Top Mistakes to Avoid When Selling Your Home

/in /by

Avoid these top mistakes when selling your home to help you sell fast and for Top Dollar:

Setting an Unreasonable Price

Setting the correct asking price is critical no matter the current real estate market. Remember when you or your agent completed a comparative market research to determine a reasonable asking price for your home? Buyers will do the same for your home, so you should be one step ahead of them as a seller.

Hiding Problems

Don’t fool yourself into believing you can get away with concealing severe property issues. During the buyer’s home inspection, any problems will be discovered. You have three options to deal with any issues. Either fix the problem before listing for sale, price the property below market value to account for it, or list the property at a normal price and offer the buyer a credit to fix the problem.

Not Getting Ready 

Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls, and getting rid of any odors will also make a good impression on buyers. This can be an overwhelming process for many, that is why the Sibbach Team has complimentary stagers to assist you with preparing your home for sale.

Getting Emotional

When it comes to selling your home, especially your first one, it’s easy to feel emotional. You put in a lot of time and effort to find the ideal one, put money aside for a down payment and furniture, and made a lot of memories. When it comes to saying goodbye, most people struggle to keep their emotions in check, but it’s not impossible. Instead of thinking of yourself as a homeowner, start thinking of yourself as a businessperson and a salesperson once you’ve decided to sell your property. In fact, forget that you’re the one who owns the house. You’ll be able to separate yourself from the emotional components of selling the property if you approach the deal solely from a financial standpoint.

In Conclusion

It’s critical to understand how to sell a home. By avoiding costly errors, you’ll be well on your way to putting your best foot forward and accomplishing a smooth, profitable sale that every home seller desires.

Ready to sell your home? Call us TODAY! Chris 480-754-9077 & Cheryl 480-754-9477!

 

 

 

 

Proactive in Communication – 5 STAR REVIEW

/in , , /by

“I recently listed my townhouse with Cheryl and Chris and had a very good experience. Cheryl was very proactive in communication and helpful meeting with the inspector and contractors for the minor repairs. We were out of town and couldn’t have had such a seamless sales process if it wasn’t for Cheryl. Cheryl and Chris listed our house and also found the buyer. They worked as a team to represent both parties throughout the sale. I would recommend them for your real estate needs.”

-ZILLOW 5 STAR REVIEW

Functional Obsolescence in Real Estate

/in /by

In real estate, the term “functional obsolescence” is defined as “the impairment of functional capacity of a property according to market tastes and standards.” In simpler terms, this essentially means that there is a reduction in the property’s desirability, typically because of an outdated design feature that cannot easily be altered or changed. This leads to a lower appraisal and a loss of property value. 

Real estate can exhibit functional obsolescence if its design features are outdated, not useful, or not aligned with market tastes and standards, such as when an old house is located within a neighborhood of new homes. 

While functional obsolescence is generally associated with rundown structures or dilapidated neighborhoods, it can also occur in the opposite case. For example, a home may have “over-improvements” when a homeowner renovates and includes features within their home that might not be necessary.

Curable Obsolescence

Curable functional obsolescence refers to any deficiency that can be cured by the property owner. For example, if physical depreciation can be fixed by updating, repairing and renovating the subject property, then the obsolescence would be considered curable.

Incurable Obsolescence

Incurable obsolescence is when the deficiency causing the obsolescence is too costly, impractical or impossible to cure. In these cases, the deficiency is often a factor that the property owner has no control over, such as being on a busy road or under power lines.

Superadequacy  Obsolescence

The final type of functional obsolescence is known as superadequacy, this is essentially the opposite of a deficiency. Superadequacy happens when the homeowner over-improves the property for the neighborhood. 

How Much Can Functional Obsolescence Impact Property Value?

If the obsolescence is due to a deficiency, it will undoubtedly lead to a decline in the valuation of the property while curable functional obsolescence will not affect the property value as much. In situations of a superadequacy, it is most likely the homeowner will not be able to get enough money out of the investment to cover the cost of the improvements made. 

Ultimately, functional obsolescence creates problems even before we get offers on a home because there will be less traffic through the home resulting in more days on market, leading to only receiving low ball offers. Thus, preventing the homeowner from achieving top dollar. 

