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Preparing to sell a home: Understanding your target market

February 25, 2010 By Doug Francis

It is essential to understand today’s home buyers and how they perceive the market and search for homes.

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Image by DougFrancis via Flickr

Home buyers today begin their search using the Internet often weeks before they look at homes to buy, and expect a well written description and easy to view pictures. If sites require registration to view photos then buyers move on quickly. They have also watched television programs on HGTV and feel like they are well trained to become House Hunters.

Today’s buyers have typically reviewed their credit reports and applied for a mortgage before looking at homes. Many buyers are moving up and their offer may be contingent on the sale of their existing home. In this case, it is important to know if their home is “under contract” and if not then have your agent study their market.

  • They have access to home data unlike any home buyer generation.
  • They trust the data that they find on the Internet. For example, go to Zillow.com and get an “Zestimate” on your home. These numbers, based on public tax data, are often wrong since they don’t account for improvements.
  • They expect plenty of crisp, clear photos on the Internet.
  • They place value on quality of life factors such as commute times, public schools, public parks and trails, shopping and dining, community amenities like pools or tennis courts, and more.
  • They expect homes to be clean when they are seeing them.
  • They expect updated heating, AC, kitchen appliances, carpeting or flooring.
  • They often work from home, and expect high-speed cable or Verizon FIOS connections.
  • They will want to know how old the roof is and make sure insulation is adequate.
  • There are many speculators hoping to pick up deals, so expect a “low-ball” offer or two.

Mortgage rates are currently around 5% in early 2010, so home buyers are getting a fantastic long-term value. It still takes 30-45 days to go from contract to closing. In Virginia, home buyers select the Settlement Agent to conduct the closing.

  • Real Estate contracts include Appraisal Contingencies, even cash offers.
  • Buyer’s typically want a home inspection and radon inspection, and these contingencies are typically 10 days.
  • Termite Inspections are required, and sellers need to treat or repair if termites are discovered.
  • A survey will be drawn up, and any fences or issues will be noted.

Virtually all home buyers will be working with a “Buyer’s Agent” who is helping them put together an offer and navigate through the transaction. It works in your favor to have a purchaser who is prepared, has a “Buyer’s Agent”, is pre-approved for financing, keeps contingency periods short, and gets to closing as planned.

Proper preparation of a property is essential to get maximum profit when selling, especially your home. Start by cleaning floors, windows and removing extra clutter from your house. You may need to paint, remove wall paper, update appliances, replace a kitchen counter or more. At this point you will be better prepared to be “staged for the market”.

I will cover other steps in selling a home in other Home Seller posts, or read more now about my marketing plan.

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Filed Under: Home Seller Tips Tagged With: Home Seller Tips

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he "starred" in a tech commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the town tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing ~ and my marketing starts here. My elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

Thanks for reading... and feel free to contact me at 703-304-6827 or send me an email at doug@dougfrancis.com anytime!

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Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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