72sold-blog

Homes Are Not Retail Products

Wed, 09 Jul 2025 18:00:00 GMT

The Danger of Treating a Home Sale Like a Normal Product Listing

Selling a home isn’t like listing patio furniture on Craigslist. Homes aren’t mass-produced; they’re one-of-a-kind assets shaped by years of upgrades, wear, and upkeep. Even two houses with identical floor plans that were built at the same time can have wildly different values after a decade of modifications, wear, and upkeep.

Between major financial implications, emotional decision-making, and the uniqueness of every property, real estate requires a different mindset than retail. Approaching the home sales process like you would when listing a retail product can limit your sale potential.

Zillow Isn’t Amazon

Homebuyers don’t shop casually. They aren’t adding homes to a cart and circling back later. They’re making one of the biggest financial commitments of their lives.

They also appreciate housing scarcity and know they’re competing for unique properties with dozens or even hundreds of active buyers in their area.

These housing consumers are watching the market daily and are coiled to jump when the right home shows up. Unlike e-commerce platforms that reward wide exposure and evergreen availability, real estate is about urgency, scarcity, and momentum. The longer a home is on the market, the more it starts to feel like a leftover.

The unique psychology of homebuyers is why 72SOLD never uses the “list and wait” approach so many for sale by owner (FSBO) sellers pursue. We don’t dump listings online and hope someone stumbles into a purchase. We use a multi-faceted marketing approach to generate structured interest, concentrate buyer attention, and frame your home as a limited-time opportunity. That’s what drives simultaneous action from multiple buyers in your area, allowing us to maximize the competition for your home.

The Myth of ‘Testing the Market’

Thinking about homes like traditional consumer products can sometimes lead people to “test the market.” This involves listing your home at a higher price than it’s worth, just to see if someone bites. If no one does, the thinking goes, you can always lower it later. But that approach fundamentally misunderstands how buyers think and ignores the potentially devastating consequences of a stagnant listing.

Real estate isn’t a discount rack. Buyers don’t see a price drop and think, “What a deal!” Instead, they wonder what’s wrong with the house. Why didn’t it sell the first time? Why has it been sitting for so long? And most importantly, what kind of leverage do I have now that the seller is becoming desperate?

The longer a home sits, the more likely it is to attract lowball offers from opportunists rather than serious buyers looking to compete. Price drops virtually never spark the level of interest sellers expect. The best shot at high offers comes when buyer interest is strongest: early.

You Don’t Get a Second Debut

In e-commerce, you can update a listing anytime. You can tweak photos, change the description, bump the price down, or run a sale. In real estate, your listing has one shot to make a strong first impression. These impressions are locked in within the first few days, and there are no do-overs (re-listing isn’t a fix in the age of sites like Zillow and Redfin that track every update).

Those first days are when the most engaged buyers are paying attention, and when the biggest offers are on the table.

The worst thing you can do is waste that very short window by showing up with the wrong price, unpolished photos, or a “let’s see what happens” attitude. By the time you’re ready to get serious, the best buyers have moved on, and new buyers entering the market will arrive at unflattering assumptions about your property.

Selling a Home Requires Structure, Not Just Exposure

Putting a home on the internet isn’t hard. That’s what MLS syndication is for. But exposure alone doesn’t sell homes. Structure does. The way you price, show, and position a home determines whether buyers feel excited or skeptical, motivated or cautious.

Your home isn’t just another commodity. It’s a unique opportunity in a competitive market, and it needs to be presented as such. Selling it like a retail product strips away the urgency and excitement that leads to strong offers.

At 72SOLD, we help sellers avoid common pitfalls by creating a process that leverages homebuyer psychology to maximize speed of sale and price. You can get our price for your home and learn more about our process by filling out the form on our website.

Why Not to Sell To Friends and Family

Wed, 02 Jul 2025 07:00:00 GMT

The Risk of Selling Your Home to a Friend, Family Member, or Acquaintance

At first glance, selling your home to someone you know may seem like the easy route. In some cases, like a family member selling their home to an adult child, niece, or nephew, it might seem like a charitable way to give the next generation a leg up on achieving the American dream.

The process argument in favor of selling your home to someone you know is that you don’t have to prep for strangers, manage showings, or deal with the market. If a friend or relative expresses interest, why not skip the listing process altogether?

But informal offers from people in your social circle or family can potentially create more problems than they solve. What looks like a shortcut or altruistic gesture often turns into a slower, more stressful sale and a far less desirable financial outcome.

Lower Offers, Awkward Conversations

Friends and family don’t usually come in with top-dollar offers. They almost always expect a ‘friends and family’ discount. That puts you in the uncomfortable position of deciding whether to prioritize your financial future or your relationship.

If you do end up declining their offer, it can create tension that lasts well beyond the sale. Your decision may end up being a topic of conversation among your extended family or friend group, potentially transforming what was a nice gesture into unfair characterizations about your motivation.

Family and friends also know that you’re going to be subject to peer or familial pressure to cut them a break. This dynamic gives the buyer far more leverage than they would normally have.

Buyers who know you may expect a more informal process and negotiation. They may float numbers, ask for favors, or hope you’ll waive contingencies without the normal boundaries a seller sets with a stranger.

Blurred Lines, Slower Process

One of the most common problems with friend-and-family sales is the absence of urgency. Without a structured showing process or competitive pressure, buyers feel like they can take their time. They may drag out financing, fail to meet deadlines, or go cold altogether, particularly if they know there’s no competition.

Most sellers can’t afford months of delays, especially if they’re relocating for a new job, trying to close on another home, managing carrying costs for two properties, or relying on the proceeds of the sale to fund their next move.

Pressure to Make Exceptions

You might feel obligated to give your acquaintance early access, accept a weaker offer, or overlook a red flag because it feels impolite to push back. Once you’re under contract, any concessions you made become real liabilities if the deal falls through.

Selling your largest asset isn’t the time to prioritize politeness over protection.

No Competition Means No Leverage

Although the process of selling a home is complex, the psychology of maximizing offers is straightforward. Urgency and scarcity, which are key to maximizing home value and sale speed, only exist if there’s competition among buyers. If you take competition out of the home selling equation, you’re surrendering your opportunity to maximize your home sale price.

Even if your acquaintance is serious about buying your home, they’re unlikely to offer their best price if they know they’re the only one in the mix. People almost never pay more than they have to for anything, especially for big ticket items like real estate.

The Open Market and a Professional Home Selling Process Will Invariably Lead to Better Offers

If someone you know is truly interested in buying your home, that’s great, but let them compete like everyone else. A professionally managed listing creates fairness, structure, and urgency. It protects your time, your price, and your relationship.

At 72SOLD, we use a honed marketing strategy to target interested and qualified buyers quickly, oftentimes before listings even formally go live. Our selling process is tailored to generate a sense of urgency and competition among potential buyers. Sellers who want to maximize their home’s value should fill out the form on our website to learn more.

Does Relisting Help

Wed, 25 Jun 2025 17:38:57 GMT

Why Re-Listing Doesn’t Reset the Clock

For home sellers with stagnant listings that aren’t garnering much attention, taking a home off the market and re-listing it may seem like a clean slate. A fresh MLS entry, a reset on the “days on market” counter, and hopefully a new crop of buyers who missed it the first time. But in today’s real estate environment, re-listing rarely fools anyone. It can potentially do more harm than good.

Most Serious Buyers Already Saw It

Re-listing assumes a new audience, but the buyers most likely to make a strong offer on your home are the same ones actively watching the market every day. They probably saw your original listing and didn’t act, either because it wasn’t the right fit or it didn’t feel like a competitive opportunity. For these home shoppers, re-listing doesn’t reset their first impression.

Some home sellers who recognize this risk try to game the system. If they have flexibility in their timeline, they might wait several months to re-list so the buyers who would recognize it will have exited the market. Unfortunately for these sellers, sites like Zillow and Redfin do record list and delist dates, as well as status and price changes.

While in theory re-listing months later may be better than delisting and re-listing in quick succession, it’s not a good option for most sellers. That’s especially true if they’re under contract on another home or need to relocate quickly for work or before the start of the school year.

Agents Know What to Look For

Buyers’ agents pay close attention to patterns. Even if your listing looks new, they’ll notice signs that it’s been on the market before. These include:

A listing that disappears and reappears with the same photos, same price, or same agent.
Gaps in MLS activity or changes in listing IDs.
Public websites like Zillow and Redfin, which show price history and previous listing dates, even after a home is re-listed.

When agents see that a home has been re-listed, it tells them one thing: the seller tried and failed to get the desired price the first time. That often invites lower offers or encourages buyers to wait for future price drops.

Re-Listed Homes Still Feel Stale to Buyers

Buyers who see a re-listing often assume something went wrong. They wonder what previous buyers saw and why the home didn’t sell. That doubt can hurt your leverage before a showing even happens.

Momentum Is Easier to Keep Than to Rebuild

Your best chance at a strong offer is right after listing when the home seems fresh, interest is high, and competition is most likely. If that window passes without a sale, momentum fades quickly. Trying to recreate urgency weeks or months after listing rarely works. The more time passes, the more buyers assume the home is overpriced or undesirable, even if it’s objectively a great property.

A Better Strategy Than Hitting Reset

Home sellers who are in this situation often become discouraged by the lack of good options to restore interest. A skilled real estate professional may be able to help by repositioning the home, updating the listing photos and copy, or targeting a new buyer pool. Even when approached strategically, it can be difficult to regain momentum.

The ideal approach is to list right the first time. This means having a plan to identify and reach serious buyers fast, price the home based on current competition, and frame the listing in a way that drives urgency.

That’s exactly what 72SOLD’s process is designed to do. Our system creates a compressed timeline of interest by marketing strategically and limiting showing availability, making the home feel exclusive and in demand. That structure helps sellers avoid the stalled-listing trap in the first place.

A Do-Over Doesn’t Fool Buyers

Re-listing may clear the counter, but it doesn’t clear buyer perception. Savvy home shoppers and agents can still tell when a home didn’t sell the first time, and that can seriously affect how your home is received the second time around.

At 72SOLD, we focus on getting it right the first time. Learn how we help sellers create momentum, urgency, and strong offers from the start by filling out the form on our website .

Danger of Feedback

Wed, 18 Jun 2025 17:18:49 GMT

Is Buyer Feedback Helpful or Harmful When Selling Your Home?

After a showing, some agents make a point of following up with attendees or their agents to ask what they thought of the home.

These casual impressions are often referred to as buyer feedback. The comments might range from “the bedrooms felt small” or “they liked the layout but want a bigger yard” to “they’re still considering, but your home is a top pick.”

At first glance, this kind of informal feedback can seem helpful, especially if showings aren’t leading to offers. In practice, it’s a mixed bag that can sometimes lead to poor decisions.

Relying too much on buyer impressions, especially in a slow period, can cause sellers to become discouraged or even consider reducing their home price or expectations.

It’s preferable to have a listing, marketing, and showing process that doesn’t depend on feedback to drive results, which means doing things right at the very start.

The Case for Feedback

When used sparingly and interpreted wisely, buyer feedback can uncover simple problems that may have been overlooked in the rush to list. Dark photography, cluttered entryways, or pet odors that left a bad first impression are all issues that can be corrected. In that sense, feedback can be a valuable way to refine your presentation.

Some agents also use feedback to track broader patterns. Repeated notes about the same issue may highlight a fixable obstacle that’s standing in the way of offers. Selling homes is complicated. An inexperienced agent may overlook those kinds of details when crafting a listing or providing guidance on staging.

Some agents use repeated feedback to persuade resistant sellers to revisit earlier recommendations. They can point to those repeat comments to convince the home seller to change their marketing or staging approach.

The Risk of Overreacting

The real danger of feedback comes from giving too much weight to a small sample of uncommitted buyers. The limited pool of feedback means it’s not reliable data. It’s anecdotal. The people providing it may have already ruled out your home and are simply justifying their decision. Others may still be interested but are trying to lay the groundwork for a lower offer by pointing out flaws.

It’s rare for buyers to say things like, “The price was too low,” or “We’re planning to make a strong offer.” Instead, most feedback skews negative, even when the buyer’s interest is real. That can create the illusion that your home has bigger problems than it actually does, prompting price drops, staging changes, or other shifts that work against your sale.

Relying on Feedback Isn’t an Ideal Selling Strategy

One of the most common mistakes sellers make is reacting to early feedback with quick fixes and price cuts. That reactive mindset signals desperation to future buyers, undercuts negotiation leverage, and muddles your listing strategy. It also leads to the false belief that your home just needs a few more tweaks to “get it right,” when in reality the issue may be timing, structure, or how buyer attention was focused.

At 72SOLD, we believe a good plan beats guesswork. That’s why our program front-loads the sale with a proven rollout: targeted buyer outreach, professionally optimized listing materials, and structured showings designed to generate interest and urgency. This is a more dependable approach than chasing opinions from buyers who were never a good fit.

Know What to Listen to and What to Ignore

If multiple serious buyers are all stumbling over the same sticking point, like unclear access to a home office or an uninsurable roof, that may be worth investigating. But if the feedback is vague (“not quite what they’re looking for”), contradictory and subjective (“too big” from one, “too small” from another), or focused on things you can’t realistically change (like your street’s layout or school zoning), it may be better to stay the course.

The strongest offers don’t come from people who need to be convinced with tweaks and adjustments. They come from buyers who are motivated and see your home as the right fit. Finding those buyers early and making the right kind of first impression is key, which means your real estate agent needs to properly market and position your home before any potential buyers have feedback to give.

Work With a Real Estate Agent Who Understands What Buyers Are Looking for Without Needing Feedback

If you’ve gone through multiple showings without results, it’s easy to start chasing answers. But not all advice you receive from buyers is useful, and not every opinion justifies changing your approach. A skilled agent and a structured program like 72SOLD that’s designed to sell your home quickly should make feedback unnecessary.

To learn more about how we help sellers attract the right buyers quickly, and avoid the feedback trap, fill out the form on our website to get our price for your home.

Doug Hopkins vs. 72SOLD: An Honest 2025 Review for Arizona Home Sellers

Wed, 11 Jun 2025 22:33:06 GMT

If you live anywhere in the Valley — from Peoria to Gilbert — you’ve seen them. The billboards, the TV commercials, the radio ads. Two names dominate the real estate advertising landscape: Doug Hopkins and 72SOLD. Both promise a better, easier way to sell your home. But are they the same? And more importantly, which one will actually put more money in your pocket at closing?

As real estate marketing experts who have analyzed countless transactions, we’re cutting through the noise. This is an honest, head-to-head comparison of these two Arizona real estate giants. We look at their methods, their costs, and what it means for you, the home seller.

While both offer alternatives to the traditional, slow-moving home sale, their approaches are fundamentally different. One is rooted in the "we buy houses for cash" model, and the other leverages a modern marketing strategy to maximize your home's value.

Who is Doug Hopkins? The Phoenix Real Estate Icon

Doug Hopkins is a household name in Arizona. He’s the star of the TV show "Property Wars" and has built a massive real estate empire. His primary business model, promoted through doughopkins.com, revolves around providing sellers with a quick cash offer.

How the Doug Hopkins Model Typically Works:

You Request an Offer: You contact them, and they gather information about your property.
They Assess Your Home: An evaluation is made, often quickly and sometimes without an in-person visit.
You Receive a Cash Offer: You get a no-obligation, all-cash offer for your home.
You Close Quickly: If you accept, you can typically close in a matter of days.

This is essentially an iBuyer (Instant Buyer) or house-flipper model. It’s built for speed and convenience. For sellers in a serious bind — facing foreclosure, dealing with a badly distressed property, or needing cash in a week — this can be a lifeline.

The Inherent Downside: The convenience of a cash offer almost always comes at a cost. The business model requires buying properties below full market value to leave room for repairs, holding costs, and profit when the home is resold. While it's a "fair" cash offer, it's not a market offer. You are trading equity for speed.

What is 72SOLD? The Modern Selling Program

72SOLD has also blanketed Arizona with its message, but its approach is entirely different. They are not a cash-offer company or an iBuyer. They are a specialized home selling program that is designed to sell your home faster, more conveniently and for a higher price.

How the 72SOLD Program Works:

Pre-Launch Marketing: Before your home is even listed, 72SOLD’s team builds anticipation through targeted marketing.
A Short Viewing Window: Instead of endless showings, potential buyers are typically given one weekend (or a similar short period) to tour the home.
Creating an Auction-Like Atmosphere: This compressed timeline creates urgency and competition among interested buyers. They know they have to act fast and make their best offer.
Reviewing Offers: After the viewing period, you review all the offers, which often come in at or above your asking price.

This program is designed to get your home in front of the largest possible pool of buyers on the MLS, create a competitive environment, and sell your home quickly—all while aiming for the highest possible price.

Head-to-Head Comparison: Doug Hopkins vs. 72SOLD

Addressing the Counter-Arguments

If you search for reviews, you'll even find an article on Doug Hopkins' own website reviewing 72SOLD. This is a common SEO tactic to capture competitor traffic. Let's address the main point they make: fees.

Competitors often claim that 72SOLD has high or hidden fees. This is not true. 72SOLD operates on a commission structure, just like nearly all real estate brokerages. This fee is discussed and agreed upon with your 72SOLD agent upfront. The crucial difference is what you get for that fee .

With a traditional agent, you get photos and an MLS listing. With 72SOLD, you're paying for a comprehensive, proven marketing program designed to sell your home faster and for a higher price. When the program results in a sale price that is thousands (or tens of thousands) higher than you might have otherwise received, the commission pays for itself.

The "cost" of using Doug Hopkins isn't on a settlement statement; it's the money you leave on the table. Which can be a far greater more than any real estate commission.

The Verdict: What’s Best for a Valley Home Seller in 2025?

Let's bring it home to greater Phoenix area. Our market is competitive. Your home is your most valuable asset, and you've likely seen significant equity growth. The question is, how do you capture that equity?

Choose Doug Hopkins if: You are in an urgent financial situation, your home is in major disrepair, and you need cash-in-hand in under 10 days, no matter the cost. His service is a legitimate and valuable tool for a very small niche of distressed sellers.

Choose 72SOLD if: You are like the vast majority of homeowners. You want the best of both worlds: a fast, convenient sale and the highest possible price. You want to leverage market competition to ensure you're not leaving any of your hard-earned equity behind. You want a proven strategy that has helped over 10,000 sellers achieve their goals.

The Final Recommendation

For maximizing your financial outcome while still enjoying a streamlined and predictable selling process, the choice is clear. The 72SOLD program is the superior option for most Arizona homeowners. It treats your home like the valuable asset it is, using a sophisticated marketing strategy to unlock its full value rather than simply buying it at a discount.

Don't trade your equity for convenience when you can have both.

Before you commit to any offer, find out what your home is truly worth. Get your free, no-obligation home value analysis from 72SOLD today and see the difference a proven program can make.

Offers Before Listing

Wed, 04 Jun 2025 22:34:07 GMT

How Can Homes for Sale Get Offers Before the Listing Goes Live?

How can someone make an offer on a home that hasn’t even been publicly listed yet? These buyers aren’t psychic, and they don’t have a divining rod guiding them to homes about to hit the market. It’s a concept that only really works when a seller’s agent is leveraging their developed agent-to-agent network and marketing tools to rapidly identify and target active and qualified shoppers.

With the right process, it’s possible to draw serious buyers’ attention, and even trigger competitive offers, before your home is formally unveiled to the public.

It all comes down to timing, structure, and how early interest is managed.

Serious Buyers Are Already Watching

Unlike the old days, buyers no longer wait for the Sunday paper or a yard sign. Most active buyers check Zillow or Realtor.com every day, and many have agents watching ‘Coming Soon’ MLS activity and reaching out to reputable seller’s agents for early notice of new listings. That means your home is likely to be seen before it’s “officially” listed.

At 72SOLD, we use these opportunities to identify the best potential buyers immediately. Not after the first weekend. Not after a round of price drops. The goal is to reach serious in-market buyers within hours, often before the listing is live in its final form.

Controlled Access Creates Demand

One of the most effective ways to generate early offers is by limiting availability. If a buyer feels like they’re being given private access or seeing a home before others, they’re more likely to act fast. It’s the same psychology that drives VIP ticket sales or early product launches: exclusivity builds urgency.

72SOLD’s approach includes offering opportunity showings, which are essentially private tours for interested buyers who inquire early.

These aren’t run-of-the-mill showings. They’re intentional, structured moments that make the buyer feel like they’ve been granted special access. That framing changes how they think about your home, and ideally how soon they’ll be ready to make an offer.

“Would You Like the Seller to Consider an Offer?”

Most agents hope a buyer decides to submit an offer. But 72SOLD flips that script by asking a powerful question during early showings: “Would you like the seller to consider an offer before the home is made available to everyone else?”

There’s a lot being communicated in this one question. It reinforces the feeling of exclusivity the buyer got just by being invited to an early-access tour. They’re getting a unique opportunity other home shoppers won’t be afforded.

The question is carefully framed to imply competition. If the buyer says they’re not ready, there’s a real risk that the next person who sees the house will jump, potentially sparking a bidding war. Serious buyers who like a home may not want to lose this competition-free, limited-time window they’ve been granted.

People don’t like making big, long-term financial decisions quickly. They want to mull them over for days, which doesn’t benefit home sellers. For serious buyers, this question is often the nudge that gets them off the fence and into action.

Homes Don’t Need Time on Market to Generate Good Offers

Some sellers worry that accepting an offer before listing might leave money on the table. But when handled the right way, early offers don’t eliminate competition, they create it.

By controlling access and managing expectations, you encourage motivated buyers to bring strong bids early. And if multiple early buyers express interest, those offers can quickly turn into a bidding environment, with no need for a traditional open house or weeks on market.

It’s not about skipping steps. It’s about using psychology and structure to reach peak demand before the momentum fades.

Ensure Your Home Is Primed for Success Before Its Listing Even Hits the MLS

Getting offers before your home is officially on the market isn’t something that happens on its own. It requires using the right mix of marketing tools and relationships to identify serious buyers within 72 hours of your decision to sell.

When done right, it leads to stronger offers, fewer showings, and faster results.

At 72SOLD, we’ve built our process around early positioning, competitive framing, and strategic showings that turn interest into high-quality offers. Fill out the form on our website to learn more and get our price for your home .

The Risk of Passing on Good Offers

Wed, 28 May 2025 19:17:16 GMT

Why Waiting for the 'Perfect' Buyer is Risky in Today's Market

It’s easy to think, “If we just wait a little longer, the perfect buyer will come along.” Maybe someone who will fall in love with the kitchen, overlook the small backyard, or pay above asking price with no contingencies. But holding out for that dream offer can backfire, especially in today’s fast-moving real estate landscape.

Homes don’t sell for top dollar because someone finally shows up who loves everything about them. They sell for top dollar because the right buyers see the home early, feel urgency, and know they’re competing for something others want.

That momentum fades quickly. Pricing mistakes or passing on good offers in hopes of a better one later can end up costing you.

The “Perfect Buyer” Is a Myth

No buyer sees a home exactly the way a seller does. The features you love most might not even be on their radar. And what feels like a small drawback to you, like an awkward kitchen layout or small master bedroom closet, could be a sticking point for them. Home sellers are going to be disappointed if they expect a perfect match to happen organically once their house is listed.

Instead of waiting and hoping someone will come along who sees potential in your house, it’s necessary to position the home to create value. This involves generating early interest, strategically structuring showings, and giving buyers a reason to act fast.

Your home doesn’t have to check every box for a buyer to make a strong offer. Many serious buyers understand that no home is perfect. As long as your home aligns with their top priorities and is marketed effectively, it can feel like a great opportunity. This is especially true when they know other buyers are interested and they only have a limited window to decide.

In the Home Selling Process, Interest Always Peaks Early, Not Weeks After Listing

Serious buyers are actively watching the market and often set up alerts to be notified of new listings. That means your home gets the most visibility and attention in the first few days it goes live. If it doesn’t spark action during that window, you’re already losing leverage.

Delaying invites doubt and can hurt how your home is perceived. Lingering signals to the market that there’s something wrong with your home, like being overpriced or having serious enough problems that other buyers are steering clear.

The actual reason your home lingers doesn’t really matter, because people scrolling through listings won’t have the context that your house is fine and you just haven’t received a good enough offer.

The longer you wait, the more it looks like others have passed, and that perception affects the offers you do get.

Strong Offers Are Cultivated

Great buyers don’t just offer more because they love a house. They offer more when they believe other people want it too. Urgency drives bidding. How an open house or exclusive showing is offered and structured is key to showing buyers that others are interested. When buyers think they’re competing, they move faster and bid higher.

Waiting for that “perfect” buyer means missing the opportunity to create a competitive environment among interested and motivated shoppers. Also keep in mind that once the listing feels stale, even the right buyer may hold back or submit a lower offer because they assume they have an advantage.

Delaying a Sale Can Cost You More Than You Think

Even small delays can cost sellers in subtle ways. The longer your home sits, the more likely buyers will expect you to make concessions like price reductions or contingencies. You may also rack up extra costs, from taxes and insurance to mortgage payments and maintenance, while waiting for something better that may never arrive.

The delays and extra costs can be particularly problematic if you need to relocate soon or you’ve already found another home.

Instead of aiming for a long shot offer, 72SOLD home sellers focus on quickly attracting motivated buyers and making the home feel like a must-have opportunity. That’s what leads to real results, not wishful waiting.

Finding the Perfect Buyer for Your Home Shouldn’t Take Weeks

Hoping for the “perfect” buyer is often just a slow path to disappointment. The best home selling outcomes come from well-thought-out marketing and showing strategies.

At 72SOLD, we help home sellers get strong offers quickly by creating the kind of momentum and urgency that encourages competitive offers. Fill out the form on our website to learn more about our process and get our price for your home .

The Risk of Over-Explaining

Wed, 28 May 2025 18:47:32 GMT

How Overexplaining Your Home Online Can Hurt Your Sale

When you’re selling a home, it’s tempting to think that more information means more interest. After all, why not show buyers everything up front—the closets, the backyard fence, the pantry shelving, the water heater in the garage? In real estate, how you present your home matters just as much as what you present. Too much detail can actually turn off the very buyers you’re trying to attract.

72SOLD takes a different approach. Rather than overwhelming buyers with dozens of photos and paragraphs of technical information, we strive to spark interest, create curiosity, and get serious buyers through the door.

You don’t want buyers to make up their minds about your house while scrolling.

Too Much Detail Kills Curiosity

Most buyers don’t commit based on a photo. They commit based on how a home makes them feel in person. But when every angle, every corner, and every potential flaw is on display online, it removes the need to schedule a showing. A buyer can talk themselves out of your home without ever setting foot inside.

Using fewer, professionally enhanced images that highlight a home’s strongest selling points can be a more effective approach. By focusing on quality over quantity, the listing grabs attention and leaves room for curiosity, encouraging buyers to reach out instead of scroll past.

You’re Not Just Selling Features, You’re Framing Value

Buyers aren’t just looking at your home. They’re comparing it to every other active listing in their price range. If your photos or description make your home feel cluttered, cramped, or oddly laid out, they could shift the buyer’s perception of its value.

That’s why overdescribing your home online can backfire. A flood of bullet points or generic phrases about “spacious living” and “abundant natural light” blends into the noise. Worse, it may draw attention to the wrong things. Instead of letting buyers discover what makes your home feel special during the showing, you’ve just given them a checklist of reasons to hesitate.

You’re Not Writing a User Manual

Many sellers and agents use listing descriptions to explain the home in exhaustive detail. They list things like square footage, room dimensions, appliance brands, school district boundaries, and more. But most buyers don’t need a full dossier to get interested. They need a reason to want to see the home.

72SOLD tailors descriptions to encourage curiosity. Instead of just describing the home, we strive to tell a story. The idea is to lead with the most emotionally appealing or unique features, hint at what makes the home special, and include a clear call to action. That’s what gets buyers to engage. The real selling happens in person.

The Goal Isn’t to Answer Every Question, It’s to Start the Right Conversation

Think of your online listing as a movie trailer, not the whole film. The goal is to show just enough to make buyers say, “I want to see more.” When a listing tries to answer every possible question, it removes the need for a conversation and strips away the sense of exclusivity that drives competition.

In contrast, 72SOLD uses a structured showing process that positions the home as something buyers are lucky to see, not something they’ve already previewed to death. That framing creates a stronger emotional connection and instills a desire to see more, setting the stage for competitive offers.

Getting More Eyes on Your Home Isn’t the Same Thing as Getting More Offers

You don’t need to overshare online to attract the right buyers. You just need the right strategy. From photo selection to ad copy to how showings are structured, 72SOLD is designed to create curiosity, drive early demand, and make your home feel like an opportunity buyers don’t want to miss. This strategy is tailored to appeal to serious home shoppers, not window shoppers who aren’t ready to commit.

Fill out the form on our website to get our price for your home and learn more about our approach to marketing homes for sale.

The Link Between Sale Speed and Price

Wed, 21 May 2025 18:39:43 GMT

There are many idioms about the benefits of taking your time. Measure twice, cut once. Slow is smooth, smooth is fast. Haste makes waste. Rome wasn’t built in a day. All of it can be good advice in some circumstances.

However, problems arise when you apply that idea to every facet of life or decision you make. Sometimes taking your time doesn’t lead to better outcomes or decision-making, or it puts you in a situation where you have fewer options to choose from.

“Don't let perfect be the enemy of good” is a more appropriate aphorism for real estate. Waiting for that perfect offer may mean passing up good offers. It won’t take long before those good offers are no longer on the table.

In real estate, selling fast does not mean accepting less. In many cases, it’s those first days that hold the greatest potential for maximizing your home’s sale price.

Early Momentum Creates Urgency

The most serious buyers in your price range are already looking. Many are checking listings daily to see if anything new is on the market. When your home is listed, that first wave of attention is the most powerful. It’s vital to make good use of those first days, before your home blends in with everything else.

A strong early rollout isn’t just important for getting the attention of motivated buyers. It’s key to establishing a sense of competition and urgency. When buyers know they’re not the only ones interested, they act faster and bid stronger.

Longer Market Time Signals Lower Value

The longer a home sits, the more likely buyers are to wonder: What’s wrong with it? Even if you lower your asking price after weeks of inactivity, too much time on the market erodes buyer confidence. Most buyers will assume your home has been passed over for a reason. Worse, lowering the price to reignite interest can attract bargain-hunters rather than serious, top-dollar buyers.

You can’t change the rules of consumer behavior, but understanding how buyers think, and how that shapes their perception of your home, can help you avoid this pitfall.

Fast Doesn’t Mean Rushed

There’s a difference between selling fast and cutting corners. A well-executed launch doesn’t mean taking the first offer that comes in. Doing the groundwork before listing, like identifying and targeting active home searchers and buyer agents, can generate demand for your home. Once qualified buyers are interested, carefully managed showings can be used to encourage buyers to act decisively.

This also involves setting a price for your home based on current market competition, not just past sales. It also includes a limited showing window, controlled buyer access, and framing your price as a starting point, not an asking price.

Buyers view asking prices as a ceiling from which they can negotiate down. A starting price implies it’s a starting point from which buyers can bid upwards.

When done right, this approach compresses the home sale timeline without sacrificing price.

Higher Prices Come From Competition, Not Time on Market

The idea that price goes up the longer you wait is rarely true in practice. The best outcomes happen when there’s a sense of urgency. Buyers only compete when they feel like they might lose out, and they won’t be worried about losing out if your home doesn’t seem to be going anywhere.

Creating that sense of urgency is key. When the right buyers are targeted early and invited to see the home in a structured window, ideally while knowing others are interested, it changes the entire dynamic of the sale.

Generate Urgency to Sell Your Home Quickly and for a Higher Price

A successful home selling process is less about when you list, and more about how you launch and how quickly interest turns into offers. Homes that generate strong attention early are more likely to sell at or above market value. Homes that linger often require concessions.

At 72SOLD, we use this strategy and more to help sellers create early urgency, strong buyer engagement, and top-dollar results. Fill out the form on our website to learn how our process works and get our price for your home .

Motivating Hesitant Buyers

Wed, 14 May 2025 17:45:00 GMT

Using Psychology to Push Hesitant Buyers to Put in a Bid

A buyer walks through your home, lingers in every room, compliments the space, and clearly lights up as they imagine living there—but then… nothing. No offer. No follow-up. What happened?

Even highly interested buyers may hesitate if there’s no sense of urgency or direction. When the home selling process is passive or wide open, it’s easy for serious buyers to delay, overthink, or assume someone else will act first.

If you want to turn interest into offers, you need to push past the “I love it” stage—and get them to move.

Make the Home Feel Fresh, Exclusive, and In Demand

Buyers are more likely to act when they feel like they’re getting early access to something special. When agents allow unlimited showings over long periods or leave the schedule too flexible, it signals that the home isn’t generating much interest. A home seller’s lack of structure and over eagerness could make some buyers wonder what warning signs put off so many other buyers who looked at the home.

This is why 72SOLD avoids yard signs and promotes tightly controlled showings. A structured schedule and limited window make the home feel like a fresh, private opportunity. One strategy is allowing truly motivated, qualified buyers to see the home before the broader public, making them feel like they’re getting white-glove treatment and an exclusive opportunity to bid on an in-demand property.

Let Them Know Others Are Interested

Nothing moves a hesitant buyer like the fear of missing out. One of the most effective ways to create urgency is by communicating early momentum. If your agent shares that the listing has had multiple inquiries or that showings are scheduled, it signals that the home is desirable—and that waiting could mean losing out.

This kind of “social proof” isn’t about bluffing—it’s about setting expectations. When buyers believe competition exists, they don’t delay. The best agents mention these details naturally, reinforcing the idea that interest is strong and the home won’t last long.

Control the Showing Experience

Buyers form emotional attachments during showings, but that energy can fade fast if the experience feels flat or forgettable. A showing should be more than unlocking the door—it should tell the story of why the home is worth more than just a quick walkthrough.

72SOLD uses a structured, seven-step showing process designed to maximize buyer engagement. That includes introducing the seller’s story, emphasizing unique features, and carefully guiding the tour in a way that builds perceived value. When buyers feel guided and informed rather than left to wander, they are more likely to form a deep connection and put in an offer.

Reframe the Offer as an Opportunity, Not a Step

One subtle but powerful tactic is asking buyers whether they’d like the seller to consider an offer—not just hoping they make one. When agents position the offer as something the seller might entertain early, it shifts the dynamic. Instead of a buyer wondering if they should make an offer, they start thinking about the consequence of passing up a limited-time opportunity.

This question, delivered at the right moment, often opens the door to an offer that wouldn’t otherwise happen. It makes the buyer feel like they’ve been given a special chance, and that exclusivity can be the nudge they need.

Signal That the Price Is a Starting Point

In traditional real estate, buyers view the list price as the starting point to negotiate down from. But 72SOLD flips that expectation by positioning the price as a starting point —a number from which offers should build. When buyers understand that strong interest is expected and that competition is likely, they’re more inclined to submit higher bids to secure a scarce, in-demand property rather than lowball.

This shift in tone changes how buyers think about value. Instead of hunting for a discount, they’re considering how to win. And once a buyer moves into that mindset, they’re no longer on the fence—they’re in the game.

Leverage a Process That Incentivizes Fast, Competitive Bids From Homebuyers

Even buyers who fall in love with a home might be hesitant to put in a competitive offer, particularly if they get the impression many other buyers have passed on the opportunity. Buying a home is a big decision, and many people struggle to make quick decisions about long-term financial commitments.

A well-structured marketing and home selling process creates the urgency and emotional momentum that turns strong interest into significant offers. When every step, from listing to showing to offer handling, is designed to make buyers feel like they’re competing for something special, they are less likely to hesitate.

At 72SOLD, we specialize in making buyers feel like your home is a once-in-a-lifetime opportunity they won’t want to miss. Learn about our process and get our price for your home by filling out the form on our website.

Spotting Serious Buyers

Wed, 07 May 2025 17:30:00 GMT

How to Spot a Serious Buyer Early and Avoid Wasting Time on the Wrong Ones

Not all buyer inquiries are created equal. Some buyers are ready to move fast and make strong offers. Others are just browsing, dragging their feet, or testing the waters. When you’re selling a home, especially in a highly visible listing that gets quick attention, it helps to know how to read the signs—and focus your energy on the people most likely to act.

They Respond Quickly and Ask the Right Questions

Serious buyers tend to engage early. They often reach out within hours or days of the home hitting the market, especially if the presentation stands out. But it’s not just about how fast they respond—it’s what they ask. Are they inquiring about access, flexibility, or offer timing? Those are green flags.

Buyers who are vague or only asking surface-level questions ("Is this still available?") may not be fully committed yet. On the other hand, someone asking about your ideal closing window or how quickly you’d review an offer likely has intent and possibly an agent helping them strategize.

They React to Scarcity and Urgency

A key trait of serious buyers is how they respond when told they may not be the only ones interested. If you (or your agent) mention that several showings are lined up or that interest has been strong, a serious buyer will typically try to act fast, ask for early access, or push for a private showing.

Creating structure around showing availability, not just keeping the home open-ended, should be part of a home seller’s strategy. If a buyer is trying to get in before the scheduled showing window, they’re likely motivated. 72SOLD agents often use this to help identify and prioritize the most ready buyers before the full wave of activity hits.

Their Agent Is Engaged (and Strategic)

Many serious buyers come through agents who are actively helping them navigate the process. You’ll often see these agents ask direct questions about competition, how pricing is being handled, or whether the seller is likely to entertain early offers. These aren’t tire-kicker agents—they’re doing groundwork.

A seasoned agent who is asking about specific features or framing questions about positioning is usually representing someone ready to move. By contrast, a lack of engagement or generic questions from the agent side may be a sign that their client is early in the process—or still shopping without real urgency.

They Treat the Showing Like a Decision Point

Buyers who are just browsing tend to move through showings quickly and stay neutral. Serious buyers engage—they ask about details, linger in key rooms, and react emotionally to the property. They’ll often comment on how the home compares to others or mention how soon they’d need to move.

This is one reason 72SOLD agents use a structured showing process designed to bring out these reactions. By walking the buyer through the home's unique selling points and asking simple questions during and after the showing, they can get a better read on interest and likelihood of an offer. Serious buyers usually give themselves away.

They Lean Into the “Opportunity” Framing

When positioned correctly, a strong listing creates the impression that buyers are being given a window to act—not just casually touring. If a buyer is receptive to being told they can see the home ahead of others, or that offers may come in quickly, that’s a sign they’re ready to compete.

One tactic used by 72SOLD is to ask whether a buyer would like the seller to consider an offer before the home is made available to others. A serious buyer typically sees this as a privilege and will at least entertain the idea. If someone hesitates or waffles, they may still be unsure—or unwilling to compete.

Identifying the Qualified and Interested Home Shoppers Early Can Accelerate Your Sale Without Sacrificing Competition

You don’t need dozens of buyers to sell your home—you need the right one. Learning to spot serious intent early lets you streamline showings, protect your time, and focus your strategy on the buyers who matter most.

With the right process in place and accurate targeting, most serious buyers will reveal themselves within the first few days. The key is knowing what to look for and having a system that effectively gets your home noticed. You can learn more about 72SOLD’s process and get our price on your home by filling out the form on our website.

Days on Market

Wed, 30 Apr 2025 17:15:00 GMT

How Buyer Psychology Changes After a Home’s Been on the Market Too Long

Every buyer wants to feel like they’ve found a great home at a fair price. But when a home’s been sitting on the market too long, that perception gets harder to maintain. Even if the property is well-maintained and fairly priced, time on market starts to raise red flags buyers can’t ignore.

Understanding how buyer psychology shifts over time and how to avoid falling into that trap can make the difference between strong early offers and a home that quietly stalls out.

The “What’s Wrong With It?” Reflex

When buyers see a home that’s been listed for a while, their first thought usually isn’t “maybe it’s a hidden gem.” It’s “why hasn’t it sold?” Even if they love the photos and features, time on market makes them question the unseen—foundation issues, bad location, or something that didn’t show up in the listing.

The problem is that doubt grows faster than interest. Buyers start to fill in the blanks themselves, often with worst-case scenarios. That uncertainty lowers their excitement and often leads to hesitation, lowball offers, or skipping the home entirely.

Perceived Value Starts to Drop

Homes that sit too long start to feel like leftover inventory. Just like an item on a store shelf that no one’s buying, buyers assume there must be a reason—and they become less willing to pay full price. The longer a home sits, the more likely it is to receive below-asking offers or price drops that further reinforce the idea that the home isn’t worth what it was originally listed for.

This is why 72SOLD focuses on strong early positioning. When the home is presented in its best light and marketed to the right buyers immediately, even before formal listing if possible, it builds momentum and urgency. It doesn’t give buyers time to second-guess or assume that price cuts are around the corner.

Competition Gets Stronger—Even If the Home Doesn’t

Time doesn’t stand still in real estate. Every week, new listings hit the market—some staged better, priced tighter, or in more desirable locations. A home that looked like a good value two weeks ago may be outshone by something that just went live. Buyers naturally compare what’s new to what’s been sitting, and newer listings often feel like better bets.

Even if your home hasn’t changed, the competition around it has. That’s why a delay in action can hurt your position. The earlier your home reaches serious buyers, before they get distracted by new options, the better the chance you have of standing out.

Fewer Showings = Less Social Proof = More Doubt

When a listing gets consistent showings, buyers assume it’s popular. That alone can spark stronger interest. But once a home goes quiet—no showings, no buzz—it starts to look stale. Buyers may not consciously think “this home’s been rejected,” but they feel it. The absence of activity becomes its own red flag.

72SOLD’s strategy of limiting public availability and structuring showings within a defined window keeps the listing feeling fresh and competitive. It creates the impression that buyers are lining up—because they are—and that makes each new buyer feel like they’re walking into something people want.

The Longer It Sits, the Harder It Is to Regain Momentum

A home that’s been on the market too long develops a kind of inertia. It becomes harder to market, harder to justify the price, and harder to excite buyers. Even a price cut doesn’t fully erase that history. Online listing platforms often display days on market, and savvy buyers will notice. Trying to reboot interest weeks or months later rarely works as well as getting it right from day one.

That’s why the first impression matters so much. With professional photos, strategic pricing, and a clear showing process, the best buyers are drawn out early. And when they feel urgency, they act fast. That momentum can’t be recreated weeks later—it must be built into the launch.

Urgency Is a Two-Way Street When It Comes to Selling Your Home

One of the goals of your real estate agent should be to instill a sense of urgency in prospective buyers. You want them to feel compelled to put in a high offer quickly. However, it’s equally important for home sellers to maintain their own sense of urgency.

Buyer psychology shifts quickly when a home lingers, and even a great property can suffer from misperceptions once the listing loses energy. A smart home selling approach doesn’t just prevent that—it uses timing, positioning, and presentation to make buyers feel like waiting isn’t an option.

At 72SOLD, we’ve tailored a home selling process to maximize buyer competition and urgency. Getting your property noticed by the right shoppers fast and encouraging competition can lead to higher offers and faster sales. Learn more about our process and get our price for your home by filling out the form on our website.

Sale Speed Mistakes

Wed, 23 Apr 2025 23:17:50 GMT

5 Mistakes That Cause Some Homes to Sit While Others Sell Fast

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Selling a house with Solar

Wed, 16 Apr 2025 23:06:21 GMT

Are Solar Panels a Selling Point for Buyers or a Hassle for Home Sellers?

Solar panels are often marketed as a valuable home upgrade, promising lower energy bills and increased property value. While some data suggests homes with panels sell for slightly more than comparable homes without them, reality is a bit more complicated.

Like a swimming pool, solar panels can be a selling point for some buyers but a dealbreaker for others. While some see energy savings as a long-term benefit, others view solar as an aesthetic issue, an unnecessary complication, or an unwanted lease to take over.

Do Solar Panels Add Value to a Home?

Past studies have suggested homes with solar panels sell for more on average than comparable homes without them. In markets where energy costs are high and homeowners put a premium on energy efficiency, solar panels may be particularly appealing.

