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Steve McTyeire
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Listing Package

Seller Frequently Ask Questions

What does it cost to have your own New Location Realty agent?

The better question in Alabama is what does it cost to not have an agent.

  • Why would you not want an agent?
    • Of course it is to save the commission by doing the work yourself
      • About 5% of homes are sold by owners to someone they don't know
        • Most are sold by agents

 

  • If you want your home in the Multiple Listing Service, Zillow & REALTOR.com, we can help
  • Without having your home on the Internet, you are starting at a disadvantage
  • New Location Realty can help
        It all depends on what you need
        Full Service , Self Service or somewhere in between 
             
  • Alabama is a buyer beware state (last one) which protects you the seller in many ways,
    • Do you know what must be disclosed?
  • We know what must be disclosed and when; New Location Realty can help


Some other Seller questions

How do you find buyers?

You are on New Location Realty's website because you know the Internet is the way to get information

  • Most buyers search the Internet to find a home, and don't want the hassle of talking to anyone yet
    • Buyers want good pictures and complete information
      • The Internet is the way buyers get that information in today's market
    • Why do sellers run newspaper ads ($50) and not even give their address or a price?
What is market value?
  • If your initial price is to high, you lose most of the qualified buyers before you start marketing
  • Buyers know market value and don't waste their time looking at homes they think are overpriced
  • You need to know your competition, the buyers do
    • New Location Realty can help

How long does it take to sell?

  • There is a year and a half supply of homes for sale from foreclosures to new construction, some are both
  • Birmingham metro area has well over 10,000 homes listed in the Multiple Listing Service alone
    • About 600 homes sell each month, with over 200 being foreclosures
    • Average was about 1000 per month with just a few foreclosures
    • Peak in 2006 was almost 2000 per month with very few foreclosures

Auctions  In many states auctions are the way to sell property

 Qualified Buyers?
  • How do you know the person you let into your home without knowing anything about them is even qualified?
  • One their first questions will be about owner financing
    • Why would you let someone you don't know anything about into your home?
    • If you knew how many agents are robbed and shot each year you wouldn't let anyone into your home
Contracts  
  • Where do you get the paperwork?  These  forms are some you may need if you want to do it yourself
    • How do you fill out the contract to protect yourself?
      • Another example of what you may not know can hurt you

Internet

    • The most important three things were Location, Location, Location
    • Now they are Interest, Internet, Information

Help yourself

Think of your experiences looking at homes.

  • Did you like the clean homes the best?
  • How about the ones over run with clutter?
  • Did you want to go in the ones you thought were overpriced?
    • If the home had been on the market a long time, did you think everybody else was wrong about it?
    • The longer a home is on the market, the lower the buyer's offer and the more desperate the seller
    • This is a buyer's market with many choices

Small improvements make a big difference

Do a serious scrubbing of everything from the baseboards to the ceiling fans

  • When was the last time you looked at the fan blades?
  • If the carpet needs cleaning, the buyer will notice and deduct the cost of new carpet from their offer
    • If you have beautiful hardwood floors---show them
  • You may not even see the yard anymore, but the prospect will
    • Do the shrubs need trimming?
  • Pressure washers are cheap to rent
    • No curb appeal may stop someone from even going in for a look

Eliminate the clutter

  • Put every bit of the clutter in storage somewhere else  - Not in the garage
  • Don't make prospective buyers look at all your memorabilia
    • Velvet Elvis must leave the building
  • Are you trying to show off your collections or the home?
  • Buyers can't see where their things will go if your stuff is in the way
    • This includes extra furniture
  • They are buying square footage of floor space, so let them see it

Does a faucet leak?

Toilet runs all the time?  Fix it! 

Paint with neutral colors

  • This is the best return on time and money
    • Do you like that new home smell?
  • If the buyer wants an accent wall color in the bedroom, they will do it with the color they like


Staging your home

HGTV Home staging tips


Pricing

Price is the great equalizer

The principle of substitution is your friend if you price your home at market value in the beginning

  • The buyers looking at your property are going to know market value after seeing just a few homes
    • Just because YOU MUST HAVE a certain amount doesn't mean anything to a buyer
    • In Alabama, right now, many sellers owe more than they can get; more than they owe
  • Think about the psychology of pricing
    • $200,000 to some buyers is $100,000 more than $199,999
      • Every time I see a home priced at something like $201,900 I have to wonder what they were thinking
      • Buyers look in a range like 150 to 175    175 to 200 
  • Remember the appraiser - They must justify their determination of market value based on comparable sales
    • Appraisers get a copy of the contract

 If the home you are trying to sell looks like a foreclosure, expect a low offer 


Competition

    • Buyers are only interested in bargains
    • Only about 400 homes per month in metro Birmingham that are not foreclosures are selling
      • If you are overpriced in this market, you are wasting everyone's time

  • There are hundreds of brand new homes and even more pre-loved ones that have been on the market for years
    • Do you think it may have something to do with price?


 National Association of REALTORS information maintenance tips for your home

Foreclosure & Short Sale Information


Real Estate Consumer Agency Disclosure (RECAD)

Alabama law requires all agents give you, the consumer, the RECAD form

Alabama Real Estate Commission Consumer Booklet

This booklet published by Alabama Real Estate Commission is a summary of how an agent can work for or with you

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© February 2017

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