 

Chris and Cheryl Sold Our House for Top Dollar – 5 STAR REVIEW

/in , , /by

“We used Chris and Cheryl in 2016 when we purchased a house. We lived out of state and Chris found the house we bought and sent us videos showing everything. It was a very smooth transaction especially with us relocating from out of state. We recently sold that house with Chris and Cheryl and could have been more pleased. The buyer threw multiple curveballs at us, however Chris and Cheryl knew exactly how to respond. They sold our house for top dollar and stayed in communication with us the entire time. We would highly recommend Chris and Cheryl for buying or selling. You will not be disappointed with the service they provide.”

-ZILLOW 5 STAR REVIEW

About Chris and Cheryl

/in , /by

Chris and Cheryl Park Realtor photoChris Park started his real estate career in 1993 in California, working for a top appraiser, analyzing reports and managing the marketing of their appraisal publications. In 1998 Cheryl became a mortgage loan originator as Chris continued to work as a marketing manager in publishing.

In 2001 Chris joined Cheryl as a loan originator and then received his mortgage broker license. They worked together as a highly successful team utilizing Chris’ extensive marketing experience to build their business.

Cheryl Park has been a licensed realtor since 2005. In 2009 she started working for prominent attorneys negotiating short sale transactions. Chris began working as a relocation consultant for major corporations moving their employees across the country and assisting them in the sale of their homes.

Having closed hundreds of real estate transactions over the years, Chris and Cheryl bring their unique background in mortgage financing, short sale negotiation and relocation home sale to their real estate business.

Residents of North Scottsdale, they understand the appeal of the Sonoran Desert and want to help their clients find their own piece of the “most beautiful desert in the world”.

When you’re ready to sell or buy your next home, call Chris 480-754-9077 & Cheryl 480-754-9477!

Honest, Straightforward And Ready to Rock – 5 STAR REVIEW

/in , , /by

“My husband and I are were referred to Chris after we had a terrible experience with another agency. My husband and I were ready to give up on the home buying process because it had been so stressful for us. Thankfully we took a chance and let Chris guide us through the process of yet again house hunting. Chris really listens to us, he was honest, straightforward, ready to rock at our pace. No pressure, no hounding about decision time on a home. Because Chris was so patient with us, my husband and I are now in our first home! Chris made the process so easy for us, I really give my hat off to Chris for his hospitality, honesty and for being a man of his word.”

-ZILLOW 5 STAR REVIEW

Why are Assessed Value and Market Value Different?

/in , /by

It’s important to understand what your home is worth when you are considering selling. Knowing the value of your home gives you an idea of how much you could list your home for. It also plays a part in determining how much property tax you’ll be required to pay. There are different valuations of a home’s worth and you should understand the difference between market value and assessed value.

Assessed value puts market value in the context of property taxes and is based on the laws of the state or county in which you live. The assessed value is calculated as a percentage of the market value of the property. The assessed value is determined by an assessor’s office. Some offices have databases open to the public for you to see the history of your property, as well as what information what factored into its assessment.

Market value is used to determine how much a buyer would be willing to pay for your home. An appraiser determines the market value and is usually hired by your lender. Market value is a vital tool in helping to decide what price to list a property for. Often sellers want to list based on what they feel a buyer should want to pay. However, it is better to list a property based on current market conditions. Market value is based on recent sales of similar homes in the area, along with other factors.

Have more questions about your home’s value? Feel free to send us your questions!  We are always willing to answer any of your questions so that you can feel comfortable with the home buying or selling process! Contact Us

Click here to get your FREE home value estimate!

home value

Packing Tips and Tricks

/in /by

Our comprehensive guide of packing tips and tricks for your next move!

moving boxesBefore You Move

  • If possible, clean the bathroom and kitchen in your new place before you move in.
  • Designate a donate pile for all clothing and items that you don’t want to take with you, then schedule a pickup with the Salvation Army or Goodwill. Don’t forget to ask for a receipt to claim your donations as a tax deduction!
  • Measure all your furniture. If a piece of furniture can’t fit in your new home, donate or sell it!
  • For the 2-3 weeks leading up to your moving day, plan your meals around whatever frozen food, perishable items, or half open containers that you have around the kitchen. You can also donate your unopened nonperishable items to a local food bank!