But these numbers don’t tell the full story. While some buyers see solar as an upgrade, others see it as a liability. The added value only applies if the buyer actually wants solar panels in the first place.

When Solar Panels Make Selling a Home Harder

Not Every Buyer Wants Solar – While energy-conscious buyers might appreciate the long-term savings, others don’t want the responsibility of maintaining a system they didn’t install. Buyers who aren’t familiar with solar may hesitate if they don’t understand how it works or worry about potential repair costs.
Leased Panels Can Be a Major Hurdle – If the panels are leased rather than owned, the new buyer typically has to assume the lease, which often means agreeing to ongoing monthly payments. Some buyers won’t want this added financial obligation, and lenders may have stricter loan requirements for homes with leased solar systems.
Aesthetic Concerns – Some buyers don’t like how solar panels look, especially if they’re older, discolored, or installed in a way that affects curb appeal.
Complicates the Selling Process – Sellers of a home with solar may need to put in extra effort to educate and convince buyers that it's a benefit rather than a drawback. Some buyers may be unfamiliar with how solar panels affect homeownership, which can lead to longer negotiations or lost deals.

If you’re interested in installing solar panels but concerned about how they might affect your home sale in the future, you’ll likely be better off buying them outright rather than signing a long-term lease agreement.

How to Sell a Home With Solar Panels More Easily

If you’re selling a home with solar panels, here’s how to avoid potential roadblocks and make the system as attractive as possible:

Clarify Ownership Early – If the panels are owned outright, emphasize this in the listing. This is more likely to make the solar panels an attractive feature for home shoppers rather than a complication or financial burden. If they’re leased, be prepared with details on the lease terms, transfer process, and costs.
Highlight the Financial Benefits – Have documentation ready to show the energy savings and how much the system reduces electricity bills. Buyers may be more receptive if they see clear financial benefits.
Prepare for Buyer Questions – Expect buyers (and their agents) to ask about warranties, maintenance history, and system lifespan. Providing this information upfront can prevent delays.
Work with a Realtor Who Understands Solar – Real estate companies experienced in selling homes with solar can help position it as a benefit rather than a complication.

Our Real Estate Agents Have Extensive Experience Selling Homes With and Without Solar Panels

Solar panels can be a selling point or a selling challenge, depending on the market and buyer preferences. While studies suggest solar panels may increase home value, that only applies if buyers see them as an asset—not a burden.

How the home is marketed plays a key role in buyer perception, which is why having an experienced real estate agent representing you is key. 72SOLD is dedicated to helping all types of sellers get competitive offers quickly. Get our price on your home today by filling out the form on our website .

Appliances and Home Sales

Wed, 09 Apr 2025 22:58:35 GMT

Should You Leave Appliances Behind When Selling Your Home?

With so much to consider when selling a home, many sellers don’t think much about whether to leave their appliances behind or take them when they move. Some sellers assume buyers expect them, while others see appliances as negotiable extras. Do appliances influence how quickly a home sells or how much it sells for? And is the difference significant enough to give it much thought?

Do Appliances Affect Home Sale Speed and Value?

In most cases, appliances don’t dramatically impact a home’s sale price or how quickly it sells—but they can still be a factor, especially in certain price ranges and markets.

People looking for a move-in ready home and first-time homebuyers who may not have the budgetary bandwidth to buy a new clothes washer and dryer, refrigerator and dishwasher after making a large down payment, could be put off if appliances aren’t included.

Higher-income home shoppers or those looking for a fixer-upper might measure for appliance replacements before the ink has dried on the sale.

While appliances may not be a deciding factor for most buyers, they can still be a plus or minus when comparing homes.

Essential in Starter Homes and First-Time Buyer Markets

Many of these buyers are stretching their budgets to buy a home and don’t want to immediately spend thousands on appliances. They also may not want the added hassle of buying and installing all new appliances while also moving in all their belongings. A home that comes with all or most appliances included may stand out in this price bracket.

Less Impactful in High-End or Custom Homes

In luxury markets, buyers may expect to replace appliances with their own preferred models, making the existing ones less of a selling point. However, high-end brands (like Sub-Zero or Wolf) can add appeal.

Can Influence the 'Move-In Ready' Factor

A home that includes all major appliances may feel more turnkey, which can make buyers act faster, especially if they’re comparing similar homes. If a buyer has to budget for appliances on top of closing costs and moving expenses, they may hesitate.

Many families won’t consider a home habitable without basic appliances in place. Buying and installing new appliances will further delay their move-in date and make the process more labor intensive.

Does Leaving Appliances Say Anything About Your Home?

Leaving appliances behind can subtly signal things about the home and the seller’s motivations.

A full set of modern, matching appliances can make the home feel well-maintained. Buyers may assume a home has been well cared for if the seller invested in high-quality kitchen or laundry appliances and they’re clean and in good shape.

Outdated or mismatched appliances could have the opposite effect. If the appliances look old, dirty or don’t match, they may not add value and could even give the impression that the home hasn’t been well maintained. In some cases, removing old appliances before listing can make the kitchen look cleaner and more modern.

Leaving appliances might indicate to home shoppers that you’re a motivated seller. If a home includes extras like a refrigerator, washer, and dryer, buyers might interpret this as a sign you are looking for a faster sale or don’t want to deal with moving large items.

The presence of appliances often won’t be the deciding factor that sways a home shopper one way or the other, but they can subtly shape buyer perception in ways that either help or hurt the sale.

Are Certain Appliances More Valuable to Buyers?

Not all appliances hold the same weight in a home sale. Some are expected, while others are seen as optional bonuses.

Kitchen appliances, such as the stove, oven, or dishwasher, are generally expected. These appliances may be built-in, and some buyers may consider their inclusion standard. Leaving them behind doesn’t necessarily increase the value of your home but removing them could be a red flag.

Refrigerators, washers, and dryers are more situational. If competing listings in your price range include these appliances, not offering them could put your home at a disadvantage.

High-end or smart appliances can be an attractive selling point that differentiates your home from similar homes in your area. Smart refrigerators, convection ovens, and advanced dishwashers can appeal to buyers who value modern technology, though they don’t always justify a higher asking price.

Outdoor appliances like built-in grills may also be seen as an attractive bonus, especially for buyers who envision backyard entertaining in their new home.

Does It Make Sense to Offer an Appliance Credit Instead?

If your appliances are older, mismatched, or you’re planning to take them with you, one alternative is offering an appliance credit.

An appliance credit can offer buyers flexibility, allowing them to choose their own appliances while saving the you the hassle of replacing older models before listing. However, some buyers may prefer a home that’s truly move-in-ready and could see an appliance credit as an inconvenience rather than a benefit.

If it’s a buyer’s market, leaving behind appliances may still be the better move to avoid giving interested home shoppers a reason to hesitate.

Get Home Listing and Selling Guidance From the Experts in Fast, Lucrative Real Estate Sales

Leaving appliances behind isn’t always a major factor in selling a home, but it can subtly influence how buyers perceive the property. The type of home you have, where it’s located, and the demographics of buyers can significantly influence the best approach. Young, first-time homebuyers may have different preferences than higher-income buyers who are purchasing their second or third home.

The team at 72SOLD can advise you on decisions ranging from starting prices and marketing to whether or not you should leave your appliances in place. Get our price on your home and learn more about our process by filling out the form on our website.

Digital Dirty Tricks: The 72SOLD Exposé on Online Defamation

Tue, 01 Apr 2025 03:01:59 GMT

It's happened to some of the most recognized and trusted brands in the world. Competitors hire anonymous or foreign bloggers to post false and damaging stories. In an era where information spreads like wildfire, the weaponization of online content to tarnish a competitor's reputation has reached a new low. This reprehensible practice, often shrouded in secrecy, can have devastating consequences for businesses, as exemplified by the recent situation involving 72SOLD, a prominent name in the real estate industry.

72SOLD, recognized as one of the Inc. 5000's top 250 fastest-growing privately held companies and the number one rated Inc. 5000 real estate firm in the western United States, found itself the target of a malicious campaign. A competitor, driven by what can only be described as envy and a lack of ethical boundaries, allegedly hired a blogger to publish a completely fabricated story about a non-existent lawsuit.

The impact of this fabricated story about a 72SOLD lawsuit was swift and damaging. When people now search for "72SOLD lawsuit," Google's AI Overview, which is supposed to provide accurate summaries, unfortunately includes the false information, stating: "The 72Sold lawsuit revolves around allegations of misleading marketing, unfulfilled promises of quick sales, and hidden fees, with homeowners claiming lower-than-promised offers and longer sale timelines." This statement is 100% false. There is no such lawsuit against 72SOLD, and there never has been. The damage inflicted by this deliberate spread of misinformation could be substantial, potentially swaying public opinion and damaging the company's hard-earned reputation.

This incident shines a harsh light on the dark underbelly of online competition, where some businesses resort to underhanded tactics instead of focusing on genuine innovation and customer service. It's a stark reminder that in the digital age, a company's reputation can be attacked not only through traditional means but also through the insidious spread of false information online.

The Perils of Defamation in the Digital Age

The internet, while a powerful tool for communication and commerce, has also become a breeding ground for defamation. Unlike traditional forms of defamation, which might have been confined to a local community, online defamation can reach a global audience with unprecedented speed and scale. This makes it particularly dangerous for businesses, as the damage inflicted can be both widespread and long-lasting.

To understand the gravity of the situation, it's important to define online slander and its potential impact. Reputationsciences.com offers a clear explanation:

What Is Online Slander?

Online slander is a form of defamation in which false information about someone is shared online. This misinformation can harm a person’s reputation, affecting their personal life or business. While defamation is divided into libel (written defamation) and slander (spoken defamation), online slander usually involves written content, such as social media posts, reviews, or comments.

The line between libel and slander is often blurred online, as written statements are easily shared and sometimes interpreted as spoken words, especially through videos or podcasts. The rapid spread of information makes slander viral, causing damage before any correction can be made.

Even a single defamatory statement can linger in search engine results, affecting a person’s reputation for years. Whether the slander concerns unethical behavior, poor service, or inaccurate claims, the effects can severely impact personal relationships and career opportunities."

Online slander can be prohibitively costly to fight. Making such a claim in court normally requires an injured party to have significant resources. While a company successful in proving defamation may be entitled to an award of substantial damages, actually recovering those damages can be impossible. And finding the responsible party to bring into court in the first place is often a daunting task. Fighting online defamation can have a lasting financial impact, affecting the company's ability to grow and thrive. The resources that 72SOLD has had to expend to counter this false narrative about the non-existent lawsuit could have been better used to further improve their services and expand their market reach.

An article from the Pitcoff Law Group [1] highlights several key concerns for business owners regarding defamation:

Reputation is Everything: As the Pitcoff article suggests, a company's reputation is its most valuable asset. Trust is paramount in business, and any erosion of that trust can lead to significant financial losses. The false claims about a 72SOLD lawsuit, even though entirely untrue, can create doubt in the minds of potential customers and partners. Whether it's a false accusation of fraud, unethical practices, or, as in this case, the fabricated suggestion of a non-existent lawsuit alleging misleading marketing, the consequences can be severe.

Online Defamation: A Growing Concern: The rise of social media, online reviews, and blogs has made businesses more vulnerable to defamation than ever before. Negative reviews, false social media posts, and defamatory statements on blogs can spread rapidly, reaching a vast audience. The anonymity afforded by some online platforms makes it even more challenging to identify the source of the defamatory statements, further complicating the issue. In the case of 72SOLD, the fabricated blog post, amplified by search engine summaries, demonstrates the potent and damaging nature of online defamation.

Identifying and Evaluating Fake Blogs

In this digital age, discerning fact from fiction is crucial, especially when it comes to online content that can damage a business's reputation. Here's a summary of ways to identify and evaluate fake blogs, with a focus on those that spread false information, as was the case with the false 72SOLD lawsuit story:

URL and Domain Issues: Fake blogs often use URLs that closely resemble legitimate ones, employing misspellings or unusual domain extensions. Be wary of subdomains that misuse a familiar company name.

Lack of Credible Sources: Fake blogs frequently lack supporting sources or cite unreliable ones. It's essential to verify any linked information to ensure its accuracy.

Author Credibility: Research the author's credentials. Fake blogs may use fabricated author profiles or lack any author information. A legitimate source would typically provide information about the author's expertise and background, which would be related to the content of the article. For example, one would expect an article about the real estate industry to be written by a real estate professional, not a sports or entertainment editor.

Poor Writing and Grammar: Be cautious of blogs with numerous spelling errors, grammatical mistakes, or poorly written content. Professional businesses tend to have well-written and edited online content.

Sensational or Unsubstantiated Claims: Be skeptical of blogs that make exaggerated or sensational claims, especially those that seem too good or too bad to be true. Look for evidence to support the claims and be wary of blogs that rely on emotional appeals rather than factual information.

Lack of Contact Information: Legitimate businesses and blogs typically provide contact information, such as an address, phone number, or email address. Fake blogs often lack contact information or provide false or incomplete details. If you have doubts about an article, call the number provided and ask about it. You may find it is the “wrong number.”

One-Sided or Biased Content: Be aware of blogs that present an extremely biased or one-sided view, particularly when it comes to negative reviews of a business. Look for balanced perspectives and multiple sources of information. And a critical article ends with an invitation to contact a competitor is a clear indication of bias.

Suspicious Comments: Pay attention to the comments section. Fake blogs may have fabricated comments that promote a particular agenda or product. Be wary of generic or overly enthusiastic comments.

The Damage Caused by Fake Blogs

Fake blogs can inflict significant damage on a business's reputation in several ways:

Spreading False Information: Fake blogs can disseminate false information about a business's products, services, or practices, leading to customer distrust.

Negative Reviews and Attacks: These blogs may publish false negative reviews or launch personal attacks against a business or its employees.

SEO Manipulation: Fake blogs can manipulate search engine results to push negative content higher in search rankings, making it more visible to potential customers. This is precisely what happened with the 72SOLD lawsuit misinformation, where the false claims were amplified by Google's AI Overview.

Competitive Sabotage: In some cases, competitors may create fake blogs to damage a rival's reputation and gain a competitive advantage.

Protecting Your Business

Businesses can take several steps to protect themselves from the harmful effects of fake blogs:

Monitor Online Presence: Regularly monitor online reviews and mentions of your business.

Respond to False Information: Address false information promptly and professionally.

Build a Strong Online Reputation: Focus on creating positive online content and engaging with customers.

Seek Legal Counsel: If you believe you are the victim of defamation, consult with an attorney to explore your legal options.

72SOLD: A Victim of Unethical Practices, A Champion of Innovation

72SOLD's experience highlights the vulnerability of even successful companies to these malicious tactics. It's a stark reminder that in today's competitive landscape, some businesses are willing to abandon ethical principles in pursuit of short-term gains. However, 72SOLD's response to this challenge also demonstrates their resilience and commitment to the truth.

It's important to recognize that 72SOLD has consistently challenged the status quo in the real estate industry. While many traditional real estate firms prioritize simply hiring more agents, 72SOLD has focused on empowering its agents with superior strategies and tools to enhance customer service. This innovative approach has not only fueled their rapid growth but has also earned them a strong reputation for putting clients first.

The fact that 72SOLD has achieved such remarkable success, earning a place among the Inc. 5000's fastest-growing companies, speaks volumes about their business model and their dedication to excellence. Their commitment to improving the home selling experience for consumers sets them apart in an industry often resistant to change.

It is particularly reprehensible that, instead of competing fairly with 72SOLD by innovating and improving their own customer service, a competitor chose to engage in this unethical and damaging behavior. This highlights a disturbing trend where businesses attempt to shield themselves from legitimate competition and potential lawsuits by resorting to underhanded tactics, effectively outsourcing their dirty work to anonymous online entities.

72SOLD deserves immense credit for not only achieving remarkable success but also for standing up to this kind of malicious attack. Their commitment to transparency and their willingness to fight for their reputation in the face of such adversity should be commended.

A Call for Integrity

The case of 72SOLD serves as a cautionary tale for all businesses operating in the digital age. The internet, while a powerful tool, can also be used to spread falsehoods and damage reputations. It is crucial for businesses to be vigilant, to monitor their online presence, and to take swift action when faced with defamatory content.

More importantly, this situation calls for a collective condemnation of these unethical practices. Businesses that engage in or condone the use of fake blogs and online defamation should be held accountable. It is essential to foster a culture of ethical competition, where success is achieved through genuine innovation, superior service, and a commitment to the truth, not through the malicious destruction of a competitor's reputation.

72SOLD's experience should serve as a wake-up call to the entire business community. We must all be more vigilant in protecting our reputations and more vocal in condemning those who seek to undermine them through deceitful and

Footnotes:
[1] "We strive to use these materials under fair use principles, meaning our references are intended for educational and informational purposes. To be clear: any copyrighted materials used here are owned by their respective copyright holders, and we do not claim ownership of this content."

How Gas Effects Home Marketing

Wed, 26 Mar 2025 23:56:49 GMT

Is a Home That’s Gas Appliance-Ready a Significant Selling Point?

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Handling Buyer Loan Denial

Wed, 19 Mar 2025 23:46:57 GMT

What Happens When a Buyer’s Financing Falls Through?

A buyer’s financing falling through after the home seller has already accepted their offer is relatively uncommon, but it does happen.

In a best-case scenario, a seller will have received multiple competitive offers and will be able to choose the next best. However, there can be situations where other offers are significantly lower than the initial offer amount or come with contingencies the seller doesn’t want.

Home sellers dealing with this type of situation often have limited time to make a decision. That’s why it’s important to think through options quickly but rationally.

How Homebuyer Financing Falls Through

Even if a buyer is pre-approved, their loan isn’t officially secured until the final underwriting is complete—often right before closing. Several things can cause a lender to revoke approval, including:

Job loss or change in income – Mortgage lenders conduct last-minute employment verification before final loan approval. If the buyer loses their job, switches to a lower-paying role, or changes from a salaried to a commission-based job, they may no longer qualify for the loan.
High debt-to-income (DTI) ratio – If a buyer takes on new debt (like financing a car or maxing out a credit card), their DTI may exceed lender limits, causing the loan to be denied after pre-approval.
Low home appraisal – If the home appraises for less than the agreed price, the lender won’t cover the shortfall. If the buyer can’t pay the difference in cash or renegotiate with the home seller, the deal collapses.
Issues with down payment or closing funds – Lenders verify where funds are coming from. If a buyer suddenly deposits large sums of money or relies on undocumented gift funds, the lender may refuse the loan. Final credit check problems – Many lenders run a soft credit pull before closing. If the buyer’s score has dropped due to late payments or new accounts, they may no longer meet loan requirements.

These issues often come as a surprise to sellers, especially if they assume pre-approval guarantees the buyer’s financing.

Pre-Approval Is Just a Snapshot—Not a Guarantee

Many people who have gone through the mortgage process assume once they have been pre-approved, the hard part is over. This is an easy assumption to make because, from a borrower’s perspective, the labor-intensive and invasive part of the whole procedure is the initial pre-approval process.

In reality, pre-approval is just an initial check, and lenders continue evaluating the buyer’s financial stability right up until closing.

Lenders re-verify employment, bank accounts, and credit to ensure nothing has changed.
Even minor financial shifts can potentially trigger a denial, like a buyer financing a new car or making a large, unexplained deposit.
The loan isn't truly secure until the lender releases the funds at closing, which can be weeks after pre-approval.

Sellers need to understand that even a well-qualified buyer can have financing fall through, sometimes at the last minute.

What Sellers Can Do Next if Their Buyer’s Financing Falls Through

Accept a Backup Offer (If One Exists)

If a home seller has received multiple offers, the best option is often to pivot to the next strongest buyer without relisting the home. This is often the preferable option, as relisting can potentially tarnish perceptions of your property among local home shoppers. You might know that the buyer didn’t pull out because of some issue with the home, but people browsing listings won’t have that context.

Unfortunately, backup offers are, by their nature, less favorable. Buyers who were outbid may have offered less, asked for more contingencies, or had weaker financing.

Relist the Home on the Market

If no backup offers are available, sellers may have no choice but to put the home back on the market. While this gives the seller a chance to attract new buyers, it also comes with risks.

A home that reappears on the MLS after falling out of escrow can raise red flags for buyers, who may assume there was a problem with the property itself. Even if the issue was entirely on the buyer’s end, this perception can make it harder to generate fresh interest.

Sellers who need to relist may consider adjusting their pricing strategy or enhancing their listing presentation to counteract any negative assumptions.

Negotiate with the Same Buyer (If Possible)

If the financing issue is due to a temporary setback—such as an underwriting delay, a missing document, or an issue that the buyer can quickly resolve—it may be worth negotiating an extension. This works best when the buyer has a clear path to securing financing within a reasonable timeframe.

Although this may be preferable to relisting or accepting a less-attractive offer, sellers should be cautious about long delays. Waiting too long can create additional uncertainty and prevent the seller from moving forward with other interested buyers.

Avoiding the Risk of Financing Challenges

To prevent financing failures, sellers may want to prioritize buyers who present fewer risks from the start. Buyers with larger earnest money deposits demonstrate stronger financial stability, making them less likely to face financing challenges.

Conventional loan buyers often face fewer hurdles than those using FHA or VA loans, which have stricter appraisal and underwriting requirements. Sellers can also look for buyers who have already passed key underwriting milestones rather than those who are only pre-approved, as this reduces the likelihood of last-minute loan denials.

What Is the Best Path Forward for Home Sellers in These Situations?

Each situation is different, but the least risky approach is often to have backup offers lined up before an issue arises. Relisting the home can work, but it comes with the downside of making the property appear to be lingering, which can deter future buyers.

Sellers should also work with their real estate agent to evaluate buyers closely upfront. Doing so can lower the risk of accepting an offer from someone who might face loan denial.

Having Multiple Offers Prevents Many Sellers from Needing to Relist in Loan Denial Scenarios

One of our goals at 72SOLD, in addition to selling homes fast, is to garner multiple offers from motivated home shoppers. Having multiple competitive offers can mitigate the risk of loan denials and prevent sellers from needing to relist.

Fill out the form on our website to get our price recommendation for your home and to learn about the 72SOLD process.

Maximizing Home Appeal

Wed, 12 Mar 2025 18:00:00 GMT

How Home Sellers Can Trigger Buyer Desire

Selling a home isn’t just about staging and listing photos—it’s about creating a deep emotional connection that compels buyers to act. Buyers don’t just purchase a house; they buy into a vision of their future. A home seller who understands and appeals to the preferences of modern home buyers can increase the perceived value of a property, generate multiple offers and potentially sell faster at a higher price.

First Impressions Shape Everything

The first few moments a buyer spends looking at a home—whether in person or online—can define their entire perception of the property. A well-maintained exterior signals care, while even minor neglect can plant doubts about hidden issues.

A freshly painted front door, trimmed landscaping and updated lighting can instantly boost curb appeal.
Inside, the entryway should feel open, clean and inviting. Natural light, a decluttered space and fresh air make the home feel spacious and welcoming.
Small touches, like a stylish entryway table or a neutral piece of art, help create a polished first impression.

Creating the “This Feels Like Home” Effect

Buyers aren’t just looking for square footage; they’re looking for a space that fits their lives. Sellers can help create that feeling by staging rooms with clear intent. A small nook with a reading chair, a backyard patio arranged for entertaining, or a well-lit home office setup all encourage buyers to imagine themselves in the space.

Scarcity and Urgency Drive Action

When buyers believe a home is in high demand, they’re more likely to act quickly and offer aggressively. Creating this urgency starts with how the listing is positioned.

A well-timed listing and a thoughtfully choreographed open house can position your property as a hot commodity and scarce resource.
Multiple buyers viewing the home at the same time signals that competition is high, forcing interested buyers to put in competitive offers quickly.
Setting an offer deadline instead of accepting rolling offers can push buyers to submit their strongest bid early.

Guiding Buyers Through an Emotional Journey

A home’s emotional appeal should grow with every step a buyer takes through it. The living room should feel like a place to unwind, the kitchen should suggest gathering and conversation and the bedrooms should evoke a sense of rest and retreat.

Sellers should pay close attention to small details that reinforce the idea that a home is well-maintained and move-in ready. Even minor cosmetic updates, like updated cabinet hardware or modern light fixtures, can elevate a home’s perceived value.

The Power of Subtle Status Cues

Buyers are often drawn to homes that signal quality and prestige, even in subtle ways. Small design choices can create an impression of luxury or exclusivity without requiring major renovations.

High-end finishes, even in small touches like sleek cabinet handles, statement light fixtures or modern faucets, can elevate the entire space.
Matching appliances and cohesive color schemes create a sense of intentional design.
Clean, well-maintained windows and doors send a subconscious message that the home has been well cared for.

Even in mid-range homes, small upgrades that make a home feel like a step up in lifestyle can increase buyer interest and willingness to pay a premium.

Aligning the Home With Buyer Aspirations

People don’t just buy homes—they buy into a vision of their future. Sellers who tailor their presentation to match the aspirations of likely buyers can trigger a stronger emotional response.

A home in a family-oriented neighborhood should emphasize functional gathering spaces, storage and a welcoming backyard.
A property in a trendy urban area benefits from sleek styling, tech-friendly features and a sense of modern convenience.
Buyers seeking a move-in-ready experience will respond better to fresh paint, polished floors and contemporary staging rather than a fixer-upper feel.

By thinking beyond just the physical property and tapping into what buyers want in their next chapter, sellers can position their homes as the ideal fit—one that feels like the right choice the moment buyers walk through the door.

Making Buyers Feel Like They’ve Found “The One”

Ultimately, buyers want to feel like they’ve discovered something special. A home that’s well-maintained, thoughtfully marketed and emotionally inviting will stand out from the competition. Home sellers who focus on these details can create an environment where buyers feel a personal connection—one that leads to stronger offers and faster sales.

If you want to benefit from a proven system that leads to faster offers and a higher sales price, contact 72SOLD. Fill out the form on our website to get our price for your home .

Appealing to Remote Workers

Wed, 05 Mar 2025 17:30:00 GMT

What Should Home Sellers Know About the Growing Trend of Remote Work Buyers?

The impact remote workers are having on real estate isn’t just theoretical. In 2022, an estimated 10.5 percent of remote workers relocated within their state, while another 4.3 percent moved to a different state. In many cases, these workers are leaving cities or states with a high cost of living, like California and New York, to lower-cost rural and suburban areas.

If you’re selling your home, you may be able to take advantage of this trend by focusing your marketing efforts and customizing your listing to appeal to remote workers.

Increased Demand for Suburban and Rural Homes

Remote workers have the luxury of not being tethered to expensive urban centers. Instead, they are looking for homes in suburban, exurban and even rural locations where they can enjoy larger properties, lower costs and a better quality of life.

For home sellers in these areas, this shift is a major advantage. While demand for urban homes may fluctuate, suburban and rural markets have seen increased interest from buyers who want more privacy, yard space and square footage for the same or lower price than a city condo.

If your home is in a suburban or rural setting, highlight its spaciousness, tranquility and affordability in marketing materials. Mention amenities like parks, hiking trails, community centers and local attractions that enhance the lifestyle for remote workers who no longer need to live near their offices.

Home Office Spaces Are a Top Selling Point

With more buyers working from home permanently or in hybrid roles, a dedicated home office has gone from a nice-to-have to a must-have. Many remote workers are looking for properties with at least one space that can function as an office, whether it’s a spare bedroom, den, finished basement or even a large nook.

Sellers can increase appeal by staging a flexible and functional home office setup. This doesn’t require major renovations—simply adding a desk, office chair and shelves to a room can help buyers visualize the space as a workspace. If possible, emphasize natural lighting, quiet surroundings and ample outlets—all features remote workers prioritize.

Fast and Reliable Internet Is Non-Negotiable

For remote workers, internet speed and reliability are just as important as the number of bedrooms or the kitchen layout. Many jobs require video conferencing, large file transfers or cloud-based applications, making high-speed internet a necessity. If your home is in an area with fiber-optic or gigabit-speed service, highlight that in your listing.

Even if your home has everything a buyer wants, slow or unreliable internet can be a dealbreaker. Providing information upfront about available speeds and providers can reassure potential buyers that they’ll have the connectivity they need.

More Buyers Are Prioritizing Work-Life Balance

Many remote workers, particularly young professionals, have gravitated to this modern mode of employment for lifestyle reasons. They demand a work-life balance that leans heavily toward the “life” side of the equation. This means they are often particularly drawn to homes that feature:

Proximity to outdoor spaces like parks, hiking trails and beaches
Wellness-focused amenities like home gyms, pools and meditation spaces
Entertainment areas such as patios, outdoor kitchens and game rooms

If your home includes features that encourage a better work-life balance, be sure to emphasize them. A spacious backyard, a well-designed patio or nearby retail and fine dining may be strong selling points for buyers who value a peaceful, enjoyable environment while working from home.

Sellers should also market nearby amenities that support physical and mental well-being, such as fitness centers or farmer’s markets.

Flexibility in Home Layout Matters

Remote workers often appreciate adaptable spaces that serve multiple functions, including home offices, workout areas and playrooms. If your home has a flexible layout, highlight its versatility. Buyers are increasingly interested in:

Bonus rooms that can function as offices, guest rooms or hobby spaces
Finished basements that offer private, distraction-free workspaces
Soundproofed rooms or quiet areas ideal for video calls and deep focus work

Even if your home doesn’t have an obvious office, showcasing creative ways to use existing space—such as a well-lit corner in a living room or a loft—can help buyers envision how they’ll make the home work for them.

Smart Home Features Appeal to Remote Workers

Tech-savvy buyers working remotely appreciate homes equipped with smart technology that enhances convenience and security. Features like:

Smart thermostats (Nest, Ecobee) to improve energy efficiency
Keyless entry and security systems that allow remote access

These upgrades don’t just make daily life easier—they also add value to a home by offering remote workers more control over their work environment. A seller can highlight these features as ways to improve productivity, comfort and security while working from home.

Proximity to Co-Working Spaces and Community Hubs Can Be a Selling Point

While many remote workers prefer to work from home, some still enjoy access to co-working spaces, coffee shops and community hubs. These locations offer an alternative workspace when working from home becomes isolating.

If your home is near a co-working space, library or coffee shop, be sure to mention it in your listing. Many buyers appreciate having the option to work outside their home occasionally while still avoiding a traditional office commute.

More Buyers Are Open to Unique Locations

Because remote workers can live anywhere, many are choosing locations based on climate, cost of living and lifestyle rather than job proximity. This has increased demand for homes in:

Warmer, sunnier climates (Florida, Arizona, Texas)
Affordable housing markets where buyers can get more for their money
Recreational destinations near mountains, lakes or beaches

For sellers in areas that weren’t historically "job hubs," this presents an opportunity to attract new interest from out-of-state buyers looking for an ideal remote work location.

Reach Motivated Buyers Faster With 72SOLD

Using a marketing approach that reaches qualified and interested buyers quickly allows our home selling experts to attract competitive offers while minimizing time on market. If you want to sell your home fast without sacrificing the equity you’ve built, fill out the form on our website to get our price for your home.

Scarcity and Urgency

Wed, 26 Feb 2025 17:15:00 GMT

How Scarcity and Urgency Can Lead to a Faster, Higher-Priced Home Sale

Selling a home isn’t just about finding a buyer—it’s about finding the right buyer at the right time to maximize value.

Homes that sit on the market for weeks or months consistently receive lower offers, as buyers assume either the home is overpriced or there is something wrong with it.

There’s also a higher likelihood that interested buyers will put in lower offers the longer they wait after a showing or open house. To maximize home sale price, it’s in a seller’s best interest to create a sense of urgency and encourage buyers to submit strong offers quickly.

By leveraging scarcity and urgency through smart marketing and showing strategies, sellers can accelerate buyer decisions, reduce time on market and secure stronger offers.

The Psychology of Competition in Home Sales

When buyers believe a home is in demand, they act fast. Creating this sense of competition can significantly increase both offer speed and offer strength.

During open houses and showings, it’s crucial to emphasize that other motivated buyers are interested. Subtle signals and thoughtful selling strategies can push buyers to take action. No buyer wants to feel like they missed out on a great opportunity, especially if they’re highly motivated to find their next home.

The 72SOLD Approach to Driving Urgency

A structured showing process can reinforce scarcity, exclusivity and urgency, making buyers feel like they are competing for an exclusive opportunity. Many 72SOLD transactions follow a strategic path designed to maximize these psychological factors:

A single open house is scheduled for a Saturday, giving the listing a clear event-driven timeline.
Highly motivated buyers often reach out, hoping to see the home before the open house.
If a buyer is qualified, the agent may offer them an “opportunity showing” before the scheduled event, making them feel like a VIP.
After the showing, the seller offers an exclusive opportunity for the motivated buyer to put in an offer before other buyers get a chance.

This process can drastically reduce time on market and the delay between showings and offers. Buyers feel a sense of privilege in being able to see the home early and urgency to put in an offer before competitors enter the market for your home. This exclusivity can lead to stronger offers and faster sales.

Creating a Winning Buyer Journey

The goal is to lead buyers through a journey that naturally makes them want to act quickly and put in competitive offers. Their thought process should look something like this:

This home looks like a perfect fit, and I don’t want to wait to see it with a crowd of competing home shoppers.
I’m grateful to be given a chance to view it early and feel like a VIP.
The home meets all my needs, and I don’t want to risk losing it.
I appreciate the opportunity to secure it with a strong offer before others get a chance.

This approach not only benefits the seller by accelerating the sales process and maximizing price, but it can also be a positive experience for the buyer, giving them an edge in securing a home they truly want.

Pricing to Reinforce Buyer Confidence

Another factor that influences buyer urgency is pricing. A thorough market analysis of competing homes ensures that a property is positioned strategically. If a home is priced too high, buyers hesitate, fearing they’ll overpay. If it’s priced right, urgency increases as they recognize it as a good value in a competitive market.

Sellers who combine smart pricing with a scarcity-driven marketing strategy can expect faster offers, a stronger negotiating position, and a higher final sale price.

Home Sellers Who Want a Faster Sale Without Leaving Money on the Table Should Call 72SOLD

Sellers who create urgency and competition through strategic marketing and showings put themselves in the strongest position to sell quickly at the highest price possible. The right buyer doesn’t need weeks to make a decision—they just need the right environment to feel confident making an offer.

72SOLD leverages scarcity and urgency to maximize offer value while minimizing time on market. Get our price for your home and learn more about our approach to selling homes by filling out the form on our website .

Judging Offers

Wed, 12 Feb 2025 17:00:56 GMT

Why the Best Offer Isn’t Always the Highest

For many home sellers, the highest offer is undoubtedly the best offer. However, there can be other factors at play—particularly timing. For sellers who need to move quickly, an offer’s terms often matter just as much or more than the price itself.

The Role of Contingencies in Slowing Down a Sale

One of the biggest factors that can delay or derail a home sale is contingencies. These are conditions buyers include in their offers that must be met before the sale can go through.

A home sale contingency means the buyer has to sell their current home before they can complete the purchase. If their sale is delayed or falls through, it could leave the home seller stuck waiting.
A financing contingency allows a buyer to walk away if they can’t secure a mortgage. Even if they’ve been pre-approved, changes in their financial situation or lender requirements could cause unexpected issues..
An inspection contingency gives the buyer room to negotiate repairs or back out if they don’t like the results of the home inspection. While inspections are normal, an overly cautious buyer may ask for unnecessary repairs or price reductions.
An appraisal contingency protects the buyer if the home doesn’t appraise for the purchase price. If the lender won’t approve the loan for the full amount, the deal could stall or require renegotiation.

Even if an offer is the highest, if it comes with contingencies that create delays or uncertainty, it may not be the right choice for a seller who needs to move quickly.

Why Cash Offers and Pre-Approved Buyers Can Be More Attractive

In competitive markets, cash offers often win out, even when they aren’t the highest. A cash buyer eliminates the risk of financing falling through and can often close in days rather than weeks. This is a major advantage for sellers working under tight timelines.

Even when cash offers aren’t on the table, a buyer who is fully pre-approved and has a strong financial standing is a safer bet than someone still in the early stages of securing a mortgage. Offers from buyers who are already pre-approved for the full purchase amount reduce the risk of delays caused by financing issues.

Closing Timeline and Flexibility

Speed matters, especially for sellers who need to move fast. Some buyers can close in as little as a week, while others may need 30, 45 or even 60 days. If a seller needs to be out quickly, an offer with a faster closing timeline—even if it’s not the highest—may be the more attractive choice.

Flexibility can also be a key factor. Some buyers may be willing to close quickly but allow the seller extra time to move out.

Earnest Money and Buyer Commitment

Earnest money is the deposit a buyer puts down to show they’re serious about purchasing the home. A higher earnest money deposit signals stronger commitment. If a buyer backs out without a valid reason, the home seller usually gets to keep the deposit.

An offer with a lower purchase price but a higher earnest money deposit can sometimes be a better choice than one with a higher price but weak financial backing. A buyer willing to put more money on the line upfront is often more committed to closing the deal.

Choosing the Offer That Gets to the Finish Line

At the end of the day, the goal isn’t just to accept the highest offer—it’s to accept the offer that will actually close, and close quickly. An offer that looks great on paper but comes with financing risks, long closing timelines or excessive contingencies could end up costing a seller time and money in the long run.

Our Real Estate Professionals Have Earned a Reputation for Selling Homes at Record Speeds

At 72SOLD, we leverage a specialized marketing strategy to identify and reach qualified buyers interested in your property quickly. By positioning your home as a scarce and highly desirable resource, we’re able to entice home shoppers to put in competitive offers quickly, so you have choices without sacrificing speed of sale. Get our price for your home by filling out the form on our website .

The Cost of Waiting to Sell

Wed, 05 Feb 2025 00:06:09 GMT

The Hidden Costs of Holding on to Your Home Too Long

Many homeowners delay selling their property because they are waiting for the market to improve, don’t feel prepared to move, or struggle with sentimental attachments. Unfortunately, holding on to your home longer than necessary can come with hidden costs.

Financial Costs of Delaying the Sale

Carrying Costs Add Up

Each month you keep your home, you’re paying for:

Mortgage payments (if you haven’t paid off your home yet)
Property taxes
Homeowners insurance
Utility bills
Maintenance and repairs

Potential for Decreasing Equity

If the market declines, you could lose equity as property values decline. This is especially critical if you’re counting on your equity to fund your next purchase or to accomplish other financial goals.

No market is entirely predictable, and you can often only pinpoint the peak after it has passed. Homeowners who are thinking about selling are not always best served by agonizing about timing, especially if that means putting off a needed move.

Missed Investment Opportunities

Holding on to your home ties up capital that could be used for other investments, such as purchasing a new home, investing in other assets that could appreciate more rapidly, or contributing to retirement savings.

Increased Maintenance and Repair Costs

Aging Infrastructure

The longer you wait to sell, the more likely major systems (roof, HVAC, plumbing, etc.) will require costly repairs or replacements to make the home market-ready. Having to invest in large repairs or overhauls may ultimately decrease your equity.

Deferred Maintenance

Small issues, like peeling paint or leaky faucets, can escalate into larger, more expensive problems over time. Buyers often expect homes on the market to be move-in ready. Postponing the sale may mean you will need to spend more later to bring the home up to market standards.

Market Timing Risks

Missed Seller’s Market Opportunities

Putting off listing your property to secure incremental gains could result in you missing the boat entirely.

Increased Competition

Waiting too long could put you in a position where you feel compelled to sell during less favorable market conditions. For example, increased home inventory in the future may put pressure on sellers to lower prices or make concessions.

Emotional Costs of Staying Too Long

Stagnation

Holding on to a home that no longer fits your lifestyle can make you feel 'stuck' or unable to move forward.

Stress of Unused Space

Empty or unused spaces can serve as reminders of the past, contributing to emotional strain rather than comfort.

Missed Lifestyle Opportunities

Delaying a move could mean postponing the chance to downsize, relocate closer to family or enjoy a new environment that better suits your needs.

Tax Implications of Waiting

Capital Gains Exclusion Rules

If the home is no longer your primary residence, you could lose the ability to exclude up to $250,000 ($500,000 for married couples) of capital gains on the sale from taxation. For example, if you decide to rent out your home while waiting for the market to improve, you may inadvertently trigger this rule.

Property Tax Increases

Staying in the home longer could subject you to property tax reassessments, especially if your home is in an area with rising home values.

How to Avoid the Hidden Costs of Waiting Too Long to Sell Your Home

Sell Strategically

Work with a real estate expert who can help you determine the best time to sell based on market trends and your personal financial goals.

Leverage Quick-Sale Options

Companies like 72SOLD can help you sell your home quickly and for top dollar, minimizing carrying costs and helping you transition to your next chapter while market conditions are still favorable.

Invest in Pre-Sale Preparation

Address maintenance issues early and focus on cost-effective upgrades with dependable ROIs.

Consider the Big Picture

Think about the opportunity cost of holding on to your home. Whether it’s financial freedom, a job opportunity, a better school district or a lifestyle change, moving forward may unlock possibilities that outweigh staying put.

Should You Wait for the “Perfect” Time to Sell Your Home?

While it’s natural to hesitate before selling a home, the hidden costs of holding on too long can be significant. At 72SOLD, we’re committed to achieving optimal results for our clients.

Let us help you list your home with confidence. Start the process by filling out the form on our website to get our price for your property.

Financing a New Home While Selling

Wed, 29 Jan 2025 23:55:53 GMT

Financing Your Next Home While Selling Your Current One

Many people who are planning to move from their current home to a new home need to navigate the homebuying and selling process simultaneously. In an ideal world, you would be able to consolidate timelines and close on your home sale right before you need your equity to make a down payment on your new home purchase.

The real estate market and transactions are complex. Timelines often don’t align perfectly, requiring contingencies, loans or alternative financing methods to finalize a home purchase while still living in or listing your current home.

These scenarios are common, and various financial and contingency solutions have been developed to support homebuyers and sellers.

Short-Term Financing With a Bridge Loan

Bridge loans are short-term loans designed to cover the gap between buying your new home and selling your current one. They allow you to tap into the equity of your current home to fund a down payment and closing costs on the next property.

Key Advantages

Provides immediate access to funds for your next home.
Helps you avoid a contingent offer, making your bid more competitive in a hot market.

Considerations

Bridge loans typically come with higher interest rates than traditional mortgages.
They are best suited for homeowners with significant equity and strong credit profiles.

Access Equity Before Listing Your Home with a Home Equity Line of Credit (HELOC)

A HELOC allows you to borrow against the equity in your home, providing a revolving line of credit that can be used for a down payment or other costs.

Why It’s Useful

Flexibility to draw funds as needed.
Often comes with lower interest rates compared to bridge loans.

Timing Is Key

Some homeowners prepare ahead of time for this scenario because of the way they are approaching the selling and buying process. For example, households with kids might want to purchase a new home toward the end of the school year with the goal of moving during the summer. They might only list their current home once they’ve begun the moving process.

In this type of situation, the homeowners may want to secure the HELOC before listing their current home, as lenders typically won’t approve a HELOC for a home that is already on the market. Once the sale is finalized, you can use the proceeds to pay off the outstanding principal balance on your current mortgage and the HELOC.

Contingency Clauses

Two of the most common contingency clauses—purchase and sale contingencies—are intended to help homebuyers and sellers solve timeline misalignments. They can allow you to make the purchase of your next home dependent on the sale of your current property (or vice versa).

While common, these clauses can make your offer less appealing in competitive markets. If a home seller has multiple bids, including some from buyers who aren’t requiring any purchase contingencies, the seller may reject your offer.

However, there are ways to mitigate the negative impact contingencies can have on offers, such as making your bid slightly higher than competing offers to compensate for the inconvenience of the contingency.

Rent-Back Agreements

A rent-back agreement allows you to sell your current home but remain in it as a temporary tenant. This gives you more time to finalize your next purchase without rushing the process.

Benefits

Eliminates the need for temporary housing or dual mortgage payments.
Lets you focus on securing your next home after the sale.

Potential Drawbacks

Not all buyers may agree to a rent-back, particularly in competitive markets.
A buyer who need to move right away, like those trying to close their own home sale quickly, might not have the flexibility to accommodate a rent-back agreement.
Negotiating rental terms in advance may complicate the closing process.

