The John Barrett Real Estate Team

Posted by The John Barrett Real Estate Team on 3/14/2018

If you plan to sell your home, it may be helpful to prepare for a difficult negotiation with a homebuyer.

Although your home may be in great shape and you've set a fair price for it, there are no guarantees that you'll be able to avoid a long, complex home selling negotiation. However, a home seller who prepares for a difficult negotiation now may be better equipped than others to remain calm, cool and collected throughout the home selling journey.

Now, let's take a look at three tips that home sellers can use to get ready for a difficult negotiation.

1. Assess the Housing Market Closely

A home seller who sets a competitive price for his or her residence may be able to avoid a complicated home selling negotiation entirely.

To determine a fair price for your house, a property appraisal is ideal. During this appraisal, a property inspector will evaluate your home's interior and exterior and help you identify any problem areas. Then, you can complete assorted home improvement projects and price your house accordingly.

Furthermore, it is important to assess the prices of comparable houses in your area. With this housing market information at your disposal, you can enter a home selling negotiation with data to support your arguments.

2. Understand Your Home Selling Goals

How a home seller approaches a negotiation may vary based on his or her goals.

For example, a home seller who needs to move out of a house as soon as possible may be willing to go above and beyond the call of duty to satisfy a property buyer's requests. By doing so, this home seller can speed up the property selling cycle.

On the other hand, a home seller who can afford to be patient may be unwilling to budge on various homebuyer requests.

Consider your home selling goals closely before you enter a negotiation with a homebuyer. And if you feel uncomfortable, you can always walk away from a negotiation and reenter the housing market.

3. Focus on the End Results

A home selling negotiation can become contentious, but it is important to remember the end goals of this negotiation.

Ultimately, a successful negotiation will meet the needs of both a property seller and buyer. If a negotiation heavily favors a homebuyer, a home seller should be ready to exit the negotiation.

A home selling negotiation can be stressful, and you should be ready to take breaks as needed. For example, spending a few minutes meditating or walking outdoors may help you clear your head and reenter a home selling negotiation with a fresh perspective.

Lastly, if you want additional support, real estate agents are happy to help you. A real estate agent knows what it takes to negotiate with homebuyers and will do everything possible to ensure all parties involved in a negotiation get the best results.

Take the guesswork out of a home selling negotiation – use these tips, and you can prepare for a difficult negotiation before you add your house to the real estate market.

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Posted by The John Barrett Real Estate Team on 12/4/2016

Determining the fair market price for your house can be a challenge for even the most diligent home seller. As such, it is important to conduct plenty of research before you add your house to the real estate market. Home sellers who perform comprehensive research into the real estate market can find out how similar houses are priced and plan accordingly. Furthermore, home sellers will be able to assess the real estate market in general and get a better idea about how homebuyers may view their residences. Ultimately, it is paramount for a home seller to consider a number of factors to ensure he or she lists a residence at a fair price, including: 1. The Home's Condition A two-bedroom home that requires extensive repairs likely will sell for less than a similar two-bedroom house that has been well maintained over the years. As a result, you'll want to look closely at the condition of your house, and if necessary, complete any home repairs before you add your residence to the real estate market. To fully evaluate your house's condition, you may want to employ a home appraiser to evaluate your residence. This appraiser can help you identify potential home issues that may prevent you from maximizing the value of your house and ensure you can fix these problems quickly. 2. Your Timeline Are you looking to move out of your current residence and into a new house immediately? If so, you may want to consider a below-average price that helps your home stir up interest among a wide range of homebuyers. Conversely, if you're looking to optimize the sale price of your house, you may want to spend some time improving the interior and exterior of your home. By doing so, you'll be able to boost your chances of generating widespread interest in your residence among homebuyers. Consider your timeline as you prepare to list your residence. And remember, if you are in no rush to sell your house, you may be able to wait out homebuyers and ensure you receive an offer that fulfills your needs. 3. Potential Negotiations There are no guarantees that a homebuyer will offer you the asking price of your house, regardless of how long your residence has been available. But if you price your home and are willing to negotiate with a homebuyer, you may be able to improve your chances of a fast sale. For instance, a home seller who leaves is open to negotiations may be willing to settle for less than his or her initial asking price under the right circumstances. And if you work with a real estate agent, this professional could help you find many interested homebuyers in a short period of time. A real estate agent can help you handle any negotiations and ensure you are fully satisfied with any offer you accept. Therefore, this professional can play an important role in the home selling process and enable you to determine the best price for your residence as well. Dedicate the time and resources necessary to price your house, and you should be able to improve your home's chances of garnering interest from homebuyers far and wide.

