How to Purchase and Sell a Home at the Same Time

What happens when you have to buy and sell a house at the same time?
We have a few tips to help you successfully juggle both transactions.

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Call us at (904)-250-0805 for a FREE home buying or selling consultation.

How do you buy and sell a home at the same time?

Do you buy your next home first, or do you put your current home on the market? Some people may want to sell their current home, but only if there is something better available on the market.

No matter your situation, there are a few things you need to do when buying and selling at the same time.

First of all, make sure that you’re working with a professional Realtor. You should work with someone who helps homeowners buy and sell at the same time on a regular basis.

Secondly, your contract needs to be set up properly from the start. If there is a mistake at the beginning, you won’t be successful in the end. When that happens, you may be left without a home for a couple days or fail to close on the new house.

A real estate team will be able to monitor your transactions better.

Finally, make sure that you work with a real estate team, not just an individual Realtor. When you work with a team, there is a dedicated person to monitor both of your transactions. They will keep track of everything involving the title company, the lender, and the seller’s agent. We have a specialized team that puts these deals together on a regular basis so there won’t be any gaps while you move in and out of properties.

Keep in mind that in some markets it’s better to put your home on the market before finding a new one, while in other markets you should find your next home before listing your current one.

If you have any questions about this process, just give us a call or send us an email. We would be happy to find a plan that works best for you.

The Top Mistakes to Avoid When Hiring a Listing Agent

How can you make sure that you hire the best agent to sell your home?
Avoid this major mistake most sellers make.

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Selling a home? Click here to use our FREE home evaluation tool.
Call us at (904)-250-0805 for a FREE home buying or selling consultation.

If you are thinking about selling your home, there are a few things you should know in order to hire the right listing agent.

One of the biggest mistakes I see sellers make is focusing on the price the agent says they can sell the home for. Many sellers also put too much focus on the commission that an agent will charge.

Although these two factors are important, there is a lot more that goes into selling your home. Obviously, sales price and commission impact how much money you net at the end of the day, but there are a few other things to consider when interviewing that agent.

First of all, what is the agent’s history? How much success have they had selling homes? Are they a new agent? Do they only sell a few homes a year?

You should also look at how often they will communicate with you throughout the process. According to the National Association of Realtors, the chief complaint buyers and sellers make against real estate agents is a lack of communication. Ask the agent what their plan is to keep you in the loop during the transaction.

Your agent should have a written, proven marketing strategy.

Next, ask about the agent’s marketing plan. If their only plan is to put your home on the MLS, that’s probably not the best agent for you to work with. There is a lot more that goes into marketing a home, so look for an agent with a full marketing plan that can be outlined in writing.

Again, don’t just focus on the price the agent claims they can sell your home for. If an agent does give you a value, make sure that they have comparable sales to support that number. If there aren’t any, then the agent is probably trying to buy your listing.

When this happens, the agent tells you a high price to make you feel good about your home. Then, over the next three to six months, the agent will beat you up on price every week because the house isn’t selling.

The reason that strategy is not in your best interest is that the longer a house stays on the market, the lower your offers will be. Ultimately, if your home isn’t priced appropriately in the first 30 days, the market will reject the price and you will sell your home for less money than you should have.

Finally, remember that a low commission rate doesn’t always get you the best value. Look for an agent who will offer you different commission plans. That way, you can pick the one that best fits your budget and gives you the most amount of service.

If you have any other questions about hiring a listing agent or selling a home, just give me a call or send me an email. I would be happy to help you!

Should You Get Your Home Appraised Before You List It?

A common question I’m asked is, “Should I get my home appraised?” Today I’ve laid out of the pros and cons of getting an appraisal up front.

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Selling a home? Click here to use our FREE home evaluation tool.
Call us at (904)-250-0805 for a FREE home buying or selling consultation.

There are many sellers out there who are preparing their homes for the market, and they ask me, “Should I get my home appraised before I list it?” I have a list of pros and cons to help you make that decision.

First, what is an appraisal? An appraisal is a third-party opinion of the value of the property and is coming from a certified appraiser— a licensed professional who comes out and takes any sales that have happened in the last 12 months in a certain area. They then also make adjustments for bedrooms, bathrooms, and any other unique features to the house.

