While this video simplifies things to help you remember: your aim is to get the best price AND terms in your market during the period you are selling. Market conditions interest rates and competition all matter. The price you want, and the price a buyer will pay are framed by those complex conditions So pricing isnt completely predictable. Other factors include: How your home compares to other homes for the same buyers The inventory of homes and the level of buyer demand Your needs also affect negotiations - for example, if you must sell quickly - but the final price will be determined by the market not by your needs. Buyers look at the same comparables and market conditions and they want to pay as little as possible while meeting their needs. Remember that the price isnt the entire deal - repairs, closing, points, appliances and other factors can all change the value you finally receive. Listen to your broker, stay informed, be patient if you can and make your best reasonable, unemotional decisions.

The best answer is get help from a real estate professional. But...if you only have a few minutes for a video, ere are five points to consider. 1. Start With Measurement Learn the average per-square-foot price for recent sales in your neighborhood. That will not set your final price, but it is a baseline buyers will use. 2. Get Comparisons Ask for Comparative Market Analysis - comps - from several agents. Go through each comp with each agent to understand both competitive homes on the market AND each agents potential approach to yours. 3. Market Research. Do your own! - not just online, but in person. That will help you understand your market conditions and the buyers perspective realistically. Markets get hot and cold, up and down, and yours defines the sales envelope for your home. 4. Consider All Terms Price isnt all there is to a sale. Can you close faster? Finance or lease-option the sale yourself? Cover some closing costs? Your flexibility can make sales leverage. 5. It is Not Personal. The hardest tip of all. Most people are emotional about their home. Pricing, in the long run, is going to logical. Theyre buying your house,not your home & memories. Find a real estate professional you like and trustand let them help you through the process.

This video tells you what any real estate professional would tell you. Ask them: How long do homes in my neighborhood currently stay on the market? How would you price my home? What data did you use to arrive at that price? How would you market my home? What activities would you expect of me to market my home? How will you handle representation if one of your buyers is interested in my home? May I speak with sellers youve recently represented? How long a period would you want on a listing agreement for my house? It is best to ask these questions, and be comfortable with your choices before signing a listing agreement.

If you are selling, do not do these things - take some notes from the video! 1. Dont Sell Before The House Is Ready. If it doesnt present well, it will not sell well. 2. Dont Over-Improve People buy houses in neighborhoods. If yours is so improved that it sticks outyoure hurting your chances at selling. 3. Hire Wrong Make your agent choice for business reasons. Personal relationships matter, but experience and expertise will determine financial success in your sale. 4. Dont Hide Anything Covering up or failing to mention real problems doesnt work. State disclosure laws are strictand you can be sued after the sale for anything that should have been made clear. 5. Dont Rush You should know aboutyour mortgage, including pre-payment penaltiesyour market conditions and trendsand your options for your next homebefore jumping on the market. 6. Dont Get Too Emotional Your attachment to your houseand your own financial needs do not really matter in the transaction. If you cant set them asidethe sale will not go as you would like it to. Remember - it was your home, but to the buyer, it is a house.

As you will see in this video, real estate marketplaces are generally most active in summer because families with children want to move in before school starts. So more homes are typically available in summer as well. But buyers and sellers tend to balance out in other seasons, too especially in todays tight market. There may be fewer buyers in late December but usually fewer homes, too. So, prices tend to rise or fall on general demand in that market rather than time of year. It is best to sell when you & your house are ready to sell. Start working with a real estate professional as early as possible to make the most of your sale in any season.

Most people do not know enough to sell their own house. Heres why. 1. They Cant List It! Only licensed brokers and agents can create a listing in the MLS sale-by-owner houses will be invisible to agents and unavailable on the Web. 2. Agents Wont Show It. Typically, a buyers agent gets part of the commission paid to the sellers agent. Sale-by-owner houses do not have that commission commitment so a buyers agent might not get paid. No agents makes the pool of buyers MUCH smaller. 3. It is Probably Overpriced. Most homeowners do not have enough data and emotional distance to put a market price on their own home. and overpricing is another deterrent to potential buyers. 4. Buyers Prefer Neutrality Buyers will spend less time in the home and be less likely to make an offer because owners arent neutral about the transaction. 5. Legalities & Complexities. Real estate transactions are complicated. Most homeowners do not know enough to avoid potentially expensive liabilities Overlooking a form or required disclosure exposes the seller to lawsuitsAFTER the transaction is closed. There are buyers with enough real estate experience to sell their own homebut if you havent ever sold someone elses home you probably shouldnt try selling your own.

Today, your first showing will be on the Internet - you are watching this on the Internet, right? Your price, listing descriptionand PHOTOSdetermine whether someone will visit in person. Consider professional staging advice or help. Prep for photo- and video-shootsjust as carefully as real visits. Ask your realtor if they usea professional photographer If they dolook at prior photosand pick someone who understands the job. Photos should make the most of your homes featuresand give prospective buyersan emotional connection that invites them to visit in person. Help them envision their lifestylein the housenot just the counters and walls. If your realtor recommends video,just as with photographystage it carefullyand hire a professionalit will pay off. And look over your listing when it goes liveon a computer AND a mobile deviceto make sure it is accurate, pleasantand compels people to show up. Remember - your first showing these days will be on a screen.

"Prime has dropped (or raised) 0.X%" Youll see some version of that headline all the time, particularly if youre looking for a mortgage. You may even be considering a loan that is based on "Prime". But what is Prime?? In a nutshell, the prime lending rate is the interest banks charge each other for overnight loans. This rate is based in turn on the interest rate the Federal Reserve charges for money it lends to banks. Heres an example from the video. Bank A borrows money from the Federal Reserve, at 1% interest. Bank B borrows from Bank A at 4% interest. (Historically Prime has been about 3% above the Federal rate.) Both Bank A and Bank B recalculate loans "based on Prime" — like Adjustable Rate Mortgages — on that 4% figure. The short-hand term "above Prime" in the world of mortgages is the margin (or spread) added to the Prime rate. An ARM with 2% margin would be 6% (4% + 2%) in the example above. Watch our short video to see this explained visually.

Many people have been through this decision in the past few years. Its pretty simple; if interest rates drop significantly below the rate of an existing mortgage, refinancing may make sense. Advice from HUD (US Dept of Housing & Urban Development) experts is "2% and 18 months." If you plan to remain in the home for at least a year and a half, and if you can qualify for a rate thats 2% lower than your current rate, refinancing is worth a look. Keep in mind that refinancing is not free. The refi process involves many of the same inquiries, validation and fees as the original financing. "Rolling the costs into the new loan" can mask the long-term financial impact. Compare the math carefully.

Mortgage loans usually take decades to pay off, so the interest rate has a big impact on the actual cost of the loan over that time. A small change in interest rate can make for a huge swing in loan costs or payments. Interest rates fluctuate all the time; see the video on Prime on this website to understand some of the underlying factors. While you are shopping for a mortgage, ask lenders about rate lock-in to give yourself options to handle the immediate market situation. Keep in mind that the full cost of borrowing is higher than the interest rate alone. Lenders will provide an Annual Percentage Rate — APR — in Loan Estimate and Closing Disclosure forms. These include fees, mortgage insurance and the cost of points so you can understand the actual yearly cost. Its easy to get emotional about interest rates in shopping a mortgage; market rates are publicized constantly. Focus on comparing each loan option in its entirety rather than interest rate alone.