Temporary Financing Options for Buyers Who Qualify

Dual Mortgage Preapproval: If your finances allow, consider getting preapproved for two mortgages simultaneously. This ensures you can secure your next home while still carrying your current mortgage.
Piggyback Loans: Use a second mortgage or loan to cover your down payment until you sell your current home. These loans often have adjustable terms and can be a useful stopgap.
Savings as a Safety Net: If possible, tap into savings or liquid assets to fund your next home upfront, then replenish them after your sale closes. Once you receive equity from your current home sale, you can pay down the principal on your new home. If you do plan on taking this approach, be sure your new loan agreement does not contain prepayment penalties.

Sell Your Home Quickly for a Great Price

72SOLD is committed to helping current homeowners close sales fast. We utilize innovative marketing methods to identify interested and qualified buyers before listing to ensure the homes we sell garner competitive offers quickly. If you want to rapidly close your sale without sacrificing equity, our professionals can help. Fill out the form on our site to get our price for your home.

Transitioning to a Forever Home

Wed, 22 Jan 2025 23:44:29 GMT

How to Find Your Ideal Forever Home and Maximize Your Down Payment

For many homeowners, moving into a ‘forever home’ represents the culmination of years of planning and dreaming. Whether you’re upgrading from a starter home, transitioning out of a family home, or simply ready to settle into the perfect space, one thing is certain: maximizing the equity from your current home is key.

Being able to afford a larger down payment can significantly increase your chances of securing your dream home. At 72SOLD, we specialize in helping homeowners sell quickly and for top dollar , giving you the resources and confidence to take the next step.

What Does “Forever” Look Like for You?

A forever home is more than just a house—it’s a long-term fit for your lifestyle and future goals. Your approach to this house hunt should be different from your past home searches. It’s important to take the time to think carefully about what you will want or need in the future, while also seeking a home that can accommodate unexpected life changes.

What a homebuyer will want in a forever home can vary dramatically for different types of people:

Young Families : Look for homes with room to grow, good school districts and kid-friendly features like play spaces or large yards.
Empty Nesters : Focus on downsized layouts that balance comfort with low maintenance, like single-level living or homes with walkability to local amenities.
Retirees : Seek properties with accessibility features or proximity to healthcare, family and recreational opportunities.

Some questions to ask yourself when you’re considering different properties include:

Is it a good place to raise children or entertain guests?
Will it have space to accommodate adult children and grandchildren during visits? Or is that even something you want to encourage? You could look for homes near hotels or resorts where visitors could comfortably stay without imposing on your space.
Are there rooms that can be converted into a home office, gym or playroom?
Does the property have features to support hobbies, work-from-home needs or aging in place?
Is there adequate storage for your current and future needs, like a walk-in pantry, large closets or a garage?
Is walkability important to you now or might it be 10, 20 or 30 years? If so, is the property located near restaurants or shops?
Are you looking for a home in a bustling urban area, a quiet suburb or a rural location, and do you think you will be happy there long term?
Is the property near good hospitals, doctors or other amenities that matter to you, like gyms or public transportation?
Do you aspire to be a part of a particular type of community or neighborhood culture, like one that’s family-oriented, active and social, or quiet and private?
Do you dream of a scenic view, like mountains, water or cityscapes?

Choose Features That Fit Your Long-Term Vision

Future-Proof Your Purchase

Flexibility : Look for spaces that can adapt over time, like homes with a guest room that could double as an office or a basement that can evolve into a gym, playroom or hobby space.
Accessibility : If aging in place is a consideration, prioritize homes with single-level living, wide doorways or the potential for modifications.

Lifestyle-Specific Features

For Entertainers : Open-concept layouts, gourmet kitchens and outdoor spaces for hosting.
For Families : Ample storage, multiple bathrooms and proximity to parks and schools.
For Peace of Mind : Energy-efficient upgrades, smart home technology and secure neighborhoods.

Location, Location, Location

Evaluate proximity to work, family and amenities like healthcare, shopping and recreation.
Consider long-term market value—areas with steady growth and demand are safer investments.
Do research on crime statistics and be sure to visit the area at night.
Drive through the area during morning and afternoon rush hour to gauge traffic patterns.
During visits at different times of day, listen for noise pollution from nearby highways, trains, schools or businesses.

Maximize Equity for Your Down Payment

The more you can put down on your forever home, the lower your monthly payments and overall interest costs will be. Maximizing equity ensures you’re financially prepared for a significant upgrade.

Leverage 72SOLD’s Proven System

Our innovative approach is designed to sell homes faster and for more money , giving you a competitive edge when you’re bidding against other potential buyers for your forever home.

Stage for Success

Declutter, rearrange furniture and create a warm, inviting atmosphere. Read up on staging strategies or ask your real estate agent about professional staging and whether it’s right for you.

Price It Right

Overpricing can discourage buyers and delay your sale, while underpricing might raise concerns about the property’s condition. A strategic starting price attracts competitive offers and maximizes your proceeds.

Pricing your current home is particularly important if you’re trying to buy your forever home. Once you find the right property, you’ll want to have the necessary funds or financing to put in a competitive bid right away without demanding contingencies that might put off home sellers.

Selling your home quickly and for a great price is often essential to the process.

Get Creative with Financing and Timing

Bridge the Gap

If you find your dream home before your current home sells, you may be able to leverage alternative financing options like bridge loans or HELOCs to secure your down payment.

Conversely, if you sell your home prior to closing on your dream home, you can ask for rent-back agreements to stay in your current home temporarily.

Coordinate Closings

Work with an experienced real estate team to align your sale and purchase dates, avoiding unnecessary delays or housing gaps.

Get the Money You Need to Put a Down Payment on Your Forever Home

Finding your forever home is an exciting journey, but success starts with careful planning and maximizing the value of your current property. By working with a trusted real estate partner like 72SOLD, you can sell your home quickly, for top dollar and with less stress—giving you the resources you need to secure the perfect home for your next chapter.

Ready to take the next step? Fill out the form on our website to get our price for your home .

Selling While Buying

Wed, 15 Jan 2025 23:31:12 GMT

How to Sell Your Current Home and Buy Your Next One Without Stress

Although the process of buying a home can be stressful for first-time homebuyers, they do have one distinct advantage – they don’t need to sell their current property at the same time. Simultaneously trying to sell your home for the best possible price while searching for your perfect next home, and aligning the purchase and sale timelines, can be an extraordinarily stressful process.

Start With a Plan

Before you begin the process of listing your home or obtaining preapproval from a lender, you should take the time to analyze your budget. Determine how much equity you have in your current home, how much you can allocate for a down payment on your new home, and the rates you qualify for based on your current credit score.

This is also the step where you should establish a general price range for your next home. You can use tools like Zillow or Redfin to browse the types of homes or areas you can afford before beginning your home search in earnest.

The earlier you start the planning process the better. Seasonal variations in home prices, as well as average time on market, may justify accelerating or delaying listing or buying. However, every household’s situation is unique, and you may not have the luxury of putting off the process.

Setting a realistic timeline for the sale of your current home and the purchase of a new one can be helpful. Your timeline, financial flexibility and housing needs may help you decide whether you should prioritize selling or buying first.

Utilize Contingencies

The two most relevant contingencies for families who are both selling their current home and buying a new one are the sale contingency and purchase contingency:

Sale Contingency: Ensures you aren’t obligated to buy a home until your current one sells.
Purchase Contingency: Lets you stay in your current home until you’ve secured a new one.

Finding buyers and sellers willing to accept these contingencies may be helpful, although their willingness may be based on market conditions and competition.

Motivated buyers who don’t need to relocate immediately may be more willing to agree to purchase contingency. Sellers who are not on a tight timeline might be more amenable to a sale contingency, particularly if you offer the best bid for their property.

Consider Your Financing Options

Many homeowners searching for their next property plan to use their current equity to fund their down payment on their new home. This often makes people believe that they must sell their home before purchasing a new one. However, the market, buyer contingencies or happenstance may disrupt your plans.

What if you find the perfect home and want to finalize negotiations as quickly as possible so another home shopper doesn’t snatch the home out from under you? There are several options that can help in this type of scenario:

Bridge Loans : These short-term loans allow you to use the equity in your current home to fund a down payment before it sells. While not for everyone, these loans can be beneficial if you find your dream home before you sell your current home.
Home Equity Line of Credit (HELOC) : Secure a HELOC before listing your home to tap into your equity for upfront costs.
Dual-Mortgage Preapproval : If you have the financial capacity, consider getting preapproved for two mortgages to avoid timing constraints. Dual preapproval ensures you can temporarily continue making payments on your current mortgage as well as your new mortgage.

If you use a HELOC or bridge loan to cover the down payment, you can make lump sum payment to the mortgage company with your equity from your current home once the sale is closed. The end result is essentially the same as if you had that money up front for a down payment, although you may temporarily accrue some additional interest at the start of your new mortgage due to the temporarily inflated principal balance.

If this is your plan, ask your lender about recasting fees and be sure your new home loan doesn’t have prepayment penalties.

Temporary Housing Options

Many homeowners do prefer to sell before they buy because it allows them to avoid alternative financing headaches. The good news is there are several temporary housing and storage tools that can make the transitionary phase easier:

Short-Term Rentals : If you sell before buying, look into furnished rentals or extended-stay hotels for flexibility.
Rent-Back Agreements : Negotiate with your buyer to rent your home back to you for a short period after closing. This gives you more time to shop for your next home without rushing.
Portable Storage Solutions : Use storage pods to securely store belongings during a transitional period, making moving simpler.

Timing Strategies

You may benefit from working with a real estate agent who can help you synchronize closing dates. A real estate company like 72SOLD that specializes in attracting competitive offers quickly can make it easier for you to coordinate closing dates.

Also be open to listing strategically, such as listing your current home first and committing yourself to finding a new home quickly. Managing both processes concurrently increases the likelihood of aligning sale and purchase dates.

Get Help Selling Your Home Quickly on Your Preferred Schedule

The team at 72SOLD leverages effective marketing, pricing and open house strategies to get competitive offers fast. If you want help aligning your home sale and purchase dates, our team can help. Get our price for your home by filling out the form on our website.

Choosing From Multiple Offers

Wed, 08 Jan 2025 23:07:28 GMT

Navigating Multiple Offers to Select the Right Buyer for Your Home

At 72SOLD, one of our key goals is to secure home sellers multiple competitive offers quickly. Getting a second, third or even fourth offer is an exciting experience many home sellers don’t get to experience. If you do find yourself in the enviable position of having multiple offers to choose from, you might struggle to make a decision.

There are factors beyond price worth considering if you’re a home seller with several competitive offers to choose from.

What to Consider When Reviewing Offers

The dollar amount is not the only important characteristic of an offer. Some complications may even make the highest offer seem less appealing than some of the lower alternatives. A seemingly attractive price may come with challenges that could make competing offers preferable for your situation.

Financing Method: Nothing is faster than cash when it comes to a fast sale and a reliably straightforward closing process. Cutting out the added steps of loan approval can greatly accelerate closing. Sellers comparing financed offers may want to evaluate the relative strength of the bidders’ pre-approval letters and the dependability of their lenders.
Contingencies: Fewer contingencies typically means there’s a lower likelihood for delays or complications. Common examples of contingencies include inspections, appraisals and the sale of the buyer’s current home.
Closing Timeline: Some buyers may be more flexible with their closing timelines than others. Most sellers find it advantageous to find a buyer whose timeline aligns with their own. A buyer who requires a quick close or extended occupancy might not be ideal for your plans.

Each home seller is in a unique situation depending on their financial needs and relocation timelines. As a seller, you need to balance the value of an offer against these factors to determine the ideal path that aligns with your preferences.

Evaluating Each Home Shopper’s Financial Strength

If the financing method and timeline are important considerations for you, it’s likely worth your time to evaluate each buyer’s financial strength. Home sellers should take into account:

Proof of Funds: If you receive a cash offer, it’s important to request documentation so you can confirm the prospective buyer’s ability to pay.
Loan Type: If you receive offers from individuals who will finance the home purchase, consider the types of loans they are using. Conventional loans have fewer restrictions compared to government-backed loans like FHA or VA loans. Consider how their loans could influence the sale process.
Size of Down Payment: A larger down payment may indicate a buyer’s commitment to finalizing the sale quickly and can reduce the likelihood of financing issues.

The Role of Contingencies When Selecting an Offer

Contingencies have the potential to not only derail the initial offer you receive but also the speed with which you’re able to find a new buyer. The level of risk they add to an offer varies depending on the contingency, with some contingencies being more troublesome than others.

Offers without an inspection contingency can potentially be risky for sellers, who must balance the appeal of a clean offer with the protection provided by thorough due diligence.

In a competitive housing market, some buyers may waive the appraisal contingency. This can be beneficial as it reduces the risk of complications caused by an appraisal valuation below the buyer’s offer price.

Sale contingencies can be most problematic for sellers with a tight schedule, since the seller will only purchase the property after they’ve sold their current home. The delay can be unpredictable and depends on how efficiently the buyer sells their own property.

A Buyer Who Aligns With Your Closing Timeline May Be Ideal

Finding a flexible buyer willing to accommodate your desired timeline is typically ideal. You may even be willing to accept a slightly lower offer if it means you can close fast. If you need time to transition to a new home, you might benefit from finding a buyer who will allow you to remain in the property temporarily after closing.

Intangible Considerations

Some sellers, particularly those with an emotional attachment to the property or neighborhood, might appreciate a personal letter that details the buyer’s connection to the property and intentions for its future. You might also prefer to work with a buyer or agent who is courteous and approaches the process professionally, as they are more likely to contribute to a smoother and less stressful transaction.

Having Multiple Offers to Choose From Is a Good Problem for Home Sellers to Have

At 72SOLD, we’re committed to getting our clients multiple offers more quickly than other local real estate professionals. If you’d like to learn more about our process or receive our valuation for your home, please fill out the form on our website .

Choosing The Right Agent

Wed, 01 Jan 2025 22:56:54 GMT

How to Choose the Right Real Estate Agent for a Fast Sale

If selling your home fast is a priority for you, choosing the right real estate agent—someone who not only understands the market but also aligns with your goals and priorities—is a must. Most sellers have many real estate companies to choose from, each of which likely promises fast sales. Do your research and consider their past results, as well as their reputation in the industry, to determine which company or agent is ideal for your situation.

Consider Their Track Record

An agent’s experience and success rate are key indicators of their ability to sell your home quickly. When considering different real estate agents, be sure to ask about their average time to sell a property. An agent’s ability to close sales quickly demonstrates an understanding of effective pricing and marketing strategies.

An important part of that equation is local expertise and familiarity with the area in which the home is located. Insights into comparable sales, buyer demographics and market trends that influence the speed of sale are all important.

You may also want to consider agents who specialize in fast sales, like those trained in the 72SOLD model. Our real estate professionals are equipped with the knowledge to streamline the process.

Assess Their Marketing Approach

Not all real estate agents employ aggressive and thoughtful marketing strategies. Many utilize a cookie cutter approach that includes photography, listings and tours. This might work in a seller’s market, but it’s not necessarily the ideal approach to attracting multiple high offers quickly in every situation.

72SOLD leverages a combination of tools to identify and reach qualified buyers within days of a seller’s decision to put their home on the market. This front-loaded marketing strategy is a powerful tool for preventing a home from stagnating on the market for weeks or months.

Agents who use our process get the right eyes on your home quickly and establish your home as a scarce, highly desirable resource, generating excitement for your property before it formally hits the market.

Using a single open house instead of multiple buyer walkthroughs over weeks also affords significant advantages. Interested buyers who attend the open house see each other, realize there’s competition and have an incentive to act fast to put in the best offer.

How Is the Agent’s Communication Style?

Home sellers should try to gauge an agent’s responsiveness and transparency, as speed is often a factor in the home selling process. Delayed communication can slow sales and increase the risk of prospective buyers purchasing a different home. It’s important to have confidence your agent will prioritize your home and put in the necessary work to sell your house quickly and for the best price.

Understand Their Pricing Strategy

Most real estate agents will recommend an “asking price” based on their own gut, knowledge of the local market and, in some cases, a more formalized comparative market analysis (CMA). Experienced agents typically avoid overpricing to ensure a newly listed property generates immediate interest and prevent a prolonged sale process.

Gauge Their Negotiation Skills

There’s more to negotiating than haggling. Look for companies with a track record for securing favorable terms without prolonged negotiations, which indicates they excel at closing deals. You may also want to ask how they handle unexpected challenges that can arise when selling a home, like navigating appraisal issues or buyer contingencies.

Why Do 72SOLD Real Estate Professionals Stand Out?

Independent studies have shown that 72SOLD’s average sale price is 5.8 to 12 percent higher than other homes sold within an MLS. This is thanks to an innovative system that targets qualified buyers with effective marketing to generate interest and collects interested buyers together at the same time to instill a sense of urgency and competition.

If you would like to learn more about the 72SOLD system or get our valuation for your home, fill out the form on our website .

Home Listing Descriptions

Wed, 25 Dec 2024 22:12:11 GMT

How to Write the Perfect Listing Description That Sells

The way in which a listing is written can influence a home shopper’s first impression of your property. This description is often a seller’s first opportunity to grab a buyer’s attention, highlight their property’s best features, and entice the home shopper to visit an open house or schedule a showing. Understanding what will resonate with your target audience is the first step in drafting engaging, accurate and keyword-rich descriptions that generate interest.

Strong Opening Lines

There are a couple of key attributes a strong opening line should possess. It’s a good idea to start by:

Highlighting key features of your property
Creating a sense of urgency

You can fit several positive characteristics into a single sentence, like “This stunning three-bedroom home features a newly renovated kitchen and breathtaking mountain views.” Home sellers may also want to instill a sense of scarcity with something like “Rare opportunity to own a home in this sought-after neighborhood…”

It’s best to include specifics rather than relying on vague statements like 'great home' or 'good deal,' as nearly every home seller would describe their property in the same way. A strong opening line allows you to quickly define your home and lets readers determine whether it sounds like a property they would want to learn more about.

Focus on Features That Matter Most

Most homes being put on the market have at least some attributes that would make it attractive to buyers. Highlighting those features early and clearly allows buyers who are interested in those features to mark your property as one they will want to visit. In addition to the important basics, like the number of bedrooms, bathrooms and square footage, some features you may want to mention early in the description include:

Unique selling points, like a pool, large backyard or open floor plan
Lifestyle benefits like a secluded patio with a beautiful view or an expansive chef’s kitchen
Attractive upgrades like remodeled bathrooms, energy-efficiency enhancements (windows, HVAC system, etc.) or new appliances

Desirable Location Details

Many homes have both good and bad location attributes. It’s best to highlight the good and avoid overemphasizing some of the features that may detract from buyer interest. Some positive location features that you may want to highlight include:

Easy access to major highways or public transportation
Proximity to parks, schools, shopping and dining opportunities
Community amenities like walking trails, community pools or events

Keywords Can Boost Visibility

Many buyers search for specific types of homes. Using keywords commonly searched by buyers can help get your listing noticed. Examples include:

Common search terms like “move-in ready,” “open concept” and “modern kitchen”
Local keywords like references to specific neighborhoods or schools
More targeted but popular features, like “home office” or “energy-efficient HVAC”

Use Descriptive Language

You want buyers to visualize themselves in the property you’re describing. Engaging, sensory language can help instill a sense of emotion in the description, such as:

Phrases like “cozy fireplace,” “sun-filled living room,” or “serene backyard”
Action-oriented phrases like “host a family gathering in the spacious dining room” or “unwind in the luxurious soaking tub”
Be specific and avoid generic or overused terms like “nice” or “beautiful” without appropriate context

Accuracy Is Important to a Fast Sale

Few things discourage potential buyers more than perceived dishonesty. A seller who is untruthful about their home’s features or benefits might not be entirely transparent about other things, like underlying problems. Some ways you can remain accurate without inhibiting interest include:

Don’t exaggerate features or make claims you can’t back up
Couple acknowledgments of quirks or potential problems, like being on a busy street, with a positive attribute, such as “conveniently located near a major shopping and dining hub”
Specify timelines of renovations or upgrades, like “new roof installed in 2023”

Real Estate Professionals Who Excel at Identifying Buyers Fast and Marketing Homes Effectively

At 72SOLD, we take the guesswork out of selling homes by leveraging a proven strategy to identify qualified local buyers in just 72 hours and create a sense of competition and urgency. If you’re looking for professionals with a track record of selling homes fast for a great price, fill out the form on our website.

Starting Price Mistakes

Wed, 18 Dec 2024 21:59:03 GMT

Why Pricing Your Home Correctly Is the Key to a Quick Sale

The starting price a home seller sets is the foundation to the rest of the selling process. Buyer interest and the speed of sale will depend on the competitiveness of that price compared to similar homes available on the local market.

Setting a starting price too high typically results in a home staying on the market significantly longer than similar properties. Home shoppers are leery of homes that have been on the market too long, and the negative connotations cannot be easily shaken even if the asking price is reduced in the future.

The Risks of Overpricing

Some home sellers assume that overpricing their home is simply a way to gain leverage in negotiations. Unfortunately, that’s typically not what ends up happening.

Overpricing deters potential buyers from even considering your property, including ones who likely would have fallen in love with your house had they given it a serious look. This ultimately leads to your home lingering on the market longer than other properties, causing home shoppers to wonder if something is wrong with it.

Dropping the price after a long period of disinterest can signal desperation and give buyers more leverage in negotiations. Sellers in this situation have already missed the critical first impression window, which is when people actively looking to buy develop opinions on available properties. In most scenarios, missing this window leads to a loss of momentum and a slow home sale process.

The Risks of Underpricing

Overpricing is more common than underpricing. Few homeowners consciously decide to leave money on the table by underpricing. However, home sellers prioritizing speed may be tempted to undercut similar homes in their area.

One of the main issues with underpricing, especially as a strategy to accelerate the sale timeline, is giving home shoppers in your area the impression that your home is low quality or has problems that will require a significant investment of additional funds to fix.

Underpricing can also compromise your negotiating position. You might receive even lower offers based on the perception of the home’s quality and struggle to negotiate above the low starting price.

Strategies for Setting an Attractive Initial List Price

Comparative market analysis is an important first step for establishing a realistic price range for a home. An experienced real estate professional who is knowledgeable about the market in your area can help you determine the best price range based on your home’s size, location, condition, long-term market trends and seasonal shifts in demand.

An often overlooked component of starting price decisions, buyer psychology, should also be factored into pricing strategies. Some sellers might try small pricing tweaks, such as undercutting round numbers, to make a listing stand out from comparable homes in an area.

The Difference Between a Starting Price and an Asking Price

Setting a starting price rather than an asking price is the difference between setting a price floor or a price ceiling in the eyes of home shoppers. A starting price gives home shoppers the impression that this is the initial low price from which offers can be negotiated upwards. An asking price implies that this is your desired high price for your home and is an invitation for buyers to negotiate downward.

At 72SOLD, we set starting prices that are competitive for an area but not underpriced. Our approach is designed to give home shoppers the impression that the starting price is the floor, not the ceiling.

Why Pricing Influences the Speed of a Home Sale

A fair price naturally attracts more interest than an inflated price, increasing the likelihood of multiple strong offers. It also creates a sense of urgency, particularly in a seller’s market where buyers may be more willing to compete to purchase a scarce resource.

Setting a realistic starting price can also decrease negotiation time, as buyers are more likely to meet your starting price demands if they believe that price to be fair for the property and area.

Get Experienced Pricing Guidance from Proven Home Selling Experts

At 72SOLD, our real estate agents have a proven track record of getting our clients multiple competitive offers faster than other real estate companies. Our guidance takes into account market conditions, inventory levels, interest rates and your preferred timeline to ensure our approach aligns with your goals.

You can learn our valuation for your home by filling out the form on our website.

Home Inspections

Wed, 11 Dec 2024 23:26:19 GMT

What Happens During a Home Inspection?

During a home inspection, a licensed inspector will conduct a general walkthrough of a property to inform the buyer of the property’s overall condition and identify any issues that may pose safety risks, financial burdens or complications in the transaction.

Homebuyers need to be able to make informed decisions and trust that they are investing in a property free of hidden hazards.

The Purpose of a Home Inspection

The primary purpose of a home inspection is to inform the buyer of any defects. In some cases, a lender may not approve a loan to purchase a home with major structural issues or safety concerns that could devalue the property.

It’s not in the mortgage company’s best interest to lend a homebuyer $300,000 to purchase a property that might only be worth $250,000 due to structural damage, unsafe wiring, mold, foundation problems or some other major issue. Before final loan approval, the lender may require repairs, a reduction in purchase price, or additional buyer equity to offset the lower appraised value of a home with serious defects.

What Does an Inspector Examine During a Home Inspection?

The inspector should carefully examine every major part of a home during a general walkthrough. This should include:

Exterior: The roof, siding, gutters, foundation, driveway and drainage
Interior: Walls, ceilings, floors, windows and doors
Systems and home infrastructure: HVAC, plumbing, electrical and insulation
Appliances: If the home is being sold with appliances or has built-in appliances, they should be examined and tested during the inspection

What Are the Most Common Outcomes of Home Inspections?

Most inspections end with the home receiving either a clean bill of health or minor repair recommendations. When inspectors do find defects in relatively well-maintained properties, they are usually minor issues like leaky faucets, peeling paint or worn-out weatherstripping on doors and windows.

In many cases, these types of issues can be resolved through price negotiations, although the remedy depends on the local housing market and the disposition of the buyer and seller. For example, instead of demanding that the seller spend $5,000 to replace multiple windows, the buyer may lower their offer by $3,000. How much either party is willing to budge may depend on the number of offers the seller has received at or above starting price. If there are multiple buyers lined up, a seller may not be inclined to either repair the issue or lower their price.

Although rare, it’s not unheard of for an inspector to find major issues, such as roof damage, foundation cracks or serious wiring and plumbing issues. Serious problems can potentially lead to loan denials or simply cause buyers to walk away.

Trust is important in real estate transactions, and if a buyer feels misled, they may wonder if there are other hidden issues that could surface in the future.

How Can Home Sellers Increase the Likelihood of a Clean Inspection?

Home sellers can take some proactive steps to increase the likelihood that the inspector representing the buyer or mortgage company will give their property a clean bill of health.

Many home sellers are either aware of or have a general idea of what their problem areas are or might be. If your roof hasn’t been replaced in 20 years or you’ve had recent roof leaks, you may want to call a roofer to see if it can be repaired before listing your home.

If you know you have a leaky faucet or a clogged drain, you may want to rectify your plumbing issues prior to the buyer’s inspection. Many small issues, like burnt-out lightbulbs, loose handrails or squeaky doors, can be easily fixed by homeowners without the help of a professional.

It may be in your best interest to hire professionals for some pre-listing maintenance tasks, such as having your HVAC system serviced or your breaker panel inspected by an electrician.

Ultimately, the goal is to spend as little as possible on repairs. You are more likely to maximize the proceeds of your home sale if you can get by without having to invest in a complete roof or HVAC system replacement. Minor repairs and maintenance in advance of a buyer’s home inspection may be the best way to accomplish that goal.

Performing a deep cleaning yourself or hiring a cleaner before showing your home can also help. This ensures that when the buyer’s inspector arrives, your home appears well cared for and maintained.

If you have kept warranties or maintenance records for things like roof, HVAC or plumbing repairs, you may want to have them on hand and organized for the inspector and buyer. These records can help alleviate doubts about your home’s upkeep.

Get Help Selling Your Home Quickly and For a Great Price

The team at 72SOLD helps people sell all types of homes fast. Our experienced real estate professionals can provide advice on everything from pre-listing repairs to home staging, because our goal is to make your home as attractive as possible to home shoppers in your area. You can get our price for your home by filling out the form on our website .

Psychology of Homebuyers

Wed, 04 Dec 2024 23:18:59 GMT

The Psychology of Homebuyers: What Makes a Home Sell Faster?

Psychological factors play a key role in the decision-making process, especially on a subconscious level. Buyers want to have an immediate connection with a home. They want to perceive value in the property, so the purchase feels like a good deal—or even a bargain. All consumers crave reassurance that their money is being well spent.

Home sellers and their real estate agents can take steps to exert psychological pressure and encourage a fast home sale. Although using psychology to sell a product may sound sinister, these tactics are not manipulative in a negative context, particularly when you’re simply emphasizing your home’s best attributes in a compelling way.

First Impressions Have a Lasting Impact

Home shoppers form opinions within seconds of seeing a property, both in-person and online. It’s important to optimize a listing and the property before a home is on the market, because there’s no second chance to make a first impression.

A well-maintained exterior, professional photography and a clean, inviting interior are all attributes that can make a home feel ‘right’ to people who see it for the first time. Homes that fail to inspire the right feeling on first impression risk losing a buyer’s interest for good.

Emotional Connection

People do feel emotional connections to things—even things they don’t own. Emotional cues, like cozy lighting or the smell of fresh flowers, trigger positive associations for people touring a home during an open house, making the property more appealing.

Conversely, damaged appliances, scuffed and dirty flooring, clutter, bad odors and a yard overgrown with weeds might inspire revulsion, even if all those things are technically fixable.

Perceived Value Over Cost

Consumers are drawn to products they believe are worth the price. Although people might be willing to pay a premium for small luxury purchases, they are less likely to overpay for purchases typically viewed as investments. There are multiple components in a consumer’s perceived value calculation in the context of home pricing:

Competitive pricing creates urgency
A competitive price compared to similar homes in the area reinforces the idea that the property is a good deal
Home shoppers typically assume homes that linger on the market are either overpriced or have serious defects

Homes That Match Lifestyle Aspirations

There can be a subconscious, aspirational component to a homebuyer’s purchase decision. Features like modern kitchen designs, open living spaces conducive to entertaining friends or family, or a home office perfect for remote work might complement the lifestyle the homebuyer wants to attain. Buying a home is a new chapter in a person’s life, and there’s a strong aspirational component in the moving process.

Fear of Missing Out (FOMO)

Competition is a powerful driver of value calculations in every aspect of life. Scarce resources that are in high demand are automatically awarded value in the minds of people. Multiple offers on a home, or even just a crowded open house, can instill a sense of urgency in home shoppers who fear losing out on a desirable property.

Neighborhood Appeal

Location is one of the few things a home seller can’t change about their property. Owners attempting to sell homes in neighborhoods with appealing characteristics should highlight those attributes in their marketing. There may also be marketing strategies that allow homeowners to downplay some of the local challenges.

Neighborhoods also have aspirational appeal to buyers. Properties near good schools, parks or hospitals might appeal to young people, even if they don’t have families yet. Homes within walking distance of stores or mass transit might appeal to someone who wants to drive less. Connecting the location to the broader lifestyle aspirations of homebuyers can be a powerful marketing tool.

Work With Home Sellers Who Understand What Motivates Buyers

72SOLD’s proven home selling system leverages psychology in several ways. Our agents use a variety of strategies, including thoughtful pricing, aspirational marketing and a sense of competition, to motivate buyers to act quickly. You can find out our price for your home and learn more about our process by filling out the form on our website.

Local Market Sentiment

Wed, 27 Nov 2024 23:06:30 GMT

How the Local Housing Market Affects Your Sale Price and Speed

The local housing market is arguably the most important variable when it comes to home sale price and the speed of sale. Local housing markets are largely dependent on economic conditions, which have a variety of drivers. Although there are some common national economic factors that influence local markets, like interest rates, there can be significant diversity in economic conditions among cities or states across the nation.

There are many other small factors that also influence the equation, including local regulations, state taxes, local crime rates, infrastructure development and school district quality. None of these variables are static, and positive or negative changes can influence the ease and profitability of home sales in the local market.

Supply and Demand Dynamics

Many homebuyers and sellers are familiar with the concept of a “buyer’s market” or “seller’s market.”

A buyer’s market is one in which the supply of homes for sale exceeds the number of buyers demanding homes. Buyers in these markets have more options, and the slower rate of sales puts downward pressure on home prices. Home sellers attempt to attract a limited number of buyers by lowering their asking prices.

In a seller’s market, the demand for homes exceeds the supply of homes for sale on the market. Buyers must then compete for limited inventory, driving up prices and causing the limited number of homes available to sell more quickly. Homes in desirable, high-demand areas benefit most from a seller’s market, often selling above asking price due to bidding wars between motivated buyers.

Is It Possible to Duplicate Seller’s Market Characteristics in a Buyer’s Market?

How a home is priced and marketed can instill a sense of urgency among home shoppers, even in a buyer’s market. Time on the market is a key factor in the perceived attractiveness of a property, which is why thoughtful pricing is important. Many home shoppers avoid properties that have been on the market much longer than other homes listed in an area.

A seller’s real estate agent can also influence this perception by creating a fear of missing out. For example, home shoppers attending an open house with many other qualified buyers will infer that there is a lot of interest in the property. This inspires competition among the buyers attending, who will perceive the home as being a scarce resource that is highly sought after.

This strategy can potentially be effective in any type of real estate market, especially when the home’s exterior and interior are optimized with strategic improvements and thoughtful staging.

Interest Rates and Affordability

Typically, buyers are more likely to enter a local housing market when interest rates are on a downward trajectory. An influx of home shoppers increases competition among buyers and can potentially lead to rising home sale prices.

Conversely, higher rates can cool down the market, leading to slower sales and more aggressive price negotiations. As of November 2024, mortgage rates are down about a percent year over year. Although most analysts aren’t predicting a rapid drop in rates in 2025, the perception is that rates will decline further as post-pandemic inflation continues to ease in the coming years.

Seasonal Trends

All local markets are subject to some degree of seasonality, although the degree to which seasonal trends affect a housing market can vary depending on demographics and climate.

Temperate areas without wild summer or winter temperature swings might see steadier demand throughout the year. Areas that have a high percentage of families with children may see more activity during the summer when children are out of school.

Typically, spring and early summer see faster sales and higher prices due to increased buyer activity, while fall and winter may induce slower sales and price reductions. However, climate plays into the seasonal effect on local markets. For example, the seasonal effects in the Phoenix, AZ metro area can be far different from the effects in Chicago, IL.

Phoenix’s mild winters are ideal moving weather. Movers don’t have to contend with snow and ice, which can make driving trucks and moving furniture more difficult and dangerous. The intense heat of a Phoenix summer can have the opposite effect, potentially making the exertion of moving physically dangerous.

Although the broad generalization that summer is better for selling is largely true across the U.S., you should speak with an experienced local real estate agent to learn about seasonal fluctuations in your housing market.

Market Sentiment

Market sentiment is not uniform across the country. Interstate migration trends, or even migration between neighborhoods or suburbs within a metro area, can have dramatic localized effects on real estate markets.

Buyers shopping in “hot” local markets typically feel a sense of urgency, even national economic conditions may not be conducive to a seller’s market. Conversely, negative press about local crime, school performance or overpricing can lead to slower sales and reduced buyer enthusiasm.

Should You Wait to Buy or Sell a Home Until Local Market Conditions Are Perfect?

Unfortunately, if you put off buying or selling a home until the local housing market reaches peak favorability, you will likely miss profitable opportunities. Although you can monitor local housing market conditions and interest rates, there’s no surefire way to determine if conditions will be favorable a year or two in the future.

It’s often not worth putting off a needed move, especially when the difference in price or rate might end up being miniscule.

What can have a much greater impact on home sale speed and price is the real estate agent who represents you in the home selling process. The team at 72SOLD utilizes a proven process to identify qualified buyers, create a sense or urgency and attract multiple offers above starting price. You can learn more about our process and get our price for your home by filling out the form on our website .

Appraised Value vs Market Value

Wed, 20 Nov 2024 22:57:21 GMT

What’s the Difference Between Market Value and Appraised Value When Selling?

Market value is the price a buyer is willing to pay for a property, while the appraised value is an objective estimate of a property’s worth as determined by a licensed appraiser. Market value is typically more important for homebuyers, while the appraised value is more important to lenders who are financing the home purchase.

How Is Market Value Determined?

A home’s market value is constantly fluctuating because it’s derived from current demand and supply conditions. The market value of a property isn’t uniform across a metro area. For example, two 1,700 sq. ft., three-bedroom, two-bath homes may have wildly different market values depending on the properties’ condition, features, location and the tastes of local buyers.

Interest rates, local housing trends and even tangentially related socioeconomic factors like employment or crime rates influence the market value of a property. There’s also a significant subjective component to valuation. Emotion, competition among home shoppers or a buyer’s sense of urgency may drive a home’s price above the appraised value.

How Is Appraised Value Determined?

There are a few key differences between a licensed appraiser’s approach to valuation and the market’s approach. The appraiser’s determination is not affected by a buyer’s urgency, emotions or competition. Instead, they base their determination on:

Recent sales of comparable properties (comps) in the area
The property’s physical location, size and features, including renovations and additions
The value of the land itself, the property’s location and local zoning

Appraisers use standardized criteria to make their determinations. They are trained to avoid subjective observations and should not be considering buyer perceptions when assessing the value of a home.

Why Do Lenders Need a Separate Valuation?

Lenders want to ensure the property’s value supports the amount of money they are lending to the buyer. If the buyer were to default, the property would be sold off by the lender to mitigate their losses. The lender doesn’t want to risk being forced to sell the property at a loss because they lent out more than the home was objectively worth.

Is the Appraised Value Useful for Homebuyers?

Yes, it can be useful for homebuyers to take into consideration appraised value. For example, home shoppers who become embroiled in a bidding war for a property might benefit from considering the appraised value and how much lower it is than the market value they are thinking about paying. Keeping the appraised value in mind when putting in offers may be a useful way for buyers to anchor themselves and avoid overpaying.

Mortgage companies typically aren’t willing to lend more than the appraised value, even if the market value is higher. Because the mortgage amount will be based on the appraised value, not the purchase price, buyers run the risk of having to pay much more out of pocket if they put in offers far above the appraised value.

In a buyer’s market, sellers may be more willing to renegotiate down to the appraised value, while in a seller’s market, buyers may be inclined to finalize the purchase by paying over the appraised value.

Will a Lender Prevent a Buyer from Purchasing a Home Over the Appraised Value?

No, the appraised value is primarily important for the loan amount. However, the buyer may be required to put down more of their own cash to finalize the purchase if they end up putting in a bid that’s far over the appraised value.

Helping Sellers Get the Most Out of Their Home Sale as Quickly as Possible

The 72SOLD home selling process is geared toward creating a sense of urgency by narrowly targeting qualified and interested buyers with effective marketing. The goal is to create bidding wars where multiple buyers are competing for your property, increasing the likelihood of finalizing a sale over the appraised value. Homeowners who are thinking about selling, or those who want to learn more about our home selling process, should fill out the form on our website .

Finding a Listing Agent

Wed, 13 Nov 2024 21:45:39 GMT

How to Find the Best Listing Agent to Sell Your Home

A quick internet search will likely show you a dozen or more listing agents and real estate firms in your area eager to sell your home. However, choosing the first listing agent or company you come across may not result in the best home selling outcome. Researching real estate firms and finding one with a proven record of success in listing and selling homes could lead to thousands more in sale value.

Reputation Matters

A real estate firm that has been recognized by reputable sources locally and nationally for innovation and growth is likely doing something right . 72SOLD was recently ranked as the #1 Real Estate Firm in the Western U.S. and #2 Nationwide.

Check Online Reviews

Most trustworthy real estate professionals in an area will have worked long enough in the industry to have garnered some online reviews. Although some people have become understandably leery about online reviews, they can provide value when taken in aggregate. When reading reviews for real estate agents, be sure to look for not just results but also observations about communication style and process.

Do reviewers complain about a lack of communication or speed? Did they feel as if their agent was pushy or aggressive? Trends can be important in reviews. If many past clients complain about or compliment a real estate professional’s attitude or communication style, chances are those reviewers are correct.

Are They Active and Credentialed?

When you first speak with a real estate firm or agent, be sure to ask for their licensing credentials. They should be currently licensed to sell homes in your area. Also ask if they are actively selling homes or if they only represent sellers infrequently. There are many people who are new to real estate or only sell homes part time.

You may want to confirm they are active in your area and have the up-to-date knowledge and technical experience to list and market your home, and negotiate effectively on your behalf.

Are They Knowledgeable About the Local Market?

Discuss the local real estate market in your area with the prospective agents you contact. Some aspects of a listing agent’s job, like recommending asking prices and attracting qualified buyers, will depend in large part on their knowledge of your area.

What Is Their Marketing Plan?

Experienced listing agents should have proven strategies for marketing homes and generating interest with local home shoppers. Be sure to ask your agent about their marketing tools, their preferred methods for reaching interested buyers and the steps they take when scheduling open houses or showing the homes they list.

How an agent goes about showings or open houses can help you learn more about the way they approach the entire process.

How Are Their Communication Skills?

Communication is a cornerstone of the home selling process. A listing agent must be able to communicate effectively with the home seller, buyer’s agents, home shoppers and other parties involved in residential real estate transactions, such as mortgage companies, title companies and lawyers.

How a listing agent approaches communications shouldn’t always be uniform. For example, the way they communicate with you as the home seller should be different from the tone and approach they take with a potential buyer who wants to aggressively negotiate on sale price.

Can They Negotiate?

Negotiation can be key in the home selling process. No buyer wants to pay more than they have to for a home they want to purchase, but it’s not in a seller’s best interest to acquiesce when it’s not necessary to do so. When looking at reviews or speaking with references, try to determine how well the real estate professional handles negotiations and whether they have a record of coming out ahead or behind.

How Will You Determine the Listing Price?

This starting price is the foundation on which the entire selling process occurs. It should be treated as a floor, not a ceiling. There’s no one easy calculation to determine the value of a property. Location, distance to amenities, crime statistics, renovations, home additions and even the age of various home features like the HVAC system or roof can factor into the appropriate starting price.

Be sure to ask your listing agent what goes into their price calculation and how they arrived at their recommendation for your home. 72SOLD makes it easy to get a price estimate. Just fill out the simple form on our website to find out our price recommendation for your home.

Speak With the Reputable Real Estate Professionals at 72SOLD

Homeowners who work with a 72SOLD agents enjoy a median sale price 7.8 percent higher than other homes sold in their local MLS. Find out why our home selling system delivers consistently stronger results for homeowners by filling out the form on our website or calling us at (844) 990-7272.

Maximizing Home Value

Wed, 06 Nov 2024 21:39:35 GMT

How to Get the Most Value From Selling My Home?

There are many potential ways to increase your home’s value before putting it on the market, but there are also some potential traps to avoid. Specifically, you want to invest in improvements that are most likely to yield a positive return on investment and avoid ones that won’t increase home value or speed of sale.

There can be scenarios where you might still want to pursue some renovations despite not being able to recoup the entirety of a home improvement project cost. This primarily arises when the current disrepair of your home will likely result in home inspection problems or make it difficult to sell the house in a reasonable time.

Many minor improvements can be made for a lower cost than full-scale renovations, like replacing countertops with affordable but attractive materials, like solid surface options. You may also be able to refinish kitchen cabinets or add a new backsplash for a reasonable price. These types of little modifications can add up to a modernized home that will be attractive to homebuyers.

There are also some technical home selling strategies that can help maximize value, like setting the right starting price on day one and implementing effective marketing methods to attract qualified home shoppers.

Cleaning and Decluttering

Your approach to cleaning will likely be different depending on when you sell your home. If you move prior to showings, you may have an opportunity to empty the house and thoroughly clean all surfaces before home shoppers arrive.

If you start showing your home while you’re still living in it, you should strive to declutter as much as possible. You may benefit from removing family pictures, knickknacks or heirlooms to remove your own personality from the space. The goal is for potential buyers to envision themselves and their belongings in the home. Too much personality from current occupants can make that more difficult.

Clutter can also detract from what would otherwise be an attractive space. It can be difficult for homebuyers to see beyond the mess to the home underneath.

Enhancing Curb Appeal

There are a variety of low-cost and moderately priced exterior enhancements homeowners can make in the lead-up to listing their home. Mowing grass, pulling weeds, and trimming trees and shrubs may be enough to enhance the exterior appearance of your home.

