Q. Why shouldn't I price my house a little high, since I can always drop the price later?
A. That's a strategy that sounds good – but, in fact, is more likely to result in a lower price. Here's why. The first few weeks a house is on the market is when it will have the most activity. If a house is overpriced, it has to compete with houses at that higher price level, which are almost certainly larger or have newer/more luxurious features.
So the overpriced home is unlikely to attract an offer. Worse yet, those first weeks are when real estate agents preview the house. If it's overpriced, they may not even bother to show it to their buyers.
Eventually, the seller will have to drop the price – and may end up with an even lower price because buyers will wonder why the house has been on the market so long and may factor that into their offer. A Grand Heritage Real Estate Price Trend Analysis provides a unique method for arriving at a selling
price that takes your local market situation into account.
Q. What is meant by the term "contingency" in a sales contract?
A. Sales contracts typically contain several "contingency" clauses, or stipulations that the sale is subject to. For example, with a mortgage contingency, if the buyer is unable to obtain financing within the specified timeframe, neither the buyer nor the seller is required to complete the purchase. Among other common provisions in the "subject to" section
are termite and other inspection issues and the purchaser's need to sell a
current home first.
Q. What is an escape clause?
A. An escape clause, also known as a kickout or knockout clause, is a provision that allows the party to void the contract. For example, the seller may retain the right to look for a more favorable offer, with the original purchaser retaining the right, if challenged, either to firm up the first sales contract (such as by waiving a contingency) or to void the contract. As another example sellers might insist upon an escape clause in a contract that hinges on the buyers' selling their home.
Setting the right price: At a starting point, your Grand Heritage Real Estate Sales Associate will thoroughly research comparable homes in your neighborhood and town. He or she will advise you of recent sale prices and how similar homes are priced now, and even review homes that didn't sell and were taken off the market. Location, property size/features, style, age, physical condition, special features, and recent enhancements will all be considered in assessing your home's value.
To analyze the data, Grand Heritage Real Estate has developed a unique tool called a Price Trend Analysis. It goes beyond the capabilities of a typical Comparative Market Analysis (CMA) by projecting local price trends. With our method, your Sales Associate can use the many market influences that impact price ? including supply of homes versus demand, how the local economy is faring, and home appreciation rates ? to help you determine the best asking price for your home.
Marketing Your Home: "What does it take to bring you buyers?"
The process begins with getting to know you and your home. In an initial
meeting, before you ever commit to hiring a Grand Heritage Real Estate
Sales Associate, he or she will take exterior and interior photos, measure each room, and assess your home's key features. The Associate will also ask about any improvements you may have made over the years and listen to whatever concerns you may have.
Everything our Sales Associate learns will go into creating a customized marketing plan that will provide you with a clear idea of what will be done to attract the most potential buyers to your home. Your plan will include such features such as:
immediately start putting the marketing plan into action to help you
achieve a timely sale at the best possible price. To make an appointment for an initial meeting, please call (804) 282-2828.
An Open House Program: Did you know that almost 3 of every 4 homebuyers visit at least one open house*?
Although not everyone decides to hold an Open House, at Grand Heritage Real Estate, we recommend very strongly that you do. Our commitment to
our industry-leading Open House Program has turned it into an especially powerful marketing technique. Grand Heritage Real Estate Open Houses lead directly to thousands of home sales each year.**
We holds more Open Houses than anyone else because we understand how to make them work so well for our clients. More than just an Open House, in fact, our Open House Program is a 3-step process. We have learned that what's
done beforehand and after are just as important to selling your home as the Open House itself.
Step One: Use every means to drive customers to attend.
Step Two: Don't just "show" the home, conduct tours.
** Realtors® sales data
*** Where allowed by municipality