Save Time and Money When Packing

  • Ask local retailers and businesses for their gently used boxes.
  • While your clothes are still hanging in the closet, put them inside a trash bag to make unpacking simpler. Use laundry baskets, trash bins, and suitcases as boxes.
  • Instead of bubble wrap, protect your dishes and fragile items with clothing and linens.
  • Place glasses inside clean socks for extra padding.
  • Write the contents of each box on the box, or on an inventory list. 
  • Label the sides of boxes so you can read the labels even when the boxes are stacked.
  • Unpack your boxes by room to prevent constant back and forth trips around the house, especially if you have stairs!

BONUS Packing Hacks

  • Snap a picture of the back of your TV and other electronic devices before packing them up. That way, you know exactly which wires go where when you’re setting up in the new place!
  • Put knives inside an old oven mitt to prevent injuries.
  • String electronic wires through paper towel rolls to avoid tangled messes.
  • Put jewelry in egg cartons to keep your necklaces from knotting and tangling.
  • Place a cotton ball in makeup compacts to keep them from breaking. Use rubber bands to keep pots and lids together.
  • Stack plates vertically to prevent them from breaking and put a styrofoam plate between plates for extra protection.
  • To keep toiletries from leaking during transit, put a piece of plastic wrap over the opening, then screw on the cap.

When you’re ready for your next move, we’re ready to help you sell or buy your next home! Chris 480-754-9077 & Cheryl 480-754-9477

 

Closing Costs Explained

/in , , /by

home soldMost anyone who has ever been involved in buying a house, or even watched a few real estate shows on HGTV, is familiar with closing costs. But what exactly are closing costs? Here’s a quick rundown of these additional fees.

Closing costs are additional fees associated with processing the mortgage and are not paid to the mortgage company. Generally speaking, closing costs are assumed by the buyer of the property (VA mortgages are one exception to this rule) and are paid at the time of closing of escrow. The bulk of closing costs is comprised of the lender’s fees. These fees include the appraisal fee, which is an independent assessment of the value of the property being purchased, as well as the credit report and any property taxes. The lender’s fees also include mortgage and homeowner’s insurance, as well as any flood certification and pre-paid interest charges. These fees may also include origination and discount points depending on your lender, as well as loan application and loan processing fees.

Title fees are also part of closing costs. These fees include the title service fee, which covers the handling of title documents and funds, as well as half of the settlement and escrow fees, which cover the fees for the title search and examination.  Finally, title fees also include any title insurance. Recording fees are another part of closing costs and include recording fees, transfer taxes, and an affidavit of property value. HOA transfer fees and HOA dues are typically also included within closing costs.

While this is a brief overview of closing costs and is by no means a thorough list, we hope this sheds some light on these necessary real estate transaction fees.  Every transaction is different, and while we am unable to give legal, tax or accounting advice, we look forward to helping you navigate your own process with ease and clarity. Feel free to call us with any additional questions! Chris 480-754-9077 & Cheryl 480-754-9477

How We Market Your Home

/in /by
sold signFrom providing and reviewing current market information to help you make a pricing decision to offering helpful input on preparing the home to go on the market, we will walk you through the process of getting your home listed and sold. We will answer any questions about the process and go over the paperwork, including the purchase contract so that you are prepared when you receive an offer.

Once listed, your home will be viewed on over 500 websites around the world.  We will reach out to the 1,900+ agents around the Valley to let them know about your listing and follow-up with all agents that show the home.

We will assist in offer negotiations and once an offer is accepted we will stay on top of the timeline and provide you with a calendar of critical dates. We will remind you of the process going forward.

Whether buying or selling, we make it a point to be available to our clients. Many agents are too busy to answer their phones. Our clients know that if they get our voice mail, we are on the phone or in a meeting but that they will receive a phone call back as soon as we are available and always the same day. We understand that the process can be stressful because there is a lot of chance involved. We strive to be helpful and available to you throughout this process.

We believe in the value of homeownership. For many people, it is part of their dream to provide stability and comfort for their families or a second home away from home. And as time goes on, a comfortable place to retire.

We are fortunate to live in such a wonderful place that appeals to people from around the world. Let us help you realize your real estate goals.Give us a call today to learn more! Chris 480-754-9077 & Cheryl 480-754-9477