WHY SELL WITH A REALTOR?
The statistics are clear when it come to selling your home. According to a 2017 study performed by the National Association of Realtors, homes sold by owner account for only 8% of home sales. The average FSBO property sold for $190,000, while the average home sold by a real estate professional sold for $249,000. *
*Source: 2017 National Association of REALTORS® Profile of Home Buyers and Sellers
Financial considerations aren’t the only reason people decide to list their property with a professional. Homeowners choose to list with a neighborhood expert like The Irace Group because of the knowledge, marketing acumen, negotiating prowess and access to services that a typical homeowner doesn’t possess. There are many safety concerns as well to be considered.
BEFORE YOU LIST – CHOOSE THE RIGHT REALTOR
If you have chosen to hire a real estate professional to sell your home, there are several factors you should consider in order to choose the right agent.
Do not automatically choose the realtor who quotes the highest price to sell your home. A realtor must be able to back up their suggested list price with recent comparable homes sales in your neighborhood with similar construction, square footage, rooms, style, lot size, etc.… An honest assessment of your home is guaranteed to provide the best results.
Consider a real estate agent who can show they have experience selling homes in your neighborhood. Understanding the strengths of the community, it’s schools and amenities are key factors your real estate professional can utilize when negotiating on your behalf.
Ask how the realtor plans to market your home. Every home is unique, so it makes sense that marketing plans should be customized, too. Items worth discussing include staging advice, virtual tours, marketing flyers, exposure not only on the MLS but social media and real estate websites as well, email campaigns, broker’s only events and the pros and cons of a public open house.
You should feel comfortable with your agent, perceiving a sense of honesty, integrity, professionalism and patience. As a home seller you will have questions you want answered throughout the process, updated neighborhood marketing statistics, feedback from showings and reassurance that everything is going to be okay! A good rapport with your realtor is an important element in your decision-making process.
The Irace Group has worked for many years to become the “go to” Realtor in the southwest suburbs. Their core values provide a strong indication as to why they can sell over 65 homes annually, yet each client feels like they are Karen and Mike’s top priority. These core values include:
Setting demanding standards and striving always to exceed them.
Always demonstrate uncompromising integrity.
Never deliver more than is promised.
Always demonstrate professionalism.
Respond to all requests in a prompt and professional manner.
Maintain all promises and commitments.
Accept personal accountability in all situations.
Their motto says it all -
Respect is Earned
Honesty is Appreciated
Trust is Gained
THE SELLING PROCESS
PRIOR TO LISTING
After you have determined who will list your home, there are several key decisions which must be made. First and foremost is the list price. Your realtor will provide evidence of the current marketplace and suggest a price range. The decision as to the actual price ultimately falls to the seller. Once that has been settled upon, logistics such as showing times, notice before a showing, best way to contact all parties and obtaining a key for buyer agent access all need to be settled.
Conscientious realtors like Mike and Karen will walk sellers through the home, suggesting updates, touch-ups or repairs that would benefit the sale. Ways to de-clutter will also be discussed. Clearing off countertops, taking down some family photos and creating more space in the kitchen and closets will go a long way towards creating a great visual of the property.
Curb appeal is also a very important factor when selling a home. Sellers should take the time to create an impactful statement for buyers before they even step into the house.
Once all the staging, de-cluttering and maintenance has been completed, and a deep clean has been done, your realtor will make arrangements to photograph the home. Additionally, the agent will obtain vital data including home specifications and information relating to any updates, special features or recent repairs.
Once all the details have been collected, your realtor will enter your listing into the Multiple Listing Service. From there, a plethora of real estate websites will also publish the listing content and photos. In conjunction with publishing your listing, a lockbox and sign will be placed on the property.
ON THE MARKET
Once you home is officially on the market, the marketing plan that had been agreed to will be implemented.
If it has been decided that your Realtor will host a Broker’s Event, it will typically occur within the first two weeks on the market. Area realtors will visit your home offering their opinion of the property and consider clients they are working with who may be interested in viewing the home.
Showings will be scheduled and take place. Your real estate professional will contact the buyer’s representative after the showings to obtain feedback on interest, price and overall reaction to the property. This feedback will then be passed along to the seller. Any market fluctuations will be reviewed with the seller.
Once an offer has been received, your agent will review the contract and present the offer to you. The contract will provide the seller with details such as the proposed purchase price, earnest money, down payment, closing date and any contingencies that the buyer would like you to consider. Signed disclosures and a letter of pre-approval from a quality lender should also be provided.
Throughout negotiations, the seller is kept in the loop until an acceptable agreement has been reached by both parties.
Once an offer has been accepted and all parties have signed the contract, a home inspection, at the buyer’s expense, will likely be scheduled. Concurrently, both the buyer’s and seller’s attorneys will begin a review of the contract and the buyer’s lender will begin the mortgage approval process. An appraisal will also be ordered by the lender. The lending approval cycle takes approximately 30-45 days. Diligent agents like the Irace Group will remain in close contact with the seller’s attorney and buyer’s agent to ensure adherence to the agreed timeline in the contract. Updates will then be provided to the seller.
Once the mortgage has been approved by the lender, the closing will be scheduled. Prior to the closing, the buyer’s agent will schedule a final walk through, so the buyer can verify the condition of the home is as promised.
As a seller, you will have the option of attending the closing. Many sellers enjoy meeting the new homeowner and sharing information about the house and community. Both the buyer and the seller will sign their individual set of closing documents. Your attorney will summarize the documents for you and explain the various closing costs associated with the sale. A representative from the title company will then record the transaction and all monies will be disbursed. The buyer will be given the keys at the end of the closing.