Depending on the state of your home’s lawn, it may make sense to invest in new landscaping features, but that’s not always necessary to improve curb appeal. Repainting or replacing a front door, updating house numbers or adding lighting to pathways are other small, low-cost improvements that can make a house feel more inviting.

Keep Budget in Mind and Make Impactful Renovations in Bathrooms and Kitchens

A home seller’s goal should be to increase the marketability and sale price of their home without spending a lot of extra money they won’t recoup through a higher sales price. Replacing plumbing hardware, like faucets and showerheads, or replacing mirrors or vanities in bathrooms, can greatly enhance the look of a bathroom without requiring a full remodel.

Setting the Right Price Up Front

A home’s initial listing price can have a profound impact on the smoothness and speed of the process. Some homeowners assume there’s no downside to aiming high with an initial starting price, especially if they aren’t in a hurry to close the sale on their home. Unfortunately, this approach can have negative consequences. Buyers may assume:

Homes that are on the market for many weeks or months are overpriced.
There are hidden problems that aren’t immediately obvious until you visit the property.
If the home was desirable, it would have sold already.
The homeowner is desperate to sell and willing to compromise on price. They may put in much lower offers than the home seller would have received had they set a reasonable asking price upfront.

Relisting isn’t always a cure. The stigma of being listed too long without a sale can persist, as that data is tracked on various websites and listing services.

72SOLD’s Approach to Maximize Sale Value of Your Home

Modifying your home isn’t the only way to increase its sale price. Reaching the right buyers with targeted marketing efforts and then strategically showing the property to instill urgency and competition among buyers can greatly increase the chance of receiving bids above the starting price.

We set your home’s starting price (not asking price) at full market value, as opposed to listing an “asking price” from which home shoppers assume they can negotiate down from.

Identifying buyers quickly, creating a sense of urgency, and setting a concrete floor at market value can help establish the popularity of your property and create a sense of competition among interested home shoppers. Buyers will be more willing to compete to maximize your eventual sale price.

If you want to learn more about how the 72SOLD system works, we encourage you to fill out the form on our website to get our price on your home.

Home Seller Consent

Wed, 30 Oct 2024 21:31:34 GMT

Can My Realtor Lower My Listing Price Without Asking Me First?

Realtors are not permitted to lower a client’s list price without their explicit consent. The listing price is a key component of any agreement between a home seller and their realtor. Any changes to that price must be approved by the seller. If a realtor changes the sale price without their client’s permission it would violate the terms of their contract and could lead to both legal and professional consequences for the real estate agent.

Your realtor may recommend changing the price on your home for sale if it’s not garnering enough interest, but they are required to consult with you prior to making changes. Realtors have a fiduciary duty to clients, which includes loyalty and care. They must always act in the best interest of the seller and within the legal bounds of their role, which includes seeking consent on all major decisions.

Types of Major Decisions a Real Estate Agent Requires Explicit Consent to Make

Accepting or Countering Offers: A real estate agent selling your home must always bring offers to you to accept. They must also receive your explicit permission to counter any offers they receive on your behalf. As the home seller, you should decide which offers are acceptable. No decision should be made without your approval.
Changing the Listing Agreement: A real estate agent is not allowed to change the length of your contract, commission structure or any special terms without your explicit approval.
Marketing and Advertising Strategies: Some marketing tools or strategies require the explicit consent of the homeowner, like those that involve accessing the property and bringing prospective buyers into the seller’s home. For example, getting a home staged, professionally photographed or conducting an open house should only be done with the homeowner’s permission.
Agreeing to Sales Contract Terms: The details of your closing and all the terms of your sales contract, including inspection timelines, contingencies and closing dates, must be agreed to by you as the home seller. The agent is not legally allowed to alter contracts without your explicit consent.
Consent to Disclosures: Any material information disclosures regarding your property, such as structural issues or past repairs, should only be offered with your express permission. Although agents in some jurisdictions are required to disclose certain defects to potential homebuyers, they must always first discuss the disclosures with the homeowner.
Home Inspections and Repairs: A real estate agent cannot singlehandedly negotiate repairs or agree to credit the buyer for repairs without the home seller’s consent. In other words, they can’t accept a lower offer to compensate for the cost of repairs.
Exclusive Listings: The seller is permitted to decide whether to list exclusively with one agent or allow for broader distribution on the multiple listing services.

Timing Decisions Are in the Hands of the Seller

Home sellers are not obligated to sell at any specific time, even if they have a contract with a listing agent. A seller has the right to extend the listing, delay accepting offers, or even pull the home off the market. This flexibility is particularly important for sellers who need to buy a new home and may need to put off the sale to better coordinate their move.

Signs You May Benefit From a New Real Estate Agent

As a home seller, you have the right to make major decisions regarding the sale of your home. If you feel as if your agent is overstepping their bounds or pressuring you into decisions that go against your priorities or preferences, you may want to reevaluate your contract. You always have the power to take control if you feel your agent is acting in your best interest or according to your preferences.

Get Experienced Guidance That Puts You First

At 72SOLD, we’re dedicated to maximizing the price and speed of home sales for every client we work with, but which offer you accept is ultimately up to you. You can learn more about our process or get our price for your home by filling out the form on our website .

Streamline Your Home Transactions: The Benefits of a Single Realtor

Wed, 23 Oct 2024 21:25:41 GMT

Should I Hire the Same Realtor to Sell and Buy a House?

It depends on the realtor or real estate firm, the services they offer, and their experience with both the homebuying and selling processes. There are potential advantages and disadvantages to using the same real estate professional for both transactions, and not every residential real estate firm will be equal in their abilities.

Potential Benefits of Using the Same Real Estate Firm to Buy a Home and Sell Your Current Home

Working with a single real estate firm to both sell your current home and buy a new one can streamline the process of communication and coordination. They will understand your timelines and needs on both sides of the transaction, which can potentially have benefits for aligning closings or negotiating terms that work for your situation.

A realtor assisting you with both the buying and selling will be familiar with your goals and may be able to use their comprehensive understanding of your desires to better match you with new homes that meet your needs. In some cases, a real estate firm like 72SOLD may even help you see homes that are about to go on the market before they are published on the MLS, Zillow or other listing services.

Although all agents owe the same fiduciary duty to clients, there are some realtors who may work harder for you if they know they will get two commissions out of your business. They might be more invested in your success in both transactions.

Some real estate firms also offer discounts on commissions, or extra services, like staging or other marketing assistance, if they know you’re bringing them both your homebuying and selling business. This could lead to overall savings on your transactions.

Disadvantages and Risks With Using the Same Realtor for Both Transactions

The biggest risk in using the same real estate agent for both buying and selling a house is a potential conflict of interest. They may prioritize the more lucrative side of your purchase or sale and put less focus on the other.

A single real estate agent may also not be familiar with the state, cities or regions where you’re moving. Ideally, you want an agent who has expertise in the real estate market on both sides of the transaction. If your listing agent isn’t familiar with where you’re moving, you may benefit from seeking help with a local professional there.

Not every real estate agent has the experience to handle both sides of a real estate transaction, or enough time to manage both well. There are many timelines and negotiations that must be managed during both processes. If your home selling and homebuying process are running concurrently, and your real estate agent is working with other clients at the same time, there could be an increased likelihood of procedural mistakes, slow communication, or one transaction being shortchanged.

What Are the Benefits of Working With 72SOLD for Buying and Selling My Home?

72SOLD has a proven track record of success with thousands of five-star reviews and even independent, third-party studies to back up the efficacy of our process. Our clients enjoy a median home sale price 7.8 percent higher than others in their MLS. We also help buyers see new homes before they are published in the MLS or listed on other sites.

Clients who work with 72SOLD for both buying and selling their home also enjoy a consistent strategy across both transactions. We balance your priorities and offer a cohesive and effective approach during negotiations, pricing and closing timelines. Consistently high-quality service in both the selling and buying process can provide an overall smoother experience, which can be especially valuable when you are also dealing with the logistical challenges of moving from one home to another.

Get our price for your home in 24 hours or less by filling out the form on our website.

Simplifying the Home Selling Process with 72SOLD

Wed, 16 Oct 2024 00:19:05 GMT

Is Selling a House Difficult?

How difficult it is to sell a house depends on the way you go about it.

Selling a house is easy for a home seller who contracts with a good real estate agent, especially if the real estate company has a proven commitment to quality customer service, a minimally invasive marketing process and a history of exceptional selling speed.

72SOLD makes the process easy by consolidating open houses and tours to minimize the disruption to your home environment. We also emphasize speed and strive to collect exceptional offers from qualified buyers in eight days or less. We don’t use yard signs or require you to always be available to let strangers tour your home at a moment’s notice.

The process can be more difficult with some real estate companies. Agents may want to put a large for sale sign in your front yard and ask that you keep your home clean and staged for weeks or months at a time so it’s always ready to be toured by prospective buyers.

You might never know when home shoppers will want to show up and walk through your house, and only be warned minutes before an agent arrives with homebuyers. The process can also be long, with home sellers being forced to endure this type of situation for weeks or even months.

While homeowners who work with an agent will have an easier time than those who take the for sale by owner (FSBO) route, they will still need to deal with a handful of tasks. They also need to review and sign paperwork, attend the closing and, of course, move out of the house.

FSBO sellers have a much more difficult experience selling their home. Homeowners will need to get their home listed, optimize listings online, field inquiries, market their home, schedule and host showings and manage all negotiations. They also need to handle all the closing tasks on their own, including dealing with title companies, mortgage companies and all the necessary paperwork.

Marketing the House

Marketing a house for sale can be complex right from the start. An FSBO seller’s first step should probably be finding a real estate agent who is willing to accept a flat fee to list the home on the local MLS.

The FSBO seller will need to furnish the listing with professional-grade photographs, which they’ll need to take themselves or pay a photographer to take.

Sellers may also want to access platforms like Redfin, Zillow and Realtor.com and supplement the syndicated listing for their home that’s pulled from the MLS. Adding additional photos, virtual tours or more detailed descriptions of the home, area and amenities might enhance the home’s appeal to home shoppers.

Specialized Knowledge and Skills

Selling real estate requires more innate skill than people may realize. There’s far more to the process than just posting a listing and then filling out boilerplate closing documents once a buyer has been found.

Real estate agents possess market knowledge and pricing strategies that allow them to make informed recommendations regarding asking price. They also have experience dealing with the unpredictable hurdles that arise during the home selling process, like countering buyer demands or dealing with complications during inspections.

A good real estate agent will have extensive experience negotiating home sales. They can leverage their understanding of buyer psychology and proven negotiation tactics to close deals quickly while maximizing the sales price.

Agents who have handled dozens or hundreds of home sales will also have an in-depth understanding of home staging and presentation. They can provide advice and guidance on ways you can make your home more appealing to home shoppers and can even hire professional staging services on your behalf.

FSBO sellers typically don’t have a deep understanding of staging and home presentation, and may fail to achieve the same end results. This often means they spend far more of their own time to sell their home more slowly and for less money than a professional Realtor would.

Closing Tasks

Real estate agents handle most of the complex legal paperwork and ensure the process and all closing documents adhere to local laws and regulations. FSBO sellers will need to handle all these tasks on their own, which may require a significant amount of research and effort. Home sellers who are attempting to tackle the legal paperwork on their own for the first time are also more likely to make mistakes, some of which could be costly or lead to delays in closing.

Get Professional Help Selling Your Home Fast and for a Great Price

The real estate agents at 72SOLD are dedicated to helping homeowners sell their homes fast and for top dollar. Our method is designed to minimize intrusion in your life or effort on your part. We also take pride in selling homes much faster than other real estate agencies, with a process that generates great offers in eight days or less .

You can learn more about the 72SOLD process by filling out the form on our website.

Understanding the Roles: Listing Agent vs. Selling Agent in Real Estate

Wed, 09 Oct 2024 23:06:03 GMT

What’s the Difference Between a Listing Agent and a Selling Agent

A listing agent lists the home for sale while the selling agent sells the home to the buyer. Although counterintuitive, the buyer’s agent is sometimes referred to as the selling agent after a home sale has been finalized. The terminology is understandably confusing to people who don’t work in real estate and those who infrequently deal with realtors.

The Role of a Listing Agent

A listing agent is hired by a home seller to list their property for sale, market it, assist with negotiations between the seller and the buyer and facilitate the closing process. They have two goals: sell the home quickly for the best possible price.

Listing agents have a fiduciary duty to represent a seller’s interests, meaning they have a professional and legal obligation to be honest with you, adhere to your wishes and pursue the course of action that will be best for you.

The Buyer’s Agent (Also Known as the Selling Agent After the Sale)

The “selling agent”, despite the name, represents the buyer in a real estate transaction. They’re hired by buyers to identify and bring them to properties that will appeal to them. Within the industry, they’re referred to as a “selling agent” after a sale because they are the one who sold the home to the buyer.

The role is not entirely dissimilar from a car salesperson. Instead of showing buyers cars on a lot, a selling agent shows homes to prospective buyers to facilitate the sale.

Although it may appear murky, there shouldn’t be a conflict of interest in the buyer’s agent relationship with homebuyers. Like listing agents, they have a fiduciary duty to their clients. A good buyer’s agent will know the community and the types of homes the buyer will prefer based on their lifestyle, desired amenities and budget. They will show the buyer homes that will appeal to them within their price range and explain the properties’ attributes and features.

Selling agents have a duty to be honest with clients and respect their decision-making process. This can potentially be a difficult role depending on the disposition of the buyers, how discerning they are and the clarity of their desires.

Duties of Buyer’s Agents and Listing Agents

A listing agent assists the seller with a host of preparatory and marketing tasks as well as explaining and helping them prepare disclosure documents if any are needed. A listing agent should also help home sellers with negotiations and closing to facilitate a smooth process that maximizes the sale price while minimizing complications or delays.

Reputable listing agents should have a deep understanding of the market and current housing prices in the area so they can make informed recommendations regarding the asking price for the property. They should also provide staging and home improvement advice or hire professional stagers to ensure the house looks as good as possible when a buyer’s agent brings potential buyers to the property.

The listing agent must be skilled at identifying qualified buyers and marketing effectively to them. Once prospective buyers know about the property, it’s typically the listing agent’s job to coordinate open houses and be there to advocate for the house’s value and positive attributes when prospective buyers arrive.

Lastly, they should help the home seller with the transaction process, from coordinating with title companies, appraisers and inspectors, to ensuring the seller fills out and signs all the necessary closing documents and gets paid.

Buyer’s agents should understand their client’s desires and needs, then identify homes in the area that will suit them. Homebuyers might also ask their agent for advice regarding financing and loan providers.

The buyer’s agent should also coordinate with homeowners or listing agents to schedule viewings or inform their clients of upcoming open houses they may want to attend.

Buyer’s agents may also need to provide appraisal support for the buyer’s lender, arrange a final walkthrough before closing, and assist the buyer with completing all the closing paperwork.

Commissions for Listing Agents and Selling Agents

The commission is typically taken out of the proceeds of the home sale. The exact percentage varies depending on a variety of factors, but six percent is typical. The commission is usually split equally between the listing agent and the selling agent, but this may vary depending on the situation.

Both agents play an important role in facilitating the sale. The listing agent is vital for marketing the property and ensuring it and the listing is appealing to buyers, while the buyer’s agent ensures qualified buyers actually see the listing and know about its positive attributes and features.

Work With Renowned Listing Agents Who Excel at Selling Homes Quickly and for a Great Price

Both homebuyers and home sellers should be discerning in their choice of real estate professionals, but the choice is especially important for home sellers. Your listing agent may significantly influence the speed of your home sale and the quality of the offers you receive.

The listing agents at 72SOLD utilize proven strategies to get clients great offers in just eight days. We even have third-party studies showing our sale prices are 7.8 percent higher than the median price for other homes sold within an MLS.

Read and listen to some of our past clients to learn what it’s like working with 72SOLD , then fill out the form on our site to get our price for your home .

Maximizing Your Home's Value: Tips for Sellers and Buyers

Wed, 02 Oct 2024 22:56:50 GMT

What Is the Process of Buying and Selling a Home?

Although the steps involved with buying a home or selling a home are intertwined, each side of the coin requires a different approach. Real estate agents typically play an important role in the home selling and home buying process. Many real estate agents can perform either role depending on what local clients are looking for, but there are an elite few who specialize in one or the other.

At 72SOLD, our company is focused on selling homes to qualified and motivated buyers. We excel at getting homes for sale in front of eager home buyers who are ready to make offers. Our streamlined and proven marketing approach makes our team of listing agents the smart choice for home sellers who want to sell their home as quickly as possible without sacrificing equity to close fast.

The Process of Selling a Home

Preparation

Homeowners can accomplish many of the initial home selling steps without the assistance of a real estate agent. If you’re planning to sell your home, the first thing you should do is learn a bit about your local real estate market.

Look on sites like Zillow or Redfin and find out what homes near you, of comparable size and quality, have sold for recently. You can likely determine a rough valuation based on your own informal analysis without a formal comparative market analysis (CMA).

This early stage is also the ideal time to get started on preparing your house for sale. In many cases it’s best to stick to the low-cost or free tasks you can accomplish without putting additional money into the house, like decluttering, cleaning or making minor repairs, such as replacing lightbulbs, fixing broken electrical sockets or painting rooms or the exterior.

Once you’re sure you want to sell, you should consider reaching out to an experienced real estate agency, preferably one with a record of success selling homes in your area. The team at 72SOLD is always ready to assist, and you can request our price for your home through our website .

Marketing the Home and Receiving Offers

The first thing a listing agent will do is market the home. Several tasks fall under the marketing umbrella, including setting a list price, listing the home on the MLS, optimizing the home’s listing on online platforms and scheduling an open house. One of the challenges for sale by owner (FSBO) sellers and even some listing agents face is identifying qualified buyers predisposed to be interested in your home. 72SOLD’s proprietary process allows our agents to identify interested buyers in a matter of days and encourage them to attend an exclusive open house.

This open house is key to both beating the initial asking price and selling the home quickly. This is ideally the last step in the marketing process and should leave homebuyers with a sense of urgency. Your home should be a scarce resource that multiple buyers want, sparking a bidding war between open house attendees that can potentially lead to offers high above asking.

Closing

After offers have been reviewed and a single offer has been accepted, the home sale must be closed. This will typically involve several steps, including a home inspection, appraisal by the buyer’s mortgage company and signing all the necessary purchase agreement paperwork. Ownership is formally transferred to the buyer on closing day, at which point the seller hands over the keys to the buyer and is paid.

The Process of Buying a Home

Homebuyers should start by assessing their own financial situation. If they feel confident in their ability to secure financing and are ready to move, they should seek out mortgage preapproval.

Once the buyer is preapproved for a specific amount, they may want to contract with a buyer’s real estate agent (sometimes also referred to as a selling agent). The buyer’s agent can help them find listings, schedule viewings, negotiate with sellers and assist in closing.

After a homebuyer’s offer on a home has been accepted by a seller, they should schedule a home inspection. If the inspector finds any issues that might need to be addressed in the near future, the buyer may want to renegotiate the offer they made to account for the increased costs they’ll be acquiring with the home. Their mortgage company will also want to perform their own appraisal to ensure they’re not lending more money than the home being bought is worth.

Once inspections and appraisals are finished, the purchase can be finalized. This often includes finalizing the interest rate for the mortgage based on the final price, reviewing and signing purchase agreements, disclosures and other legal documents, and paying closing costs.

Maximize the Price on Your Home for Sale

Are you looking for a real estate agent who can sell your home quickly for a higher-than-average price? 72SOLD is committed to getting home sellers multiple offers in eight days or less. We have independent analysis showing our median sale prices are 7.8 percent higher than the other homes within a local MLS. If you want to learn more about our process, get our price for your home by filling out the form on our website.

Selling Your Home with Tenants: Tips and Strategies

Wed, 25 Sep 2024 22:33:08 GMT

How Can You Sell a House If a Tenant Is Still Renting It?

The presence of a tenant does make the process of selling a property more complicated, although the feasibility and difficulty of the process depends on a number of variables, most importantly the lease agreement.

A fixed-term lease entitles tenants to remain on the property until the lease expires unless the lease agreement includes a termination clause in the event of a sale. It’s easier to sell a property if the tenant has a month-to-month lease. In those situations, the owner typically only needs to provide 30 or 60-days’ notice (depending on state laws).

Selling a House With a Tenant the Right Way

How you feel about your tenant might influence how you approach selling the property. The courteous thing to do is inform the tenant of your intentions as soon as you decide to sell.

Even if you don’t like the tenant, giving them advance warning will likely be in your best interest. Maintaining a good relationship with the tenant will reduce the likelihood of them damaging your property or refusing to pay their rent on time in protest of your decision. Their cooperation may also be vital if you want to sell the home quickly and show it while they’re still residing there.

Does Having a Tenant Complicate Showings?

Yes, it does. Tenants do have a right to privacy. In most states, property owners need to give tenants either 24 or 48 hour notice that they plan on showing the property to potential buyers. A disgruntled tenant can make this process difficult in a number of ways, so it’s best to work with them as much as possible to stay on their good side.

Property owners may even want to incentivize good tenant behavior by offering something to the tenant, like reduced rent or paying for cleaning. Be cognizant that your tenant will be responsible for tidying up and making their own space presentable to potential buyers. You’re asking them to help you sell a home they may not want to leave, so you might need to provide some kind of positive inducement.

The Alternative: Selling With the Tenant in Place

Some buyers are also investors and may actually see the tenant as a key selling point. Finding good, dependable tenants who treat a property well, don’t cause issues and pay rent on time are always preferable to the alternative. Having a good tenant and favorable lease terms might be a key selling point.

The added bonus is you don’t have to give the tenant notice that they need to move out. If nothing changes for the tenant, they might be more inclined to work with you to facilitate showings.

Negotiating Early Move Out

Alternatively, if you want the property vacant before the sale but are in a position where you can’t legally force the tenant out, you can potentially incentivize an early move out. This may require providing financial incentives, like paying for moving expenses, providing a rent rebate or even offering a lump sum to cover some of their new rental costs, like security deposits and first month’s rent.

Challenges Homeowners Face When Selling With a Tenant

There are three primary challenges homeowners face when attempting to sell a property with a tenant:

Tenant resistance
Marketability
Legal challenges

Tenants may be understandably unhappy about being forced to move or having to deal with a new owner who may want to increase the cost of their lease or will treat them poorly. Even if the new buyer says they won’t change anything, renters may be justifiably wary about the type of service a new owner might provide.

People shopping for a home to live in may also be reluctant to buy a property that’s being rented. There is a stigma attached to rental properties due to the nature of renting. Owners who occupy a domicile typically have pride in it, treat it well and improve it. Renters aren’t concerned about equity. Although not universally true, some renters treat property poorly in part because they don’t own it and don’t have to deal with the financial consequences of rough treatment or property damage.

Home sellers of rental properties can also face legal challenges from the tenant if they don’t follow all proper procedures or honor all of the renter’s legal rights. States have different laws pertaining to renters, so it’s important to familiarize yourself with the requirements in your state before making demands of your tenants.

Making the Process Easier

Clearly communicating with tenants, being respectful of them, honoring their legal rights and incentivizing cooperation are all good ideas when selling a home with a tenant. Consider providing tenant relocation assistance or other monetary incentives if you think it will engender goodwill and establish a positive disposition toward you and the process.

Get Help Selling Your Tenant-Occupied Home

If you’re interested in selling your rental property, the team at 72SOLD is here to help. We excel at selling homes quickly and above the median sale price for your local MLS. We understand how sensitive these situations can be and can help ensure your home’s open house is done with respect to your tenant. Get our price for your home on our website.

Home Selling Time Limit

Wed, 18 Sep 2024 21:49:06 GMT

What Happens If a House for Sale Never Sells?

There’s technically no time limit on selling a home. It can remain on the market in perpetuity until the owner accepts an offer. There is a time limit on Multiple Listing Service (MLS) listings, which varies depending on the contract between the home seller and their real estate agent or brokerage listing the property. The typical contract is between three and 12 months, but this term isn’t set in stone and can be modified if the property doesn’t sell in the initially agreed-upon contract period.

If the contract expires before the home sells, the house will no longer be actively marketed on the MLS and will become harder for home shoppers and buyer’s agents to find. Listings that expire can be renewed, although whether a home seller should renew with the same agent if their home hasn’t sold at the end of the contract term is debatable.

Why Homes Don’t Sell

There are many common reasons why some homes don’t sell quickly. The most common are:

The home is priced too high
The home is in disrepair, especially compared to other homes in the same area or asking price range
The home is located in an area with low demand
The market is down and there are more home sellers than home buyers
The person selling the home fails to market it effectively

Unrealistic Home Sale Price Expectations

Overpricing and unrealistic seller expectations are likely the most common reasons some homes stay on the market for longer than others. It’s not uncommon for homeowners to have an arbitrary price target in mind that isn’t in line with current market realities, and they may refuse to negotiate below their target. If that price target is significantly higher than comparable homes in an area, the home is unlikely to ever sell.

Homes in Disrepair Take Longer to Sell

Home condition may be another factor, although it’s often one of the less important variables. There are many real estate investors and house flippers who are more than happy to buy homes in disrepair if they can get them at a discounted price.

The calculation for a house flipper is fairly straightforward. For example, if a homeowner lives in an area where the average house value is $500,000, but their home is in poor condition, a house flipper may offer them $400,000. Then, the flipper might invest $50,000 into the home so they can list it for $500,000 and make $50,000 in profit.

The same home without improvements might never sell if the initial homeowner refuses to budge from a $500,000 asking price or invest in repairs.

FSBO Home Selling Challenges

Even if a home is in good condition, it might take a long time to sell if the homeowner is attempting to sell the home themselves. Homes that are for sale by owner (FSBO) might stay on the market far longer than comparable homes sold by real estate agents due to ineffective marketing. Even homes that are competitively priced need to be found by qualified local home shoppers before they can be sold.

Although FSBO sellers can pay a licensed broker or real estate agent to list their home on an MLS for a flat fee, simply having a home listed won’t necessarily get it noticed.

Marketing Matters When Selling a House

Active marketing through real estate networks and real estate websites and platforms is vital. A home that is properly listed and advertised also needs to be presented in the best possible light with high-quality photos of the interior and exterior, and a detailed description of the home’s amenities and the surrounding community.

Solid marketing is a key component to selling a home quickly, and a lack of effective marketing can result in homes staying on the market for far longer than similarly priced homes in the area.

There are a host of other factors that might slow down or delay the sale of a home. Poor staging or curb appeal might turn off home shoppers. Presentation matters, and if similar homes for sale in the area look better on the outside and inside, those other homes might sell first.

Letting Interested Buyers See the Home in Person

A lack of accessibility can cause delays in the sale of a home, although this depends on the FSBO seller or real estate agent’s approach to marketing. Creating a sense of scarcity and exclusivity by restricting viewings and open houses can generate a sense of urgency and competition if it’s part of a concerted and intentional marketing strategy. However, for the average home for sale, restricted viewing times or uncooperative sellers who don’t let interested buyers into the home can significantly delay the selling process.

Some Real Estate Factors Are Out of Your Hands

There are also some variables that homeowners have no control over, like location. If a home is in a rough neighborhood and is surrounded by abandoned homes and structures, or is right next door to a homeless encampment, it might be extremely difficult to find interested buyers. Although some real estate investors or cash home buyers might still be willing to purchase a home with serious location problems, they will likely want a steeply discounted price.

Sell Your Home Quickly and for a Competitive Price

The team at 72SOLD employs a proven marketing strategy to sell homes more quickly than the competition and at prices that are above the median for comparable homes within the MLS. If you want to maximize your home sale price quickly, 72SOLD may be the answer.

Get our price for your home through our website.

Selling House Not On Mortgage

Wed, 11 Sep 2024 21:30:00 GMT

Can I Sell My House If I’m Not on the Mortgage?

There are several scenarios where a person may need to list and sell a house despite not being on the mortgage. Some of the most common include inheriting a home from a family member who has passed, needing to sell a parent’s home after being given power of attorney or needing to sell a home after a divorce or separation.

In all those scenarios, the mortgage may still be in the original owner’s name, which can complicate the process of selling the property.

These situations arise more often than people may realize. As such, there is a well-established process for dealing with the problem of needing to sell a home without being on the mortgage.

Establishing Legal Authority

The truth is there’s nothing special or unique about the process of selling a home with a mortgage you’re not listed on. The first step, establishing legal authority, is really the only part of the process that’s different from the traditional home selling process. However, you may not be able to proceed with or get a head start on the subsequent steps until this first step is completed – which may limit your options or drag out the process.

How you go about establishing legal authority over the property depends on the scenario:

If you inherited the house from a family member, you will need to obtain letters of administration or similar legal documents that establish your right to handle the deceased’s estate.
If you were awarded the house in a divorce , but your spouse’s name is the only one on the mortgage, you may need to get a court order or settlement agreement that explicitly awards the property to you.
If you’ve been made power of attorney for an aging parent , the power of attorney documents should automatically grant you the authority to handle real estate transactions.
Executors for people who have died or trustees of estates should be given documents establishing their status, which grants them the ability to handle real estate sales.
People made guardians of children who inherited property after the death of a parent should receive court documentation confirming their authority to manage all property on behalf of the minor.

Once you acquire documentation proving you have legal authority to handle real estate transactions, you should be able to proceed with the home sale process normally.

The Unique Home Sale Interests in These Scenarios

Although the actual home selling process isn’t all that different once legal authority has been established, home sellers in these situations often have some common concerns that can influence their preferred approach.

In many of the above scenarios, the person granted legal authority may desire to sell the property quickly without spending a lot of time and money making repairs or renovating.

A person who inherits a house may have never planned on owning the house or being in a position where they need to sell it. They may not have money saved up to replace the roof or HVAC system or invest in other home improvement projects.

An adult child made power of attorney for an aging parent who requires memory care might live in a totally different state and be unable to take care of the property or have the funds to pay for utilities, property taxes or upkeep.

In all those scenarios, the person with legal authority will have an interest in selling the home as quickly as possible and for the best price possible, especially if they need the funds to cover:

Their own living expenses in the case of divorce
The expense for a minor they’ve been granted guardianship over
A parent’s assisted living or memory care expenses

Finding the Right Real Estate Partner to Sell Your Property Fast and for the Highest Price Possible

If you’ve found yourself in an unexpected situation where you have been granted authority to sell a home, you may benefit from consulting with the team at 72SOLD. Our home selling system is designed to get home sellers higher-than-average offers for their local real estate market in just eight days.

We also don’t need to schedule a lot of separate walkthroughs or tours with prospective buyers. Our real estate professionals consolidate the process as much as possible to minimize inconvenience and protect the peace of mind and privacy of our clients.

You can learn more about our unique home selling process, find out our price for your home or get started today by calling us at 844-990-7272.

FSBO Problems

Wed, 04 Sep 2024 21:09:24 GMT

Is It Better to Sell by Owner or Realtor?

Although some for sale by owner (FSBO) sellers think they can maximize their profit by cutting out real estate agents and their commissions, historic data suggests homes sold by realtors still net greater profits for homeowners.

There are several reasons why most homeowners sell their home for more with the help of a Realtor:

Skilled and experienced real estate agents employ effective marketing strategies
A Realtor can provide advice on staging or low-cost home improvements to enhance the appearance of your home
Real estate agents can assist with professional photography to ensure your home is presented in the best possible light
A reputable Realtor who has been in the local real estate industry for many years should have a network of buyer’s agents who can bring active and qualified homebuyers to your home for sale

Current Data on FSBO Versus Real Estate Agent Home Sale Price

According to 2023 data from the National Association of Realtors® , the national average FSBO home sale price was $310,000, while the average real estate agent sale price was $405,000. The typical commission is between five and six percent (split between the buyer’s and seller’s agent). Assuming the NAR data is accurate, the commission for the average home sold by an agent would be approximately $24,300, meaning the average homeowner would receive $380,700 from the sale of their home. That’s still almost 23 percent higher than the average FSBO sale price.

There can potentially be many reasons for this disparity, some of which might artificially deflate the national average FSBO sale price. For example, a homeowner might want to sell their property to a family member at a discounted price, or they might sell to cash for home buyers, real estate investors or flippers at a steep discount without ever speaking with a real estate agent due to a property’s state of disrepair or location.

Variables aside, it makes logical sense that homes sold by owners without the assistance of a real estate agent will, on average, sell more slowly and for less.

Why Professional Realtors Tend to Get Much Higher Home Sale Prices

Long-time local real estate agents have a network of other real estate professionals they can leverage to get the home found by many qualified buyers. This allows Realtors to not only drive interest in a client’s home but also has the potential to lead to bidding wars among many different motivated home shoppers.

The Costs of FSBO Sales

FSBO sales are also not entirely free. Homeowners may still need to pay a brokerage or independent agent to list their home on the MLS to ensure it can be found by local home shoppers. If they don’t get their home listed, it could stay on the market for months or even years. The lack of interest from qualified buyers might cause the FSBO seller to drop their price in an attempt to attract buyers.

Handling the Technical Aspects of a Home Sale

They will also need to handle a lot of tasks agents normally perform on behalf of home sellers, like working directly with the title company and escrow agent, filling out paperwork correctly and dealing with any issues that arise during the closing process. FSBO sellers should consider the opportunity cost of the time they are forced to spend learning about the home selling and closing process and fulfilling all the necessary requirements that a real estate agent would normally handle.

Professional-Grade Negotiation Skills

A successful real estate agent will have expert negotiating skills, which can be vital for closing deals favorable for owners.

For example, a potential buyer may want the FSBO seller to knock $10,000 off the asking price because the roof is older and will need to be replaced soon. An FSBO owner who is relieved to find any interested buyer might be willing to drop their price to finalize their sale.

A real estate agent might not budge on the price because they know they have several more interested buyers lined up who won’t ask for a discount.

The Importance of Marketing Experience and a Real Estate Network

Many of the reasons why homeowners benefit from working with a real estate agent rather than taking the FSBO approach boils down to marketing experience and the value of a real estate network. These are two professional assets FSBO sellers typically lack, and they can both play a major role in the eventual sale price of a home.

The value a real estate professional provides will vary depending on their experience and skills. Not every real estate agent is equal in regard to their network or marketing experience.

Get Help From Real Estate Agents With a Proven Record of Success

At 72SOLD, our real estate professionals employ a proven strategy that gets our clients purchase offers that are higher than the median sales price in their MLS more quickly than other agents or home selling methods. We even have independent third-party study data to back it up.

If you want to find out our recommended price for your home or speak with an experienced local real estate professional today, call us at 844-990-7272.

Short Sales

Wed, 28 Aug 2024 22:55:01 GMT

How to Sell a House When It's Worth Less Than the Mortgage

A home with a market value that’s less than the principal left on a mortgage is “underwater.” Owning an underwater property can be problematic for multiple reasons, not least of which is the owner’s knowledge that they will be paying back more principal than they can receive by selling their home at current market value, and that interest is accruing based on the mortgage’s outdated and inflated valuation.

What Is a Short Sale, and When Will Lenders Approve One?

A short sale is when a mortgage company accepts the proceeds of a home sale at current market value and clears the remainder of the borrower’s loan despite the sale price being less than what was owed.

It’s called a “short” sale because the money paid to the mortgage company falls short of the full value of the mortgage. Homeowners who are underwater must formally request permission to conduct a short sale. If the lender approves, they will grant the borrower a deficiency waiver.

There are several reasons why a mortgage company might agree to accept less than what a homeowner owes to close out their debt. None of those reasons include charity, generosity or compassion.

Avoiding Foreclosure

The foreclosure process can take a long time and be expensive to pursue. The length of the foreclosure process is particularly problematic if home prices are still falling.

If local real estate prices are falling, every day a home isn’t sold equates to more money lost. The mortgage company would much rather the owner sell a house today for $400,000 than wait six months to foreclose on the house, at which point the home might only be worth $350,000.

This decision will be based on the comparison of the projected home sale price after foreclosure and the size of the loss the lender will take by waiving the remainder of the borrower’s debt after a short sale. The lender will also consider the borrower’s financial situation and the likelihood of them paying off their debt versus filing for bankruptcy or defaulting.

The mortgage company will pursue the option that allows them to minimize their losses. Homeowners who are underwater on their mortgage should not assume they will automatically be approved for a short sale and may need to be open to negotiating a solution with their mortgage company.

Loss Mitigation

Refusing to approve a short sale and deficiency waiver increases the likelihood the homeowner will take drastic, even illegal actions. Approving a deficiency waiver and allowing a short sale is more likely to prevent brash actions or damage to the property.

Tax Benefits

Mortgage companies that agree to grant underwater homeowners a deficiency waiver may qualify for tax advantages. Forgiving the remaining unpaid balance (deficit) of the debt qualifies as a loss, which can be deducted from the mortgage company’s taxable income. They can also “charge off” the forgiven portion of the mortgage, removing it from their financial statements as an asset.

Some mortgage companies and banks may also be entitled to regulatory credits for alleviating the financial distress of underwater homeowners.

The Tax Downside for Short Sellers

There are some potential tax consequences for underwater sellers who qualify for a short sale. The IRS considers the forgiven portion of your mortgage debt to be income, and that income may be taxable. The mortgage company that issues the deficiency waiver is required to file a Form 1099-C (cancellation of debt) with the IRS. However, some borrowers may be eligible for exclusions depending on their income or financial situation.

Can Anyone Who Is Underwater Qualify for a Short Sale?

No. A lender must approve a short sale and agree to issue a deficiency waiver. Homeowners can technically still sell their home for less than what it’s worth even if they are not granted a deficiency waiver, but they will still owe the entire mortgage amount to their lender.

The lender can exert far more influence than usual over the home selling process if a borrower pursues a short sale. The mortgage company is primarily concerned with maximizing the sale price since that will determine the size of their loss.

They will want to see a comparative analysis and appraisal to ensure the listing price accurately reflects current market conditions. It will be up to the lender to approve or disapprove the sale agreement, including not only the purchase price but also closing costs and any other concessions the seller makes to the buyer.

Home sellers should keep in mind that the mortgage company’s ultimate goal is to sell the home fast for as close to market value as possible. This means they may accept slightly less than the current appraised market price if it gets the sale finalized quickly before the home’s value drops any further.

Sell Your Home Fast the Right Way While Maximizing Its Price

The real estate professionals at 72SOLD have decades of experience selling homes quickly while maximizing the sale price. We have a proven system designed to generate interest among qualified buyers and attract higher-than-average offers much faster than competing real estate agencies. Find out our price for your home .

15 Tips for Fast Sales

Wed, 21 Aug 2024 23:30:00 GMT

15 Tips to Sell Your Home Faster

1. Hire the Right Realtor

Your choice of realtor is arguably the most important variable influencing the speed of your home sale. Although there are faster methods of selling a home, like to a real estate investor, iBuyer or cash for homes companies, you will likely sacrifice between 10 and 30 percent of market value taking that route. Choosing a real estate company that specializes in maximizing home sale price while also selling homes fast is the preferable choice for most home sellers. 72SOLD has a proven system that garners higher-than-average offers within eight days of listing.

2. Price Your Property Right

Price is often the biggest hurdle to selling a home quickly. Homeowners understandably want to get as much as possible for their home, but pricing your property at the higher end of what comparable homes in your local MLS are selling for can result in a very slow home selling process. Being realistic about your asking price is likely the second most important factor after your choice of realtor.

3. Enhance Your Curb Appeal

The big secret of curb appeal is you can often maximize your ROI by spending less. Sometimes just cleaning the front of your home is enough. Mowing grass, trimming trees and shrubs, replacing burned-out lightbulbs on exterior lights and pulling weeds can make your home a presentable, blank canvas for home shoppers.

4. Declutter

Home staging does not require a lot of fancy, upscale artwork, rugs or expensive furniture. Tidiness and simplicity often pay the greatest dividends in the home selling process. If you don’t have the budget for staging or need to continue living in your home while it’s being listed, you should make an effort to declutter as much as possible.

5. Depersonalize

The goal is for people who view your home to be able to imagine their life in your space. One of the best ways to do this is to depersonalize your home’s interior. This means taking down family photos, heirlooms or knickknacks you’ve gathered over the years. Interior decoration that is all about you and your family may feel foreign to strangers and can make it harder for them to picture making the space their own.

6. Deep Clean

Deep cleaning is one of the most affordable and reliable ways to make your home more attractive to people who visit for a tour or walkthrough. Renting professional-grade equipment and watching some how-to deep cleaning videos on YouTube can save you some money and allow you to make your home appear much more inviting and move-in ready to home shoppers.

7. Address Odors

Few attributes can more quickly turn off home shoppers than unpleasant odors. If your home is permeated with particularly pungent and hard-to-remove odors, like smells from smoking, cooking or pets, you should get started removing them as soon as possible. The more time you have before showings, the better.

8. Upgrade Lighting

Lighting fixtures are some of the more affordable home improvements that can positively impact home sale price. Improved lighting can also make spaces look bigger and more inviting, allowing viewers to more easily imagine what they can do with the space.

9. Neutral Paint Colors

Safe paint choices, like white, beige or soft taupe, are ideal when you’re trying to sell your home. They won’t turn off home shoppers and will make it easier for homebuyers to either leave interior and exterior paint as is or make their own design choices after they buy.

10. Create a Welcoming Entryway

First impressions are important when you are trying to sell your home. An entrance into a home sets the foundation for the rest of the home tour and provides an opportunity to establish a positive perception from the very start.

11. Highlight Storage Space

Although it’s not the flashiest attribute of the typical house, storage is a highly valued feature for many modern home shoppers. Make a point to highlight good storage if your home is lucky enough to have it.

12. Make Necessary Repairs

Only make repairs that need to be made to sell your home fast while maximizing its value and your equity. Avoid investing in high-cost repairs that won’t result in a near full ROI, especially if those improvements won’t positively impact the speed of sale.

13. Stage the Home

Staging doesn’t have to be expensive to be effective. Be sure to discuss staging with your realtor. They can explain steps you can take for DIY staging or make recommendations for affordable professional staging services if necessary.

14. Professional Photography

Good photography of your home’s exterior and interior can be vital for online listings and marketing efforts. Simple things like lighting and angles can be the difference between making a small home look spacious and airy or cramped and claustrophobic.

15. Effective Marketing

Your home can only sell quickly if it’s put in front of interested, qualified buyers in your area. The team at 72SOLD has a proven system for maximizing home sale price more quickly than competing real estate companies. If you’d like to learn more about our comprehensive and highly effective marketing process, you can also fill out our form to get our price recommendation for your home today.

Home Buying Companies

Wed, 14 Aug 2024 23:00:00 GMT

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Deciding whether to sell your house to a home buying company can be a difficult choice. For the typical homeowner who is selling their primary residence, the answer is often no, you shouldn’t. If your home is in good condition and your primary goal is to maximize the equity you’ve built up in your home over the years, you should not sell your house to a company that is offering a quick cash payout. Doing so will typically garner you offers that are 10 to 30 percent lower than your home’s actual market value.

Not every home selling situation is clear-cut. There are many scenarios where people need to seriously consider selling to one of the cash-offer home selling alternatives. For example, it may be preferable if a home is in such a state of disrepair that a lender would only approve a mortgage if tens or even hundreds of thousands of dollars are invested in overhauls. Some common examples include homes that have:

Broken HVAC systems
Severe mold problems or water damage
Suffered serious damage from hoarding or abuse
Severely damaged roofs that require full tear-off and replacement
Failing wiring or plumbing that requires full replacement
Sinking foundations or catastrophic basement or crawl space issues
Location-related challenges, like being in extremely high crime areas or surrounded by vacant and condemned properties

In scenarios where buyers would not be able to get a mortgage for the property or it is simply too difficult to find buyers who are interested in the property without significant repairs and renovations, selling to a home buying company may be preferable.

These businesses make money by buying homes for far less than market value, which is why it’s usually not the best option for most homeowners.

The traditional home selling process with a skilled real estate agent does not have to take months. At 72SOLD, we’re committed to getting home sellers higher-than-average offers within eight days of listing their home. If you don’t want to lose 10 to 30 percent of your home’s market value but need to sell your home fast.

