Brian O'Neil - RE/MAX Advantage I



Posted by Brian O誰eil on 7/26/2020

Image by Steve Buissinne from Pixabay

All home sellers understand that there are some costs to selling a home, but not everyone realizes what they're expected to pay for (and how much the total will be). We'll look at the most common expenses and how they might affect your budget. 

Real Estate Agent Fees 

This is probably the first thing that comes to mind if you're selling a home. The standard rule is anywhere between 5 to 6% of the final sale price. Not all sellers will shoulder this cost, but the majority will. So if your home sells for $300,000, you should expect to hand over at least $15,000 to be split between the buyer and seller real estate agents. Please note that commissions can be negotiable, especially if you're selling in a popular neighborhood. 

Prep Work 

While none of these costs are strictly necessary, they can help you get your home ready:

  • Repairs: If you're not planning to sell the house as-is, it's a good idea to spruce up the interior and exterior of the property. Even if you're only buying a few cans of paint and a roller, the costs can add up quickly. 
  • Home inspection: Buyers will typically do their own home inspection, but sellers who go above and beyond can give themselves an edge in a competitive market. If you're going out of your way to buy a home inspection, it can show you have nothing to hide. These inspections cost a few hundred dollars and may reveal structural problems that you were unaware of. 
  • Staging: Arranging your furniture to show off the best of the home can really inspire buyers to view its potential. Whether you dress up your home with cozy touches (e.g., cashmere throws, small bouquets, etc.) or more modern decorations, it can help attract the perfect buyer. 

Additional Fees 

If you're moving out before you sell the house, you'll need to continue paying the utilities. You'll also need to check with your lender as to exactly how much you owe when you pay off the loan. Some lenders will charge prepayment fees upon early termination. You may also be asked to either pay or split the closing costs, especially if you're selling in a buyer's market. This can include anything from the title inspector fees to transfer costs. Finally, you may need to pay capital gains tax if your home skyrocketed in value or any lingering property taxes.

Some sellers end up paying closer to 10% of the total sale price of their home, a figure that can be difficult to swallow for many sellers. It's worth clarifying each cost so you always know what you're paying for.





Posted by Brian O誰eil on 9/10/2017

A persistent home seller may go above and beyond the call of duty to promote his or her residence to potential homebuyers. And as a property buyer, it is up to you to decide whether to proceed with a home purchase or walk away from a persistent home seller altogether.

Ultimately, dealing with a persistent home seller can be challenging, particularly for a first-time homebuyer. Lucky for you, we're here to help you take the guesswork out of negotiating with a persistent home seller.

Here are three tips to help you get the best results during a negotiation with a persistent home seller.

1. Learn About the Housing Market

Although a persistent home seller wants to do everything possible to find a buyer for his or her residence, it is important for a homebuyer to determine whether a residence is worth the price. As such, you should allocate the necessary time and resources to learn about the real estate market.

Look at the prices of available homes that are similar to the one that you're currently considering. By doing so, you can determine a price range for your home search.

Also, check out the prices of recently sold houses in your city or town. This housing market data will help you determine whether you're operating in a buyer's or seller's market so you can plan accordingly.

2. Establish Realistic Expectations

It is common for homebuyers and home sellers to negotiate with one another. However, it is essential to establish realistic expectations before you enter a homebuying negotiation; otherwise, a homebuyer may struggle to acquire his or her dream residence at an affordable price.

For example, a homebuyer who expects a home seller to accommodate all of his or her requests may be disappointed if a property seller submits a counter-proposal. Conversely, a homebuyer who keeps an open mind and listens to a home seller's concerns can determine the best course of action.

Also, it is important to remember that a homebuyer can walk away from a persistent home seller at any time. This means if you feel uncomfortable with the price or other terms associated with a home purchase, you can step back and restart your search for the perfect house.

3. Consult with a Real Estate Agent

If you are uncertain about how to deal with a persistent home seller, don't hesitate to reach out to a real estate agent for extra help.

Typically, a real estate agent can act as a liaison between a property buyer and seller. This housing market professional will do whatever it takes to ensure a negotiation fulfills the needs of all sides. Plus, he or she can provide honest, unbiased homebuying recommendations to help you make informed decisions throughout the property buying journey.

Perhaps best of all, a real estate agent will answer any of your homebuying questions, at any time. This housing marketing professional understands what it takes to deal with a persistent home seller, and as a result, will do everything to help you simplify the homebuying cycle.

Ready to acquire your dream home? Use these tips, and you should have no trouble buying a house from a persistent home seller.




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Posted by Brian O誰eil on 11/20/2016

After a lot of thought, you've decided to add your house to the real estate market. However, as a first-time home seller, there's plenty you'll need to know to ensure you can maximize your house's sale price. Here are three tips that every first-time home seller needs to know before you list your house on the real estate market: 1. Be realistic when you price your house. What is your home worth? It's the million-dollar question that every home seller needs to consider, because how a home seller prices his or her house may determine how quickly a residence sells. Ultimately, you'll want to be realistic when you price your house. You'll want to find the sweet spot, i.e. a price that makes your house attractive to prospective homebuyers yet ensures you receive fair value for your residence. To price your residence appropriately, be sure to get your house appraised. Also, you'll want to look at the prices of similar homes that currently are listed on the real estate market or sold recently, as this will enable you to determine the right price. Of course, pricing your home competitively will increase the chances that it will generate a lot of interest. And if you do your homework, you're sure to find a fair price that meets your needs as well as the needs of prospective homebuyers. 2. Think about what you'll want to do with your appliances. Do you want to bring your major appliances (like your refrigerator, washing machine and dryer) to your new address? If not, you'll want to account for these items and include them in the price of your home. Comparatively, you may be able to use your appliances in a home negotiation. For instance, you might seal the deal with a homebuyer who is on the fence about making an offer on your home if you offer to include your appliances in the purchase price. On the other hand, if you're in love with your appliances, you need to be ready to bring them with you to your new home. As such, you may need to lower the asking price for your house to account for the fact that a homebuyer will need to buy new appliances. 3. Take a proactive approach to promoting your house. When it comes to selling your house, you'll want to make it as simple as possible for homebuyers to find all of the information they need to understand why your residence is a great choice. For instance, using high-resolution photographs to showcase your residence online can be exceedingly valuable. You also can eliminate clutter from your home and maintain a clean, spacious residence, one that homebuyers can view at any time. Don't forget to collaborate with a first-rate real estate agent, too. With an experienced real estate professional at your side, you'll be able to promote your home to the right homebuyers at the right time consistently. Use the aforementioned tips to get ready to sell your house, and you can increase your chances of optimizing your residence's value in any real estate market.