While your GMAC Real Estate Northwest Real Estate Agent will handle the details and legwork of the home selling process, you may find it helpful to review the Six Critical Elements of a Sale.  Having a basic knowledge of real estate will help you to feel less stressed through one of the most important events of your life, buying or selling your home or property. 

1.  Determining the List Price

Before you set an asking price (or list price) for your home, your GMAC Real Estate Northwest Real Estate Agent will complete a Comparative Market Analysis (CMA). Your Sales Associate is trained to determine the most appropriate sales price for your home by working with you in evaluating several factors.   When setting a realistic fair market value of your home, you’ll want to consider the following:

• Don’t base your asking price simply on what you paid for the home, or what you currently owe. You may be asking too little or too much.  Buyers will also likely be working with a Sales Associate who will complete a Comparable Market Analysis for their client, and they will know what the value of your home is as well.
• Determine how much time you have in which to sell your home. If you must sell quickly, your sales professional may suggest a more competitive price or offer more favorable terms.
• In order to judge your competition, your GMAC Real Estate Northwest Real Estate Agent will provide you with recent sales of comparable homes in your area, as well as homes currently available in your price range which will be your competition.
• Don’t take a chance by pricing your home too high. It will just make your competition look better. You will lose a large pool of eligible buyers who may not even consider looking at your home because it’s out of their price range.
• Consider marketplace trends.  Your agent will be an excellent resource in this matter. 
  

After evaluating these areas, your GMAC Real Estate Northwest Real Estate Agent will assist you in establishing a realistic listing price.  Once you’ve set the price for your home, your GMAC Real Estate Northwest Real Estate Agent will customize a sales and marketing program that will target exposure to a large segment of potential buyers. 

2.  Property Location

Another very important factor in selling your home is location.  You’ve heard the saying a thousand times; “location, location, location.”  However old the saying is, the location of your home truly is one of the biggest factors when selling.  Buyers may consider any or all of the following when determining where they want to purchase a home: 

• Proximity to area schools
• Proximity to area amenities including hospitals and shopping centers
• Proximity to expressways and public transportation
• Street traffic/neighborhood noise
• Property tax expense

3. Property Condition

Buyers consider the structural and mechanical integrity of your home as well as the upkeep and cosmetic appeal.  To get top dollar for your home, before putting it on the market, make sure it is in good condition from top to bottom.  Anything that is in disrepair will show up on a home inspection and, depending on the severity, could quite possibly affect the sale of your home.  

In addition to getting your house in tiptop shape, you want to do the same with your lot.  Your lawn doesn’t have to be as perfect as a putting green, but it should appear healthy, well maintained and nicely manicured.  

Your GMAC Real Estate Northwest Real Estate Agent will counsel you on what you can do to maximize the value of your home, making it even more appealing to buyers.  

4. Market Conditions

Market conditions play a major role in the sale of your home.  Influential factors include: 

• Interest rates
• Competition from other properties
• The economy
• Consumer confidence
• Weather
  

These factors are beyond our control; therefore your GMAC Real Estate Northwest Real Estate Agent will respond to these conditions by suggesting the appropriate marketing and price considerations. 

You’ve probably heard the term “seller’s market.” In a seller's market (also referred to as a “hot” market), homes sell quickly.  Often in a seller’s market, there are fewer homes on the market, meaning less competition.  This also means you have a better chance of receiving your asking price, and in fact, you may even be offered more. 

On the other side of the coin, in a “buyer's market” (also referred to as a “flat” or “cold” market), sales lessen, more homes are available making the inventory high, and buyers often find great deals on houses.  If a seller is motivated (perhaps he is paying the mortgage on both the home he is selling and a new home ), the selling price may be reduced, resulting in a bargain for the buyer. 

5.  Contract Terms

In real estate, the terms of the sale can make or break a deal.  House sale contingencies, closing dates, and exclusions of accessories or fixtures should always be handled up front, in order to avoid any confusion that could affect the sale.   This is another area where your GMAC Real Estate Northwest Premier Service Real Estate Agent will make your life easier.  Your Sales Associate will handle the necessary details of drawing up the contract and confirming facts, figures, and details. 

Essential terms found on a real estate contract include the following:

• Names of the buyer(s) and seller(s)
• Property description
• The good faith earnest money deposit
• Purchase price and exact terms of sale
• Personal property to be included and excluded in home sale (i.e. refrigerator)
• Amount of time acceptable for purchase offer
• Professional inspection
• Seller’s disclosure of known defects
  

6. Marketing

When marketing and advertising are done correctly, your home will sell more quickly and command a higher price.  Every property is unique, and therefore your GMAC Real Estate Northwest Premier Service Real Estate Agent will design a marketing plan to target the segment of buyers who would likely be most interested in purchasing your home. 

You’re probably familiar with many real estate marketing tactics.  Soon after listing your home with a GMAC Real Estate Northwest Real Estate Agent, a Yard Sign is placed in your front yard, and ads are placed in the local newspaper and real estate magazines.  Your agent may hold an open house to allow interested parties to tour your home and ask questions.  Your house will also be displayed on the Internet.

Beyond this "surface" marketing, your GMAC Real Estate Northwest Real Estate Agent is working behind the scenes to sell your home.  This includes marketing your home to other real estate agents, in addition to home buyers.