With mortgage rates hitting record lows and more demand than supply, the housing market in Austin continues to be attractive for home sellers.
This morning Jena Dubon, of On Air Realty, joined us this morning with some help for those looking to cash out and sell their home.
How does the process of selling your home work? What are the steps that we need to know?
JD – The first steps you want to take is to reach out to us as we have a pre-listing consultation. This way when we meet in person we have all the necessary information for your specific situation. For example, if you’re moving out of state we can help with making that process very simple and connect you with one of our agents. If you’re wanting to sell & move into another property or even invest we have options available to you. Then we set up a time to meet in person. I like to be very pressure free but extremely knowledgeable to help you make the best decision for you
So how do you price homes in this market?
JD – We go off numbers just like an appraiser would. I pull numbers right after I view the property in person and we discuss what things need to be done to make the home ready to be put on the market and to get you top dollar. If you want to sell a property “as is” we have options for that as well. What we do is watch the market for getting the house “make ready” which is always advised. We also advise for staging. Staging on average gets about 10% more then if it’s not staged. Then right before we go on the market we re-pull numbers to see if anything has recently closed out at a higher amount and also see what our competition is. We also provide our clients a net sheet with all charges not only realtor commissions but title company fees, your proration taxes tax certificate etc. We want you to have a full understanding of what you are getting.
What are you, as an agent looking for in this market when it comes to receiving offers?
JD – Great question – there are a lot of factors that come in to play when reviewing offers. I always make a net sheet for my clients on the top offers. Sometimes the highest price is not the best offer. To make numbers very simple, let’s say that we’re getting $10,000 over asking price and this buyer says they’re not willing to pay for some of the HO a transfer fees. That’s the lower offer if they’re asking for a new survey or stating if the existing survey does not work. For their lender, the seller will pay for a new survey and that’s my seller or less money. If they have long periods for them to exit out of the contract it makes their offer weaker and the biggest thing is if you are getting financing and you are in a multiple offer situation going above asking price we are expecting for you to give an appraisal waiver. If the buyer does not, your seller will net significantly lower. So let’s say for example we have multiple offers on the property and it’s priced at $400,000 and our highest offer received is $500,000 over asking that’s $100,000 difference in list price. But the buyer has chosen to select the option that states that the property has to appraise or they can terminate and get the earnest money back. Their offer is just as good as my list price at this point. But if I have somebody who offers me $450,000 and gives me a full appraisal waiver with no time needed for loan approval their offer is much stronger when it comes to my numbers. And this goes back to those numbers I run when we go to list your property. I have to see what the appraiser is saying in order to price correctly.
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