowing about the issue and getting competitive estimates on how to fix it gives you a distinct advantage…”
If there are any concerns about your property, you should consider ordering a comprehensive inspection on your home before putting it on the market. Depending on the results of the inspection, you may decide to fix the system before listing your house or you may decide to disclose the issue when you list the home. Either way, knowing about the issue and getting competitive estimates on how to fix it gives you a distinct advantage when you are negotiating with buyers.
We’d be happy to refer you to a home inspection service in our area anytime.
Minor Repairs Can Yield Top Dollar
Imagine you are a buyer looking at your home. What do you think obviously needs repair?
Money spent on repairs can make a difference in the final sale price for an important reason. Buyers tend to overestimate the cost of performing repairs and will often reduce their offer by a higher amount, in order to compensate for the expense.
A better strategy is to perform the repairs before putting your house on the market.
Simple repairs that make a huge difference in marketability and offer price are:
- Replace cracked windows and torn screens.
- Fix or replace any broken stairs or handrails.
- Fix leaking plumbing fixtures of faucets.
- Replace exterior lock sets and garage door openers if damaged.
- Replace broken or leaking gutters and downspouts.
- Clean, repair, or replace the roof.
- Repair or replace any worn boards on decks or porches.
- Have your heater and air conditioning units serviced and filters replaced.
First impressions are key. Taking care of the necessary repairs before putting your home on the market is important to yielding top dollar and ensuring a quick, hassle-free sale. We’d be happy to come by and make some recommendations on how to create an inviting atmosphere. Homes that convey pride of ownership often receive the best offers.
“A better strategy is to perform the repairs before putting your house on the market.”
Home Improvements When You’re Thinking about Selling
If you’re seriously considering selling but still want to make improvements to it while you’re still living there, let us make two important suggestions.
- Stay neutral in style: No one wants to rip out home improvements that are obviously recent but don’t meet their personal tastes. Any changes you make should play to the largest possible audience.
- Consider your neighbors: Keep in mind that your property is going to be judged directly to other comparable homes in your area. Take a look at homes near you that are listed around the same price as your property whenever you considering making changes to your home.
“Any changes you make should play to the largest possible audience. “
Get Your Home In Shape for Showing
Homes that have been well-maintained and convey pride of ownership appeal to perceptive, motivated buyers. Below are some simple steps you can take to ensure your home is in “show shape” when you are ready to sell.
- Clean or replace carpets and/or other flooring, such as vinyl or hardwoods.
- Wash the windows and window coverings.
- Clean the kitchen and baths until they sparkle.
- Clear and pack away clutter and sell or store excess furniture.
- Clean your closets–extra storage space helps sell homes.
- Paint or touch up any rooms that need it. Use neutral colors, which have more universal appeal.
- Take down family pictures and other personal decorations. The more your house looks like your home, the harder it is for buyers to imagine themselves living there.
- Clean the basement and garage. Neatly stack and store boxes.
Your home’s cleanliness and appeal create an unconscious impression. That impression can determine the likelihood of an offer.
Don’t fall into the Overpricing Trap
Pricing strategy is one of the most important elements in selling real estate.
To get top dollar, it’s essential to price a property accurately for the current marketplace. The reason is simple. Virtually all buyers search for properties online before scheduling time to see a listing in person. That means these buyers know in great detail what comparable homes are listed for in your area. If you overprice the property, you risk having your home sit on the market with few buyers who will consider viewing (let alone putting an offer on) a home that is clearly more expensive than comparable homes.
“To get top dollar, it’s essential to price a property accurately for the current marketplace.”
This lack of interest can lead to a compounding issue. If your home is listed for a longer than average time, you will have created a perception problem. Buyers often assume that there is something wrong with a property that’s been sitting on the market for too long.
When you fall into the overpricing trap, corrections can be costly. To generate enough interest in your property, you may be required to drop the price below what would have originally been considered market value. Instead of giving yourself room to negotiate with sellers, you will have set yourself up for selling a property under market value.
Negotiating with Buyers
When it comes to selling your home, you’ll want someone who can negotiate effectively on your behalf. Initial offers on your home are only the starting point of the negotiating process.