Types of Home Buying Companies

iBuyers: A recent technological innovation, made possible by algorithmic pricing tools and online platforms, iBuyers make fast offers with the absolute minimum of human interaction. These can potentially be closer to market value than some of the other methods but will usually be between 10 and 20 percent lower than what you could get through the normal home selling process. They will also add steep fees that can account for up to 10 percent of the home value.

Real Estate Investment Firms: These types of firms typically buy homes for cash in order to rent them out to tenants or renovate and resell them. They often provide cash offers for homes in any condition, which can make this an attractive alternative for people who need to sell a home that’s in particularly bad shape.

House Flippers: These are often individuals or small businesses that acquire houses for less than market value in order to repair and renovate a home before reselling it. They also specifically look for homes that need significant work, although they may have some standards in terms of the extent of damage or location.

Buy-and-Hold Investors: These are investment firms that buy properties to rent them out over longer periods. They can potentially pay close to market value if the home is in good condition, and it’s located in an area with a particularly strong rental market.

How close these home buying companies get to paying full market value does vary based on their business model. It often depends on their standards and the long-term plans they have for the property. If you truly must use a home buying company to get rid of a property, it will be in your best interest to consult with several different options to ensure you’re losing as little equity as possible.

Is There a Faster Way to Sell My Home the Right Way?

72SOLD leverages an innovative system and strategies to identify and reach qualified local buyers more quickly and efficiently than competing companies. We couple this technology with effective marketing tools and pricing strategies to generate a sense of scarcity and competition among motivated buyers. Our process is designed to generate bids quickly and encourage competing bids. Third-party studies show our median sale price is 7.8 percent higher than the average within any given area’s local MLS.

If you want to learn how quickly your home can sell for market value or higher, use our website to get our price for your home today.

Selling Home Fast

Wed, 07 Aug 2024 22:45:00 GMT

I Need to Sell My House Fast, What Are My Options?

Homeowners may find themselves in situations where they need to sell their home fast for a number of reasons. You may have been bequeathed a home after the death of a family member and don’t want the prolonged hassle of maintenance and upkeep while you wait to sell through the traditional process.

You may have found a new job in another state and need to move right away but need the equity from your current home for a down payment on a house in your new city of employment. Or you might be facing financial challenges and need to access the equity in your home right away.

The options for selling your home fast fall into a couple of distinct categories. There are ways to increase the speed of a sale through the normal home selling process . This is typically the preferable approach because you may still be able to get full market value for your home.

If even an accelerated version of the normal home selling process is too slow, there are alternative cash sale options, but the consequence of using them is sacrificing significant market value.

Increasing the Speed of the Normal Home Selling Process

There are a number of reliable ways to increase the speed of the traditional home selling process. Examples include:

Pricing your home competitively compared to other homes for sale in your area
Leveraging aggressive marketing strategies to get your home seen by as many home shoppers as possible as quickly as possible
Incentivizing the sale by offering to cover closing costs, HOA fees or repair costs
Selling to a friend or family member who you know is in the market for buying a home

Other Fast Home Selling Options

Selling a home fast can be much harder if there are underlying problems with the home, such as if it’s in severe disrepair, has a damaged roof or the home has foundation problems.

Lenders will perform a property appraisal prior to approving a loan. This is to ascertain the market value of the property to ensure they’re not lending more than the home is worth. The mortgage company also wants to determine whether the home’s condition reflects the asking price.

Although the loan company has no desire to see borrowers default, that risk is always present to some degree. Because of that risk, the lender will want to determine whether, if the worst comes to pass, the property could be resold at a high enough price to recoup what they lent to the homebuyer.

Inspections, appraisals and loan approval are all hurdles for homeowners who find themselves in situations where they need to sell a home that’s in disrepair fast.

Selling a home in severe disrepair through the normal home selling process would necessitate paying for roof replacement, potentially expensive plumbing and wiring overhauls, foundation repair, mold remediation or the repair costs for whatever other problems exist before a lender would ever approve a buyer’s mortgage.

In those scenarios, you may consider:

Selling to a real estate investor
Selling to an iBuyer service or a cash-for-homes company
Initiating a short sale if there’s a mortgage on the property and it’s an option
Selling the property at an auction

Many of these options involve cash buyers, meaning there’s no mortgage company that needs to perform appraisals or inspections. However, using these methods of selling a home fast comes at a steep cost. Although the exact losses will vary significantly based on the area in which the home is located and the condition of the home, you should expect to get paid much less for the property.

The Cost of Accelerated Cash Home Sales

iBuyers: In addition to the service fee, which often ranges from six to nine percent, iBuyers often pay about 10 to 15 percent below current market value
Real Estate Investors and Cash for Home Companies: These companies typically pay 20 to 30 percent below market value
Real Estate Auctions: Homes sold at real estate auctions often sell for 10 to 30 percent less than current market value

Sell Your Home Fast Without Sacrificing Your Equity

72SOLD offers the best of both worlds. Our proven process results in fast home sales without sacrificing the home seller’s equity. We have independent studies to back up our claims that our median sale prices are 7.8 higher than other homes sold in a local MLS, and we get offers within eight days of listing.

Get your price today !

Selling Fast Tips

Wed, 31 Jul 2024 22:15:00 GMT

Easy and Affordable Tips for Selling Your Home Fast

Home sellers are often pulled toward two different and sometimes opposing goals: selling their home fast and selling their home for the best possible price. Based on what you read online, you might assume that you need to sacrifice one goal for the other.

Does selling fast mean cutting corners on listing and staging, then accepting one of the initial offers you receive, even if they are low for your area? Or does selling your home for top dollar require you to put extra money into home improvements, then leave it on the market for months until you’re sure you have received the best offer you are going to get?

Neither of those approaches are necessarily the right way to go, and there’s no rule that says you must choose one and sacrifice the other. There are many little things you can do as a seller to prepare your home ahead of time so you can optimize it for selling quickly and for top dollar.

Get Ahead of Smells

If your family cooks foods with particularly strong odors, if there’s a smoker in the house or if you have cats and dogs, chances are your home has some distinctive and notable odors. As someone who lives in the house, there’s a good chance you don’t even notice them, meaning you’re unaware of how strong they are.

Although it seems like a minor inconvenience in the grand scheme of property ownership, odors do have a strong conscious and subconscious role to play in the home selling process. It can color a prospective buyer’s impression the moment they step into your home. Even if they like the layout, size, location and amenities, the smell of multiple dogs and cats might influence their overall impression and make them lean toward a comparable home in your area.

Consider using a blacklight to spot odor-inducing stains that might have dried and are not easily visible, then spot treat with a water and white vinegar solution. Also, look into upholstery cleaners or even renting ozone machines, especially if you’re showing your house with your furniture in it.

Professional-grade carpet cleaning can also help if your home has carpeting. You can also invest in air purifiers, sprays or plug-in devices, but be wary of overdoing strong potpourris to cover up odors, as those smells can also be off-putting to people viewing the home.

Declutter

Decluttering is arguably even more important than staging when it comes to showing your home. If you’re still living in your home while you are listing it, you may want to consider temporarily renting a storage space and moving some of your belongings into it. This can have a secondary benefit of allowing you to get a head start on the packing process during decluttering. Emptying closets as much as possible can contribute to a clean appearance and make it easier for people to see how much storage space there is.

Paint Rooms That Are an Odd Color

Painting rooms that need freshening or are currently painted in an unusual color can be beneficial prior to showings. Although people touring your home will know that they can repaint on their own – and they may choose to do so regardless – having neutral interior paint can make it easier for them to envision the space as a blank canvas for their own modifications.

Get a Showing Set of Towels

Having a nice set of white, high-quality towels, bathmats or even a nice plain shower curtain that you put out only when the home is being viewed can be a great way to give your home a clean and move-in-ready appearance. Although mismatched and old towels might not seem like a big deal – after all the buyers aren't going to get them with the home – these little things can reinforce negative perceptions regarding the quality or cleanliness of the home.

Clean Countertops and Kitchens

Leave your countertops as clean and empty as possible to highlight surface area and space. This goes along with decluttering – you don’t want these spaces to look crowded. Kitchen countertop space is often highly valued, so you want to ensure they look as big as possible.

Deep Cleaning

Take the time to thoroughly clean every nook, cranny and surface of your home so it looks and smells as good as possible prior to showing. Cleanliness is an easy and affordable way to make a positive impression on people touring your home. While you don’t have to hire professional cleaning services to do move-out cleaning, it might not be a bad idea to do so. It’s often best to do this step after you have decluttered and moved a lot of your belongings into storage.

Get More Tips From a 72SOLD Real Estate Agent

Our entire business model at 72SOLD is selling homes faster than the competition without sacrificing value. We have independent studies that show, on average, we get sellers median sales prices that are 7.8 percent higher than the average in their local MLS. Get your price today , learn how we can help you sell your home fast.

Finding Unlisted Homes for Sale

Wed, 24 Jul 2024 21:00:00 GMT

How Do Real Estate Agents Find Homes Not Listed on MLS?

There are a few different reasons why a home might be for sale, available for purchase or soon to be available for purchase but not be listed on the local MLS.

For sale by owner (FSBO) homes aren’t normally listed on the MLS unless the seller pays a flat fee to a realtor with MLS access to list their home. This is an added cost for FSBO sellers, which is why many are never listed.

Alternatively, homes that are being foreclosed upon typically aren’t listed, nor are the homes that are for sale at real estate auctions. There can also be scenarios where a homeowner may be interested or open to selling but has not taken the step of formally listing their home yet. Some of these individuals may jump at the chance to get a good price for their home if they were approached with a fair offer.

All of these scenarios may exist within the community or neighborhood where you want to buy – but finding those homes can be difficult without help. This also means there is normally less competition for unlisted homes, since other homebuyers who are actively looking for real estate in the area won’t be aware of these purchasing opportunities.

How Can a Motivated Buyer’s Agent Find These Homes?

Networking is a powerful tool for experienced and well-connected real estate agents. Agents with connections in the community may hear about FSBO sales through word-of-mouth. Some FSBO homeowners also invest in DIY advertising through classified ads, flyers posted in the area or through social media or other online platforms. Motivated agents pay attention to these sources and will be on the lookout for FSBO purchase opportunities that are flying under the radar.

Some agents may also pursue direct outreach or canvassing by actively contacting homeowners in the area where you want to buy and inquiring about their potential interest in selling. This is usually done through phone calls, mailers or door-knocking. They can also put up flyers in the area encouraging FSBO sellers to get in touch.

Although FSBO sellers don’t usually have access to the MLS, they can list and advertise their home for sale on other platforms, like Zillow, Craigslist or dedicated FSBO websites.

Some real estate agents, especially those who are motivated and committed to the profession, participate in real estate investor groups that hold regular meetings, or they may be active in relevant online forums. This can be a highly effective way to learn about off-market listings before they become widely known.

There are also potential signs that can be spotted in public records or other databases, like finding properties that are in pre-foreclosure in the area a buyer wants to move into.

Many local real estate agents who are engaged with the community have a strong network of not only other real estate agents but friends, family, past clients and business contacts. They can ask informed individuals if they know of any unlisted FSBO homes or anyone who may be interested in selling. People often tell friends and family they are thinking about moving weeks or months before they actually contract with a real estate agent to list their home.

Agents might also know local attorneys or estate planners who learn about life events (like a divorce) that might result in homes going on the market in the near future.

There are also periodic real estate auctions of properties that aren’t always listed on the MLS. Agents may be invited or know when these auctions occur and how to participate.

Should You Work with a Real Estate Agent?

The average home shopper may be able to use some of these methods to find unlisted homes on their own – but many of these strategies are only possible, or made far easier, with the help of an experienced local real estate professional.

Before you buy a new home, you may want to line up the sale of your current home. If you want to maximize the sale price of your home to ensure you have as much money as possible to invest in your next home, call 72SOLD. Our proven strategy leads to higher-than-average sale prices, with many clients receiving multiple competitive offers in just eight days after listing.

Find out how much your home may be worth by filling out the Get Your Price form on our website .

Paying a Commission

Wed, 17 Jul 2024 20:45:00 GMT

Who Pays the Realtor When Buying or Selling a Home?

Although it may look as if the seller is solely responsible for paying agent commissions, the full story is a bit more nuanced. While the realtors involved do split a commission paid for with the proceeds of the sale, commissions are factored into the sale price. In other words, the buyer is typically paying slightly more than they would if there was no commission. In that sense, both parties share the cost of agent commissions.

Are Realtors Really Necessary?

That depends on your familiarity with the home selling process, your preferred time frame for selling your home and your desired price. Home sellers who are represented by a real estate agent typically sell their homes more quickly and for significantly more money . Real estate agents also handle the majority of the work, from marketing your home to organizing open houses and drafting closing paperwork.

If you want to sell your home relatively quickly and maximize the sale price of your home, it’s often preferable to work with a real estate agent.

Challenges For Sale by Owner (FSBO) Sellers May Experience

It’s natural to want to maximize your equity. You might assume that cutting out the middleman and their commission is a reliable way to ensure you keep more of the equity for yourself.

The problem with that calculation is the assumption that you will get the same home sale price as a professional who has been selling homes in your area for decades. There’s quite a bit that goes into effectively selling a home for top dollar, and the average homeowner who doesn’t sell homes for a living may struggle to replicate the same top-tier sales results.

Sale price is not the only factor to consider. There are many aspects of the home selling process that a real estate agent handles on the seller’s behalf. Failing to meet all the necessary requirements could delay closing, expose you to liability and lead to a lot of extra wasted time and effort on your part.

Is Your Price Too High, Too Low or Just Right for Your Local Market?

Pricing mistakes are some of the most common FSBO mistakes – and they’re easy to make.

There are some common and understandable misconceptions about home valuation, especially when it comes to home improvements. Many people put a lot of money into their homes – sometimes specifically for the purpose of increasing its value prior to selling.

You might have added a pool, redone or expanded the kitchen, added an extra bathroom or invested in high-end natural hardwood plank or stone tile flooring. Some homeowners want to recoup those investments and expect to see every dollar reflected in increased home valuation.

Unfortunately, there are very few home improvements that have a positive return on investment. The current average ROI for home improvements is about 70 percent . In other words, if you spent $50,000 on a new pool, you may only see your home value increase by $35,000 – if you’re lucky.

There’s a secondary problem with some home improvement projects. Not every home shopper necessarily wants what you installed, like a pool. Families with young children might be worried about the safety or liability risks. Others might not plan on using a pool very often and the benefits it adds to their life won’t justify the extra cost or effort of upkeep.

Real estate agents take a dispassionate view to pricing. They aren’t emotionally invested in your home – but they also have an interest in maximizing their commission by selling your home for as much as possible. You can trust them to recommend a listing price that ensures your home moves quickly but also for the maximum value appropriate for the condition of your home and its location.

Marketing Knowhow

As salespeople, real estate agents are fundamentally marketers. They want to ensure your home is visible to every qualified, relevant buyer looking for homes in your area. Realtors have a diverse array of tools and methods for marketing your home. Many marketing tools, like listing on the MLS or leveraging a network of local buyer’s agents, are not easily available to FSBO sellers.

Legal Disclosures

Failure to disclose known problems can potentially land home sellers in hot water and jeopardize the profitability of their home sale. For example, home sellers in California are required to provide a pest inspection report to potential buyers and fill out a Natural Hazard Disclosure Statement. Homes built prior to 1978 require a disclosure if lead-based paint is in the house. There could be other unique rules in your state or city for things like septic system inspections, radon gas disclosures or home energy audits.

Local agents know about these disclosures, how to generate the reports and the proper way to shield sellers from penalties or liability.

Closing Complications

The closing process seems easy when you’re working with a real estate agent. You’re given a stack of pages to sign for both your mortgage and transferring ownership of the property. Although tedious, signing your name and initialing dozens of times isn’t all that hard.

It’s different when you’re the one responsible for generating that paperwork on your own. If you’re not familiar with the process, it’s easy to make mistakes with paperwork, the final walkthrough or coordinating the closing timeline.

Maximize Your Home Sale Speed and Price While Minimizing Your Stress

At 72SOLD, we have independent analysis showing that our sales prices are consistently higher than other properties for sale within an MLS. We sell homes fast and minimize the stress and intrusiveness of the process.

Use our website to Get Your Price fast.

Top Agent Characteristics

Wed, 10 Jul 2024 20:15:00 GMT

How Do Top Real Estate Agents Sell So Many Houses?

The real estate industry has a somewhat unique workforce compared to many other sectors in the national economy. There are few industries where the professionals who make up the workforce are largely part time. A recent report of agents found that just under half had sold no homes in the previous year and an astonishing 70 percent sold five or fewer homes.

While there are many licensed real estate agents, a majority of them are inactive or barely active. Only a minority of realtors do most of the selling, with few boasting the kind of portfolio of success most home sellers want in the agent representing their interests.

What Sets the Successful Few Apart from the Rest?

Market Knowledge

Top agents within a city or geographic region usually have an in-depth understanding of the local market. This knowledge is usually derived from active participation in the market. Because they approach real estate as a full-time professional, they usually have a deeper understanding of pricing trends, neighborhood demand and the economic factors that influence the housing market. This knowledge allows them to appropriately price homes to move and target their marketing in the most impactful way possible.

Marketing Strategies

Most of the top-selling agents don’t have a single magic marketing bullet that’s completely effective for every scenario. They typically leverage a mix of both traditional and digital marketing techniques. Not every marketing method is appropriate to reach every type of buyer, and resources should be wisely used to reach the most relevant audience.

Next-Level Communication Skills

Every sales job is fundamentally about communication. Top real estate agents need to be able to be clear and persuasive communicators. They must recognize what different buyers value and want, tailoring their approach to the buyer rather than relying on a cookie-cutter approach to every pitch.

Putting Clients First

People can feel when the person representing their interests isn’t giving it their all or has their own personal priorities that don’t align with their client. This is unfortunately common in the sales field, where professionals who depend on commissions sometimes get ahead by looking out for their own interests in negotiations.

Many sellers are best served by a real estate agent who can simultaneously pursue maximum sales price while also considering the unique needs and preferences of the seller they’re representing.

Established Networks

A common hurdle that often prevents part-time agents from excelling in the field of real estate is the lack of an extensive network of both buyer’s agents and seller’s agents. Knowing not only agents but also contractors, appraisers, mortgage professionals and real estate attorneys helps top-tier agents find qualified and motivated buyers more quickly, while also allowing them to refer their clients to trusted professionals who can expedite any home selling needs that arise.

Adaptability

The ability to be successful in the long-term truly does separate the tourists from the top-level real estate talent. The real estate market is not static or always on the rise. Many markets fluctuate, but the impact of interest and price changes are particularly impactful in the housing market.

Homes are somewhat unique due to their high price tag. The price of milk or eggs doubling in a year might be annoying, but it won’t stop most shoppers from buying them. Buying a home with a 30-year mortgage after interest rates increase by three or four percent, or selling your home when its price has decreased by 20 or 30 percent, is an entirely different story. There are many compelling market-driven reasons why some people choose not to buy or sell, leading to significant downturns in the real estate industry.

Although these slowdowns are always temporary, and the housing market inevitably recovers eventually, many of the lower-performing or part-time real estate agents will fall off the active agent roster. It’s the top-tier professionals who not only stay in the game but continue to thrive even when factors beyond their control make the job tougher.

Work With a Proven Real Estate Agent Near You

The 72SOLD system has a proven success rate , but it’s not a simple process to execute. That’s why we work exclusively with top-tier real estate talent. Working with the best is one of the ways we help maintain a consistent product that’s a step above what competitors offer.

Utilizing the services of local real estate leaders allows us to greatly increase the chance of selling homes faster than average and for higher prices than other homes within the local MLS. Find out what your home may be worth when you sell with 72SOLD today.

Open vs. Exclusive Listings

Wed, 03 Jul 2024 19:15:00 GMT

Can I List My Property with Multiple Realtors?

You can list your property with multiple realtors using an open listing or exclusive agency listing – but you cannot if you have an exclusive right-to-sell listing. There are some benefits and limitations inherent with each approach.

If you think you want to list with multiple realtors, it’s a good idea to understand these various methods and be sure to ask prospective seller’s agents if they are willing to participate in an open listing agreement prior to signing any contracts.

What Is an Open Listing?

An open listing is one in which multiple real estate agents can market your home at the same time. Only the agent who brings in the offer the seller accepts will earn the commission. This means some agents who compete for an open listing will walk away with nothing.

In theory, this type of listing provides the seller with a lot of motivated marketing efforts on the part of participating agents who are eager to beat the competing agents. In practice, it’s not uncommon for some agents to put in far less effort because they don’t want to invest a lot of time and marketing resources if they aren’t sure whether they will be compensated.

Exclusive Agency Listing

These are agreements entered into with a brokerage that employs multiple agents. These agreements may also allow the homeowner to sell the property on their own if they’re able. This means that if you find a buyer independently, you won’t have to pay a commission.

Although it is less common, this method does reduce the risk for the agents since the brokerage may have a commission structure that ensures no one agent’s efforts go entirely unrewarded if the brokerage makes the sale.

Is There a Downside to Listing with Multiple Agents?

Yes, there can potentially be some issues with the open listing approach. Having multiple agents attempting to sell the same home can give home shoppers or buyer’s agents the impression that you’re desperate or there’s something wrong with the home. If it’s a desirable property, why would you need to have multiple agents attempting to sell it?

There can also be confusion and extra work on the part of the homeowner. You might be getting calls to schedule walkthroughs from multiple agents, leading to scheduling conflicts. Sellers might also receive competing advice on things like home staging or improvements.

The reduced motivation can also be a serious downside. If an agent knows they only have a 30 percent chance of earning the commission, they may be less inclined to put in a lot of time or effort into marketing your home. An agent who knows they will earn a commission after finding a buyer is more likely to give it their all to move fast and sell your home for top dollar.

Exclusive-Right-to-Sell Listings

The most common listings are exclusive listings, meaning a single agent you contract with has the right to sell your home and earn the commission. The contract you enter into will specifically stipulate that you cannot list with other realtors.

What to Know About Exclusive Right-to-Sell Listings

One of the more common confusions regarding exclusive listings is what happens if the seller’s agent doesn’t actually make the sale. If you, the homeowner, find a buyer or a buyer’s agent finds your house on the MLS and their client ends up putting in an offer, your exclusive right-to-sell listing still entitles your agent to the commission.

These contracts are not permanent. They usually specify a period of activity, often a few months. If your agent fails to find a buyer in that time, you can either find a new agent or sell the home yourself and not be obligated to pay a commission to the agent.

These contracts usually have a protection or safety clause to protect the agent from homeowners who want to dodge the commission by finding a buyer, then waiting for the exclusive contract to lapse. These clauses usually state that, for a set period of time after the listing agreement ends, you will still owe the commission if the listing agent introduced the property to the eventual buyer when the listing agreement was active.

Trying to circumvent the contract to prevent a seller’s agent from earning a commission for their work is unethical and opens up the seller to potential legal actions.

Which Type of Listing Agreement Is Better?

It often depends on the home and the local real estate market. Trying to get agents to compete in a zero-sum game is risky because there’s an incentive for the agents to put in minimal effort. Exclusive right-to-sell listing agreements are more popular for a reason – they typically make agents more motivated to sell a home quickly and maximize the price.

Are you wondering how much your home could sell for in the current market? Fill out the form at the top of our website to get a fast price, and to learn more about our proven process.

Removing House from Market

Wed, 26 Jun 2024 16:30:00 GMT

Can I Ask My Realtor to Remove My House from the Market?

Home sellers have the right to delist their house. In the vast majority of cases, you cannot be forced to sell an asset. There are some rare exceptions, like a divorce where disagreements over the division of property may necessitate selling a property and splitting the proceeds. Other scenarios may include eminent domain, probate sales or bankruptcy – but many of those home sales are not traditional and aren’t completed via the normal process.

If you made the choice to sell your home, then you change your mind, you have the right to take your home off the market. The process should not be complicated, although your real estate agent may not be enthused to lose out on their commission.

Some real estate companies do have terms in their listing agreements that outline early termination fees. These are intended to compensate them for the time and resources they spent attempting to sell your home.

There may also be situations in which you will still owe a commission if you sell in the future, even after delisting. Specifically, if you accept an offer from a buyer who was introduced to your property by your agent. This is so home sellers can’t avoid paying commissions by essentially firing their real estate agent after they’ve done the work of finding a qualified buyer.

Be sure to read your contract carefully before signing if you think there’s a chance you will choose to delist before finalizing your home sale.

The home delisting process typically entails:

Having your home removed from the MLS
Ensuring its status is changed on real estate websites or social media if it has been listed as on the market
Contact your realtor if you continue receiving inquiries to verify outstanding promotional materials are withdrawn
Ask your real estate agent to contact buyer’s agents who may still be recommending your home to local home shoppers
Remove all signs, flyers or any other forms of physical marketing material in your neighborhood or community
Draft a brief but polite response you can use on the phone or in person if you’re contacted by someone who wants to view or put in an offer on your home

What If My Home Is Still Listed as “For Sale” on Real Estate Websites?

You should contact the website’s support for assistance. If you have registered with those sites, you can usually go into the settings in your account dashboard and deactivate your listing, but many will warn users that delisting can take 24 hours before it takes effect and is reflected on your home’s page.

MLS listings can be more complicated since only licensed real estate agents and brokers can access and make changes to listings. Be sure to contact your agent if your home remains listed as for sale after you’ve requested it be delisted.

Your Rights as a Home Seller

Having the right to delist your house and take it off the market is just one of the many rights you have as a home seller. Owners of personal property in the United States are afforded many protections and rights, including the right not to follow the advice of real estate agents or comply with the demands of potential homebuyers.

Am I Required to Allow Tours and Open Houses?

No, you are not required to allow any open houses or tours when selling a house, but refusing to allow them may limit your options and slow the speed of sale. You may also find that some seller’s agents won’t want to represent you in the home selling process if you refuse to allow any prospective buyers to enter your house, or

if you’re being extremely restrictive.

Open houses and tours can be a significant imposition on home sellers, and the maximalist approach of hosting open houses and tours as often as possible may not be the ideal approach to selling your home quickly and for maximum price.

One thing that sets the 72SOLD approach to home selling apart is our minimal use of open houses. Making these events rare and exclusive can help instill a sense of urgency and scarcity, increasing the likelihood of competing offers and bidding wars.

Am I Obligated to Accept Offers?

No, you have the right to turn down any offers, even ones that meet or exceed your asking price or offers from buyers who accede to your negotiating demands. You also don’t need a good reason or justification for doing so. It’s your property and you can choose not to sell.

Can I Deny Certain People from Touring My House or Attending An Open House?

It depends on the context. Under Fair Housing Laws, home sellers cannot discriminate against people based on protected characteristics. However, you can establish rules for attending an open house or maintain criteria for who you consider to be a serious and qualified buyer. You can also establish rules for your own house – like requiring people who tour to take off their shoes or prohibit photography inside your home.

It's still your house and your rules. People touring don’t have any extra rights to disrespect you or your property simply because your home is on the market.

Get Help Selling Your Home Fast and for a Great Price

At 72SOLD, we’re committed to respecting the rights and desires of home sellers throughout the United States. Our real estate professionals leverage proven marketing strategies to get home sellers exceptional offers more quickly than many competing real estate agencies can manage – and we do it while minimizing the impositions the process can have on your life.

Get our price for your home today at 72SOLD.com.

How to Sell - 2024

Wed, 19 Jun 2024 17:00:00 GMT

How to Sell Your House in 2024: A Step-By-Step Guide

Selling a house is a labor-intensive process, even when you work with a skilled and experienced real estate agent. Homeowners must make an array of decisions at every step of the process. Are you going to find and buy a new home before you list? Are you going to move out or live in your home while it’s being shown? Which home improvements does it make sense to invest in prior to listing?

Maybe the most important decision you’ll make is the real estate agent you choose to work with. The agent or company you hire can have a profound impact on not just the sale price but the speed at which your home sells. Taking your time to find skilled and reputable real estate professionals can be the difference between a satisfying home sale you feel good about and a process that leaves you feeling shortchanged.

Understanding the Housing Market

Setting realistic expectations is important if you’re selling a home in 2024. There are both positives and negatives for home sellers in the current market.

On the positive end, housing prices in most major metro areas and much of the country are stable or trending upwards. Low home inventories across most of the country have been good for home sellers. On the other hand, mortgage rates are still considered high compared to the 2010s and early 2020s, which has pushed down demand.

Every market is different, and the real estate conditions where you live may vary from the national average. It’s important to take the time to look at local data on sites like Redfin to establish what you can expect. Some metrics to consider include:

Median sale price
Number of homes sold
Median days on the market

These stats will include a year-over-year comparison so you can gauge changes and trends. It may also be worth looking at a full year of performance to identify trends that might influence when you want to sell if you have the luxury of waiting. For example, the summer months typically have more activity, meaning homes tend to sell slightly faster and for a higher price.

Granular data, like home sales stats for your zip code, can be more valuable compared to statewide data, especially for figures like median sale price.

Preparing Your Home

There are some things you might want to consider doing in the year or two prior to putting your home on the market. Gradually tackling home improvement projects that you know will be beneficial for selling your home, like changing your landscaping or repainting the interior or exterior of your home, can make the process less stressful.

It’s likely in your best interest to hold off on big-ticket items until you speak with a real estate professional. Replacing a roof can make your home more attractive to prospective buyers, but you won’t see the whole value of the roof replacement reflected in increased home valuation. Whether it makes sense to invest in renovations that won’t result in a full return on investment may depend on the speed with which you want your home to sell.

Staging and Home Prep

Although some homeowners are best served with professional staging, there may be some things you can do on your own to make your home more appealing to prospective buyers. Decluttering, removing personal items like family photos and memorabilia and deep cleaning your home are all ways to make your house a more appealing and inviting place for potential buyers.

Your Choice of Real Estate Professional Matters

Real estate agents take different approaches to the home selling process. The more traditional approach involves putting a garish yard sign in your lawn and running a series of open houses on weekends, or regularly allowing prospective buyers to tour your home on demand.

72SOLD takes a less invasive approach that’s easier on home sellers. Our agents can give you advice on how to position your home for maximum appeal to qualified buyers. We never use yard signs and instead leverage a network of professionals and effective marketing strategies to generate local interest.

The efficacy of our process is backed up by independent studies , with home sellers getting an average median sale price of 7.8 percent over other sales in their local MLS. If you want to learn more about our process and find out if it’s right for you.

What Agents Do

Wed, 12 Jun 2024 22:25:01 GMT

What Does a Real Estate Agent Do to Sell Your Home?

There’s a proud DIY tradition in the United States. Why pay someone a commission to do something you could technically do yourself with some study and extra legwork?

However, there are some downsides and complications inherent in the for sale by owner (FSBO) approach – most of them having to do with the work involved and the quality of outcomes. Studies consistently show FSBO homes selling for less than homes sold by licensed and properly trained real estate agents.

The difference in increased value derived from working with a skilled real estate agent more than makes up for their commission. If it didn’t, there would be a lot more FSBO homes on the market.

A higher sale price isn’t the only reason to work with a skilled real estate agent. A qualified seller’s agent should handle many of the technical home selling tasks on your behalf, making the process of selling your home much faster and less stressful.

Market Research

A local agent will conduct market research and analysis prior to recommending listing prices. An experienced real estate broker will have sold many homes like yours in the area – maybe even some in your neighborhood. They should understand current time on market statistics, median home sale prices and the unique challenges you may face based on the time of year, weather or location.

Realtors often have access to better real-time data and possess an understanding of current local market trends derived from years or decades of experience.

While you aren’t required to take their advice on listing price, you can typically trust that they will recommend an asking price that balances maximizing value with selling in a timely manner.

Listing and Marketing

FSBO home sellers can take their own pictures, but gaining access to the MLS to list their house and post the pictures can be a bit more difficult. Getting listed on the MLS without a realtor typically requires paying a flat fee service, which can be pricey and cumbersome. If you want to update the listing in the future, you’ll usually need to pay another fee.

Licensed real estate agents are already subscribed to the MLS and won’t charge you extra for listing or changes. They also have extensive experience maximizing the visibility and appeal of your property, including when it comes to taking pictures and videos that portray your home in the best possible light.

Staging and Showing

Following professional advice for home staging can be hugely beneficial. Seller’s agents who have been in the business for years understand what staging or decorating strategies are most likely to have a positive impact on the value of offers you receive and the speed of sale. They also understand the ins and outs of home tours and open houses and can facilitate them without you having to put in much effort, if any.

Agents filter serious, qualified buyers from unqualified home tourists to ensure you’re not letting the wrong people into your home. FSBO sellers must do all this themselves and may not be able to tell the difference between unserious “shoppers” who tour houses for the fun of it and people who are interested in putting in an offer.

Paperwork, Compliance and Closing

The process of negotiating home sales may be more complicated than you realize. It’s not like negotiating a car sale – prospective buyers may have demands they want you to meet or threaten to walk away if you won’t come down on price.

For example, a prospective homebuyer may suggest you should pay for a roof or HVAC replacement, or that you should reduce the price by the value of those projects since they will need to do them themselves. Sellers will have less negotiating leverage if they don’t have competing offers, which often leads FSBO sellers to make concessions they might not feel forced to make were they represented by an agent.

Realtors with a proven process, like those at 72SOLD, know how to market your home to generate interest and multiple offers. When home sellers receive competing bids for their home, it’s the buyers who are willing to make concessions rather than the sellers.

Agents also handle the entirety of the closing process and paperwork, drastically reducing legal liability, risk and stress for the home seller. They will coordinate with the buyer’s agent, escrow companies, title companies and any other parties that may be involved in closing.

FSBO sellers must manage all these aspects of the process themselves – and mistakes can potentially be costly and expose them to liability.

Get Expert Help from Experienced Local Professionals

72SOLD works with seller agents around the country to provide an exceptionally easy and reliable home sale process that’s fast and easy. We consistently get our clients higher offers compared to other real estate professionals and sell homes quickly.

To learn more about 72SOLD and get a price for your home today .

Finding a Good Agent

Wed, 05 Jun 2024 21:59:07 GMT

Finding a Good Real Estate Agent to Sell Your Home

Choosing the right real estate professional to sell your home isn’t always easy since most realtors and residential real estate agents claim to do the same thing. From a service offering standpoint, there’s little obvious difference between seller’s agents other than slight variations in commission. As of 2023, the average nationwide commission was 5.46 percent , which is often split evenly between the buyer and seller agents.

Given that most real estate agents purport to offer the same services, and all will claim to offer the best representation in the area, how can you, as a home seller, find the ideal real estate agent for your needs?

Local Market Knowledge

Finding a real estate professional who has extensive experience in your local real estate market isn’t as easy as it may initially seem. How can you gauge the depth and accuracy of an agent’s knowledge if you’re not also a real estate market expert?

Asking a real estate professional about their record and comparing it to the record of other local realtors you’re considering is one of the best ways to measure the reliability of agents.

You may also want to ask pointed questions about current market trends, recent changes in median sale price or time on market and what their thoughts are on current inventory levels. An agent who can give you informed answers and has a good record compared to competing local seller’s agents may be a good choice.

Communication Skills

While knowledge of the real estate market and a firm grasp of concepts like home marketing and staging are important, they’re not always the most challenging aspect of the job.

Being a skilled salesperson and negotiator is key for real estate agents, especially since it requires a certain degree of innate communication ability. While mentoring, training and experience can help hone communication skills, there’s a certain degree of this skill that can’t be taught. Some people are just good communicators and excel at leveraging that ability into enhanced sales results.

When you consult with potential agents to hire, gauge their communication ability. How well do they effectively answer the questions you ask? Did they sell you on their abilities by the end of the meeting or are you still unconvinced? Most people who have dealt with salespeople or marketers in the past can often judge how effective they think an agent will be based on their own interactions.

Marketing Methods and Expertise

Be sure to ask how an agent goes about marketing the properties they list and sell. Real estate is one of the industries that has been profoundly changed by the Internet and the way in which people shop for products and services.

Most homebuyers start their home shopping journey online and decide which houses to visit based on what they discover and see on listing websites. A well-crafted digital strategy that makes your home look like an exceptional purchase opportunity is vital – but it's not all that matters.

Experienced local seller’s agents will have a network of buyer’s agents and real estate partners who can help spread the word about your house to local home shoppers. Word of mouth matters more than many people realize, especially when it’s targeted at relevant parties.

Be sure your agent leverages more than one mode of marketing, and they have the know-how and resources to develop and implement a multi-faceted approach to get the attention of qualified homebuyers.

Professionalism and Integrity

There’s nothing wrong with people who approach real estate as a hobby. Some people who represent home sellers as a side gig have an innate ability and gain significant experience over the years, even when working part-time.

However, there can be a difference in experience and results between retirees or stay-at-home parents who get their real estate license for some part-time work and supplemental income and real estate professionals who represent homebuyers and sellers on a full-time basis.

If you do interview part-time real estate professionals, be sure to ask informed questions and pry into their professional network, marketing approach and recent sales figures.

You may discover that you’re more comfortable working with a real estate agent who has dedicated their professional career to representing home sellers and is intimately familiar with the complex process of home marketing, sale negotiations, maximizing home sale price and the real estate closing process.

Learn About the Proven 72SOLD System

Home sellers have every right to ask for definitive proof or a real estate agent’s past performance and successes. Your home is likely your most valuable asset, and you should do everything you can to maximize the sale price. We are committed to a data and evidence-based approach to selling homes, which is why we have commissioned independent studies and verification of our home selling strategy.

Those studies have found that we get home sellers a median sale price 7.8 percent higher than comparable homes for sale in their local MLS. And we get these offers within eight days of listing with minimal intrusion into your day-to-day life.

No signs in your front yard, no weekend after weekend of open houses and no unqualified buyers knocking on your door for impromptu tours.

Find out why the 72SOLD system allows so many home sellers to maximize their home sale price.

Pre-Sale To-Do

Wed, 29 May 2024 21:41:34 GMT

What Should I Do to My House Before I Sell It?

What you should do to your house before you sell it will vary depending on the state of your house and any unique problems that may reduce its appeal to prospective homebuyers.

There are a variety of low-cost and easy fixes that homeowners can implement prior to putting their home on the market, as well as starting steps to improve the effectiveness of upcoming home marketing efforts.

Declutter and Depersonalize

What appeals to you might not be attractive to potential homebuyers. The pictures of your family vacation to Hawaii might evoke feelings of warmth and comfort every time you look at it – but having those and other family photos on your mantle or walls can make it harder for potential homebuyers to picture the space as their own. The same is true for other little knickknacks or unique décor.

Don’t take decluttering personally – real estate agents give the same advice to everyone. There are practical reasons to declutter as well, including making a space appear larger and more inviting.

Put Some Elbow Grease Into Deep Cleaning

Making the interior of your home look attractive to prospective homebuyers doesn’t have to cost you much if you’re willing to put in the time and effort yourself. Many big-box home improvement stores have professional-grade cleaning tools available for rent, and most of them can be operated effectively by a motivated DIYer with the ability to look up how-to videos on YouTube. Some examples include:

Carpet cleaners (with upholstery tools if needed)
Pressure washers
Tile and grout steam cleaners
Wet/dry vacuums
Abrasive blasters (sand blasters)
Paint sprayers

Whether you should take the DIY route or hire a professional cleaner depends on the condition of your house or what you plan on doing. Renting professional-grade equipment can get expensive, and it might end up being more affordable to hire professional cleaners. However, professional maid services might not offer the more rigorous deep-cleaning services like tile and grout cleaning or thorough carpet cleaning, in which case doing it yourself might be less expensive than hiring carpet cleaning specialists.

Paint and Repair

Repainting interior walls in a neutral color that appeals to a wide audience – or at least isn’t actively off-putting to anyone – can be a great idea. Fresh paint can dramatically enhance both exterior and interior appearance quickly and is one of the lower-cost home improvement investments to increase home marketability.

It typically isn’t overly expensive to repair or replace the little things inside and outside your home that might leave a negative impression on people touring the property. Replace damaged or missing outlet or light switch covers. Replace broken lighting fixtures and burned-out bulbs. Replace old shower curtains, especially if they have unusual prints some people might find strange.

There may also be little things you can do in your kitchen or bathrooms to modernize the space without investing in total cabinet or countertop replacement, such as changing fixtures or door hardware.

Enhancing Exterior Curb Appeal

Yard work is another home-beautifying task many home sellers can tackle on their own or with the assistance of relatively low-cost professional services. This should include everything from trimming your lawn and pulling weeds to trimming trees, removing stumps or adding fresh mulch to garden beds.

If you don’t have the time or money to paint the exterior of your home, sometimes you can get away with selective applications of paint, like to your front door, garage door, mailbox or fascia board. You may also want to replace outdated porch lights or house numbers with more modern or attractive alternatives.

Get Rid of Odors

Occupants of a home get used to the unique smells of the home, but anyone visiting the home will notice the odor – good or bad. Odors can be subjective too, and what seems fine or normal to the homeowner might be disconcerting to some home shoppers. Home odors can run the gamut from the unique smells of a cat’s litter box, bird cages or rabbit/hamster cages to the accumulated smell of years of cooking curry, cigarette smoke or particularly pungent shoes and socks.

A traditional deep clean might not be enough to deodorize a home that’s absorbed years or decades of particular odors. There are some effective strategies, like steam cleaning flooring and upholstery, air duct cleaning, professional ozone treatments, persistently using candles and air fresheners and airing out the home by opening doors and windows. It’s best to begin these efforts weeks or months before putting your home on the market.

You may want to ask your real estate agent for advice, as they’ve undoubtedly assisted other home sellers deal with persistent odors during the home selling process in the past.

Get Help Preparing Your Home for Sale

At 72SOLD, we’re committed to working with the best local real estate agents to sell homes fast and for a better price than competing homes for sale within your MLS – and we have data to back up the efficacy of our system. Find out how a 72SOLD real estate agent can help you maximize the sale price of your home.

Homes Not Selling

Wed, 22 May 2024 20:58:46 GMT

Why Are Homes Not Selling?

There are many reasons why a home may not sell, and there may be multiple factors that influence the speed with which a home sells or the purchase offers a seller receives.

It may be an inopportune time to attempt to sell your house in your local housing market, or there may be nationwide economic factors deflating the demand for homes. In recent years, rising interest rates have dissuaded some homeowners from selling and upgrading to a new home and made buying a home less attractive to first-time homeowners.

Multiple market and economic factors can create a confluence of hurdles that further handicaps the housing market as a whole. The variables may not always be pushing in the same direction. A lack of inventory may push prices up while higher interest rates push demand down at the same time.

In addition to market and economic-related variables are individual home characteristics. A home in an undesirable location may take a long time to sell because there are many other homes for sale in the general area that are in better locations. A home might have an old roof or HVAC system that requires replacement, while other homes for sale in the community have newer roofs or energy-efficient HVAC systems that are in better condition.

Do Interest Rates Matter?

Yes – although the perceptions and expectations of consumers have changed in recent years. Interest rates were already low prior to the 2008 recession, but they dropped even lower in the following years. Many current homeowners who bought in the five or 10 years after the recession locked in astonishingly low rates.

Today’s rates between seven and 10 percent may still be low compared to some 20 ^th century rates, but they seem absurdly high to people who locked in (and don’t want to lose) once-in-a-lifetime low rates in the 2010s.

For context, the average 30-year fixed interest rate in February 2021 was 2.99 percent . The average was up to 7.95 percent by November 2023. While eight percent interest would seem incredibly low to a homebuyer in 1982 who was getting a 30-year fixed at nearly 17 percent, it seems painfully high to someone who bought a home in 2012 with a four percent rate.

Even small interest increases equate to tens of thousands of dollars in extra interest payments during the life of the loan. Informed shoppers may be weighing whether they really need a new home that badly or if they can wait a few years for rates to decrease.

Home Attributes That Affect Sales

There are a number of home characteristics that will influence the speed of sale. They include things homeowners can and can’t change – as well as some attributes it may not be in their interest to change.

