It's so important when it comes to buying or selling to find an agent that you trust. This is your home. This is your investment. Real Estate is more than just a transaction, it involves your emotions. The memories that were made in your old home and the aspirations that you have for your new home are all part of the process and should be considered. However, sometimes emotions can make it difficult to make the best possible choice. That's why having an agent you trust will help you make the best decision possible when it comes to buying or selling!
Home valuation
When it comes to selling your home, hearing that the value is lower than you expected can be hard. Market conditions and historical data can provide Realtors with information to provide you with an estimated value based on comparable properties, called a Comparable Market Analysis. Polly Cockrill, Gray Fox Real Estate’s Designated Broker and Owner, can explain why it is so important that you trust your agent when it comes to valuing your home.
“I try to use similar methods to valuation that an appraiser would use to price a property to avoid problems for my clients. I spend quite a bit of time providing a Comparable Market Analysis. I collect data of homes that are similar in size, age, and location. For rural properties, this can be a challenge because there are generally fewer comparables. I also take into consideration the cost of construction on newer homes or homes that need total rehab. Often, I find discrepancies between what a home will sell for and the value of the home after considering the costs to rehab. There is an increasing disparity between the cost of construction approach to value, and market value.. Market value is defined as what a Buyer is willing to pay.”
Negotiation
No one wants to pay too much for a property, especially when it’s an investment as large as buying real estate. Negotiating can be difficult because you don't want to make an offer that’s too high and spend more than you need to, but you also don't want to offer too little, and get outbid by another buyer. This is where your agent's knowledge and experience comes into play. They have the skills that are needed. They know how to negotiate. Your agent will advice you and make their recommendations on what to offer, but you must be the one to decide what you feel comfortable with.
“The market conditions seem to be stable as of February 2019 but are leveling out. The value of homes seem to be staying the same. I am seeing more foreclosures and short sales. I anticipate we will be able to declare that we have a Buyer’s Market in 2020 or 2021.”
Repairs/improvements
You know your home, but your agent wants to position your home to obtain the best price. What may have worked for you and your family might not be what works for potential buyers.
Do you have a spare room that has become a landing place for miscellaneous items? Tidy it up, get rid of clutter, and add a purpose to the space. According to Houzz, "Each room should have a clearly defined purpose" when preparing your home for selling. You want to make the home camera-ready, and make it seem like no one lives. This is always a difficult task for everyone!
Always be sure to ask your agent to explain anything that you need more clarification on. Be sure to ask for data and proof that supports their advice. This is your home, your money and you deserve to understand what is going on during your transaction! If you think something sounds off, ask about it. A trustworthy agent will provide you with evidence to assure you that you are making smart decisions.
At Gray Fox Real Estate, due diligence is a service we provide all clients. Below, we explain why we focus on due diligence and why you should value it in your real estate agent.
At Gray Fox Real Estate, we provide comprehensive due diligence services to our clients. This means that we work hard to discover all material defects and facts that may affect the value of the property. In Maine, the burden of risk analysis falls on the Buyers due to “caveat emptor” or “Let the buyer beware.” Therefore, excellent due diligence services in a real estate transaction are crucially important. Our staff is trained to use a proprietary due diligence system. This is an extensive and time-consuming process, but well-worth the results. Our clients can be confident when making one of the largest financial decisions of their lives.