We will help you evaluate all offers from buyers without damaging other prospects and ensure you receive top dollar for your home.
Selling Your Home: Tax Implications
Did you know that you can exclude up to $250,000 for an individual or $500,000 for a married couple from your taxable income when you sell your home? The profit that you create by selling your property can be yours, tax free, as long as you meet the requirements.
“The profit that you create by selling your property can be yours, tax free, as long as you meet the requirements.”
To exclude the full portion of the money you make from the sale of your home, you will need to have lived in your house as a primary residence for at least 24 months in the 5 years previous to the sale date of the property. This is considered the 2 in 5 rule.
If you do not meet the minimum occupancy requirement you still may be able to exclude a portion of your gains if you are selling your house because of circumstances related to your health or to your job. If this property is a real estate investment, your profits will be considered taxable income and will be subject to state, federal and self-employment taxes. You can defer all capital gains taxes in a 1031 exchange if you are planning to reinvest the proceeds of your real estate sale into a new property.
It’s always a good idea to speak with your accountant or a certified tax specialists to understand the full impact that selling your home will have on your tax liability.
Why Choose Us?
As full-time real estate professionals, we have the necessary experience to see you through your home buying and selling process.
Our areas of expertise include:
- Calculating an estimate of the market value of your home in El Paso Texas
- Crafting marketing strategies to sell your home based on accurate information and research
- Promoting your property to other REALTORS® and buyers
- Holding and supervising open houses
- Drawing up contracts and negotiating terms
- Providing guidance when you seek financing
- Coordinating inspections, appraisals and contingency dates
- Screening potential buyers and reviewing their offers before presenting them to you
- Negotiating offers and counter offers
There’s no substitute for expertise. We invite you to use ours to assist you in buying or selling a home in El Paso TX and Fort Bliss area.
Here are some of the things we do when marketing a property for sale in El Paso, Texas.
Marketing your Property
- Ordering a “For Sale” sign to be placed prominently on your property
- Installing a lock box to make it easy for real estate agents to show your home. The use of lock boxes increases the willingness of other agents to show properties. (We do not list properties if no lock box is permitted)
- Submitting your home to the Multiple Listing Services (MLS)
- Developing a flyer/brochure of the property
- Holding a monthly open house for the general public, and an open house exclusively for Realtors during the second week of the listing
- Sending letters and/or flyers to your neighbors to promote the property
- Promoting your property within our company. (Over 160 Realtors)
- Featuring your property on our company website, our personal websites and all the major real estate websites like Zillow.com, Trulia.com, Realtor.com, Homes.com, Homefinder.com, just to name a few
- Promoting your property on social media
- Creating a You tube video
- We will be using Professional High-Quality pictures of your property to advertise/promote on all websites, social media and printed materials
- Expose your listing in all National & International ERA offices. (41 countries)
- Your house will be promoted in the Cartus Relocation Program.
Managing the Transaction
- Negotiating Offers and explain all offers to you. With our real estate experience and skills, we will advocate your interests.
- Review the contract and obligations before you sign.
- If there are contingencies, we will explain the process
- Filling out the necessary forms.
- Staying in contact with buyer’s agent to ensure a smooth transaction.
- Following up on the progress of the buyer’s loan
Closing the Deal
- The last 10 days are the most stressful days when selling a home, but we will guide you on how to make it as easy as possible.
- Prepare the house for delivery.
- Explaining the HUD statement and most importantly the profit of the sale.
- Accompanying you to title company to sign all documents and close the real estate transaction.
Communication is the biggest concern for most buyers and sellers.
We are always available to answer your phone calls, texts or emails to clear out any of your questions or concerns.
These are some of the important things that we do when listing a property for sale, contact us to find out the rest of them.
The Purple House Real Estate Group of ERA Sellers and Buyers Real Estate
Alex Huereca Realtor®, Mobile Number 915-253-5245
Jeff Llamas Realtor®, Mobile Number 915-422-4946
Joey Paniagua Realtor®, Mobile Number 915-319-1891
Jerry Duran Realtor®, Mobile Number 915-228-5207
Jenn Huereca Realtor® and Property Manager, Mobile Number 915-630-2232