Sell Your Columbus,Ohio Home Quickly With The McMichael Team
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Know Why You are Selling
If you know exactly why you are selling then it is easier for you to follow the right plan of action for getting what you want.
If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities. It does not mean that you won’t or cannot get the highest price, but it means that the price is not the deciding factor.
A buyer who can give you a quick closing time will appeal much more to you than a buyer who can offer you more money but the negotiation and closing time drag on.
It’s always good to know how low you will go, in terms of selling price. This will help to eliminate some of the offers that you find simply offensive or ridiculous. Even though you should consider all offers seriously and take into consideration the terms of each offer, sometimes, if you know the bottom line and are strict about it, you can save yourself time.
Once you know what your limits and reasons are, discuss them with your agent so that they can help you set your goals realistically. If you decide to list your home on your own, make sure you do research on the current market, and you get the proper advice you need in terms of legal issues, etc. The key is to be realistic and to know what your goals are so they can be met.
Plan of Action
- Analyze why you are selling – If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.
- Prepare your home for the buyer – Maximize the strengths of your property and fix up its weaknesses. You want the buyer to walk away from your home with a lasting good impression.
- Find a good real estate agent that understands your needs – Make sure that your agent is loyal to you, and can negotiate to help you achieve your goals. In addition, they should be assertive and honest with both you and the buyer.
- Be prepared for negotiation – Learn and understand your buyer’s situation; what are their motives? Can you demand a big deposit from them? Try to lock in the buyer so that the deal goes through.
- Negotiate for the best price and the best terms – Learn how to counter offer to get maximum value from every offer.
- Make sure the contract is accurate and complete – Be honest with your disclosures; you do not want to lose the deal because you were lying or diminishing your home’s defects. Insist the buyers get a professional inspection. This will protect both you and the buyer.
Finding the Right Agent
Not all agents work the same way. The most important attribute of an agent is that he/she is well connected to the real estate industry. He/she should know the market and provide information on past sales, current listings, his or her marketing plan, and at least 4 solid references. In addition, you also want to look for an agent that is honest, assertive, and one that best understands your needs.
Try to go with a local agent. They can better serve your needs because they should be more familiar with the local market conditions, local prices, and what’s hot or not in your community.
Considering Offers
When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a seller.
Some terms that may work in your favor:
higher-than-market-interest in a second mortgage for your home
the buyer will pay for most or all of the closing costs
the buyer will take care of any repairs
quick close – the buyer is pre-approved, ready to close in a timeframe that best suits you
all-cash deal
When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs.
Setting the Price
The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.
Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:
houses in your price range and area that were sold within the last half-year
asking and selling prices of houses
current inventory of houses on the market
features of each house on the market
Questions About A Property
Quick Property Search
For Sale By Owner – A Good Idea?
FSBO (pronounced fizz-bo), or For Sale By Owner, is a way of selling your home without the use of a professional real estate agent or broker. The idea behind FSBO is that by selling your home yourself, you save the approximate 6% that would be the agents’ commission.
6% may not sound like a lot, but it can add up, especially on more expensive homes. But before you run off and decide to sell your home FSBO, you must remember that to get savings like that, there must be a cost. So what’s the catch? Selling FSBO is hard. A lot harder.
Only about 10% of sellers that decide to do FSBO are successful at it. And not all of them end up saving themselves money. FSBO sellers often end up accepting a lower price for their home than they would with an agent.
There are of course other issues as well. Can you afford to make selling your home your full-time job? Because for a lot of FSBO sellers, that’s exactly what it is. Do you have the time and capital to spend on the marketing, advertising, inspections, paperwork, phone calls, showings, and problems that come up when any home is sold?
Selling with a professional agent also has other advantages. An agent can get your home listed on the MLS (Multiple Listing Service) and other popular websites where not only homebuyers but also other agents can easily find it. Professional real estate agents also have an extensive network that allows them to more easily find a buyer.
So before you decide to sell your home yourself, thoughtfully consider just how much time and effort you can spare for selling your home, as well as how important it is that your home sell sooner rather than later.
Recent Posts
The impact of home renovations on property taxes
“I'm proud to be paying taxes in the United States. The only thing is - I could be just as proud for half the money .” - Arthur Godfrey
Introduction:
Home renovations are a common method for updating, enhancing, or expanding your living area. Whether it involves upgrading the kitchen, remodeling a bathroom, or adding a room, these projects can enhance your quality of life. However it's important for homeowners to be aware that renovations can also result in an increase in property taxes.
Not all renovations will increase property taxes. It depends on the type and extent of the renovation.
Understanding Property Taxes
Before we delve into the effects of renovations, lets first gain an understanding of property taxes. Property taxes are imposed by governments to finance services like schools, roads, and public safety initiatives. They are typically calculated based on the assessed value of your property.
Property tax rates differ from one location to another and are generally expressed as a percentage of your property's assessed value. Local governments utilize revenue from property taxes to provide essential services and maintain community infrastructure.