The typical cost of an appraisal is between $300 and $500, depending on the complexity of the appraisal. One way an appraisal can become complex is if it’s a brand new construction home. They’ll certify it one way if it isn’t a resale, but if it is, they’ll certify the value a different way.

The typical cost of an appraisal is going to be between $300 and $500.

A key benefit to getting the appraisal done up front is that it can let you know a price point where you can start marketing your property. Then you won’t have an issue on the back side when it goes under contract and you already know what it could appraise for.

Another benefit is appraisals remove some risk for the buyer when done up front. Buyers feel more comfortable that the value can be proven when looking at the home.

The downside of having an appraisal done up front is that it only proves the value of your home on paper. It doesn’t take into account what someone is actually willing to pay for your property, or how the market will be when you list your home.

A lot of times we find that the market value and the appraised value never match one another, so you’re taking a risk—and maybe even setting yourself up for failure if your appraised value is much higher than what the market is willing to pay.

If you have any questions about this or any other real estate topic, or you’re looking to buy or sell a home, please give me a call. I’d be happy to help!

Questions to Answer When Considering a Price Reduction

Price reductions aren’t always necessary. Sometimes you just need better marketing or the home needs to be in better condition.

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The conversation of “Is it time to drop the price of my home?” is one we have quite frequently with our sellers. When they see their home sit on the market for longer than others, it’s a question every seller inevitably has.

Part of this conversation revolves around the current price, while the rest of it revolves around the property’s condition, as well as where the property is being marketed. Those are the three main influences for us. Before we get into price reductions, let’s talk about the home’s marketing and condition.

We always ask our clients the questions that get to the heart of their home’s marketing; things like what websites the home is being marketed on and which social media platforms you are utilizing tell us whether you’re getting a wide variety of exposure.

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Part of this conversation revolves around the home’s condition.

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The home’s condition plays a huge role in any of these discussions. Professional photos are a must-have, and they need to show the property in its best possible light. After that, it’s all about getting the home show-ready.

After we’ve looked at condition and exposure but before we’ve made a price reduction, we want to take a look at the showings that the property has been getting. If there have been a lot of showings, we know we are priced within the realm of possibility. However, if we aren’t getting any offers, we will typically do a 1% to 3% price reduction to give the buyer an incentive to move on the property. If we aren’t getting any showings but we’re getting a lot of views online, that’s when we know we will need to make anywhere from a 5% to 10% reduction in price.

If you have any questions for us at all, don’t hesitate to reach out by phone or email. We look forward to hearing from you.

What Is your Home Really Worth?

What is your home worth? The answer depends on the reason you’re asking the question.

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You’ve probably seen the ads out there that tell you to just enter your address to get an automated estimate of your home’s value. Websites like Zillow have features like this too. You’ve got a few different options out there to get a valuation for your home, but do they truly tell you what it’s worth?

Before you figure out where you’re going to get your valuation from, you have to ask yourself why you are getting it. If it’s purely for informational purposes, any automated system will satisfy that curiosity. They are typically within 5% to 15% of your home’s value. A rough estimate, if you will.

However, if you want something more that you can use to determine a potential sale or refinance, you want to get in touch with a professional Realtor. A third-party site won't be able to give you accurate data. A Realtor can go through the numbers and tell you what to expect from the market.

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If you just want a rough estimate,
any online tool will do.

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If you’re thinking about refinancing, a Realtor can help determine if it’s the right move. Any refinance will require an appraisal, so the Realtor can look at your home’s current value and determine what it will appraise for.

A good Realtor can look at the latest market numbers to determine your optimal price. In this case, they aren’t looking at what the home will appraise for; they are looking at what the market will pay for it in today’s environment. It’s based on what homes have sold for, what homes are under contract, and what homes are currently on the market.

If you feel like you need more than just an automated estimate, reach out to a local professional. If you have any questions for us or would like our assistance, don’t hesitate to give us a call or send us an email. We would love to help you out.