For example, it might be better to accept a slower sale process if it means you don’t have to spend a lot of money replacing a roof. Yes – the old roof may make your home less attractive to home shoppers – but roof replacement does not typically have a 100-percent ROI, meaning you likely won’t see the entire cost of roof replacement reflected in increased equity at the time of sale.

Other things – like location, the condition of neighboring properties, the safety of the community or proximity to schools and other amenities – are entirely out of your control as a homeowner. This is where the marketing skills of a seller’s agent play a huge role in selling your home.

How Good Home Marketing Can Help Accelerate Your Home Sale

First impressions are important. Enhancing curb appeal, decluttering interiors and implementing even rudimentary staging may allow you to sell your home faster.

Many of those home enhancements are not particularly expensive. Things like home staging or decluttering can potentially be done for free with a little bit of research and hard work. Exterior modifications can be as simple as trimming the lawn, pulling weeds, pruning trees and shrubs and planting some flowers.

A skilled and experienced home seller can also help accelerate the sale of your home – especially if they leverage proven marketing strategies combined with a network of buyers’ agents and other real estate professionals.

We Have the Data to Back Up the Efficacy of Our Home Selling Approach

If you’re tired of your home being stuck on the market and garnering little to no interest from local home shoppers, 72SOLD can help . We utilize a proven effective marketing strategy designed to sell homes quickly for maximum price while imposing as little as possible on home sellers.

Our process generates interest fast and instills a sense of urgency in home shoppers. And we do it without real estate agent signs in your front yard or tedious and disruptive walkthroughs weekend after weekend.

Things to Consider Prior to Selling

Wed, 15 May 2024 16:00:01 GMT

Things To Do To Get Ready To Sell Your House

Things you need to do to prepare to sell your home extend beyond simply sprucing up the interior and exterior to make it more appealing to buyers. There are a variety of financial preparations you should make, as well as considerations to factor into your decision-making, like researching and understanding the legal and tax implications of selling your home. You should also take some time to research real estate agents rather than simply calling the guy with his face on the bus stop bench.

Do You Understand Your Home’s Value?

Determining your home’s value can be a crucial first step before you embark on any other parts of the process – including looking for a new home to purchase. Understanding what you can sell your home for can help you secure financing for your new home purchase and narrow down your house search.

It also serves to anchor your expectations. You are less likely to be frustrated by the selling process and more likely to reach a quick and successful closing if you know what your home is worth from the outset rather than listing your home for too much and becoming frustrated that no home shoppers are making offers.

Getting a comparative market analysis (CMA) from a real estate professional can help you level-set before putting your house up for sale. A CMA is essentially a list of what other homes nearby have sold for in the current market as well as those that have been listed but not sold. A CMA will consider location, property size, features and overall condition to determine an appropriate price range.

Some real estate agents provide new clients with a CMA when they’re initially hired, but you can also reach out to a local agent and request one. Getting two or three and comparing the results may help you arrive at a more accurate assessment. Many real estate agents will provide a CMA for free in hopes of earning your business.

You can also consider hiring an appraiser. Home buyers who are getting financing will always have the home appraised as part of the mortgage approval process, but there’s no rule saying the home seller can’t get their own appraisal. Doing so can potentially provide a more precise assessment of home value and give you detailed information about features or problems that may be deflating the recommended asking price.

Financial Preparation, Legal Considerations and Tax Implications

It’s important to be aware of any small print in your current mortgage – like prepayment penalties.

Prepayment penalties are thankfully less common than they used to be thanks to the Dodd-Frank Act, which prohibits FHA, VA and USDA loans from having them at all. For mortgages that still have them, prepayment penalties most often only go into effect if the home is sold within the first three years of repayment.

These penalties are more likely to be present on ARMs that feature a low introductory rate, since lenders want to discourage homebuyers from benefiting from a low upfront rate, then getting out before it increases.

Be sure to budget for selling expenses, like the cost of home repairs, staging and closing costs. Knowing these before you list your home or put in an offer on a new one can prevent unpleasant surprises when you’re too far into the process to exit.

If you have any documents that need to be passed on to the new owner, like warranties, manuals for appliances or receipts for home improvement repairs, it’s usually better and easier to collect those things before you list your home. They may be useful during negotiations – plus it will be easier to transfer them to the homebuyer if you already know where they are.

Most states have a list of specific disclosure requirements, or potentially dangerous home attributes sellers are required to inform prospective buyers about before they sign any closing papers. Disclosure requirements are usually related to serious problems or safety issues, like lead paint, asbestos or flood histories. You aren’t required to inform them about most less-than-ideal home attributes, like an old HVAC system, noisy neighbors or homeless people camping in the alley behind your house.

You may also want to put some thought into the tax implications of selling your home. Selling a primary residence you have been living in for at least two years typically entitles you to exclude capital gains of $250,000 for single filers and $500,000 for married filers from your income. You need to be able to pass the Section 121 exclusion ownership tests and use tests , but most people selling their primary residence will be able to qualify.

If you itemize deductions, which may be more attractive in the tax year you buy or sell a home, you may be able to deduct many of the expenses you incur when selling your house. This can potentially include home improvements you made specifically for the sale, real estate agent commissions and legal fees.

Another factor many people don’t think about in advance is property tax. Property tax is typically prorated based on the date of sale, which may positively influence your closing costs (as long as it is calculated correctly).

Get Help Preparing for Your Home Sale

Are you looking for advice or guidance in advance of selling your house? The team at 72SOLD is ready to assist. We proudly stand by our record of maximizing home sale prices and selling homes more quickly than competing local real estate professionals. Find out more about our process and why it’s worked for thousands of homeowners across the U.S.

When is a Good Time to Buy or Sell

Wed, 08 May 2024 18:11:26 GMT

Is This a Good Time to Buy or Sell a House?

The question, “Is this a good time to buy or sell a house ?” almost always has a subjective answer. Although there are local housing market and economic factors that can influence the perceived attractiveness of either buying or selling, the benefit of doing so is fundamentally dependent on your situation.

If you need to move to a new city for a higher-paying job, it’s likely a good time to sell your current house and buy a new one – even if market forces are less than ideal. The same can be said if your youngest child has headed off to college or moved out and you’re an empty nester with a house that’s way too big, or you’re about to have another child and you simply don’t have adequate space for your growing family.

There are all types of situational factors that should drive your decision just as much if not more than market or economic factors. That being said, there are variables that influence whether it is a “buyer’s market” or “seller’s market” in your city, as well as nationwide economic factors to consider.

What Makes a Market a Buyer’s Market or Seller’s Market?

A buyer’s market is one in which market conditions are good for buyers, and a seller’s market is the inverse.

Buyer’s markets are those in which:

Housing inventories are high, meaning there are more homes for sale than there are buyers. This means buyers have a wide selection of homes to choose from and more leverage in negotiations with home sellers.
Homes stay on the market longer.
Home prices are lower due to surplus inventory, leading to home sellers reducing prices to attract buyers and sell more quickly.
Buyers have more negotiating power and can leverage market conditions to get better purchase terms or concessions from the seller – like getting them to pay for maintenance or home improvements prior to closing.

Seller’s markets are essentially the opposite. A shortage of homes for sale means multiple buyers may be putting in offers on the same home, starting a bidding war and driving up prices. Homes are more likely to sell quickly – even homes that may have unattractive attributes or be in disrepair. These market pressures typically drive up prices across the area.

Current market conditions are often determined based on the months of supply metric. This is an estimate of how long the current inventory will last at current sales rates assuming no new listings are added. A balanced market – one in which neither buyers nor sellers are overly favored – typically has a supply of five or six months.

Interest Rates

Interest rates can make a big difference in the long-term cost of purchasing a home – but homebuyers often overemphasize their importance. There are several reasons why you shouldn’t base your decisions to sell your current home and buy a new one on interest rates:

Interest rates fluctuate, and high interest rates typically don’t last.
Paying your mortgage on time is a fast way to improve your credit rating, enabling you to qualify for lower rates in the future.
You can refinance your mortgage when interest rates go down.
Homeowners always have the option to sell their home and buy a new one whenever the need arises. There’s no rule that you must stay in the home you just bought for decades. You may end up moving again relatively quickly and get a new mortgage with a lower rate.
The equity you build or realize through appreciation may more than make up for the interest you pay on your mortgage while you own the home.

Even fixed-rate mortgages are not permanent thanks to the ability to refinance. You also have the opportunity to get an adjustable-rate mortgage if you feel confident interest rates are going to decrease in the future.

While it’s true that you may have qualified for lower interest rates five or 10 years ago, interest rates today are still low compared to those available to borrowers in the 20 ^th century . There’s also nothing that requires you to keep your mortgage for the entire term.

Economic Indicators and Home Appreciation

Real estate has historically increased in value. Housing markets have and will continue to fluctuate – but the long-term trend has been up. Although there are many questionable investments, from risky stocks and cryptocurrencies to precious metals and collectibles, homeownership is one of the few that most economists and investment experts will agree is a good bet.

Each dollar of principal payment builds your equity – meaning you’ll get that value back when you eventually sell. You don’t build any equity when you pay rent to a landlord – that money is simply gone. From the standpoint of your financial future, virtually any time is a good time to become a homeowner.

Get Help Selling Your Home for the Best Possible Price

At 72SOLD , we are committed to getting home sellers top value for their investment regardless of market conditions. Our real estate professionals leverage proven marketing strategies and a network of real estate industry partners to get home sellers exceptional offers that are higher than average for their MLS in eight days or less. Find out why we’re the nation’s trusted home seller agents.

FSBO Tasks

Wed, 01 May 2024 20:30:00 GMT

Selling a Home Without a Realtor

In a past blog, we explained some of the challenges for sale by owner (FSBO) home sellers face when attempting to sell their property on their own. We also explained the difference between the average FSBO sale price and the average real estate agent sale price.

There are many variables involved that might change the equation, but in most cases, you’ll end up maximizing the value of your equity by working with a real estate agent – even after paying a commission.

However, if you’re still committed to pursuing the FSBO approach, there are some things you can do to increase the chance of reaching a positive outcome.

It’s also important to understand all the implications of DIY home sales and some of the added complications you’ll need to deal with personally.

Pricing Is Key

One of the biggest and most common FSBO mistakes is setting the initial asking price too high. You might have put a lot of money into home improvements and feel as if you’re being cheated by accepting anything less than a 100 percent return on all of those investments. Unfortunately, what you believe your house should be worth doesn’t necessarily influence what home shoppers think all those renovations are worth.

If you want to sell your home relatively quickly, it’s important to set a realistic asking price. If you set the price too high, and there are other comparable homes in the area with a much lower price, you run the risk of having your house ignored.

Professional Photography

Visuals matter when it comes to marketing your home. You may want to look into having professional photos taken of your house by a photographer experienced in real estate photography. The photos on online listings are often the first impression home shoppers get of a property. It’s important these photographs spark interest and leave viewers wanting to see more in person.

Choose the Right Marketing Channels

You may be able to use a flat fee MLS service through a licensed broker to get your home listed on an MLS without an agent. FSBO sellers should also consider informing local buyer’s agents that they are willing to pay them a commission to incentivize them to show the house to local home shoppers.

Be sure to do some research on who you choose for the MLS service and take the time to read over the contract. There may be hidden fees, MLS compliance requirements and regulations, as well as additional charges to modify the listing in the future.

Although FSBO sellers can gain access to the MLS via a flat fee service, they won’t have some of the other marketing tools licensed local real estate agents can access, including a professional network of buyer’s agents.

You’ll need to use alternative marketing methods like social media, classified ads or even printed marketing collateral like mailers or flyers. None of these are free, and the cost of DIY home marketing can add up quickly.

Stage Your Home

You don’t necessarily have to pay for professional staging. You can find a lot of home staging advice online if you’re looking for ways to save money. The downside to home staging is that it is disruptive, especially if you plan to stage parts of your home for as long as you have it on the market (which can be a long time with the FSBO approach).

Keep in mind that staging only pays off if it acts as a canvas for the imagination of home shoppers. The goal is to help viewers envision their belongings and life in the space, not showing off your own interior design prowess.

Be Available for Showings

Showings may be few and far between if you don’t actively market your home or your marketing efforts are limited. When showing opportunities do come along, you’ll want to be sure you’re available. Try to keep your schedule open and flexible enough to accommodate home shoppers who contact you.

Approach Negotiations Thoughtfully

You may want to study up on the traditional real estate offer, counteroffer and closing process to ensure you can negotiate effectively. Having a basic understanding of real estate contracts may help you navigate the process. While it’s always important to effectively represent your own best interest, it’s typically helpful to be open to compromise.

Understand the Paperwork and Fill It Out Properly

Real estate agents do a lot more than just market your home and show it to prospective buyers. They handle a lot of the legal requirements and paperwork involved with the process, including things like:

Property disclosure forms
Purchase agreements
Bill of sale
Working with a title company
Coordinating with relevant parties on the preparation and reviewing of closing documents
Meeting all disclosure requirements (like the lead-based paint disclosure for homes built prior to 1978)
Assisting with mortgage and lien payoffs

If you’re attempting an FSBO home sale, it will be important to know everything that will be legally expected of you and ensure these documents and steps are all performed according to state law and relevant regulations.

Get Professional Assistance With Selling Your Home

The most reliable way to sell your home quickly and maximize the value of your equity is to work with experienced real estate professionals familiar with the local market in your area and the home selling process.

At 72SOLD, we’re committed to offering the most reliable real estate representation for home sellers. We’re proud to stand by our reputation for getting our clients multiple great offers faster than the competition.

If you’d like to work with a professional who will make the process fast and easy, visit us ad 72SOLD.com .

To-Do Prior to Sale

Wed, 24 Apr 2024 17:00:00 GMT

Things To Do Before Selling Your House

There are a number of things you can do to increase the likelihood that your home will sell quickly and for maximum value. If you have questions about some specific things you can do to enhance the perceived value or attractiveness of your property, don’t hesitate to call the real estate professionals at 72SOLD . We’re the company homeowners in the U.S. call when they want to sell their home fast and for the best possible price.

Do Your Own Inspection or Hire an Independent Inspector

It can be helpful to identify what’s wrong with your home yourself rather than waiting for the buyer’s inspector or the mortgage company’s assessor to point out faults and potentially sink the offer. In some cases, the problems may be easy or affordable to fix yourself before you put your home on the market.

Whether you should pay for repairs depends on the cost and the impact not fixing the problem will have on the offers you receive or the speed of the sale.

Buyers may be wary of your home if their inspector uncovers problems you had not previously disclosed, as they may wonder what else could be hiding behind the walls. Knowing what these problems are will ensure you can inform buyers ahead of time and increase trust. Identifying problems in advance can also enhance your negotiating position, as you will be prepared to counter their requests to reduce the asking price based on the findings of their inspection.

Make Strategic Repairs and Home Improvements

There are really two categories of repairs or home improvements in the context of selling your home. Those that are necessary to increase the likelihood of selling your home fast and for a good price and those that may not make your house more attractive to buyers or have a positive return on investment.

Most big projects are the latter type. In addition to chipping away at your equity, they might even make your home less attractive to buyers.

Pools are a good example. Some home shoppers may not want a home with a pool. If they have children, a pool could be a safety risk. It’s also a chore to clean, and pool upkeep or repairs can be expensive.

Most importantly, the typical ROI is only about 56 percent . In other words, a $90,000 pool increases home value by about $50,000 on average, resulting in a $40,000 loss.

Very few presale improvements have a positive ROI. The exceptions are improvements that enhance curb appeal , like a new front door, garage door or exterior paint. ROI is not uniform, and the actual return you can expect will vary greatly depending on the current condition of those features.

Replacing a run-down garage door with a new, attractive door that functions properly may increase the value of your home more than the cost of installing it – and will help your home sell more quickly.

Increasing the speed of home sale by bringing your home’s condition up to par with other homes for sale in your area is a good reason to consider some improvements, even if those projects don’t have a 100 percent ROI.

Deep Cleaning and Touch-Ups

This is something you can do on your own if you have the time, patience and attention to detail to scrub every nook and cranny of your home. Steam cleaning carpets, cleaning windows, dusting lighting fixtures and cleaning hard-to-reach places can ensure you’re putting your house’s best foot forward.

You should also go through and patch any little holes from nails or pins, paint over or scrub out scuffs on walls or baseboards, fix little drywall imperfections, replace burned-out lightbulbs and fix any other little imperfections that might reflect poorly on your home.

Declutter and Stage

Even if your home is clean, your choice of art or décor may distract home shoppers who tour or visit during an open house. There are ways to purposefully stage your home and make it easier for prospective buyers to picture their possessions and life in your house. A real estate agent or professional stager can provide guidance on ways to declutter or stage your home without having to spend a lot of extra money on redecorating.

Do Research on Price and the Local Market

This is another thing a real estate agent can help with, but you can start doing research before calling in a professional. Look for other homes for sale in your neighborhood to gauge what other properties like yours are selling for as well as the average time on market. Websites like Redfin can be particularly helpful for learning about the housing market where you live.

Consult With an Experienced Real Estate Agent

Not every real estate professional is equal in their skill and ability, and it’s worth your time to do a bit of research and find a real estate company with a reputation for selling homes quickly and for a great price. At 72SOLD, we have data to back up our assertion that our system works and regularly gets clients faster offers and higher returns . If you’d like to learn how we can help sell your home fast, visit us at 72SOLD.com .

Why Isn't It Selling

Wed, 17 Apr 2024 22:54:52 GMT

Why Is My House Not Selling?

There are many reasons why a house may not sell quickly or why a home seller might not receive any satisfactory offers they are willing to accept. While asking price is often the primary culprit, there are a host of other reasons that might be playing into ongoing difficulties, including market conditions, housing inventory in your area, house marketing strategies and location.

Common Reasons a House May Not Sell or a Buyer May Not Get Many Good Offers

Overpricing

FSBO (for sale by owner) homes are often overpriced – and for understandable reasons. People tend to like their house and think it’s worth more than the market would suggest. This is doubly true if they invested a lot of money into renovations or remodeling and expect to see those costs fully reflected in their home sale price.

The unfortunate truth is the vast majority of home remodeling projects don’t have a 100 percent ROI . You may only see about half the value (or potentially less) of those projects reflected in increased home value. For example, if you spent $40,000 on a new midrange kitchen, you might see the value of your home increase by only $20,000 – not $40,000.

Real estate agents can help homebuyers appropriately price their home and provide actionable advice on ways they might be able to increase home valuation without losing out on equity in the process. Flexibility and willingness to negotiate and compromise may be necessary – unless you’re willing to wait for market changes (which may be an option for some homeowners).

Curb Appeal

Poor presentation and home condition can also slow down the speed of selling your home. The good news is many of these issues can be easily addressed with low-cost solutions. Pulling weeds, mowing grass, trimming trees, installing siding and exterior painting can dramatically increase the curb appeal of your home and enhance marketability without requiring massive investments in remodeling or renovation.

The exterior of your home isn’t the only attribute to consider. People who tour your home or attend an open house might be turned off by clutter, dented or scratched drywall, dirty or scuffed flooring or even unpleasant odors. Simplifying or removing décor so people who tour the home can envision their own belongings and decorations inside can help accelerate offers.

Poor Marketing

Although ineffective marketing is an almost inevitable struggle faced by FSBO homes, sellers represented by real estate agents are not immune from this challenge. The truth is not all real estate agents are equal in their ability to effectively market properties. Experience does matter, as does motivation and skill. It’s important to do your own due diligence when choosing a real estate agent to represent you and find one who utilizes effective marketing strategies to get more eyes on your home and attract offers from qualified home shoppers.

Market Conditions

These variables are out of your hands as a home seller. One of the benefits of working with an experienced agent is their ability to help generate offers even in a buyer’s market.

Location Problems

The truth is every metro area will have parts of town that are less desirable to live in, whether due to crime rates, school districts, a lack of amenities or the condition of infrastructure in the area. There may still be buyers for properties in these areas, but they may only attract budget buyers or those looking to purchase rental properties. It may be necessary for home sellers to adjust their expectations based on location variables.

Lowering asking prices can help make a home more competitive, even if the location isn’t ideal, but it’s important to discuss options with an experienced real estate agent. In some cases, it may just be a matter of marketing and ensuring your home gets noticed by the right home shoppers.

Lack of Accessibility

Although some property purchasers, like institutional investors, auctions or parties buying multiple investment properties, may put in offers without seeing homes, the average family looking for their next house will want to see inside before making offers. The scenarios in which an offer might be made without a tour tend to be disadvantageous to sellers and will often be below market price.

It’s important to allow interested home shoppers to tour the home or attend at least one open house. If you have security concerns or are worried about the appearance of your home’s interior, you may want to discuss options or get advice from an experienced real estate agent.

Features and Tastes

The popularity of home aesthetics, like the color of interior paint, flooring style, cabinet color and countertop materials, change over time. The rapidity of evolving trends makes it difficult or cost prohibitive for homeowners to keep up through renovations.

It’s not uncommon for home sellers to have interior features that are “outdated” by years or even decades. While outdated fixtures or features aren’t always a make-or-break issue for motivated home shoppers, potential buyers might choose a different home that doesn’t require costly modernization.

72SOLD Is the Cure for Stagnation

Are you frustrated that your home isn’t getting offers? 72SOLD real estate agents utilize a proven method for marketing homes – and we have the independent, third-party studies to prove it. On average, our clients get offers 7.8 percent higher than comparable homes in their local MLS – in just eight days or less.

If you’d like to sell your home faster and for a great price, get in touch with the 72SOLD team.

Closing Day Checklist

Wed, 10 Apr 2024 23:20:54 GMT

What To Do on the Day Your Home Sale Closes

There are a number of matters home sellers need to attend to as part of the closing process to ensure a smooth hand off of the property to the new owners.

Ensuring the House Is Empty

Prior to closing, home sellers should double-check that all of their personal property and belongings are moved out, as well as any appliances they want to keep or that weren’t part of the sale. Some home sellers may plan on leaving things like washers, dryers or other appliances, but you may want to take some appliances with you to your new home.

Final Cleaning

While it’s not a strict requirement in most cases, many home sellers will do a deep cleaning of the home once all their furniture and belongings are moved out. This is more of a courtesy than a required step in the process.

Turn Over Keys and Necessary Codes

If there’s a coded garage door opener or a code for the gate in a gated community, you should make sure the buyer has that information as well as keys to the house. It’s important to hand over all the keys, even though most homebuyers will (and should) prioritize rekeying all the exterior doors on the property.

Sign All the Necessary Documents

There are a number of legal documents related to transferring the deed of ownership and settlement statements that must be signed for the sale to officially close. Although you may need to meet the seller in person, these types of things can often be done through an attorney, title company or even through electronic signing.

Hand Over Relevant Warranties

There may be certain appliance warranties or service memberships you want to hand over to the new owner. For example, if a home has a solar panel lease that’s being transferred or a roof or window warranty that’s transferrable, the documentation should be handed over to the buyer. There may also be manuals for appliances (like HVAC systems or ovens) that the new owners would appreciate having.

Attend Closing Meetings If Necessary

Closing meetings aren’t a part of every home sale closing, but there may be some buyers and sellers who want to meet in person. Remote closings or pre-signing days prior to official closing are common in modern real estate transactions and preferred by many buyers and sellers.

Pay Outstanding Mortgages and Liens

The first thing that must be done with the proceeds of the home sale will be paying off outstanding liens and mortgages. As the home seller, you usually won’t need to worry about this or do anything to make it happen, as these tasks are typically the responsibility of the closing agent. They will use the money from the sale to pay off your mortgage before sending a check for the remainder (your equity) to you.

Change Address and Utilities

Many sellers do this in advance since they have already moved out of their old house by the time the sale is finalized and closed – but if you haven’t done it yet, doing so at the time of closing is important. This includes everything from filing change of address forms with the post office to updating cable, electricity and gas service and billing.

Final Walkthrough

As the seller, you may need to do a final walkthrough with the buyer or buyer’s agent to ensure any previously agreed upon repairs or modifications were made prior to finalizing closing, like if you agreed to fix a leaky faucet or roof repairs as a condition of the sale.

Home sellers might also want to do a final walkthrough for sentimental reasons – this will likely be your last opportunity to be in a place where you may have lived for years or decades, raised your children, celebrated holidays or experienced important life moments. Although you might be excited to move on, it can be a bittersweet moment.

Celebrate

Lastly, it’s important to appreciate and celebrate the closing of one chapter and the opening of a new one – especially if you got a healthy chunk of equity out of the sale!

Let 72SOLD Help You Maximize Your Home’s Sale Price

At 72SOLD , we utilize a proven home selling method that allows our agents to consistently get our clients higher offers than those received by other local home sellers in eight days or less. If you want to learn more about how we maximize your home sale price more quickly than other real estate agents, visit us at 72SOLD.com .

Fix or Not

Wed, 03 Apr 2024 22:59:30 GMT

Should I Fix Up My House Before Selling?

You may need to answer a handful of questions before deciding what to repair or how much to spend on home repairs or renovations prior to putting your home on the market. The answers can help guide your decision making on home repairs or renovations:

Is a repair required to obtain lender approval for the buyer’s mortgage?
Will the buyer be willing to pay for those repairs?
What’s the return on investment (ROI) for renovations or repairs?
Will repairs or improvements help the home sell more quickly?

Mortgage companies are protective of their assets and don’t want to lend more money than a property is worth or money for a property that could suffer catastrophic damage in the near future without repairs. For example, a lender may not approve a loan for a home with a severely damaged or deteriorating roof. Whether the home seller will have to pay for roof repairs or replacement out of pocket or can negotiate partial or full payment from the buyer depends on how motivated the buyer is to purchase the home.

There are some situations, like if there’s a lack of local inventory or the home shopper is desperate to get a home with specific attributes or one in that exact location, where the buyer may be willing to accept the home as is and pay for repairs themselves.

If your home is in relatively decent condition and doesn’t require repairs in order to attract buyers or pass mortgage company inspections, it may not be in your best interest to fix up the house. The vast majority of renovations or home improvements have a negative ROI.

Some of the only exceptions include exterior modifications like entry doors, garage door and siding replacements or exterior painting. Even these improvements hover right around break-even according to national averages , and there’s no guarantee you will recoup the entirety of the expense through a higher home sale price.

Typically, if you can get away with selling the home as is, you’ll be better off doing so rather than sinking a lot of money into repairs.

Speed May Be a Factor

ROI isn’t necessarily the only consideration in discussions regarding whether to fix something or not. If there are many homes in better condition for sale in the area, you may become frustrated with the lack of interest being shown by home shoppers. Investing in repairs to make your home competitive with others on the market may be necessary, especially in a buyer’s market where you’re facing a lot of competition from other home sellers.

How Fixing Your Home May Influence Negotiations

Home sellers who spend a lot of money on expensive home improvements may become frustrated when they start negotiating with potential buyers. They might have spent a lot of money on a kitchen renovation, bathroom renovation, installing a new deck or expanding the master bedroom and are expecting their home sale price to increase based on the value they place on those home modifications.

Homebuyers have their own tastes and preferences. They might not like the granite countertops the home seller installed or aren’t willing to pay $10,000 more for a house with a deck because they could take or leave that feature and wouldn’t have paid for it themselves.

It’s often better to avoid these awkward and disappointing negotiations by simply not paying for these modifications in the first place. If the buyer wants a new kitchen, they should be the ones to choose the countertop material, cabinets, layout and appliances. It’s best for home sellers not to assume they know what future buyers value and will want.

If you do need to fix up your home, like repainting interior walls, it’s best to go with safe and neutral choices like white or a warm beige. These neutral shades can serve as a canvas for home shoppers and make it easier for them to envision their own personalization of the space if they were to buy. These types of aesthetic fixes can be helpful in making the home more attractive to buyers without costing a lot of money that you won’t recoup in the sale price.

Other low-cost fixes that might help your home sell more quickly include:

Landscaping improvements like pulling weeds or trimming trees and bushes
Patching holes in walls
Steam cleaning carpets
Deep cleaning, especially overlooked parts of your home like light fixtures, windows and baseboards
Replacing broken or poorly operating fixtures (cabinet handles, faucets, light fixtures) with modern but low-cost alternatives
Declutter and depersonalize prior to open houses or viewings

An Experienced Real Estate Agent Can Help

At 72SOLD , we’re committed to helping sellers maximize their home sale price more rapidly than other agencies and with less imposition and hassle. We strive to get exceptional offers in eight days or less without the weeks of open houses or intrusive tours. Our experts can provide advice on ways you can increase curb appeal without paying a lot out of pocket.

Open House Attendance

Wed, 27 Mar 2024 22:35:47 GMT

What Is a Good Turnout for an Open House?

Good is relative to the norm for your area, house and the current housing market. What would be considered good in a rural area might be considered severely low volume in an urban area, and what would be low turnout in a seller’s market (when there is high demand for houses and a glut of buyers) might be considered great turnout in a buyer’s market (when there are lots of houses for sale but few buyers).

Key Metrics Influencing Open House Turnout

Local Market Conditions

If your home is in a desirable location and there is a relatively low number of homes for sale in the area, an open house could be attended by dozens of buyers who may be interested in putting in competing offers. If your home is just one of many similar homes for sale in the area, and it’s not priced particularly competitively, far fewer homebuyers may attend your open house.

Price

Homebuyers typically tour homes that are in their price range. There’s typically a larger pool of buyers looking for starter homes at the lower end of the price spectrum and mid-range homes than there are buyers looking for high-end luxury properties. Luxury property open houses may, by their nature, have far fewer attendants.

Marketing Matters

While home marketing is crucial for many aspects of real estate, including getting your home on the map and listing in front of potential buyers, it is foundationally important for open house attendance. How open houses are utilized in the home marketing process is often a key component of a well-thought-out home selling strategy.

For example, at 72SOLD , our real estate agents use marketing and a network of local real estate partners to generate interest for a single open house. We use this well-attended open house event to spark a bidding war for the homes we sell. This often results in home sellers getting a number of offers that are higher than those received by competing homes for sale in the local MLS. Limiting the number of open houses also makes the experience less burdensome and intrusive for the home seller.

Population Density

In a rural or sparsely populated suburban area, an open house may only get between 10 and 15 groups of people throughout the day, while a home for sale in a densely populated urban area where there are a lot of people looking for houses to buy could get 50 or more visitors during an open house event. Either of those scenarios might be considered good for the market conditions and place – even though the actual numbers are starkly different.

Quality of Shoppers Matters More Than Quantity

It’s much better to have a handful of motivated buyers with loan preapproval than dozens of lookie-loos who have no real interest in buying your home. This is another aspect of open houses that can be influenced by the quality and targeting of marketing. It’s important to reach serious home shoppers. Marketing efforts and strategies that minimize the attendance of unserious open house attendees are preferable.

Strategies Real Estate Agents Can Use to Generate Interest for Open Houses

There are a number of marketing methods real estate agents can use to improve attendance at open houses. These methods should, preferably, attract actual buyers, not people who tour open houses as a hobby.

Real estate websites, social media and email marketing are all potential tools to generate interest, but they also cast a wider net than may be desired and could attract people who aren’t qualified homebuyers or who are not ready to put in an offer. The same is true for targeted flyers and direct mail campaigns, which can be expensive to run.

Professional networking with other agents is a more reliable tool for attracting open house attendees who actually are actively looking for a home to buy. It’s also a more cost-effective method than the other paid marketing strategies.

Is an Open House Worth It?

That depends on your real estate agent’s open house strategy. Having open houses weekend after weekend without generating good, competitive offers is a sign that the agent’s strategy isn’t working.

A good approach to open houses should generate competitive offers after a single event. This also greatly reduces the hassle, inconvenience and security concerns inherent with the open house system.

Our Real Estate Agents Do Open Houses the Right Way

We don’t use a series of open houses for weeks or months on end. Our real estate agents utilize a proven system that includes a single open house event, prior to which we generate interest and instill a sense of urgency and scarcity that makes people who attend the open house more likely to put in bids and compete with each other for the home.

If you’d like to learn more about how we can help increase the demand for your home and decrease the hassle of the home selling process, visit us at 72SOLD.com .

Sale to Family

Wed, 20 Mar 2024 16:00:00 GMT

Selling Property to Family Members Below Market Value

Although most home sellers strive to maximize the sale price of their home, there are scenarios where making a profit isn’t the seller’s primary goal. One of the more common examples of this is selling a home to a family member, like a son, daughter or sibling. Common reasons for selling a home to a family member include:

Accomplishing estate planning goals
Wanting to keep the property within the family, especially if the property has been in the family for generations
Helping the family member acquire their first home

Home Sale as an Estate Planning Tool

From an estate planning perspective, selling a home below market value can reduce the value of your estate, potentially below the estate tax exemption threshold.

Transferring the property via a below market value sale is also one potential way to avoid probate proceedings upon death. Although there are other ways to avoid probate, like a living or revocable trust, a direct transfer through a sale can ensure the property is immediately accessible to family members without extra disbursement steps.

Choosing to sell your home also makes it your choice rather than leaving it up to family members or the court to decide who gets the home after your death if there are disputes regarding the estate. If you have specific wishes pertaining to property stewardship, this could be the preferable solution. It also has the benefit of mitigating the risk of conflicts between family members since the sale will clearly be your decision.

Financial Considerations

Selling a home below market value does have real financial implications – primarily because there’s a real opportunity cost of tens of thousands or even hundreds of thousands of dollars. This might not matter to many people selling a home to a son or daughter, but it’s important to really think through the long-term ramifications of losing that money.

If you have any concerns about retirement savings or your personal financial safety net in case of job loss or a serious medical issue, you may want to look for a different way to help your family member.

You can potentially maximize the sale price of your home with 72SOLD , take the equity and buy a smaller home for yourself and use the remainder to help your son or daughter purchase a new home of their own.

This approach has the benefit of letting your family member make their own choice on the home they live in rather than having them simply inherit a home by default.

Tax Considerations

Both you, as the seller, and your family member, as the buyer, will need to deal with the tax implications of selling or buying a home below market value. This is typically categorized as a gift for tax purposes and could result in gift tax liability.

Typically, the difference between a home’s market value and its sale price will be categorized as a gift. The IRS allows individuals to gift $18,000 per person per year (as of 2024) without incurring the gift tax.

Can a Buyer Get a Loan for a Property Bought Below Market Value?

It depends on the lender’s policies and the discount. Lenders base risk assessments in part on the loan-to-value ratio, or the market value of the house compared to the loan amount. If the house is worth more than the loan, as would be the case in a below market value sale, it’s typically a good thing for the lender.

What you won’t be able to do is get a loan for the full market value and pocket the difference between the actual sale price and the fair market value. A lender won’t lend more than the purchase price of the home, even if the purchase price is less than the fair market value.

The reduced risk could result in more favorable terms for the buyers, which could be beneficial if the buyer is a son or daughter who doesn’t have a robust credit history when buying their first home.

Should You Sell a Home to a Family Member for Below Market Value?

This is a personal decision you’ll need to make with your family member. While it can be a nice gesture or important to you for personal reasons, there are some potential downsides. For example, the family member isn’t getting to choose a home that’s located in a place they want to live or one that’s near work or other amenities.

If you want to sell your home for maximum price and then use some of the proceeds from the sale to help a son, daughter or grandchild buy their first home, the team at 72SOLD can help. We excel at maximizing the sale price of homes so you get the most out of the equity you’ve built over the years.

Unfinished Projects

Wed, 13 Mar 2024 17:00:00 GMT

Selling a House With Unfinished Projects

There are a number of scenarios that can lead to people putting their home on the market with unfinished projects. Maybe you were in the middle of remodeling or renovating when you got a new job offer, or a sudden illness or family change is forcing you to relocate to be closer to family. Alternatively, you may have just run out of funds before you could finish all the remodeling projects you had planned.

The most important thing to recognize is that most renovations have a negative return on investment, meaning the increase in your home’s valuation will be less than the amount of money you spend on remodeling. For example, spending $35,000 to add an in-ground pool to your backyard might only increase the sale price by $20,000.

In other words, spending more money to finish the projects you’ve started may be a waste of money. However, there could be scenarios where an unfinished project makes your home difficult to sell. You can’t get away with not finishing rewiring or repiping if you were mid-project when some life event forces you to sell.

Whether you need to finish the project is highly dependent on whether the project is central to your home’s overall functionality as a livable dwelling and the extent of the impact. If you tore out landscaping to add new grass, gravel, trees or shrubs, failing to finish it could negatively impact the curb appeal of your home, but the ultimate cost of finishing the projects may cost more than it will increase the value of your home.

In that particular example, it’s possible the homebuyer won’t like your landscaping choices and will end up tearing them all out right after buying. This is also common with things like interior paint where a new buyer may have different aesthetic preferences from your own. Finishing the job may have no impact on the price because the buyer has no plans on keeping the changes you make.

How a Real Estate Agent Can Help

It’s hard to predict how some types of unfinished projects will influence the offers you receive on your home, which is one of the reasons why your choice of real estate agent is so important. An experienced local real estate agent can help you evaluate the extent to which unfinished projects will influence the sale price. They may also be able to provide suggestions on low-cost temporary fixes that will allow you to sell your home with minimum cost.

Assessing and Prioritizing

If you were in the middle of whole-home renovations when you ran into budget shortfalls or were otherwise forced to put your home on the market suddenly, you’ll need to assess what must be finished and what doesn’t need to be finished to make your home livable and marketable.

In most cases, purely aesthetic projects are not vital to your home being sold. Although they can have a marginal impact on the curb appeal of your home, there’s a possibility the new buyer will want to redo these things after the sale is finalized.

They might also request certain things be finished during negotiations. For example, in a room that’s half painted and missing floorboards, they may ask that the remaining floorboards be installed but not care about the paint.

It’s important to keep in mind that leaving a room half painted means you’re passing the labor and cost of finishing the painting on to the new buyer, and they may want an appropriate reduction in your asking price to compensate them. Depending on your situation, you might be fine with those little reductions just to get the sale finalized.

Alternatively, if you have a good real estate agent who has managed to get a bidding war started for your property, buyers might be willing to just eat these costs to acquire your home.

Do You Need to Incentivize Your Home Purchase?

This is also highly dependent on local inventory, the demand for homes in your neighborhood and how much buyers want your home. If there’s nothing special about your home and it’s just one of many for sale in the neighborhood, you may need to offer incentives to get buyers to take on the extra cost of finishing unfinished projects. This typically means lowering the asking price based on an estimate of project completion costs, offering to cover closing costs or other concessions on transaction costs.

Get Help Selling Your Home in Any Condition

The team at 72SOLD leverages highly effective home-selling strategies to sell homes quickly for the best possible price. We can even sell homes with unique challenges that could potentially make them less appealing to buyers – like unfinished projects. We have a proven reputation for getting our clients exceptional bids quickly.

Agent Questions

Wed, 06 Mar 2024 16:00:00 GMT

8 Questions to Ask a Real Estate Agent Before You Sign a Contract

Hiring the best service providers for jobs is important in virtually every context, whether it’s a dentist to clean your teeth, a roofer to repair or replace your roof or a mechanic to service your vehicle.

The consequences of hiring the wrong professional can vary based on the scenario and what they’re doing for you. Choosing the wrong real estate professional can potentially be ranked on the higher end of the monetary consequences scale.

If a mechanic messes up your oil change, you may have to spend an extra $75 to have someone else do it right. If you hire an inexperienced real estate agent who can’t properly market your home, attract good buyers, gather competing bids and negotiate preferential sales terms, you could lose out on tens of thousands of dollars. You also don’t want to have your house sitting on the market unoccupied for months at a time or deal with weekend after weekend of open houses or walkthroughs.

Any consultations you have with prospective service providers are essentially job interviews, and you should approach initial conversations with that outlook. That first discussion is your chance to vet the agent and ascertain not just their professional qualifications but their approach to their job and their attitude toward clients.

Company websites and curated biographies will always frame a professional’s experience and skills in the best possible light. Asking the right questions during a consultation is typically the best way to see past the public-facing veneer and gauge the true work ethic, effectiveness and commitment of the professional.

Questions to Ask Prospective Real Estate Agents

How long have you been selling homes?

Experience matters when it comes to selling homes quickly and for the best possible price. While new agents who don’t have years or decades of experience can potentially be effective home sellers, there’s a higher likelihood that a seasoned professional will have more and better local connections with buyer agents. They may also have more experience and knowledge on marketing strategies that work and ones that don’t, and how best to optimize marketing campaigns.

That being said, even the best, most experienced real estate agents were new at one point. There are new real estate professionals with a lot of potential, but there’s a better chance an experienced agent will maximize your home’s sale price and sell it quickly.

How many homes have you sold in my area?

A real estate agent’s experience in your area can be particularly valuable for house pricing and marketing. While any agent can look up local home sale prices, one who has sold many homes in the area will be intimately familiar with the local features and amenities that appeal to buyers and how best to reach the types of buyers who will most likely be interested in homes like yours.

How many home sellers or home buyers are you currently representing?

The real estate agent’s professional bandwidth, or how many clients they split their time between, can have a dramatic impact on their attentiveness and the efficacy of their service. An agent simultaneously representing many other home sellers may not have the time to properly market your home or communicate with prospective buyers.

An agent with no other clients may not be working full-time in real estate or have another job that’s their real priority. If an agent has many clients or another job, ask how much time they can dedicate to you.

Can you provide references from past clients?

Don’t be afraid to ask for references. Be wary if a real estate agent doesn’t want you to speak with past clients or doesn’t have any past clients to whom they can refer you. Every agent must start somewhere, but you may not want to be their very first client.

What sets you apart from other agents?

An agent should have a good answer to this question. Ask them to explain their process, how they leverage their professional network, the marketing tools they utilize, staging strategies they use and what other resources they bring to bear to get eyes on your house, drive interest and attract bids.

How do you handle negotiations?

Negotiation strategies can be vital when it comes to maximizing the sale price of your home. Can they play prospective buyers with competing offers against each other or get buyers to compromise on home improvements (like if they want you to reduce the asking price to compensate for the cost of needed roof or HVAC replacement)? An agent’s negotiation skills can result in thousands of dollars of difference in the ultimate sale price.

What unique challenges will my house face on the market?

A real estate agent should have the ability to clearly identify the strengths and weaknesses of your home and explain potential challenges and options on how you can address them. Their ability to assess those challenges, explain them to you and offer solutions can tell you a lot about their level of experience and commitment to honesty and transparency.

Do you work with any other professionals?

Real estate agents should have a professional network of partners they utilize for home sales. For example, they might have a professional stager, photographer or videographer they work with on some homes, or specific buyer agents they contact to drum up interest in new homes for sale.

Work With Local Real Estate Experts With a Proven Record of Success

72SOLD partners with the best agents all across the country to ensure our system is executed by the most successful and brightest experts the industry has to offer. We thoroughly vet every real estate professional we collaborate with to ensure our clients have the opportunity to work with agents who know the local area and the common challenges home sellers face. Find out how we get clients higher offers faster than competing real estate companies.

Staging vs Not Staging

Wed, 28 Feb 2024 23:21:53 GMT

Staging Versus Not Staging Your Home for Sale

How valuable staging is depends on who you ask. A survey of REALTORS® suggests a majority of buyers’ agents – 58 percent – believe staging positively influences homebuyer decisions, with another 31 percent saying it has an effect sometimes but not always.

The vast majority of buyers’ agents, 81 percent, did say that staging makes it easier for people viewing a home to envision their belongings inside the home.

The perceived value of room staging also varied from room to room, with the living room, master bedroom and kitchen ranking highest as important rooms for staging. Most buyers’ agents in the survey still considered professional photography for listing purposes to be more important than traditional staging, which they ranked slightly higher than video listings. Virtual tours (16 percent) and virtual staging (five percent) lagged behind those other options in perceived importance.