Posted by The John Barrett Real Estate Team on 11/27/2016

real estate shopping onlineSellers beware! Most sellers realize there will be a bit of negotiation once an Offer to Purchase is made on their property. Sellers may receive an offer that is lower than what their property is listed at. In this case it is common for the seller to counter that offer, the counter to be accepted or denied at the discretion of the potential buyer. Due to the anticipated negotiation process, it may seem like it would make sense to put your house into MLS at a value far over the value that you understand your property is worth. Sellers feel that if their end game is receiving X amount of money for their house, if they list it at X+15, and after negotiations accept their originally desired amount of X, it seems like they participated willingly in negotiations and accepted below asking price for the sake of the buyer. This idea is good in theory, but does not actually work to the benefit of the seller for the following reason: Listing your house at the exact price you're looking to receive allows for maximum exposure potential via MLS. In order to search for a listing on MLS, you must enter a minimum and maximum price range. Buyers seeking homes at your desired price of X will not see your listing in their MLS search because of the additional 15 you've added to your listing price. Their search will be cut short at X and as a seller, you will lose potential buyers. For more information on allowing for maximum exposure potential for your property please contact me!

Posted by The John Barrett Real Estate Team on 10/9/2016

Closet space can serve as a key differentiator for home sellers, particularly in a highly competitive real estate market. Fortunately, there are many quick, easy ways to revamp your closets, and ultimately, make them appear much larger. Here are five tips to help you transform ordinary closets into spacious ones instantly:

  1. Install a pegboard. Hang your belts, sunglasses and other accessories in your bedroom closet thanks to a pegboard.
With a high-quality pegboard in place, you'll be able to organize many items and access them without delay. After you list your home and begin showcasing it to prospective buyers, your self-installed pegboard is sure to make your bedroom closet stand out during any home tour.
  1. Take advantage of shoe shelves.
For those who want to organize their footwear, there may be no better option than shoe shelves. When it comes to selling your home, you'll want to do everything possible to make a distinct impression on prospective homebuyers. Thanks to shoe shelves, you'll be able to show interested parties exactly how much closet storage space they can enjoy if they purchase your home.
  1. Set up a mirror.
Mirror, mirror on the wall, who's the fairest of them all? Setting up a stunning mirror in your walk-in closet enables you to maximize your storage space and make a bold décor statement as well. Any fashionista is sure to appreciate a walk-in closet mirror. And for those who want to set their home apart from others, installing a mirror in a walk-in closet may make a world of difference in the eyes of homebuyers.
  1. Use shelf dividers.
Keep your blankets, clothing and other closet items organized thanks to top-of-the-line shelf dividers. Using shelf dividers ensures that every item in your closet has its own home and can be organized accordingly. Furthermore, these dividers guarantee you won't have to sacrifice closet space and can optimize the amount of storage space at your disposal consistently. Shelf dividers serve as great options to show others exactly what they can do with all of the closet space that is available in your home. As a result, shelf dividers may help you differentiate your home from others on the real estate market.
  1. Get rid of clutter.
Clutter is a major problem for homeowners across the country, but those who gain control over their clutter can eliminate this problem. Try to clean out your closets every few months. This enables you to reduce the risk of clutter accumulating over an extended period of time. Also, focus on dividing your closet items into things you need and things you want. By doing so, you can put yourself in a better position to get rid of non-essential items regularly. By devoting the necessary time to maximize your closet space, you may be able to accelerate the process of selling your home. Remember, even minor features can help your residence stand out in a competitive real estate market, and those who are committed to distinguishing their home from others should evaluate the closet space available throughout their house.

Posted by The John Barrett Real Estate Team on 1/17/2016

You have made the decision to put your home up for sale. Before you stick the sign in the yard there are a few things you will want to do. Buyers can be picky and the competition can be stiff. So now is the time to do all the little repairs you've always meant to do but never had the time for. Here are just a few of the basic repairs you will want to conquer before the first prospective buyer walks through the door: 1.Tackle the Entrance This is the first thing people see when they come to your home. Paint the front door and trim surrounding the door. Repair sagging screen doors and replace any missing or corroded hinge screws and tighten the rest. 2. Spruce up the Perimeter Walk the perimeter of your home, clear away dead plants, clip blossoms, and clear away leaves and other yard waste. 3. Recheck the roof Any problem that has the word roof in it scares a buyer away immediately. Replace missing shingles and fix hanging gutters.  Remove any moss growing on the roof as this shows signs of neglect. 4. Clear and caulk gutters. Clear all the debris out of the gutters and recaulk the gutter end caps. 5. Patch nail holes and repaint. Patch up nail holes in the walls of your home. Use a lightweight putty to fill the holes and paint the repaired spots. 6. Clean the Grout Deep clean tile grout with bleach.  Regrout tiles where needed and recaulk cracks between sinks, tubs, toilets, counters and floors. This will give your tile a whole new look. 7. Stop Dripping Faucets Fix leaky faucets before the buyer notices them.  You may need to call in a plumber to do this task. Before you do that you can shut off the water supply and check for moisture on the wall around the valves and on the floor of the sink cabinet. Many hardware stores carry faucet rebuild kits that contain the 6 to 12 parts most likely to fail, including the metal ball, O rings, springs and gaskets.