6 Common Home Selling Pitfalls and How to Avoid Them

As a homebuyer, there are a few things you can do when you make an offer to
get the price that you want. I will go over my top three tips today.

Looking to sell your home? Click here to use our home evaluation tool. Looking to buy a home? Click here to search all Coastal Florida homes for sale.

When you sell your home, there are six things that can sink your sale.

Today, I wanted to give you some tips on how to avoid these six sale sinkers.

1. Don't go it alone. Use a Realtor to help you, because 90% of all home sales take place with a Realtor. Last year, the National Association of Realtors found that homes that were sold 'for sale by owner' sold for an average of $210,000, while homes sold with a Realtor sold for an average of $249,000. Homes sold with a Realtor sell faster, too.

2. When interviewing agents, don't make your decision based on the price they tell you for your home. Instead, ask what they will do to market your home and what kind of pricing strategy they will use.

3. Don't trust the automated values. It's easy to get an automated value from sites like Zillow or Trulia. In many cases, we find that these automated values are either much higher or much lower than the home's true market value. Make sure you get a complete equity evaluation on your property that uses many points of data, not just one set.

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It's easy to go to Zillow or Trulia, but
you can't trust their automated values.

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4. Make sure you have professional photos taken of your home. Buyers on the Internet gravitate toward homes with great photos, so don't try to take listing photos of your home with an iPhone. Even if you have to wait an extra week to list your home for the photographer to take their pictures, it's well worth it.

5. Don't ignore your agent's requests to do some fixes to your home, or at minimum, a deep clean of the house. Buyers are very sensitive to a home's presentation, so if you could also stage your home, it would be the best of both worlds.

6. Don't refuse to negotiate. At times, you may receive a really low offer on your home. The best way to handle this is to give a counter offer no matter what, even if it's just $100 off your list price. I say this because you always want to keep things moving forward. When you draw a line in the sand, it takes the opportunity to potentially bring that buyer back into your camp away. When an offer doesn't meet what we're looking for, we tell them 'We really appreciate you taking the time putting the offer together, but unfortunately, it doesn't allow us to exit the property the way we need to, so we'd like to give you a counteroffer back at...'

If you have any questions about these tips, don't hesitate to give me a call or send me an email. I'd be happy to help you.

How to Handle Contingent Offers

There are two types of contingent offers. How you handle either one depends on what kind of market you’re in.

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Since our market has been changing the last couple weeks, I’ve seen more and more contingencies out there. What do you need to know about contingent offers? How should you handle them?

There are usually two types of contingencies: contingencies upon the sale of another property and contingencies upon the closing of an existing property.

The first contingency means that the house is either on the market or is about to go on the market, but there is no contract on it. This is a very open-ended contingency because we don’t know how long it could take for that property to sell.

The second contingency means that the property is on the market, it has a contract, and there is a defined closing date. This contingency is a lot more typical in the marketplace. You see this a lot with move-up buyers who have a home to sell and can’t qualify for both mortgages, so they get their house under contract and go find another house, and it’s still contingent on the closing of that property.

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How to handle a contingency depends on the market you’re in.

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How you respond to either contingency depends whether you’re in a fast-moving or slow-moving market.

If you’re in a fast-selling market (e.g. houses are selling in 90 days or less), I would not advise that you put yourself in a position to accept a contingent offer upon the sale of another property, but I would advise that you consider a contingency on the close of an existing property.

If you’re in a slow-moving market, you have to weigh factors like how strong the offer is, whether you’re getting terms and conditions that are acceptable, and whether you can define the amount of time you’d give the buyer to sell their property. A good amount of time would be 30 to 45 days to get their house under contract. If they’re giving you a good price, then it’s something you should strongly consider.

If you have any further questions about contingencies or have a topic in mind you’d like me to address in the future, please feel free to email me or give me a call. I look forward to hearing from you!

How to Respond to Early Offers

If your home is for sale and you receive early offers, do you know the best way to handle them? Your best course of action depends on what kind of market your neighborhood is currently in.

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If your home is for sale and you receive early offers, how should you handle them?