Home Renovations and Property Value
One of the main factors that impact property taxes is the assessed value of your house. Local assessors determine this value based on various factors, including the size, location, and condition of your property.
When you undertake significant renovations in your home, like expanding its square footage, upgrading the kitchen, or remodeling the master suite, these enhancements can increase the overall value of your property. A higher assessed value may result in higher property taxes.
Renovation Types that Influence Taxes
Not all renovations have an impact on your property's assessed value. Certain upgrades are more likely to raise your homes worth and consequently affect property taxes. Lets explore which types of renovations tend to have this effect.
Structural Additions: Expanding your house by adding rooms, a new floor, or a larger garage can significantly elevate its assessed value.
Kitchen and Bathroom Remodels: These popular renovations often boost property value. Upgrading to modern appliances, countertops, and fixtures can lead to a higher assessed value.
Outdoor Improvements: Enhancing landscaping features such as decks, patios, and swimming pools can enhance both the appeal and value of your property.
Energy-Efficient Upgrades: By installing features like solar panels, glazed windows, or improving insulation, you not only contribute to energy efficiency but also enhance your property's overall worth. It may also qualify you for certain tax incentives.
The Assessment Process
It's important to understand the assessment process, as assessors use different methods to determine your home's value. Factors such as size, age, condition, location, and recent sale prices of similar properties in your area are considered. Property assessments are typically conducted periodically, usually annually or every few years. When you complete a renovation assessors may adjust the value of your property to reflect the changes made.
How Renovations Affect Property Tax
Now let's dive into how renovations can impact property taxes. We'll explore how they can increase your property's value and consequently lead to higher tax obligations when your home gets reassessed based on its current market worth.
Tips for Managing Property Taxes
While completely avoiding property taxes is not possible there are strategies to manage and mitigate the impact of increased property taxes resulting from renovations. Lets explore these tactics together.
Utilize Homestead Exemptions: Certain areas provide homestead exemptions that can lower your property's value thereby reducing your tax burden. There are criteria that must be met to qualify for Homestead Exemptions.
Consider Appealing Your Assessment: If you believe that your property has been overvalued following a renovation it might be worth exploring the possibility of appealing the assessment to ensure an accurate valuation.
Thoughtful Renovation Planning: Before embarking on renovations it is wise to consider the tax implications. You may choose to undertake renovations in phases or prioritize energy-efficient upgrades that could qualify for tax incentives.
Understanding Local Regulations: The role of regulations and tax laws cannot be underestimated when it comes to how renovations impact your property taxes. It is crucial to have an understanding of these regulations and their implications.
Explore Tax Incentives; In some jurisdictions, specific types of renovations aimed at improving energy efficiency may be eligible for tax incentives. These incentives can help offset any increases in property taxes resulting from your renovation project.
Conclusion
In conclusion, undertaking home renovations can undoubtedly enhance both your living space and property value. By employing these strategies and staying informed about current regulations you'll be able to manage and minimize any adverse impacts on your property taxes.
FAQs
1. Do all renovations increase property taxes?
No, not all renovations will increase property taxes. It depends on the type and extent of the renovation.
2. Can I appeal my property tax assessment after a renovation?
Yes, in many areas, you can appeal your property tax assessment if you believe it's inaccurate.
3. How can I estimate the potential tax increase before renovating?
You can consult with your local assessor's office or a real estate professional to get an estimate of how renovations might affect your property taxes.
4. Are there tax incentives for energy-efficient renovations?
Some areas offer tax incentives or credits for energy-efficient renovations. Check with your local government for details.
5. Should I consider property taxes when planning a renovation?
Yes, it's advisable to consider potential property tax increases when planning a renovation to ensure it aligns with your budget and financial goals.
Getting the Highest Price in the Shortest Time
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.
The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market and your property’s worth. The key is to get as many people as possible checking out your fairly priced property. If your property is not priced fairly, there will be no buyers because your price is set too high.
Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc.) Condition alone can sometimes prompt fast buying decisions. Not only should you fix any defects, but consider upgrading your home by making major repairs and cosmetic improvements before selling. A nice looking home triggers the emotional response that can lead to a financial response.
Learn how to negotiate the best terms for all parties involved. Terms are another factor that may be adjusted to attract buyers. If you insist on getting your asking price, think of what you can offer to the buyers. For example, improvements you’ve made or even offering seller financing at a lower than market interest rate on a portion of the sale price. Convince them why they should be paying the price you have set.
Lastly, get the buzz out about your home. List your house with a hot agent that ensures your house is listed on the MLS and on the Internet. On your own, get the word out. It should always be visible to passersby that your house is for sale, whether it is through signs, local advertisements or you telling friends, family, and acquaintances.
1349 W. Lane Ave, Suite 1125, Columbus, OH, 43221
(614) 769-7766
(614) 768-6531
www.livingincolumbus.com