Selling Process in Vermont

Although home appreciation has leveled off in some markets over the course of 2007 and 2008 that does not mean that a sellers still can not get asking prices for their homes. The sale may take a bit longer, but a little creativity can help sellers move homes without having to drop the price.

Vermont Investments offers the following suggestions for sellers who want to speed the process.

Price Your Home According to the Current Market: Just because a house comparable to yours sold for a very high price last year does not mean you will be able to realize the same price when selling your home now. Work with a full-service real estate professional to determine the appropriate, competitive listing price for your home. Remember that in this market, your sales associate may encourage a list price in accordance with other homes currently on the market, rather than those previously sold. Visit the recent sold homes to get a sense to your homes value (Find Your Home's Value).

Be Thankful for Appreciation: While price appreciation has slowed in some markets from 2006 to now, it is important to look realistically at the financial gains you have made over the years through your home equity. According to the Office of Federal Housing Enterprise Oversight over the last five years through June 30, 2006 existing homes in the U.S. appreciated more than 56%.

Make Your Home More Marketable: When a buyer sees your house for the first time, a critical first impression is made. If applicable, maximize curb appeal by trimming trees and planting flowers. A fresh exterior coat of paint might also prove valuable. Consider neutral colors for interior walls and carpets. Dark colors on walls, along with unnecessary clutter, make rooms look smaller.

Conduct a Full Home Inspection: If repairs are required, it is a good idea to go ahead and fix the problems. Potential buyers will cast an extremely critical eye over your home and, in a situation when more houses are available on the market from which to choose, they may take a pass on a home that needs too many repairs. Be sure to have the home inspection report available for prospective buyers itemizing all of the repairs that have been made and the associated cost for each.

Offer a Seller's Contribution: A seller can sweeten the deal by including offering assistance to the buyer in ways that do not require lowering the asking price. These tactics can allow your home to stand out from the crowd. For example:

Offer to buy down the interest rate on the buyer's mortgage.
Offer to pay a portion of the buyer's closing costs.
Cover the buyer's mortgage payments for up to the first six months. Depending upon the size of the mortgage the buyer can save several thousand dollars and the seller still gets the original asking price for the home. Again, depending on the mortgage, the seller will get more for the home than if he or she dropped the asking price by $10-, $20- or even $30,000.
Many condos and houses across the country belong to home owners associations that require annual dues. Paying the first year's fees could be a big incentive to a buyer nearing the limit of his or her liquid assets.
Offer to pay off a buyer's bills. According to Realty Times, some loan programs allow sellers to pay off the credit card debt or auto loans of the buyer which will help him or her qualify for a better mortgage and prevent the need to buy a smaller, less expensive house.

Don't Worry. Properly priced homes that do stand out from the competition are selling. Ask me how long a properly priced home should remain on the market. The consumer sometimes believes a market's home inventory is how long it will take for a home to sell. This is likely not the case. Time on market is a different statistic that is usually more important to the seller.

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service real estate. In 2006, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system number one in real estate and number eight among all franchisors. The Coldwell Banker System has more than 4,000 residential and commercial real estate offices and 127,700 Sales Associates in 30 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury properties through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country. Coldwell Banker Real Estate Corporation is a subsidiary of Realogy Corporation (NYSE: H), the world's largest real estate franchisor. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.

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Presented by Nick Riina, Vermont Realtor
346 Shelburne Road · Burlington, VT 05401
802-846-9559 · 802-658-7616 (fax) · nick@vermontinvestments.com
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