Your Puget Sound Realtor

Q...How long will it take to sell my home?

A...While Sellers don't like to hear it...the answer is "It depends."  Several factors impact how quickly a home might sell--and many of those factors are in the hands of the Seller.  It's a proven fact that--regardless of market conditions--homes that are properly prepared for sale and priced correctly will sell faster than homes that are poorly presented and over-priced.  This is especially true in a "Buyer's Market"--a condition that exists when there are large numbers of homes available for Buyers...and the homes are staying on the market for long periods of time.  While Sellers used to be able to count on a good response from Buyers if they were "competitive" in their pricing, today's market dictates that your price must be "compelling".  If not...plan on sitting on it for a long period of time. 

This brings up another misunderstood aspect of pricing a home.  While many Sellers believe that you need to price your home high --"because Buyers will always offer less"--this can actually COST a Seller money.   In spite of today's market, Sellers who understand this--and stage their homes for sale--are often  receiving multiple offers...many at prices HIGHER than the listed price.  They're also selling quickly.   Homes that start out over-priced are likely to sell well below what a Seller could have gotten with a more "compelling" price.

Another factor impacting the market time for your home is the price range that it's in.  While homes for "first time Buyers" are selling quickly...upper-end homes are often staying on the market for a considerable length of time. 

In short...rely on the expertise of a Realtor--just as you would your Doctor--to guide you through the process.  Find one you can trust--then listen to his/her advice. 

Q...How much will it cost to sell my home?

A...Most of the costs associated with selling your home are based on a percentage of the selling price, with the lion's share of the cost falling into 2 categories--real estate commissions and the State's excise tax.  As a "rule of thumb", you can plan on a total of about 6% being split between the person you elect to market your home and the person who represents the Buyer.  Those 2 agents will then be expected to pay a fee to the real estate broker where the agents have their license.  That fee is often about 50% of what the agent is paid for his/her services.

The State's excise tax is approximately 1.78% of the selling price--even if you elect to sell the home yourself.  When you consider this--and the fact that most Sellers who elect to sell their home without someone to represent them will STILL probably end up paying an agent who brings a Buyer--the small savings of trying to sell the home on your own probably isn't worth the hassle.  This is especially true when you consider marketing costs and the drain on your time for showing your home to prospective Buyers.  If you work outside the home, your availability is also limited--which further limits the exposure of your home to Buyers.

One of the services I provide to prospective clients is a projected Net Proceeds Estimate--as a part of a detailed Market Analysis for your home.  In addition to recapping the estimated costs of selling your home...it also provides you with "bottom line" equity projections--based on 3 different selling prices.  What's even better is that this service is FREE.

Q...When will you show my home--and what's the procedure?

A...Before going into the second part of your question, I think I should touch on the first part of your question.  Prior to the impact of technology, the person you chose to market your home was usually the person who actually SOLD it.  That isn't the case in today's real estate market.  The internet--and the resources of the NWMLS (Northwest Multiple Listing Service)--now make it possible for over 14,000 Puget Sound real estate agents to search for homes like yours.  Since this increases the visibility of your home to Buyers, it's more likely that another agent will actually provide the Buyer for your home.

As to your question about the procedure...there are several components.  First...I'll install a NWMLS keybox--making it possible for agents to show the home when you aren't here.  This is a great feature, because it increases the exposure of your home--resulting in a faster sale than if you had to be here.  Since ready access to your home is so important, I do not recommend limiting showings to scheduled appointments.  This significantly restricts an agent's ability to show your home, because he/she is usually showing more than 1 home to a Buyer--and it's impossible to know how long it will take to actually get to your home.

In addition to limiting access to licensed real estate professionals, the keybox also keeps track of who was in your home--and when.  An added benefit is that it also sends me a notice of the showing--enabling me to contact the agent for feedback.  Throughout the entire time your home is on the market, I'll be providing you with on-going feedback--especially as it relates to Buyer responses--so we can react to market trends quickly.  This is a critical component--because we don't want to miss the all-important early market time.  Homes that stay on the market very long become harder to sell--and usually end up selling for far less than the home was originally listed.  A common phrase in real estate is "If it's not NEW--it's not NEWS."  Buyer's will almost always want homes that are NEW on the market--not one that other Buyers have already rejected.

Prior to visiting your home, an agent will call you to schedule an approximate time for showing the home to his/her client.  While most agents will try to give you plenty of time before arriving with their Buyer, it's not uncommon for an agent to see your home when showing other homes in the neighborhood--resulting in a knock at the door or a last minute call.  If the timing is convenient--and you're home--go ahead and let the agent show the home.  If not...ask them to come back at a later time.  If you're not home when agents call, they will leave you a message indicating their plans to show the home--then use their electronic access key to remove your key from the keybox.  They are also required to leave a business card when they show your home.

This brings up another point.  Do not allow someone to enter your home who does not have a real estate business card.  This is to protect you from possible harm--and limit the likelihood that someone is looking at your home for anything other than a possible purchase.  It's also important that you have the agent use his/her electronic access code to remove the key from the keybox.  As I mentioned above, this enables me to know who has been in your home.

In the event there are special circumstances--such as someone who works at night & sleeps during the day--we can limit showing times to agents.  This can be done with written showing instructions on the NWMLS listing...and the keybox can even be programmed to limit access to specific times.  While these are options, it will significantly reduce the showing activity for your home.  Another issue that might limit showing activity for your home involves pets--especially dogs.  Since some Buyer's are allergic to animals, it's usually best if evidence of their presence is minimized.  If you have a dog--every effort should be made to remove it before any showing.  This will eliminate fear as an obstacle to showing the home.

And finally...if an agent contacts you for a showing, it's important that you leave before they arrive.  This enables a prospective Buyer to view your home without reservation.  It also makes it possible for Buyers to discuss what they like and don't like about the home--while they're still in it.  Doing so often eliminates what might have been a negative for one of the Buyers.

Q...Can you also help me find a home?

A...I'd be happy to help you find your next home--and can even help you find a Realtor if you're moving out of state.  Since John L. Scott Real Estate is part of the largest relocation network in the United States, I can put you in touch with a quality real estate professional almost anywhere you go.  As a side benefit...I also reduce my fee for SELLING your current home--when you use me to buy your next home--so you'll have more money to put toward your purchase.  While my listing services are worth every penny I charge...I also want to express my appreciation when you give me an opportunity to help you with another transaction.