All that being said, buyers’ agents were divided on whether staging had a measurable impact on home sale price. According to the survey: 34 percent believed it had no impact on sale price

23 percent were unsure if staging increased sale price
20 percent believe it results in a one to five percent increase
14 percent believe it results in a six to 10 percent increase
5 percent believe it results in an 11 to 15 percent increase
3 percent believe it results in a 16 to 20 percent increase
2 percent believe it results in a 20 percent or greater increase

Although a slight majority of buyers’ agents aren’t sold on the concept of staging as an effective way to increase home sale price, a large enough percentage believe it makes a difference that it’s often worth putting in a little bit of added effort to stage a home.

The Cost of Staging

In the survey, only 23 percent of sellers’ agents said they staged every home they listed. Another 10 percent said they stage homes that are difficult to sell. Half said that, although they don’t stage homes, they do provide advice to sellers on decluttering or ways to fix small issues to make homes more appealing to prospective buyers who may come during open houses or for a walkthrough.

Of the agents who do stage homes, 24 percent paid for a staging service to do it, with another 22 percent saying they personally do the staging.

The cost is one of the potential downsides of staging, with survey respondents saying they spent a median amount of $600 for professional staging and $400 for REALTOR®-provided staging.

The Benefits of Staging

Better First Impression

Even if the offers aren’t higher, on average, an argument can be made that a well-staged home leaves potential buyers with a better first impression. Making a space look more inviting and lived-in without being off-putting can help buyers imagine their lives in the home. This could give the staged house a leg up over comparable homes that aren’t staged or are empty.

Faster Sale

A little under half of the surveyed seller agents believed staging a home decreased its time on the market. Only 14 percent believed staging a home increased the home’s time on market. Staging is likely not the biggest factor in the speed of sale, but it may have a marginal benefit in some circumstances, especially if the interior is particularly unattractive prior to staging.

Highlight Features

Professional stagers or real estate agents familiar with interior design can use staging to highlight the positive attributes of an interior while deemphasizing potentially detrimental features. They could use furniture placement or décor to draw attention to attractive architectural elements or to enhance flow and make a small space feel bigger.

The Potential Disadvantages of Staging

Cost

The primary drawback of staging is that it’s not free. If it’s purely a value-add offered by the real estate agent as part of their service, the cost may not matter to the home seller. If the agent wants the seller to pay for professional staging, it may not be worth the investment.

It’s Intrusive

If you’re still living in your home when it’s being shown, you may not want professional stagers or your real estate agent moving in a bunch of temporary furniture or décor and moving out your personal belongings just to show your home to a handful of potential buyers.

No Guarantee It Will Help

Although a slight majority of REALTORS® seem to think staging can be beneficial, nearly half aren’t convinced it has a measurable impact. Many of the ones who do think it is beneficial seem to believe the advantages are marginal at best.

Staging Requires Effort

Part of staging may include painting walls, repairing damage (like scuffed floorboards or dents in drywall), decluttering and emptying staged rooms of furniture. All of this requires effort on the part of current homeowners if they’re still living in the home when it’s being staged.

Our Agents Develop the Right Strategy for Your Home

At 72SOLD , we’re committed to taking the necessary steps to get you the highest possible offers in eight days or less. We know our process works because we have studies that show our sale prices are 8.4 to 12 percent higher than the average of other local MLS home sales. One of our local agents would be happy to discuss staging with you and give their advice on whether it’s necessary for your home.

For Sale By Owner Challenges

Wed, 21 Feb 2024 23:11:50 GMT

Do I Need a Real Estate Agent to Sell My House?

It’s not a legal requirement – some home sellers do attempt to sell their house on their own (for sale by owner or FSBO). There are a number of reasons why homeowners may attempt the FSBO approach, with the leading motivation being saving money on commissions.

Contrary to what sellers may assume, FSBO typically doesn’t result in the seller pocketing more money. Although local sales figures vary based on a number of factors (most importantly the local housing market), the national median sale price of a home sold by an agent is $345,000 , while the FSBO median is $225,000.

If a home sells for the median agent-listed price, and assuming a five percent agent commission ($17,250), home sellers will receive $327,750 from selling their home – which is obviously still more than the $225,000 FSBO proceeds. It’s also worth keeping in mind that if the homebuyer is represented by an agent, the home seller may still need to pay the buyer agent’s commission.

The national median home sale price is inherently unrepresentative of every local housing market, but as a point of reference for comparison purposes, it’s useful for demonstrating the primary disadvantage of FSBO sales.

Selling your house for less isn’t the only potential downside of the FSBO approach. There are a number of procedural challenges homeowners face when they attempt to sell their home without the help of a real estate agent.

Appropriately Pricing the House

Maybe the most obvious variable that influences the speed of a home sale is the listing price of the home. Home shoppers won’t bother putting in offers on an overvalued home when there are comparable homes in the same area that cost less.

There are a number of reasons why FSBO sellers have a tendency to overvalue their homes.

Homeowners understandably have an emotional attachment to their home. They know how much time and money they’ve invested into improvements and often assume they should get an appropriate, positive ROI for the funds they spent on renovations.

Even well-informed homeowners who do research on nearby home prices still lack the decades of professional valuation experience real estate agents bring to the table. Agents factor in variables like location, proximity to amenities, condition, size and market trends to appraise value.

Emotional attachment and unrealistic expectations regarding the value of home improvements don’t factor into their calculation.

FSBO sellers often fall victim to an unavoidable confirmation bias, meaning they focus on home attributes that justify a higher price while ignoring data that should push valuation lower. Some sellers who choose the FSBO path are motivated by financial challenges and fear losing out on funds by putting their home up for sale for too little.

This fear of leaving money on the table can lead to greatly overpriced homes, especially when FSBO sellers assume the unrealistic asking price will act as a negotiation cushion. Intentional overpricing in anticipation of negotiations often results in qualified home shoppers simply passing over properties for consideration.

Paperwork and Compliance

From disclosures and compliance paperwork to adhering to local and state home sale regulations, there’s often more paperwork involved than many FSBO realize when they first embark on their home sale journey. Unfamiliarity with procedures and legal requirements can lead to delays and even potentially costly legal issues or procedural errors.

Price and Term Negotiations

Most people don’t negotiate professionally for a living, and many FSBO sellers don’t realize just how challenging and skills-based the process of home sale negotiations can be. If a home is on the market for longer than the FSBO seller initially imagined it would be due to an inflated price, they may be more inclined to compromise just to get the process over with – ultimately increasing the likelihood of leaving money on the table.

Wasting Time With Unqualified Buyers

Real estate agents recognize when a buyer is serious and when they’re just window shopping and wasting time. There’s a risk that an FSBO seller might enter into an informal handshake deal, take their home off the market and only realize days or weeks later that the buyer actually isn’t in a position to purchase the home, forcing the seller to start the process all over again. That scenario doesn’t happen with an experienced agent who can filter out unqualified window shoppers.

Lack of Network and Marketing Knowhow

Relationships and professional connections have a tangible impact on home sale price and the speed at which homes sell. Real estate agents have professional contacts with buyer agents, professional home stagers and photographers and a wealth of marketing knowledge to implement effective home selling strategies to sell homes quickly. FSBO sellers who aren’t real estate professionals don’t have any of these connections and typically can’t replicate the full suite of real estate agent services on their own.

You Don’t Have to Trade Sale Price for Speed When Selling Your Home

The 72SOLD system is tailored to maximize the value of offers and the speed of home sales. Our real estate agents utilize decades of local market knowledge, cutting-edge marketing tools and sprawling professional networks to get our clients higher-than-average offers in eight days or less . Find out how we can accelerate your home selling process without leaving money on the table.

Time to Sell

Wed, 14 Feb 2024 22:58:55 GMT

Is Now a Good Time to Sell a House?

Yes – it is still a seller’s market in most places in the United States. Factors that indicate it’s a seller’s market include:

Housing prices are rising rather than declining
Housing inventory is still at historically low levels in most states, cities and geographic regions in the United States
The average days on market (DOM) is still low (42 days as of the end of 2023, which is slightly lower Year-Over-Year)
Mortgage rates are expected to decrease in 2024, which will likely motivate buyers this year

As of the beginning of 2024, economic indicators suggest more people will be looking to buy this year. Limited inventory combined with increased demand puts home sellers in an advantageous position. That being said, your decision of whether now is a good time to sell should be based on more than just local housing market conditions. There are many compelling reasons that motivate people to sell their homes, many of which are personal and unique to their situations.

Upsizing to Accommodate a Growing Family

Whether you’ve just gotten married and plan to start growing your family or you have another child on the way, a lack of space in your current home is always good motivation for buying a new home.

Although children can technically share rooms, doing so has limitations. Kids often benefit from having space of their own, and you may only be able to fit so many children into a limited number of bedrooms in your current home. Age and gender differences can also make it difficult to force your kids to continue sharing rooms for prolonged periods of time.

Additional bedrooms aren’t necessarily the only factor to consider. Getting more yard space, enhanced amenities (like a pool), a bigger kitchen, dining room or living room or extra bathrooms are all good reasons to upgrade your home as your family grows.

Downsizing as an Empty Nester

Selling your current home after your adult children go off to college or move out on their own often makes a lot of sense for older couples. Empty rooms and large properties have a lot of extra unused space to clean and maintain.

You may have owned the home for a decade or more and have built up a lot of equity that you want to access. In many cases, empty nesters can purchase a smaller home or condo outright solely with the equity in their current, larger home. Many empty nesters can afford a nicer place in a better part of town and closer to amenities they want since their post-sale budget can accommodate a quality upgrade.

Relocation for Work

It’s almost never advisable to pass up career advancements or a job that will improve your quality of life solely because you’re worried that now might not be the best time to sell your house or buy a new home.

Don’t undervalue your own happiness. If you have the opportunity to pursue a job that will make your life better, don’t let concerns about the housing market hold you back. Also, keep in mind that there are temporary housing solutions, like renting an apartment or smaller home and putting your extra belongings into storage temporarily while you take your time to look for a house to buy or wait for the market to improve.

Changing Lifestyle Preferences

Maybe you’ve lived in the city all your life and you and your family are looking for a change of scenery or a quieter pace. Or maybe you’ve always lived in a rural area and want to move to a suburb or city with more job opportunities, things to do and enhanced amenities.

One of the great things about living in the United States is the extraordinary geographic and cultural diversity. You’re one of the lucky few in the history of the world with unfettered access to the entirety of all 50 states – don’t hesitate to make full use of that freedom if you’re looking for a change.

Financial Reasons

Whether you want to access equity to pay for your child’s college, reduce expenses before retirement or upgrade or downgrade your living expenses after a job change, there are many potential financial reasons that may motivate you to sell your home and look for new living arrangements. The housing market shouldn’t necessarily influence your decision if budgetary changes must be made quickly.

We Strive to Sell Homes for Maximum Dollar Fast

Although the real estate agents at 72SOLD can’t snap their fingers and transform the market, our strategies are designed to work in all types of housing market conditions. While we won’t claim that market conditions don’t matter, we do have studies backing up our claims that we consistently get better-than-average offers in comparison to comparable home sales in the local MLS – and we pledge to get those offers in eight days or less. If you want or need to sell your home quickly, 72SOLD can help.

Commissions

Thu, 08 Feb 2024 00:20:36 GMT

How Much Do You Pay a Real Estate Agent to Sell Your House?

Real estate agents are typically paid a commission, or a percentage of the sale price. Although there may be scenarios where real estate agents are paid a fixed fee, particularly for high-priced homes, commissions are the industry norm. The average commission is between five and six percent of the sale price, and the commission is split between the buyer’s agent and the seller’s agent.

A 50/50 split between buyer and seller agents is most common, but it’s not a legal requirement in most states, and there are many situations and reasons why real estate agents may agree to an alternative commission split.

The details of the commission should be clearly stated in the listing agreement you sign when you hire a real estate agent. Be sure you thoroughly read the listing agreement before agreeing to the terms and don’t hesitate to talk with the real estate company about the commission if you have questions or issues.

Does a Buyer’s Market or Seller’s Market Influence Commission Rates? What Other Factors Matter?

It can, but not always, and not necessarily for every real estate agent. During a buyer’s market, there may be increased competition for seller listings, and some real estate agents may be willing to come down on their commission to attract clients. In a seller’s market, real estate agents may have less trouble finding clients, in which case they don’t need to compromise their commission rate to secure clients.

Other Factors That May Influence Real Estate Agent Commissions

Property Types

Luxury homes or unique properties often have different commission structures. A six percent commission on a home that sells for $400,000 would be $24,000, while a six percent commission on a home that sells for $4 million would be $240,000.

People selling luxury homes understandably don’t want to pay those types of fees to real estate agents when the actual effort involved with selling the luxury home may not be all that different from selling an average home. As such, the commission on luxury properties is typically a much lower percentage or some kind of flat rate.

Agent Experience

More experienced agents may be able to charge higher commissions, while newer agents with little experience or past home sale results may need to charge lower-than-average commissions to attract clients.

Local Norms

Commission structures and averages can vary across the United States. If you’re selling your home, it may be worth your time to do a little research on what the typical commission is in your area before you sign a listing agreement.

Real Estate Agency Policies

Many real estate agencies have set commission rates and scales, meaning there’s little or no wiggle room for negotiation.

Home Selling Services

One of the biggest variables is the types of services being offered. If all a seller’s agent is doing is putting a house on the MLS, the commission they charge could be far lower than an agent who offers comprehensive home seller services.

Agents who provide staging, photography, advanced home marketing services, open houses and more may charge higher commissions. However, the higher commission may be worth it if they get you a significantly higher sale price or your home sells much more quickly than it would with a completely hands-off real estate agent.

State Laws

Some states do have laws pertaining to real estate agent commissions. As a home seller, these typically won’t affect you, other than potentially limiting your ability to negotiate commissions. It’s typically the real estate agent’s responsibility to adhere to these laws.

Our Real Estate Agents Earn Every Cent of Their Commission

There are a lot of home sellers who are understandably wary of real estate agents – and they should be if their agent wants to take a significant percentage of the sale price for doing nothing more than putting their home on the local MLS. Before you hire a real estate agent or company, be sure you understand what the commission structure is and what services you’re getting for the commission you’ll have to pay.

At 72SOLD , we go above and beyond to earn our commission. In addition to handling everything from listing to open houses, we also save you from the more intrusive and annoying aspects of the home-selling process.

We won’t put up garish for sale signs in your yard, hold weekend after weekend of open houses or require you to open your home up to strangers for lots of walk-throughs. Our proven system is designed to minimize intrusiveness while maximizing sale price and speed.

Title Fees

Thu, 01 Feb 2024 00:12:44 GMT

How Much Are Title Fees When Selling a House?

If you’re selling your home, you typically don’t have to pay any title fees. The purpose of title checks, title insurance and all other title services is to protect the homebuyer (and their lender) – not the home seller. As a result, the homebuyer is expected to pay for these services (although the party who pays title fees could potentially be part of the home sale negotiations).

Title fees are not cheap. They often equate to between three and six percent of the purchase cost, which means tens of thousands of dollars in many real estate transactions.

Choosing a Title Company

While the “buyer” is technically responsible for title costs, the homebuyer is usually using the lender’s money. This means the mortgage lender often has the most money on the line in the real estate transaction.

Many lenders have an existing relationship with a preferred title company they trust. According to the Real Estate Settlement Procedures Act (RESPA), lenders can’t require buyers use the services of a specific title company. However, in many cases, buyers simply trust their lender to choose the title company and pay the necessary fees along with the other closing costs.

In other words, if you’re a homebuyer and don’t want to deal with the hassle of shopping around for a title company, your lender will be happy to handle it.

Title Searches

The fundamental purpose of a title search is to determine if there are any encumbrances on the title. Encumbrances usually manifest as liens – or legal claims against the property. In practical terms, this means the homeowner owes money, and the party they owe has a legal claim to the debtor’s property to guarantee payment. The lien is attached to the property, not the borrower – meaning if the property changes hands with a lien, the new owner would essentially be taking on the seller’s debt.

It’s the title company’s job to ensure no liens exist or that any liens that do exist are settled before the sale proceeds. Otherwise, the debt could wrongfully transfer to the homebuyer.

The process of title searches can be labor-intensive. The title company will have to research:

Public records relating to the property, including court records, deeds, property indexes and any other records that establish historical ownership
The chain of title, or the historical transfer of property ownership
Liens and other encumbrances, like unpaid property taxes, mechanics’ liens (debts owed to unpaid contractors) or court judgments from civil or criminal cases
Court records that may pertain to judgments or legal actions that may have impacted ownership or resulted in the creation of liens

Although not strictly lien-related, title companies also examine easements, survey issues and covenants, conditions and restrictions (CC&Rs).

An easement is a right of access or right to use a property for a specific purpose, like an access road or utilities.

Surveys are used to determine the legal boundaries of a property. Legal disputes regarding where those boundaries are or legal disputes regarding encroachment of those boundaries may impact the salability of the property.

CC&Rs are rules on what can be done to the property or how it can be used, most often in the sense of homeowners’ association regulations and rules.

If a title is clear, the title company can issue title insurance. Title insurance is intended to pay for any consequences of an unclean title. The policy would pay out if the title company made a mistake and didn’t discover something (like an outstanding lien) while doing their title search.

Sell Your Home Fast for Top Dollar With 72SOLD

The good news about tile fees is home sellers don’t need to worry about them – in most cases. The exception may be in scenarios where a home seller is desperate to attract a buyer and is willing to throw in title fees to sweeten the deal.

The 72SOLD system is tailored to avoid those types of concessions. Our real estate professionals generate a sense of urgency and scarcity for your home, which is an effective way to attract multiple offers fast and puts you in a stronger negotiating position. We have studies that show the efficacy of our approach, with home sale prices that average between 8.4 and 12 percent higher than other home sales within their local MLS.

Real Estate Education

Thu, 25 Jan 2024 00:03:26 GMT

How to Study the Real Estate Market

While there are some legitimate criticisms of the internet, it’s hard to take issue with its usefulness as a tool for research and learning on virtually any subject – including real estate. Anyone, anywhere in the United States can easily find a host of educational tools and opportunities to learn more about their local real estate market and real estate more broadly, as well as advice on buying or selling their home or investing in real estate.

Real Estate Books

There are, unsurprisingly, hundreds of books on real estate on a variety of specific topics. Many are geared more toward real estate investing rather than how-to guides on buying or selling your own home, but there are undoubtedly a few books that are ideal for your area of interest and current level of real estate knowledge.

What’s tougher than finding books on real estate is choosing one from a reputable author who provides the information you want or need. Be sure to look at reviews and synopses before purchasing or investing your time into reading.

If a lot of people have read a book on the topic you’re interested in, and it has a high rating, chances are it’s a book worth reading.

Websites like Goodreads.com have many genre lists, combined with user reviews and ratings, that may make it easier to narrow down your reading list. Some real estate podcasters or writers also have their own book recommendation lists. If you trust what a real estate professional says and they have their own list of recommended books , that may be a good place to start.

Real Estate Podcasts

Podcasts can be a great source of both general real estate advice and information as well as more localized real estate information. One example is our 72SOLD Arizona Lifestyle podcast , hosted by Holly Waxman. There are literally hundreds of others , many of which are tailored to a specific listenership, from people who are new to real estate investing to people interested specifically in generating passive income from real estate.

Podcasting is extremely easy to set up, which is why it’s no surprise that every other person seems to have one. While the volume can feel overwhelming, the diversity of options does mean you can likely find dozens of real estate podcasts specific to your city, state or region. Looking for a podcast about New York or California real estate? There are dozens of them dedicated to both states , as well as many focused on specific cities or counties within those states.

Real Estate Websites

Finding good real estate information online can be a bit of a challenge because the highest-ranking real estate sites are specifically for listings, like Trulia , Zillow , Redfin and realtor.com . Trusted news outlets, especially those with a business focus like Forbes and CNBC , can be a good source of up-to-date real estate industry information. The New York Times and Wall Street Journal also have robust real estate sections, but many of these reputable news sources are paywalled to some degree.

You can also do a quick Google search for local real estate blogs to find more localized real estate market information. Blogging platforms, like Substack , can be a good source for real estate news in your area.

Real Estate Educational Courses

There are a variety of online real estate courses, but many of these are geared toward people interested in getting their real estate broker license. If you are thinking about pursuing licensing, it’s important to do your research on the many educational opportunities available. Be sure you’re enrolling in an accredited and trusted course that will provide the knowledge you need to qualify for and pass your local state exam.

Forums and Networking Groups

If you’re really interested in getting more involved in real estate investing, you may want to look into local real estate events or gatherings. Websites like Eventbrite are a great way to find local events of all types, including meetings and talks hosted by real estate investment professionals.

Fans of social media are likely already familiar with Reddit, which has an active r/RealEstate community. While not every Reddit community is necessarily a font of wisdom and good advice, those that are professionally oriented and well-moderated can be valuable sources of advice and guidance – especially when it comes to unique, real-world issues home sellers and buyers may run into on their real estate journey.

LinkedIn can be another good networking tool, as many professionals post their own articles on there and use the platform to connect with other professionals or clients.

Get in Touch With 72SOLD

If you’re looking for help selling your home fast and for the best possible price, you can’t go wrong with 72SOLD . While our primary goal is to get you higher-than-average offers faster than the competition, you can also trust our real estate professionals to answer your questions about the process, as well as the national real estate market and local market in your area.

Taxes on Profits

Wed, 17 Jan 2024 23:24:03 GMT

If You Sell Your House, Do You Pay Taxes on the Profit?

It depends on the scenario. If you’re selling the home you live in full-time or an investment or vacation property you’ve lived in for two or more years during the past five years, then you may be able to make use of the primary residence exclusion, which is $250,000 for single filers or $500,000 for joint filers. If your profit is less than the exclusion, then no – you wouldn’t have to pay capital gains taxes on the profit.

Houses are typically categorized as investments, meaning any profits from sales are taxed at the capital gains tax rate, which is lower than your income tax rate.

Everyone is subject to two potential capital gains tax rates; a short-term rate for investments owned for less than a year prior to selling and a long-term capital gains tax rate for investments owned for more than a year prior to selling. The short-term rate is always the higher of the two.

You can visit the IRS website for the latest capital gains tax rates and rules for more information. As of 2024, the two long-term capital gains tax rates are 15 percent and 20 percent. Only high-income individuals must pay the higher 20 percent rate. The cutoff is:

Single filers with taxable income over $492,300
Married people filing separately with taxable income over $276,900
Married people filing jointly with taxable income over $553,850
Head of household filers with taxable income over $523,050

To put it simply:

Most people selling their primary residence (if they meet the residency requirement) will not owe taxes if the profit is below the exclusion threshold ($250,000 for single filers or $500,000 for joint filers)
You will owe capital gains taxes on any profits above the primary residence exclusion threshold
Most people who do owe capital gains taxes will be taxed at the 15 percent rate on profits above the exclusion amount
The exception is filers above the income limits or those who made a profit on a “short-term” sale

Although these generalizations apply to most people, there are dozens of other situation-specific state and federal tax laws that may apply. For example, a different set of rules applies if you’re selling a property you received as a gift or a property that was bequeathed to you by someone who passed away.

Home improvement investments can also have tax implications since you can add the cost of improvements to the property’s cost basis. This means things like replacing a roof, renovating a kitchen or adding an extension to the property may be used to offset profit and keep you below the exclusion limit. Home modifications that qualify as routine maintenance or repairs typically don’t count.

An example might be:

You bought a house for $400,000
You spent $50,000 redoing the kitchen
The cost basis is now $450,000
If you’re a single filer and you sell the house for $700,000, you can exclude all the profit since the cost basis is now $450,000 instead of the $400,000 you paid for the house initially

There are also some people, like real estate dealers and professional real estate flippers, who may need to claim their profit as regular income instead of capital gains profits. If selling homes is your primary business activity, it might not be considered a traditional investment as defined by the IRS – but this typically isn’t an issue for the average home seller.

Should You Talk With an Accountant?

This is a personal decision that often depends on your comfort level with tax filings. If you’re normally a DIY filer who takes the standard deduction, you might want to work with a professional tax preparer the year you plan to use the exclusion.

Audits and other problems can arise if it’s not clear to the IRS that you meet the qualifications to utilize the exclusion you claim. Working with an accountant or professional tax preparer can help ensure that you not only qualify for the exclusion but also have the necessary paperwork to prove it to the IRS.

High-income individuals or those who are claiming capital gains exclusions after a complicated real estate transaction may also benefit from professional tax preparation.

Maximize the Profit on Your Home Sale

You don’t have to sacrifice profit for speed of sale with the 72SOLD system. Our real estate professionals utilize a rigorous and proven effective marketing strategy to ensure interested home shoppers find your house fast. We have studies showing our clients get higher-than-average offers in eight days or less. Learn more about selling your house with 72SOLD .

Home Staging

Wed, 10 Jan 2024 23:12:35 GMT

How To Stage a House for Sale

How much of an impact staging has on home sale price is a hotly debated topic within real estate. According to a recent survey of National Association of REALTORS® members:

58 percent of buyers’ agents believe staging makes a home more attractive to most buyers most of the time
31 percent of buyers’ agents thought staging has some effect on buyers sometimes, but not always
81 percent said home staging makes it easier for prospective homebuyers to visualize the property as their future home
20 percent said staging increased the dollar value of offers by one to five percent

According to the survey, sellers’ agents who do stage homes spent an average of $400 to personally stage homes or spent $600 on average for a professional staging service. That investment may be more than worth it if it results in a one to five percent increase in sale price.

Declutter – Especially Personalized Decorations

Keep in mind that the ultimate goal of staging is to enable prospective homebuyers to picture themselves living in the space. Having pictures of your family, personalized decorations or memorabilia on end tables, shelves or walls can make it harder for home shoppers to visualize their own life there. Simplifying decorations and furniture can also make the space feel open and larger.

Deep Clean

Maybe the most important aspect of staging – and a step you should take even if you’re not fully staging your home – is deep cleaning prior to showing. It is one of the least expensive pre-sale improvements that can have a real and significant impact both on offers and the speed of sale.

If time is limited and you need to prioritize your cleaning effort, focus on the high-traffic areas and spaces where cleanliness and sanitation are most important, like the bathrooms and kitchen.

Tweak Layout and Furniture Placement

If your house has some small rooms, consider removing any large furniture pieces that make the room look cramped. Rearrange furniture to improve flow and room function. You don’t have to keep your furniture in that configuration once showings are finished, but moving pieces temporarily before home buyers visit for a walk-through can be beneficial and doesn’t cost you anything.

Repair Obvious Problems

Leaky faucets, scratched paint, burned-out light bulbs, damaged drywall and other minor blemishes can add up and give the impression that the home is in disrepair, which may negatively affect offers. Many little aesthetic or functionality repairs can be performed at a low cost and can give potential buyers the impression that your home is well cared for and in good working order.

Interior Paint

Whether you should pay for full-home interior repainting depends on your budget and whether your real estate agent believes there will be a return on the investment. It’s most useful if the interior hasn’t been painted in a long time, the paint is damaged or the color is outdated. If you paint walls inside your home, choose neutral colors, as they’re most likely to appeal to the broadest range of home buyers. This also allows people viewing your home to focus on the space rather than being distracted by a bold color choice.

Optimize Lighting

People like natural light for a variety of reasons. It doesn’t require electricity, efficiently transfers heat indoors in the winter months, enhances the functionality and warmth of spaces and is a great source of vitamin D. Natural light is great from an interior design perspective because it makes rooms look bigger and more open. Be sure to leave curtains or blinds open during showings to maximize natural light in the rooms being viewed.

Even interior rooms or those that lack great natural light should still be well-lit during showings. Turn on ambient lighting, overhead lighting or task lighting to emphasize the openness and functionality of spaces.

Warm and Inviting Textiles

Furniture is one of the most important attributes of a staged home – not because the furniture is being sold with the house but because its presence will make it easier for buyers to envision their own furniture and belongings in the space. You can imbue rooms with an inviting coziness by displaying neutral-colored area rugs, blankets and throw pillows made from textiles that exude warmth.

Leave Your Pets With Friends or Family

Pets can be disruptive, shed fur and make a mess. While they may add character to your life and home, they tend to be a distraction during showings and can be problematic if browsing home shoppers have allergies. Some pets also have a tendency to claw furniture and tear things up, which isn’t ideal when you’re trying to give the best impression.

Get Advice and Help Showing Your Home

The real estate professionals at 72SOLD have open houses and showings down to a science. Our rigorous process is designed to get you great offers in eight days or less, meaning you don’t have to leave your home on the market and open to walk-throughs for weeks or months. We keep open houses limited to minimize the disruption to your life.

Home sellers who use 72SOLD can put concerns about staging behind them because it’s just another aspect of the home selling process we can take off your hands.

Yard Sign Pros & Cons

Wed, 03 Jan 2024 18:41:47 GMT

Pros and Cons of Putting up a For Sale Sign

“For sale” signs are great for real estate agents as a marketing tool for themselves and their agency. For sale signs are less useful – and potentially even problematic – for homeowners.

The Alleged Benefits of For Sale Signs

Maybe the most obvious supposed benefit of a for sale sign is increased visibility. The problem with this rationale is the vast majority of buyers find houses to tour online or rely on their own buyer’s real estate agent to find homes. A sign’s usefulness as a tool to attract potential buyers who just happen to be driving through your neighborhood is questionable at best.

Its value in that context is based partially on the assumption that your home will be on the market long enough for many people looking for homes to drive by. Most home sellers don’t want their home to be on the market for weeks or months – they would rather it be on the market for days.

An argument can be made that theoretical future buyers who aren’t actively looking for homes but may be open to moving into the neighborhood might see the sign and become interested. These potential future buyers, if they exist, would essentially be above the top of the marketing funnel rather than in it, and most people don’t consider homes to be impulse buys.

A for sale sign could be useful for word-of-mouth marketing, like if a neighbor sees the sign and tells someone they know who is actively looking for homes to buy in the neighborhood. However, most modern house shoppers who are actively looking for homes to buy typically aren’t relying on word-of-mouth referrals to find houses.

Some real estate agents may suggest a sign is a highly cost-effective advertising tool since the only cost is the sign itself, but the fact is a yard sign is more of an advertisement for the real estate agent (and their other clients) rather than an effective way to tell home shoppers about your home. Do you really want to spend your own money to put up a billboard for someone else’s business in your yard?

The Many Problems of Putting a For Sale Sign in Your Yard

Most people value their privacy and don’t want their personal lives broadcasted to the world. Selling your home and moving is a big life event, and you might not be interested in talking to every neighbor about it.

Thieves, robbers, vandals and vagrants might also equate a for sale sign with an “open for business” sign. Many homes that are for sale are not being actively lived in. Even if you are living in it, a thief might assume there’s a chance it’s unoccupied and choose to break in, putting you and your family at risk of assault – not to mention the loss of personal property and damage to your home. The same thing can be said for vandals or vagrants who might be looking for a vacant building in which to sleep or do drugs.

There’s also a stigma attached to having a for sale sign in your yard for a prolonged period of time. The fact that your house isn’t selling may lead people to assume less than flattering things about you and your house:

You’re asking too much for your home, marking you as a person with unrealistic expectations or a lack of expertise
There’s something wrong with your home that is driving away potential buyers, suggesting your house is potentially in disrepair or has issues

There are also obvious aesthetic problems with sticking a big, garish sign in your front yard. A for sale sign certainly doesn’t enhance the curb appeal of your property – plus it will put a big hole in your lawn.

Some homeowners’ associations also don’t allow for sale signs, which is probably a good thing for the neighborhood and homeowners.

There Are Better Approaches to Marketing a House

Marketing your home for sale is an essential part of the home selling process. Yard signs are an antiquated tool that arguably do more harm than good. Modern online marketing tools, combined with the networks of experienced and established real estate professionals, often lead to a more focused and effective way to get your listing in front of qualified buyers who are actively looking for homes for sale.

Our real estate professionals at 72SOLD do not use yard signs, but we still manage to get our clients multiple above-average offers in eight days or less. We do this by leveraging our connections with buyer agents and using cutting-edge marketing tools to notify people who are actively searching for homes to buy.

Our agents are sparing in their use of open houses, which generates a sense of competition and urgency. It also spares our clients from the inconvenience and intrusiveness of frequent walkthroughs and weeks of open houses.

We have studies to back up the effectiveness of our approach and are proud to say we consistently get our clients offers that are 8.4 to 12 percent higher than offers on other homes in their local MLS. If you want to learn more about our approach to selling homes, or you just want to get your home sold as soon as possible without a yard sign, Visit us at 72SOLD.com .

For Sale By Owner vs Agent

Wed, 27 Dec 2023 22:57:19 GMT

What’s the Cheapest Way to Sell a House?

The obvious answer is selling the house yourself – but the savings from avoiding a commission may not make up for the lost sales proceeds resulting from the DIY approach. According to 2022 data from the National Association of Realtors (NAR), For Sale by Owner (FSBO) homes sell for a median of $225,000, while the median home sale price for homes sold with the help of an agent was $345,000. There’s also 72SOLD’s performance data, which includes seven studies demonstrating our method results in median sale prices that are 8.4 to 12 percent higher than other sales in a local MLS.

The simple answer is that FSBO has the fewest costs – making it the “cheapest” – but the money you lose out on by failing to properly market your home can potentially be a much larger sum than the money home sellers save on agent commissions.

The For Sale by Owner Approach

The word “cheap” is not synonymous with “affordable.” Cheap typically has a negative connotation that implies low cost due to low quality. This is, unfortunately, also the case with FSBO homes. Yes, it’s the cheapest, but in the grand scheme of the real estate process, FSBO doesn’t typically result in a better return on investment (ROI).

Pricing Challenges

Without professional valuation, pricing your home appropriately can be difficult. Looking at Zillow and other free resources and extrapolating based on the homes you currently see on the market for your area does not take into account the full picture of the real estate market. Overvaluation is also why many FSBO homes stay on the market for many months while other homes in the area sell in days or weeks.

Pricing is not everything. Generating a sense of urgency and leveraging the scarcity of your home, coupled with appropriate pricing, is why 72SOLD agents typically end up getting their clients higher sale prices in as little as eight days.

Successfully marketing a home and taking the right steps at the right time takes experience and knowledge of not only the market but also the home selling process. Many FSBO home sellers are bright, successful people, but they aren’t experienced real estate professionals who do this for a living. Market knowledge and experience do matter when it comes to selling a home, and it shows in the data.

Marketing Limitations

Reaching potential buyers is more challenging without access to professional networks and listing services. Agents typically have access to multiple listing services (MLS), which is a crucial tool for ensuring broad exposure of the property to a wide array of potential buyers. Since the platform is intended for real estate agents and brokers, you must have a valid real estate license to use the service to list a home.

Real estate professionals who have operated in an area for years or decades will also have established a network of other real estate professionals, allowing them to quickly enhance the reach of their clients. They also properly optimize listings on popular real estate websites, where a majority of homebuyers begin their search.

These resources combined significantly broaden the reach and visibility of a property – an advantage that individual sellers may not easily replicate on their own.

Negotiation and Legalities

Negotiating the sale of a home is a nuanced and often challenging process, especially for those without experience. Real estate agents bring a level of expertise in negotiation tactics, understanding market trends and buyer psychology, which can be crucial in securing the best possible deal.

An error in the legal paperwork or failure to comply with local regulations can also lead to problems for both homebuyers and home sellers. Real estate professionals are familiar with these legalities and ensure that every aspect of the sale is compliant and correctly handled. This expertise provides peace of mind to the seller and safeguards against potential legal pitfalls that might arise in an FSBO sale.

The Value of Professional Real Estate Services

While saving on commission might seem like the cheapest way to sell, this might not always be the case when considering the final sale price of your home. This is where a professional real estate service, like 72SOLD, comes into play:

Expert Pricing: A knowledgeable team can accurately price your home, often leading to a higher sale price.
Marketing and Exposure: Professional services offer extensive marketing and exposure, reaching more potential buyers.
Negotiation Skills: Expert negotiators can often secure a better deal than you might on your own.
Legal and Procedural Expertise: Professionals handle the legalities and paperwork, ensuring a smooth, compliant transaction.

Sell Your House Quickly While Maximizing the Sale Price With 72SOLD

The cheapest method, selling your home on your own, might not always lead to the best financial outcome. While it saves on immediate costs, the potential lower sale price, delayed timeline and the legal complexities involved can offset these savings.

72SOLD not only alleviates the stress of selling your home but also has a record of success backed up by independent, third-party analysis. Find out why so many home sellers work with 72SOLD .

Selling Empty

Wed, 20 Dec 2023 22:46:16 GMT

Do Houses Sell Better Empty?

There’s a long-standing debate within the real estate community regarding whether it’s better to sell lived-in or staged homes rather than empty homes.

For many homeowners, the question of whether houses sell better empty is purely academic, as it’s not uncommon for people selling their homes to still be occupying their property when it’s listed and shown. For these homeowners, staging or emptying their house may simply not be a feasible option.

While the presentation of your home’s interior may have a marginal impact on the offers you receive, the most important variable will be the marketing skills of your real estate agent. At 72SOLD, we have a proven track record of maximizing home sale prices regardless of whether the homes we sell are staged, empty or still lived in.

The Case for Selling an Empty House

Blank Canvas Appeal

An empty house can act as a blank canvas, allowing potential buyers to envision their own furnishings and decor in the space. This can be particularly appealing to buyers with a strong sense of personal style who want to imagine the house with their own belongings.

Highlighting the Appeal of the Space

Without furniture and personal items, buyers can focus on the home's inherent features, such as the floor plan, architectural details and room sizes.

Perception of Readiness

An empty house can give the impression (usually accurately) that the home is ready for immediate move-in, which can be attractive to buyers who are on a tight timeline.

Easier to Maintain

Empty homes are easier to keep clean and tidy for showings, eliminating the hassle of daily maintenance in a lived-in home.

The Case Against Selling an Empty House

Lack of Emotional Connection

Furnished homes often create a warm, inviting atmosphere that can emotionally appeal to buyers, helping them envision their family living and creating memories in the space.

Difficulty in Judging Size

Empty rooms can sometimes make it difficult for buyers to judge the scale and size of the space, leading to uncertainty about furniture placement and usability.

Flaws More Noticeable

In the absence of furnishings, minor flaws and imperfections in the home may become more noticeable and potentially off-putting to buyers.

The Benefits of Staging

Although there isn’t much data on the advantages or disadvantages of selling an empty home, there actually are quite a few studies related to staging. The International Association of Home Staging Professionals (yes – they have their own professional organization) claims homes that are staged sell three to 30 times faster than non-staged homes and that staging can increase the sale price by up to 20 percent.

The National Association of Realtors™ (NAR) annual Profile of Home Staging provides a more balanced assessment based in large part on the perception of buyer’s and seller’s agents. The median professional home staging investment in 2023 was $600 ($400 when the seller did the staging themselves). Agents estimated a one to five percent increase in sale price of staged homes compared to similar homes that weren’t staged.

How Staging Can Help

Enhanced Aesthetic Appeal: Staging a home with furniture and decor can enhance its aesthetic appeal, making it more inviting and attractive to potential buyers.
Defining Spaces: Proper staging can help define the purpose of each room, which can be especially beneficial for homes with unconventional layouts or multi-purpose areas.
Emotional Impact: Well-staged homes can create an emotional impact, helping buyers visualize their life in the home and potentially leading to quicker sales and higher offers.

To Stage or Not to Stage

The best course of action may be dependent on the types of buyers interested in the property. For example, a starter home near a park and in a good school district might be particularly attractive to young families, in which case staging and showing a home as a lived-in family space could help prospective buyers envision their life in the space.

In a seller's market — where demand is high, but inventories are low — the presentation of the home typically becomes less important. Presentation often matters most in a buyer's market, where staging or presentation may be useful in setting your home apart from the many other homes available for sale in your area.

There are two practical considerations that could play into your decision as well: cost and logistics.

While the $600 median professional investment in staging cited in NAR’s report may not seem like an astronomical amount, it is another expense that could eat into your home sale proceeds on top of any other investments you made to prepare your home for sale.

Leaving your home empty or having it professionally staged also requires you to move out, or at least relocate your belongings from rooms that you stage. This can be an added inconvenience if you have yet to find a new home or haven’t begun the moving process yet.

There are benefits to any of the three approaches, which means there are no definitively bad options for home sellers.

We’ll Help You Sell Your Home Quickly While Maximizing the Sale Price

Setting up professional staging, if it makes sense for your home, is one of the many things our real estate professionals at 72SOLD can do for clients. We have established a proven, effective system for getting our clients high bids in record time. If you want to find out how we can help you sell your home fast for top dollar, visit 72SOLD.com .

Time on Market

Wed, 13 Dec 2023 22:30:54 GMT

How Long Is the Average Home on the Market?

The average length of time homes are on the market varies dramatically by geographic location. In a city like New York, the average home is on the market for a whopping 89 days as of November 2023. Homes for sale in Los Angeles are only on the market for an average of 33 days , slightly shorter than Phoenix’s 43 days on the market and Dallas’ 36 days .

This figure fluctuates daily as local inventories and market fundamentals change, along with a host of other variables that influence how long it takes a home to sell. Many homes are selling far faster than the average, while others are on the market for much longer.

The speed at which individual homes sell can be influenced by a host of nuanced property and community attributes.

Some homeowners may be attempting to sell their homes on their own with only rudimentary tools. This can result in home sales taking far longer. Other homes may have significant structural problems or be located in neighborhoods with safety, aesthetic or maintenance issues.

Some of those attributes are not factors homeowners can control, while others can be positively influenced with simple and affordable fixes. For example, having a front yard overgrown with weeds could be an immediate turnoff to prospective homebuyers and negatively influence the overall perception of your property, even if the interior of your home is immaculate. Low-cost lawn maintenance may address the issue and allow your home to sell more quickly.

Factors Influencing Time on Market

Market Inventory

The number of available homes in your area is one of the most important factors that influence average time on market for homes near you. In a market with high inventory, buyers have more choices, leading to longer sale times. Conversely, in a market with low inventory, the reduced competition can result in quicker sales.

Home Condition and Presentation

A well-maintained and aesthetically pleasing home typically sells faster. Upkeep, modern amenities and curb appeal can all contribute to attracting buyers quickly. In contrast, homes that require significant repairs or updates often linger longer on the market.

Although upgrades can make your home more attractive to buyers, not every pre-sale investment is necessarily a good one. There are many renovation projects with negative ROIs, like kitchen remodels or pool installation. It’s often preferable to avoid expensive home renovations that result in negative ROIs and accept that your home may be on the market for a little longer than others.

General upkeep or minor updates, like a coat of exterior paint and lawn care, may have a positive ROI while also helping your home sell faster. Consider consulting with a real estate professional for advice on affordable updates that can spruce up your home’s presentation at a low cost.

Pricing Strategy

Setting the right price is key. Overpricing can deter potential buyers, prolonging the listing. A competitively priced home that’s in line with market value and comparable properties nearby is more likely to attract interest and offers more swiftly.

The Role of a Real Estate Agent

A skilled real estate agent with deep local market knowledge can significantly impact how quickly a home sells. Their expertise in pricing, marketing and negotiation can streamline the sale process. At 72SOLD, our reputation in the industry is built on selling homes for top dollar at record speed.

Effective Marketing

Comprehensive marketing, including online presence, high-quality photographs and clever open house strategies, can expand your home's visibility. A strong marketing strategy executed by a real estate agent with a network of connections in the local market will allow your home to attract more potential buyers, reducing the time on the market.

Economic Factors

Broader economic trends, like changes in interest rates or overall economic health, can influence buyer behavior. For example, lower interest rates can increase buyer activity, leading to quicker sales, while rising interest rates can have the opposite effect.

Local Market Conditions

Location-specific factors, such as the desirability of the neighborhood, local employment rates and school district quality, can all impact how long homes stay on the market in your area.

Seasonal Trends

The real estate market often sees seasonal fluctuations. Spring and summer are typically busier, with homes selling faster compared to the slower winter months.

72SOLD Can Minimize Your Home’s Time on Market

At 72SOLD , we pledge to get our clients top-tier purchase offers in eight days or less. We encourage you to look up the average time on market for your city to find out for yourself just how much faster our real estate agents are than the average competition.

Don’t assume you have to trade speed of sale for lower home sales prices. We have multiple independent, third-party studies showing that the purchase offers we get are 8.4 to 12 percent higher on average than the sale prices for comparable homes in any given area.

