Tips for Our Sellers!

Thinking About Selling Your Home?

We are experts in the Pittsford, NY, market and will guide you through the entire process to sell your home or investment property. The marketing plans at Alan Wood – RE/MAX Plus assure your property maximum exposure, and we pride ourselves on personal service. We encourage you to contact our office with your questions and to discuss your individual needs.

Explore our Featured Listings to see how your house will be showcased.

Let’s Get Your House Ready for Market

Selling your home is not a quick process. Most times, our clients have lived there several years to several decades, and the property often needs to be renovated and deep-cleaned. We want our clients to get the most money for their home possible, and we will do everything we can for them to get the top dollar!

Are you interested in selling your home? Contact us to schedule a consultation.

Are You Selling a Home? View Our FAQs!

What is the difference between market value and appraised value?

The appraised value is a certified appraiser’s professional opinion of a house’s worth at a given point in time. This appraisal is required as part of the loan application process.

Market value is an informal estimate of a home’s worth. It is determined by real estate agents and brokers based on sales of comparable properties in the area.

How is a home's value determined?

There are many factors to determine a house’s value. Appraisers consider square footage, construction quality, design, floor plan, neighborhood, transportation options, shopping, and schools.

Appraisers also take lot size, topography, view, and landscaping into account. They also consider recent sales of comparable properties to determine how much a home is worth.

What standards do appraisers use to estimate value?

Appraisers use several factors when estimating a home’s value, including the home’s size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance, and indices that forecast future value.

Should I add on or buy a bigger home?

Cost: Will it be more cost-effective to remodel the current home or move into a bigger house?

Space: How much space is required? Will the foundation support the added space needed to remodel?

Zoning: What do your local zoning and building ordinances permit?

Equity: How much already exists in the property?

Local Market: Are there properties for sale within your budget that would satisfy your real estate needs?

What are some tips on negotiation?

The more you know about a seller’s motivation, the stronger a negotiating position you are in. For example, a seller who must move quickly may be willing to pay a lower price with a speedy escrow.

Remember that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller’s asking price stacks up.

How do I prepare the house for sale?

The best thing you can do to prepare your house for sale is to make sure it is in the best condition possible. Take care of any major repairs, including broken windows or a leaky roof. Enhance your home’s curb appeal, ensuring your landscape is pristine.

Also, clean your house, make sure the basic appliances and fixtures work properly, and use an air freshener to give your home a pleasant and inviting scent.

Do I need an attorney when I buy a house?

In some states, you do need an attorney to complete a real estate transaction, but in others, you do not. Most homebuyers can handle routine real estate purchase contracts as long as they understand all the terms of the contract.

You should especially be clear on the terms of any contingency clauses that will allow them to back out of the contract. If you have any questions, it may be advisable to consult an attorney to avoid future legal hassles.

What repairs should the seller make?

If you want to get top dollar for your property, you should make all minor repairs and select major repairs before going on the market.

Virtually all purchase contracts include an inspection clause that allows buyers to back out if numerous defects are found.

Will a neighbor problem reduce the value of my property?

While it may not reduce the actual value, a cluttered landscape next door can detract from the positive aspects of your home, hurting your chances of selling.

Review your local laws and check into local zoning and noise control ordinances to determine if your neighbor is in violation of any rules.

Before getting the authorities involved, you may want to make a copy of the pertinent ordinance and give it to your neighbor to give them a chance to correct the problem.

What contingencies should be put in an offer?

Most offers include two standard contingencies: a financing contingency and an inspection contingency.

A financing contingency makes the sale dependent on the buyers’ ability to obtain a loan commitment from a lender.

An inspection contingency allows buyers to have professionals inspect the property to their satisfaction.

The purchase contract must include the seller’s responsibilities. This may include maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.

Is a low offer a good idea?

A low offer can be a good idea, depending on the market. While your low offer in a normal market might be rejected immediately, in a buyer’s market, a motivated seller will either accept or make a counteroffer. In general, full-price offers or above are more likely to be accepted by the seller.

When is the best time to sell your house?

Selling a house depends on supply, demand, and other economic factors. But the time of year you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price.

The real estate market tends to pick up as early as February, with the strongest selling season lasting through May and June. Following a summer slowdown, real estate sales activity tends to pick up for a second, although less vigorous, fall market, which usually lasts into November when the market slows again.

What is the difference between list and sales prices?

The list price is how much a house is advertised for. This is usually an estimate of what a seller would like to get for the property.

The sales price is the amount a property actually sells for. Depending on how accurately the property was originally priced and on market conditions, it may be the same as the listing price.

What are the most important factors when selling a home?

Price and condition are the two most important factors in selling a home. The first step is to price your home correctly.

Second, go through the house and repair any obvious cosmetic defects that could deter a buyer. To attract buyers in a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof.

Also, make sure that your home is getting the exposure it deserves through open houses, advertising, good signage, and a listing on the local multiple listing service or online listings provider.

Where do I get information on housing market stats?

A real estate agent is a good source for finding out the status of the local housing market. So is your statewide association of Realtors, which is continuously compiling statistics from local real estate boards. For overall housing statistics, U.S. Housing Markets regularly publishes quarterly reports on home building and home buying.

How do property taxes work?

Property taxes are what most homeowners in the United States pay for owning a piece of real estate. On average, property taxes are 1.5 percent of the property’s current market value. These taxes help pay for public services and are calculated using various formulas.

Are property taxes deductible?

Property taxes on all real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.

What is an impound account?

An impound account is a trust account established by the lender to pay for real estate taxes, mortgage, and homeowners insurance premiums as they are received each month.

What is seller financing?

Seller financing is when a seller helps finance a real estate transaction by taking back a second note. In some cases, the seller even finances the entire purchase if they own the home free and clear.

This is different from a traditional loan because the seller does not give the buyer cash. Instead, they extend credit against the home’s purchase price while the buyer executes a promissory note and trust deed in the seller’s favo

What are the benefits of seller financing?

Seller financing offers tax breaks for sellers and alternative financing for buyers who can’t qualify for conventional loans. If you are a seller, you face the same risks as any lender. It is always good to consult a lawyer when putting together this kind of transaction.

Can you sell a home for less than its mortgage?

Yes. In some cases, you can sell your home for less than what you still owe on the mortgage. But it depends on the lender. This is known as a “short sale” and is often complicated. It’s a good idea to consult a Realtor when considering a short sale.

How does a home go into foreclosure?

Lenders will initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations. This is usually after the borrower misses three payments.

The lender will notify the borrower in writing that they are in default. Unless the debt is satisfied, the lender will foreclose on the mortgage.

How long do bankruptcies and foreclosures stay on a credit report?

Bankruptcies and foreclosures can remain on a credit report for seven to ten years. Some lenders will consider a borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender’s decision.

How does someone sell a slow mover?

If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if you missed cosmetic defects and can be repaired. You should also ensure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and online listings.

Another option is to pull your house off the market and wait for the market to improve. If you have no equity in the home and are forced to sell, you could discuss a short sale or a deed-in-lieu-of-foreclosure with your lender.

Ready to sell your home? Call us to get started!

Alan Wood RE/MAX Plus

2171 Monroe Ave
Rochester, NY 14618

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Monday - Sunday 8:00 AM - 5:00 PM

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585-748-9876

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alan@alanwoodteam.com

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