You want to start by identifying whether you're in a buyer's market or a seller's market. Certain neighborhoods have a lot of inventory and are in a buyer's market, while some have low inventory and a lot of people wanting to move in, creating a seller's market.

If you're in a buyer's market, you want to respond to the offers as quickly as possible and keep the buyers engaged; we don't want them moving on to the next property. If you're in more of a seller's market, we will sometimes say that no offer should be accepted in the first seven days. 

Also keep in mind your motivation to sell. Are you in a time crunch? Do you have a pending relocation? Do you have another property that you've bought and need to close on?

These are the things you'll need to weigh as you receive early offers. If you are highly motivated to sell, you want to respond as soon as possible to keep that buyer engaged and moving forward.

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Identifying the state of your market can guide your decision making.

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If you have no time constraints or anything pushing you to sell right away, you can draw it out a bit and see if you can get some additional offers. You also need to consider whether the buyer who put in an offer has a certain time period for response in their contract.

If you're currently on the market or you plan to sell a house in the future, this information should help you decide the right course of action for your situation. If you have any questions, please don't hesitate to call or email me. I'd be happy to help you out. 

4 Keys to Living in Your Home While Selling It

Knowing how to live in the same home that you’re trying to sell is as easy as following these four tips.

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Living in your home while trying to sell it doesn’t need to be a complicated or stressful experience. Here are four tips you should follow to make sure you don’t get overwhelmed:

1. Start packing. Moving day is going to come before you know it, and you want to make sure that you’re organized and not doing everything at the last second.

2. Make sure the house is squeaky clean. It’s important to remember that buyers are seeing all kinds of properties out there, including model homes that are in perfect condition. We know that you have to live in the house, but it has to be as clean as possible for every showing.

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Make sure your house is clean and available for any showing.

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3. Maintain your privacy and safety. Make sure you remove all valuable items and any weapons and store them in a secure location.

4. Make your house available to be shown. Clear your schedule and do everything that you can to accommodate any showing that’s going to happen. Whether you’re in a slow or fast-moving market, you want to make sure that the house is always available to be shown within reason. Our general rule of thumb is to leave a one-hour notice if someone calls requesting a showing.

If you have any more questions or have a topic you would like me to cover in our next video, please feel free to email or give me a call. I look forward to hearing from you!

How to Sell Faster Than Your Neighbors

The first thing you’re going to want to do to sell your home faster than your neighbor’s is update the landscaping. Even if you already have a beautiful layout, just adding a little bit of mulch or replacing some old vegetation can pay huge dividends. It can all be done with minimal cost, whether you want to do it yourself or hire a landscaping company.

The second tip is to make it appear as if you’ve moved out of the house. When we’re out showing homes to buyers, they tend to react better to homes that have a lot of open space. Attaining this aesthetic usually means decluttering the home and purging it of all large furniture. If it’s an option to move out of the house completely, I would definitely make that recommendation. If it’s not, you can also look into renting a storage facility for a temporary period of time.

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Not pricing the home right can lead to a longer sales cycle and a lower selling price.

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The third tip is to repaint and install new flooring. If you’re asking yourself whether you need to repaint or refloor, the answer is always yes. If a house has been lived in, it will inevitably acquire scuff marks and other unsightly blemishes. From a painting standpoint, make sure you’re using neutral colors. From a flooring perspective, don’t use anything unique, as that will limit its likability.

The fourth tip is getting professional photos done. If your house is listed with low-quality photos, that will definitely impact buyers’ opinions of it in a negative way. Make sure you have a professional photographer that provides the right lighting and the right angles to make each room look the best it possibly can. Buyers make snap judgements based on these photos, and the saleability of your home depends on whether they can convince people to step away from their computer and pay a visit.

The last and most important tip is pricing your home right. If you don’t price it right from the beginning, it will lead to a longer sales cycle and a lower selling price. When we start looking at values, there are two numbers that we deal with: what we can prove, and the market value. A lot of times those two numbers are very different, so trust your Realtor when they go through the process and handle the pricing.

If you have a topic you’d like us to cover or have any questions regarding real estate, please don’t hesitate to give us a call or send us an email. We’ll talk to you soon.