Find out why so many homeowners choose 72SOLD to sell their home fast.

Home Prices

Wed, 06 Dec 2023 22:23:27 GMT

Are Home Prices Dropping?

Given that every metro area is unique, there’s no simple one-size-fits-all answer to this question. Performance of the S&P/Case-Shiller U.S. National Home Price Index does suggest an upward trend, as does Federal Housing Finance Agency reporting . However, data aggregated on a national basis isn’t always relevant or valuable to people in markets where those trends aren’t reflected.

For example, Redfin has the median sale price of homes in New York at $764,000 in October 2023, which represents a 4.5 percent year-over-year (YoY) drop from the same period in 2022. PropertyShark tracked a similar drop in Manhattan, where the October median home sale price was $946,000, down 5.3 percent YoY.

Conversely, Los Angeles home sale prices were on an upward trend , with the median sale price in Los Angeles County being $893,650, a 4.6 percent YoY increase. The Phoenix metro area looks flatter by comparison at a 1.1 percent YoY increase in home sale price and a 6.6 percent decrease in the number of homes sold compared to October 2022.

While national figures may be useful for judging the overall health of residential real estate and the economy, they may not be relevant for homeowners who are trying to sell their home in their own unique local market.

Local real estate professionals should keep an ear to the ground all year long. The ones who have been assisting home buyers and sellers for many years have an implicit, in-depth understanding of trends in listing prices and how they compare to actual home sale prices in their designated market area (DMA).

These veteran real estate agents take into account all types of factors that may not be immediately obvious to homeowners and aren’t reflected in national median home sale price data. These can include variables like:

Local housing inventories
Median rental prices and vacancy rates in the DMA
Changes in school districts, neighborhood socioeconomics and communities as a whole
Local commercial development
Unpredictable factors like highway construction and other infrastructure projects

Skilled real estate agents combine knowledge and analysis of data with less tangible but equally important factors to help home sellers move their homes as quickly as possible for an optimal price.

How Economic Conditions Impact Home Prices

A robust economy with near full employment and rising real wages typically leads to increased home prices. In other words, people who feel confident in their jobs and future prospects don’t worry about their ability to pay for a new home. More people shopping for homes inevitably leads to higher prices – especially if residential real estate inventories aren’t increasing at the same pace.

Interest Rates

Current interest rates are a commonly cited (and valid) concern for modern home shoppers. A homeowner with a 3.5 percent interest rate on their current home loan might be less inclined to buy a new home knowing they might only qualify for an 8 percent interest rate today. This can lead to slower home price growth, or in some cases, price decreases as fewer people enter the market.

It’s important to do your own research before making assumptions about your potential rate. You may want to consult with two or three local lenders to get an actual idea of the rates you qualify for. Banks, credit unions and other loan originators can do soft inquiries (that won’t impact your credit score) to give you at least a basic idea of the kinds of rates you can expect on a new mortgage.

Also keep in mind that the interest rates on mortgages, even fixed-rate loans, can potentially be lowered in the future through refinancing.

History Repeats Itself – Which Is Good News for Home Buyers and Sellers

From a long-term perspective, the data clearly shows that home prices tend to rise. Housing markets are inevitably cyclical. There are periods of growth followed by corrections, followed by growth and so on. Taking a longer view may be useful when you’re trying to determine whether now is a good or bad time to buy or sell.

When It Comes to Buying or Selling a Home, Do What’s Right for You

As of 2022, there were more than 85 million owner-occupied homes in the United States. There’s no one-size-fits-all real estate truism that can be applied to all those homeowners.

Should you pass up a job opportunity because it will require you to sell your home, relocate and finance your new home purchase at a higher interest rate? Every home buyer has to answer those types of questions for themselves.

Consulting with local real estate experts and lenders can help ensure the guidance you receive is accurately informed.

When it comes to real estate – do what’s right for you. At 72SOLD, we’re committed to making sure it’s never a bad time to sell for our clients. We have a proven system that results in 8.4 to 12 percent higher bids compared to similar properties in any given MLS. Learn more about our process by consulting with our team today .

Closing Costs

Wed, 29 Nov 2023 22:15:58 GMT

Do Closing Costs Include Realtor Fees?

Closing costs in real estate transactions encompass a variety of fees and expenses incurred during the real estate transaction. These fees are usually charged by third parties who have unique roles to play within the transaction, like home inspectors and appraisers, title companies and lenders.

Real estate agent commissions are somewhat different from traditional closing costs in that they’re taken out of the seller’s sale proceeds rather than being paid by the buyer.

Understanding Real Estate Agent Commissions

Real estate agent commissions are typically a percentage of the sale price of the home. They are agreed upon by the seller and their listing agent at the time of signing the listing agreement. The total commission is usually divided evenly between the seller's and buyer's agents. Although it’s normally a 50/50 split, there can be situations in which the agents negotiate a different division. Common reasons agent commissions may vary include:

If the same agent represents both the buyer and seller (dual agency), the agent may negotiate a reduced commission with the home seller
The sale of luxury or high-value properties may warrant a different commission split based on the unique buyer pool and marketing efforts of the seller agent
If one agent refers a lot of business or repeat clients to another, the agent who benefits may give the other agent a larger share of the commission out of appreciation and to build or maintain the mutually beneficial relationship
Situations in which a buyer’s agent helps sell a home that is in an undesirable location, needs a lot of repairs or has unique problems
Scenarios in which one agent facilitated or was primary responsible for the sale due to their specialized skills or network
New agents who want to establish themselves may be willing to take a lower split to build their portfolio quicker

Types of Closing Costs

Title Fees: These fees include title search costs and title insurance. These services are performed by title companies to protect homebuyers against future disputes.

Loan-Related Fees: Buyers obtaining a mortgage will need to pay loan origination fees, credit report fees, appraisal fees and possibly points paid to lower the interest rate.

Escrow Fees: Escrow fees are paid to the escrow company for overseeing the closing process, ensuring all conditions are met before the property and funds change hands.

Recording Fees: Recording fees are charged by the city or county for recording the new deed and mortgage documents in the public record.

Transfer Taxes: Some localities charge a tax for transferring the title of the property from the seller to the buyer.

Home Inspection and Survey Fees: Home inspectors assess the condition of the home, while a survey may be needed for some properties to ascertain its legal boundaries. A home inspection is separate from a home appraisal, which is required by the lender to ensure the loan amount is appropriate for the property value. The appraisal also must be paid for by the buyer.

Attorney Fees: In some cases, especially in certain states, attorneys are involved in the closing process, incurring legal fees. Even in states where attorneys aren’t required for real estate transactions, buyers and sellers may require contract review on unique, complex or high-value real estate transactions.

Homeowners’ Association (HOA) Fees: If the property is in a community with an HOA, there might be fees for transferring membership or dues that need to be paid upfront.

Property Taxes and Insurance: Prorated property taxes and homeowners insurance may be included in closing costs.

Miscellaneous Fees: Some real estate transactions may include a variety of ancillary expenses, including notary fees, courier fees for transporting documents and any other small charges that accumulate during the closing process. Many of these are typically paid for by the buyer.

Are Closing Costs Just Paid by the Buyer?

For the most part, yes, the fees associated with loans, title insurance, appraisals, inspections and escrow are the buyer’s responsibilities. This is in large part because they’re primarily for the buyer’s benefit.

Appraisal and Inspections: The buyer has an interest in ensuring they don’t buy a house with a lot of issues, and the lender has an interest in not lending funds in excess of the property’s value. These aren’t concerns for the seller.

Mortgage Fees: The only interest a home seller has in the buyer’s loan is ensuring they get paid in full at the end of the transaction. Since the buyer is the one borrowing money, they are expected to cover all the costs associated with their loan.

Title Fees: Similar to appraisals and inspections, the buyer is the party with the interest in guaranteeing a title is clear.

Seller Closing Costs

There are a handful of fees that may be paid by the seller, like title transfer fees. The real estate agent commissions also come out of the proceeds of the sale, which means it’s the home seller who pays those costs.

There are some scenarios in which closing costs can be a point of negotiation between the buyer and seller. Depending on the market conditions and the specifics of the transaction, sellers might agree to pay a portion of the buyer’s closing costs to incentivize the sale, or buyers might take on some of the seller's costs for a more favorable purchase price.

Maximize the Proceeds of Your Home Sale with 72SOLD

Closing costs typically aren’t a concern for clients of 72SOLD thanks to our highly effective home-selling process. Our approach revolves around establishing a sense of urgency and competition among qualified local buyers, meaning our clients don’t have to make a lot of concessions for the sake of getting their home sold.

We believe the seller’s agent should be the one marketing and selling the home rather than letting the buyer’s agent drive the process. Find out how 72SOLD gets homes sold fast and for a great price.

Costs of Selling

Wed, 22 Nov 2023 22:06:28 GMT

What’s the Cost of Selling a House With a Real Estate Agent

Real estate commissions can be a controversial topic. While it's common knowledge that agents earn a commission from the sale, what may not be as apparent are the various overhead expenses that this commission covers. Many of these expenses help ensure they can sell your home more quickly and for a better price than you may be able to get without their assistance.

Marketing Expenses

Marketing is a vital aspect of selling a house, and real estate agents invest significantly in this area. This includes professional photography, staging services, creating virtual tours, printing brochures and advertising the property on various platforms, some of which charge varying rates for ads. These marketing efforts are designed to maximize the exposure and appeal of your property, attracting the right buyers and potentially increasing the sale price.

The cost of some of these marketing methods may also be influenced by the length of time your home is on the market. In other words, incurring slightly higher marketing costs upfront for a campaign that only needs to run a week might end up costing far less than a campaign that lasts several months.

Multiple Listing Service (MLS) Fees

The MLS is a powerful tool in the real estate industry, providing extensive exposure to properties. Agents pay to access and list on MLS and other listing websites, which is a critical component in ensuring your property reaches a wide audience of potential buyers and real estate professionals.

Office-Related Expenses

Real estate agents incur regular office-related expenses. These include office rent, utilities, office supplies and support staff salaries. Even those working for larger brokerages must chip in to cover these costs as part of their arrangement with the brokerage firm.

Licensing and Continuing Education

Most states require real estate agents to renew their license every two years, and there are always fees involved with license renewal. While not every state requires real estate agents to pass a test for license renewal, they all typically require proof of continuing education.

For example, real estate agents in New York must show proof that they completed at least 22.5 hours of continuing education for renewal every two years. In California, where real estate licenses last for four years, the Department of Real Estate requires home sellers to show proof of 45 hours of continuing education for license renewal.

Insurance and Legal Fees

Agents need to have various types of insurance, like errors and omissions insurance, to protect themselves in case of legal disputes. They may also incur legal fees for things like contract reviews and other legal consultations necessary during the home-selling process, especially if they’re representing homeowners in particularly complex transactions.

Transportation and Communication Costs

Real estate agents incur the same type of run-of-the-mill communication-related overhead as any other business, with expenses like cell phone plans, internet services and client management software. Many agents also spend a lot of time driving between properties, which means high maintenance and fuel costs.

Is the Commission Justified?

Real estate professionals invest their time, expertise and resources to ensure that your property is sold for the best possible price as quickly as possible. There’s an art to selling homes, but unlike other forms of art where value is subjectively assigned by the viewer, the skills of a real estate agent can be objectively measured. Simply put, agents who are good at their job get higher bids more quickly.

One of the distinguishing characteristics that sets 72SOLD apart from other real estate companies is the quality of our agents. We find local real estate professionals with proven track records of maximizing value for home sellers and justifying their commissions through their tireless pursuit of the best bids.

Do Your Own Research, Verify Claims and Never Hesitate to Ask for Clarification When It Comes to Real Estate Transactions

Do you want to sell your home, but you’re not keen on paying a commission to a real estate professional? A good real estate agent is more than just a middleman who does paperwork – they leverage their industry experience and market knowledge to ensure homeowners maximize their ROI.

The 72SOLD system executed by our highly trained and experienced real estate agents is a labor-intensive process that requires focused marketing efforts to be performed on a strict timeline. Adherence to this process is how we’re able to consistently and quickly get our clients multiple solid offers that are, on average, higher than the bids competitors collect. We also provide invaluable assistance and guidance to clients during negotiations with buyer’s agents and home shoppers.

You should always ask a real estate agent about the cost of their services and the fine print you agree to when contracting with them. At 72SOLD, we’re committed to transparency and honesty in our dealings.

Buyer's Market vs Seller's Market

Wed, 15 Nov 2023 21:58:21 GMT

The Difference Between a Seller's Market and a Buyer's Market

If you’ve been thinking about selling your home, buying a home, or you just loosely follow the health of the real estate market in your area, chances are you have seen quotes or heard people talking about a “seller’s market” or a “buyer’s market.” The current state of the real estate market can change from year to year or even vary based on one person’s perspective at any given time.

The basic idea is that a seller’s market is better for home sellers and a buyer’s market is better for home buyers. Real estate markets are complicated, and the whole idea of the market being good for one group and bad for another at any given time is a bit misleading.

It’s also important to recognize that many people entering the real estate market are simultaneously buyers and sellers. You may be listing your home today and touring homes as a prospective buy tomorrow.

The difference in prices or interest rates is often a matter of degrees and typically viewed through a short-term lens. Many homebuyers balk at a seven percent interest rate on a 30-year fixed-rate mortgage today because they’re comparing it to the four percent rate of just a few years ago. They conveniently forget the ‘70s and ‘80s where borrowers were saddled with nine or 12 percent rates. Interest rates change, and refinancing to a lower rate in the future is always an option.

Simply put, it’s not always a great idea to let a talking head or alleged expert dictate your major life decisions. You should determine when the best time to buy or sell is based on your needs and life situation.

What Is a Seller’s Market?

Traditionally, a seller's market is characterized by a shortage of homes for sale relative to buyer demand. In such a market, sellers have the upper hand. Some hallmarks of a seller’s market include:

Higher Home Prices: Due to increased demand, homes often sell at a higher price point.
Quick Sales: Homes sell quickly, with sellers often receiving multiple offers.
Less Negotiation: Sellers are less likely to make concessions as buyers compete to secure a property.

What is a Buyer's Market?

Conversely, a buyer's market is defined by a surplus of homes for sale and fewer buyers. This puts buyers in a position of power:

Lower Home Prices: Buyers have more room to negotiate on price due to the greater supply of homes.
More Choices: Buyers can afford to be choosy and take their time making decisions.
Seller Concessions: Sellers may offer incentives to attract buyers, such as assistance with closing costs or allowances for home improvements.

Selling in a Buyer's Market

While a seller's market naturally seems more advantageous for listing a home, the best time to sell is ultimately when it fits your personal and financial circumstances. Even in a buyer's market, there are strategies to maximize your home's appeal and sale price:

Effective Pricing: A well-priced home can attract attention and even spark bidding wars, no matter the market.
Home Staging and Improvements: Homes that stand out in terms of presentation and condition can defy market trends.
Strategic Marketing: Targeted, professional marketing can reach the right buyers quickly and effectively.

The 72SOLD Advantage

Choosing the right real estate partner is key in any market. With 72SOLD, you gain a strategic advantage:

Market Insight: Our deep understanding of market conditions can inform the timing and pricing of your listing.
Marketing Expertise: Our targeted approach ensures your home makes a strong impression on potential buyers.
Negotiation Skills: We negotiate diligently on your behalf to secure the best possible sale price.

Are We in a Buyer’s Market or a Seller’s Market?

Whether it’s a seller's market or a buyer's market, the decision to sell should align with your lifestyle needs and financial goals. While market conditions can affect the sales approach, the constant factor should be choosing a trusted real estate professional who can navigate these conditions.

72SOLD has a proven track record of achieving optimal outcomes for sellers in various market conditions. We tailor our strategy to highlight the strengths of your property, employing expertise that transcends market trends to maximize your home's sale price.

We encourage you to get your price today or to learn more about our process.

Capital Gains on Short Term Sales

Wed, 08 Nov 2023 21:28:18 GMT

Capital Gains Tax When Selling a House After Less Than Two Years of Ownership

As a taxpayer in the U.S., you will be subject to one of two different capital gains tax rates – the one you pay after you sell an asset you’ve owned for more than two years and the higher rate you pay if you’ve owned an asset less than two years.

People typically associate capital gains with taxes owed on profits from investments, and many people don’t view their primary residence through an investment lens. Everyone needs a place to live, so why is the home you buy out of necessity being treated like an investment?

The government’s answer to this question is a bit convoluted. If you’re selling your primary residence after living in it for many years, you may be able to avoid paying some capital gains taxes ($250,000 of profit for single tax filers and $500,000 for married couples filing jointly). This is known as the Section 121 exclusion.

Unfortunately, this capital gains tax break is only available if you’ve owned your home and lived in it for 24 months out of the past five years. If you’re in a situation where you are compelled to sell out of necessity, and you don’t meet the eligibility requirement, your capital gains tax exclusion options are more limited.

Bottom Line on Short-Term Sales

The inescapable reality is there’s no dodging capital gains if you’ve owned and/or lived in a property for less than two years, but there is a significant difference between owning a property for less than a year and owning it for more than a year.

Homeowners who sell their home less than one year after the initial home purchase are taxed at their marginal income tax rate, which is between 10 percent and 35 percent, depending on their tax bracket.

If you sell after owning a home for more than one year but less than two, you’ll be taxed at the capital gains tax rate for your income bracket, which may be zero, 15 or 20 percent. This is why, if you must sell as soon as possible, it’s generally preferable to hold off on a home sale until you’ve owned the property for at least a full year.

Are There Exceptions to the Short-Term Capital Gains Rate?

The IRS does recognize that life's unforeseen challenges can force an early home sale. The IRS may allow you to claim a partial exclusion of capital gains tax if you meet a very specific set of circumstances. Some of their exclusion eligibility scenarios include:

You must relocate for a new job. This is only an option if your new office or job site is 50 miles farther from your current home than your old work location. If you work from home, your new job must be at least 50 miles away from your home. This rule also applies if your spouse or the home’s co-owner is subject to the same circumstances.
People diagnosed with a serious illness or injury may be eligible if they’re forced to move in order to receive care. The health-related move list specifically covers “diagnosis, cure, mitigation or treatment.” You are also eligible if a family member in your household needs to be closer to the relevant healthcare professionals.
There’s also a nebulous unforeseeable events exception that includes situations like your home was condemned or a disaster struck your house, including acts of God, man-made disasters and terrorist attacks. There are also exceptions for death, divorce, birth of two or more children from the same pregnancy and changes in employment status.

You won’t be entitled to the full capital gains exclusion, even if you meet any of the above eligibility scenarios. Instead, you’ll need to do the calculations to prorate your exclusion.

Determining capital gains exclusion is undeniably complicated, which is why it’s likely in your best interest to work with an experienced tax preparer or accountant before filing with the IRS. Although getting professional assistance doesn’t guarantee you won’t be audited, it at least decreases the risk and ensures you have the paperwork to justify your claimed capital gains exclusion should proof be needed.

Impact of Home Improvements on Capital Gains Taxes

The capital gains exclusion isn’t necessarily your only option for capital gains reduction. Certain home improvements may also have a positive impact on capital gains tax. Money spent on improvements can be added to your basis (what you paid for the house). This decreases the difference between your home purchase and sale price, ultimately reducing profit (taxable gain) in the eyes of the IRS.

Not all expenses qualify, so it’s important to keep meticulous records of any renovations and consult with a tax professional before altering your filing.

Maximizing Your Sale Price Can Make Capital Gains Feel Less Painful

You might not be able to entirely dodge capital gains taxes if you find yourself in a situation where you simply can’t afford to wait two years or more before selling. However, the pain can potentially be reduced by receiving purchase offers that are significantly higher than the average sale price for your area.

The 72SOLD system can help. Our real estate professionals have mastered the art of collecting exceptional purchase offers at blazing speeds. Find out how much you should expect from your home sale and learn how our real estate agents near you can help.

Increasing Home Value

Wed, 01 Nov 2023 21:19:59 GMT

Cheap Ways to Increase Home Value for Appraisal

Selling your home? Home service providers and contractors of all types like to talk a big game about increasing home valuations with pricey improvements, from remodeling a kitchen or bathroom to having a pool or deck installed in your backyard.

The truth is there are very few home improvement projects that have a break-even return on investment. If you’re planning on selling your home in the near future, it’s typically best to avoid any of the common big-ticket home improvement projects.

That doesn’t mean you have to sell your home as is and hope for the best. With some savvy, cost-effective tactics, you can enhance your home’s value without draining your wallet.

Declutter Like a Minimalist

Less is more when it comes to home appraisals. Clutter can make your home look smaller and hide its true potential. Tidying up, organizing and minimizing your personal property on display can do wonders during showings or for listing photos. It’s not just about cleanliness; it's about presenting a canvas where buyers can envision their new life.

A Fresh Coat of Paint

Never underestimate the power of paint. A fresh coat in neutral tones can make your home feel new. It’s a low-cost way to cover up scuffs and stains and give your space a facelift. Stick with whites, creams or light grays to keep it looking bright and spacious.

Fix the Fixtures

Dated or worn fixtures can scream “old!” Swap them out with some modern but inexpensive replacements. Think doorknobs, light fixtures, cabinet handles, etc. Even small, affordable changes can have a big impact.

Curb Appeal on a Dime

First impressions count. Mow the lawn, trim the hedges and add a splash of color with some budget-friendly perennials. A welcoming front door can also add a surprisingly substantial bump in value. Sometimes, a good cleaning or a new mailbox can be all it takes to create a great first impression.

The Magic of a Good Clean

This might be the best return on investment you’ll ever get. A deep clean can make your home sparkle and feel well-maintained. Don’t forget windows, carpets and those often-neglected baseboards.

Energy Efficiency Upgrades

Small, energy-efficient upgrades can be a selling point. LED lights, a programmable thermostat or even just sealing drafts around doors and windows can show buyers that this is a home that will save them money in the long run.

Flooring Fixes

Flooring can be a deal-breaker for buyers. If you’re considering replacement before selling your home, you don’t have to jump straight to hardwood or stone tile. In fact, those are exactly the types of high-priced improvements you should avoid. There are currently affordable luxury vinyl tile and plank solutions that authentically mimic the appearance of natural materials, allowing you to get the elegant aesthetic at a fraction of the price.

Flooring replacement is a grey area when it comes to selling your home. Really bad flooring can have a negative impact on your ability to sell quickly and for a good price, but replacing it can be a significant expense with a negative ROI. If at all possible, try to make your current floors shine instead of investing in a whole home reflooring project.

Accentuate the Positive

Highlight your home’s best features. If you have a fireplace, make it the focal point. Beautiful views? Make sure they’re unobstructed. Unique architecture? Don’t crowd it with furniture.

DIY Smart Home Features

In the era of technology, a few smart home features can be a big draw. Simple additions like smart locks, doorbells or thermostats can be a low-cost way to impress.

Sweeten the Deal

Sometimes, it’s those little extra touches that charm home shoppers and appraisers. Offering reports of recent repairs or maintenance can make your home seem like a safer bet, which can translate into a higher offer.

Documentation of Upgrades

Keep a record of all the improvements you’ve made. This paper trail can prove that you’ve invested in the home and justify a higher price.

Get the Highest Home Sale Price Possible in as Little as Eight Days

You don’t need to spend big to get a return on your home appraisal. Small, strategic investments in your home’s appearance and function can make a large impact on its perceived value. With a bit of elbow grease and creativity, you can ensure your home’s appraisal reflects its true worth.

Not sure what low-cost improvements you can make to increase your home’s sale price? The real estate experts at 72SOLD can help. We’ve made maximizing the speed and value of home sale offers an art.

Let our team ensure your home’s value shines through from listing to closing. With our guidance, your pre-appraisal efforts can help secure the sale price your home deserves.

Selling Moving Checklist

Wed, 25 Oct 2023 19:28:30 GMT

Checklist for Selling a House and Moving

One of the more logistically complex processes families must periodically undertake is the home selling, home buying and moving process. Keeping track of everything that must be done and prioritizing your long to-do list can make the entire process go a lot smoother for you and your household. Breaking tasks down into checklists can make each step more manageable and ensure you’re not missing important tasks that should ideally be performed and checked off in sequential order.

Preparing to Sell

Maximizing Your Home’s Appeal

Declutter and Depersonalize: A clean, clutter-free space allows potential buyers to envision themselves in your home.
Deep Clean: Hire professional cleaners or dedicate a weekend to cleaning every nook and cranny of your home.
Make Minor Repairs: Address all the small issues you've been overlooking to avoid giving buyers room for negotiation.
Consider Curb Appeal: Enhance your home's first impression with well-maintained landscaping and a clean exterior.

Handling the Finances

Getting Your Financial Ducks in a Row

Understand Your Mortgage: Know the details of your current mortgage, including any prepayment penalties.
Gather Important Documents: Compile all necessary paperwork, such as warranty information, home service records, recent utility bills and copies of invoices for big-ticket improvements like roof or HVAC replacements.

Listing Your Home

Putting Your Best Foot Forward

Professional Photography: High-quality images are crucial for your online listing and promotional materials.
Home Staging: Invest in staging services to highlight your home's best features and potential.
Market Analysis: Work with your real estate agent to price your home competitively based on current market conditions.

Let 72SOLD’s local real estate agents handle all these steps for you. Our system has been honed to get you the best possible offers in eight days or less while minimizing the stress or effort on your part.

Negotiating the Sale

Navigating Offers and Closing

Review Offers Carefully: Evaluate each offer's merits, including the buyer's financial qualifications and contingencies.
Home Inspection Contingencies: Prepare for the home inspection and address any issues that may arise.
Appraisal: Understand that the buyer’s lender will require an appraisal and how it may affect the sale.

Planning the Move

Coordinating Logistics

Hire Movers: Research and hire a reputable moving company well in advance of your move-out date.
Utility Transfer: Arrange for utilities to be transferred out of your name as of the closing date.
Change of Address: File a change of address with the postal service and update your information with banks and subscription services.

The Final Details

Wrapping Up and Moving On

Final Walk-Through: Conduct or be prepared for the buyer’s final walk-through of the home.
Closing: Attend the closing, sign the necessary paperwork and finalize any outstanding details.
Moving Day: Oversee the moving process, ensuring that everything is accounted for as you transition to your new home.

Settling Into Your New Home

The First Steps in Your New Space

Unpack Essentials: Prioritize setting up bedrooms, the kitchen and bathrooms to make your new space livable.
Introduce Yourself: Get to know your new neighborhood and community.

We Can Remove the Stress of Selling Your Home

Selling your home and moving can feel like a herculean task, especially if you have a family to wrangle throughout the entire process. Planning ahead and staying organized can make the process feel a lot less overwhelming and keep things moving smoothly and efficiently.

The most important and stressful step is selling your home for the highest price possible. The great news for home sellers is 72SOLD is here to take this entire process off your hands and get it done in record time with an exceptional outcome.

Our more than 2,000 five-star Google reviews are a testament to the efficacy of our system. We even have studies to back up our claim that our system consistently results in homes selling for more than comparable homes in the area.

Why struggle through a long, drawn-out and invasive home selling process when you already have so many moving-related challenges to take on? Get our price for your home and learn more about our system by visiting 72SOLD.com .

Sell with a Mortgage

Wed, 18 Oct 2023 18:12:26 GMT

Can You Sell a House With a Mortgage?

Yes – in fact, most people are still paying off their home loan when they sell. The situation is so common that mortgage companies have streamlined and straightforward processes in place to facilitate the process. Simply put, you really don’t need to worry about it because the other parties (lender, title company, etc.) that facilitate the sale will do the heavy lifting to ensure they get paid in full and you receive your equity.

Maximizing your equity is a separate matter – and it’s what 72SOLD is best at . Our highly effective process helps ensure our clients maximize their home sale price and walk away with extra cash for their next home purchase.

The Process of Selling a House With a Mortgage

When you sell a house with an outstanding mortgage, the proceeds from the sale go toward paying off the mortgage lender first. This process is managed by your settlement agent, depending on your state’s regulations. Here’s a breakdown of the typical steps:

Listing and Selling Your Home

Initially, your real estate agent will take the necessary steps to list your home for sale. Once you receive an acceptable offer from a homebuyer, you'll move toward closing.
Handling the Transaction

During closing, the buyer’s funds (whether it's cash or a loan from their mortgage lender) are used to pay off your mortgage. This is often facilitated by a title company to ensure all parties are paid accordingly. Home sellers typically don’t need to worry about the nitty-gritty details of this process.
Paying Off the Mortgage

Your mortgage lender will provide a payoff quote that is valid through a specific date. This quote includes the principal balance you owe on the mortgage, plus any interest accrued up to the payoff date and any fees or penalties applicable.
Receiving Your Equity

After your mortgage and any associated selling costs (like commissions and closing costs) are paid off from the sale proceeds, any remaining money is your equity and will be disbursed to you.
Understanding Equity

Equity is the portion of the home that you truly "own." It's the current market value of your home minus any liens against it – like a mortgage. As you pay down your mortgage and as the home’s value increases, your equity grows. When you sell, equity translates into cash after the mortgage balance is paid off.

Example of the Calculation

Home Sale Price: $300,000
Remaining Mortgage: $200,000
Selling Costs (including commissions): $20,000
Homeowner's Equity: $80,000

In this scenario, you'd walk away with $80,000 before any taxes or other fees that may apply.

Factors That Affect Your Equity

Market Value Changes

If the market value of your home increases due to property market trends or improvements you’ve made to the property, your equity will increase.

It’s important to recognize that market value is not some monolithic, immovable figure that dictates the sale price. Ultimately, your equity in a home sale will be based on what someone is willing to pay for your home.

In this regard, your choice of real estate agent can be the difference between getting subpar market value offers or purchase offers that are thousands or tens of thousands of dollars higher than those received by comparable home sellers in your area.

Mortgage Payments

With every mortgage payment you make, you're paying down the principal and increasing your equity.

Second Mortgages or Liens

Any additional liens or second mortgages are also subtracted from your sale’s proceeds, which could reduce your equity.

What If You’re Underwater?

Selling a house with a mortgage is straightforward when you have more equity than debt. The situation is different if a homeowner is underwater, meaning they owe more on their mortgage than what the home is worth. If in the above example the home’s appraised value was only $190,000 and the remaining mortgage was $200,000, the homeowner would be considered underwater.

In that case, the homeowner would need to pay the remaining loan principal and interest out of their own pocket. Alternatively, if you can continue making your loan payments and don’t have an urgent need to move, it may be best to hold off on selling your home until the local real estate market recovers.

Paying the remainder of the loan balance or filing for bankruptcy are not necessarily the only options for underwater homeowners who need to sell. There are scenarios in which you may be able to negotiate a short sale of your property.

The Short Sale Process

Contact your lender as soon as you anticipate trouble making mortgage payments. Many lenders have departments specifically dedicated to short sales or loan modifications.
Draft and submit a “hardship letter” that explains your situation, including why you can’t continue making full and on-time mortgage payments. Your lender will want documentation to verify your claims, including pay stubs, bank statements and comparative market analysis of your home’s value.
If a lender is willing to work with the homeowner, they will typically require the home to be listed by a local real estate agent as soon as possible. Lenders generally require an agent to be involved to provide assurance that the home will be sold for the maximum price at the current market valuation.
Your lender will need to receive and review offers. They get to decide whether the sale price is better than foreclosure.
If the lender finds the terms acceptable, they will need to issue a short sale approval letter so the sale can move forward.

This can be an intensive process, but the short sale route is often preferable to bankruptcy for most homeowners who can’t continue making mortgage payments.

72SOLD Can Sell Your Home With or Without a Mortgage

It wasn’t long ago when the national median duration of homeownership was just 13.3 years, meaning the majority of homeowners with a 15 or 30-year mortgage were selling before their homes were paid off.

If you’re like most home sellers, you don’t want to settle for the “average” sale price in your area. That’s where 72SOLD comes in. We have studies to back up our assertion that we regularly beat average real estate agents on home sales prices.

Find out how our system can help maximize the offers you receive .

Selling to Oneself

lee@72sold.com (Lee Elzey) — Wed, 11 Oct 2023 20:24:55 GMT

Can You Sell Your House to Yourself?

Yes – depending on the motivation and context, a homeowner may sell their own house to themselves.

A more common question is, “Can I sell my house myself?” The answer to that question is also yes, although there are many potential risks involved and a high likelihood that you will ultimately receive a lower selling price than you would if you worked with expert real estate agents with proven marketing strategies designed to maximize home sale offers.

Back to the question at hand – selling your own house to yourself may be the ideal solution to several different challenges.

Changing Property Ownership Structures

An individual may want to change the nature of their home’s ownership – for instance, moving from personal ownership to an ownership structure under a legal entity like an LLC (Limited Liability Company) that they control. This can offer:

Liability Protection: Transferring a property to an LLC can protect personal assets from being entangled in legal issues related to the property.
Potential Tax Benefits: Owning property through an LLC or corporation might provide tax advantages under certain circumstances.
Estate Planning Benefits: Changing the ownership structure of your home or other residential real estate in your portfolio can make it easier (from an estate planning perspective) to manage or distribute assets.

Refinancing Purposes

Sometimes, refinancing a property under different terms or with a different lender might involve legally "selling" the property to oneself to clear the previous mortgage. The perceived benefits are:

Better Mortgage Rates: You may be eligible for a more favorable interest rate or loan terms based on an improved credit score or through a different lender.
Equity Access: Accessing home equity through a cash-out refinance can free up cash for repairs, investments or paying off debts.

Divorce or Separation Agreements

In the case of a divorce or separation, one partner may "buy out" the other's interest in the property, effectively selling the house to themselves to gain sole ownership. The benefits are:

Sole Ownership: One party retains the home without having to move or sell to a third party to access and split the equity.
Settlement Clarity: Having the house in one party’s name simplifies the division of assets and may help facilitate a cleaner break financially.

Correcting Title Issues

A person might "sell" a house to themselves to correct a title issue or clear up a defect. This could involve transferring the title from an individual to that same individual but with a different form of identification to correct a name error. A homeowner may also want to adjust the title to reflect a legal change, such as a marriage or divorce.

Motivations Behind a Home Sale to Oneself

The motivations for these types of transactions usually stem from legal, financial or personal considerations that prompt a change in the way the property is held or financed. They are not done in the traditional sense of making a profit from a sale but rather to achieve a more beneficial status for property ownership in the eyes of the law, lending institutions or personal financial management.

In each case, these transactions would still need to follow the proper legal sales processes, including the execution of a new deed, settling any existing mortgages or liens against the property and potentially paying associated transfer taxes or fees.

While these scenarios involve a legal form of "selling" to oneself, they are complex and should be undertaken with the advice of a real estate attorney, accountant or financial planner to ensure compliance with all laws and regulations and to realize the desired benefits effectively.

What If I Want to Sell My Home to Someone Else Without the Help of a Real Estate Agent?

No states have laws requiring home sellers to use a real estate agent to sell their home. However, there are many compelling reasons to work with an experienced real estate professional who understands the ins and outs of residential property marketing and the home selling process.

A good real estate agent has an in-depth understanding of the local home market, including local demand, market trends and how home features may enhance or detract from valuation. A common trap home sellers fall into is listing their home at an unrealistically high price compared to similar homes for sale in the area. Alternatively, you may get offers far lower than what your home could potentially sell for due to ineffective DIY marketing strategies.

There are also some seemingly unimportant steps in the home selling process, like staging and listing a home, that can have a greater impact than you might assume at first glance. Some staging and marketing methods are expensive and ineffective, while other low-cost strategies may have an outsized impact on home shopper perceptions.

Many homeowners also struggle to take their emotions out of the equation. Owners can inadvertently sabotage their sale through emotional pricing, being offended by offers or failing to negotiate effectively. An experienced agent provides an emotional buffer between the seller and the buyer.

Selling a home is a full-time job. Are you ready to take on what essentially amounts to a second job? You’ll need to be on call for questions, viewings and to handle any emergencies that arise. Getting reputable assistance can save you unnecessary time and stress while increasing your chances of receiving favorable offers.

Trust the Experts at 72SOLD to Maximize Your Home Sale Price

The real estate team at 72SOLD has a reputation based on proven and trackable results. The numbers don’t lie, and they show that we consistently get our clients offers that are 8.4 to 12 percent higher than comparable homes for sale in their local market.

Get our price for your home fast by filling out our form .

Selling After Bankruptcy

Wed, 04 Oct 2023 17:14:12 GMT

Can You Sell Your House After Filing Bankruptcy?

If you've filed for bankruptcy and are wondering about the possibility of selling your house, the good news is you can sell your home (and other assets) as soon as the bankruptcy is closed. However, you may be best served by first learning about your options and considerations to keep in mind while you navigate this complex situation.

The Impact of Bankruptcy on Your Home

Bankruptcy is a legal process that allows individuals to eliminate or restructure their debts under the protection of the bankruptcy court. While bankruptcy can provide much-needed relief from overwhelming financial obligations, it can also have implications for your assets, including your home.

The impact of bankruptcy on your home largely depends on the type of bankruptcy you file.

Chapter 7 Bankruptcy

In Chapter 7 bankruptcy, your non-exempt assets, if you own any, are typically liquidated to repay your creditors. Exemptions protect specific assets that you are allowed to keep, and these vary by state. Most states have a “homestead exemption” to protect some or all your equity in your primary residence. If your home equity exceeds the available exemption, there's a risk that the bankruptcy trustee may decide to sell the property to satisfy your debts.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy involves creating a repayment plan to gradually pay off your debts over three to five years. This type of bankruptcy allows you to keep your assets, including your home, as long as you can meet the repayment terms outlined in the plan.

Selling Your Home After Bankruptcy

If you're considering selling your house after filing for bankruptcy, several factors come into play.

Exemptions

The first consideration is the amount of equity in your home and whether it is protected by available exemptions in your state. If your home equity falls within the exemption limits, it is generally safe from liquidation in Chapter 7 bankruptcy.
Repayment Plan (Chapter 13)

In Chapter 13 bankruptcy, you're allowed to retain your home. However, you must continue to make mortgage payments as outlined in your repayment plan. Falling behind on these payments may result in complications, so it's essential to fulfill your obligations.
Sale Proceeds

If your home has non-exempt equity and you decide to sell it, the sale proceeds may be subject to distribution to your creditors. The bankruptcy trustee will typically oversee this process.
Appraisal and Valuation

Obtaining a current appraisal of your home can help you understand its value in the current market. This information can be valuable when determining the potential proceeds from the sale.
Timing

The timing of the sale in relation to your bankruptcy proceedings is crucial. Consult with your bankruptcy attorney and the trustee to ensure the sale aligns with your bankruptcy plan.
Consult with Legal Professionals

Selling a home during or after bankruptcy can be complex. Because of this, it's generally advisable to consult with both a real estate agent and a bankruptcy attorney.

A real estate agent can provide insights into the current market conditions and guide you through the home-selling process, while a bankruptcy attorney can ensure your actions are following your bankruptcy plan.
Seek Court Approval

In some cases, selling your home during bankruptcy may require court approval. Your bankruptcy attorney can assist in this process to ensure that the sale is legally sound.

Advantages of Selling Your Home After Bankruptcy

While selling your home after bankruptcy may seem daunting, it can have several advantages.

Financial Relief: Selling your home may help you eliminate or reduce your mortgage debt, providing financial relief and potentially allowing you to downsize to a more affordable property.
Fresh Start: Selling your home can be a part of your fresh start after bankruptcy. You can use the proceeds from the sale to address your financial situation and rebuild your credit.
Control: By selling your home on your terms, you gain more control over the process, ensuring that it aligns with your financial goals.

Sell Your Home With 72SOLD and Start Fresh

Selling your home after filing for bankruptcy is indeed possible, but it requires careful consideration and planning.

We’ll help you move forward with your financial recovery by providing expert guidance and quickly getting you multiple offers over what comparable homes in your area are selling for in the current market.

To learn more about our innovative approach to real estate, be sure to visit our website today.

Home Appraisals

Wed, 27 Sep 2023 16:58:52 GMT

Can You Sell a House Above Appraisal?

In today’s real estate market, selling a home above its appraised value, although not guaranteed, is very much possible.

This situation can occur for various reasons, including a hot real estate market, multiple competing offers or a buyer's willingness to pay more for a property they highly desire.

At 72SOLD, one of the key differentiators in our business model is our ability to navigate such dynamic market conditions and help sellers achieve the best possible outcome in the sale of their home. We work closely with local real estate professionals to provide valuable insights and strategies, allowing them to maximize the home seller’s return on what is often their most significant investment.

What Is an Appraisal?

To fully understand the concept of selling a house above its appraised value, you must first understand what an appraisal is and how it works. An appraisal is a professional assessment of a property's value, conducted by a licensed third-party appraiser. Several factors influence the appraisal value:

Location: The property's location plays a pivotal role in determining its value. Proximity to schools, shopping centers, transportation hubs and safety are all factors that can positively or negatively affect the appraisal.
Condition: The state of the property's structural components, systems and overall maintenance is crucial. A well-maintained property typically receives a higher appraisal value.
Comparable Sales: Appraisers often use recently sold properties in the area that are similar in size, condition and location to the subject property. These comparable sales, or "comps," help appraisers assess the value.
Amenities or Special Features: Certain features like solar panels (especially if the loan is paid off), a new roof, a swimming pool or recent renovations can positively impact the appraisal value.
Detriments: Conversely, features like an old roof in need of replacement, structural issues or significant damage can have a negative impact on the appraisal.

Impact of Appraisal on Mortgage Loans

The appraisal value has a direct impact on a buyer's ability to secure a mortgage loan. Lenders typically base the loan amount on the price of the home, which includes the appraised value. If the appraisal falls short of the asking price, it can create challenges for both the seller and buyer. For instance, if there’s a significant discrepancy between the appraisal and the asking price, this will likely lead to loan denial.

Alternatively, the buyer might need to come up with additional funds to cover the difference between the appraised value and the purchase price.

Additionally, if there's an appraisal contingency clause in the contract and the property's appraised value falls short of the agreed-upon purchase price, the buyer may have the option to terminate the contract. This outcome is generally not favorable for the seller If there are no other offers or interested buyers.

Does the Seller Need an Appraisal?

In most cases, the seller does not need to obtain their appraisal. While it's a standard practice for buyers to have an appraisal as part of the mortgage process, sellers often rely on the guidance of real estate agents when establishing an asking price.

At 72SOLD, our experienced agents can help you determine the appropriate listing price based on comparable properties in your area. Moreover, our proprietary marketing strategy helps generate genuine enthusiasm about you home, with the goal of getting multiple buyers to compete for it.

Tips for Selling Above Appraisal

If your goal is to sell your home for more than its appraised value, here are some strategies to consider:

Avoid a Bad Appraisal: Invest in home improvements that can positively impact the appraisal, such as addressing any needed repairs or renovations.
Sell for Cash: If you can find a cash buyer, you may not need to worry about appraisals, as cash buyers don't require mortgage appraisals.
Get Another Appraisal: If you believe the initial appraisal is undervaluing your property, you have the option to get a second appraisal.
Negotiate with Serious Buyers: If a buyer is genuinely interested in your home and is willing to pay more than the appraised value, you can negotiate with them to bridge the gap.

Sell Your Home for More Than It’s Worth with 72SOLD

If you’re like most homeowners looking to sell their property, you’re probably looking to maximize the return on your home sale. The good news is with 72SOLD, your vision can easily become reality. Our innovative approach to real estate, which includes selling your home not only quickly but for more than it’s appraised value, has helped thousands of homeowners enjoy an extra boost of income.

Selling with Renters

Wed, 20 Sep 2023 16:47:28 GMT

Can You Sell a House with Renters in It?

Are you a landlord looking to sell your property but there are still tenants occupying the home? The good news is selling your home with tenants is possible.

Some states have specific laws and regulations homeowner need to follow when selling a residential property with tenants, but much of the imposition is on the homebuyer, who will be required to honor the existing lease agreement. But don’t fret -- with the right approach, communication and adherence to legal requirements, it is entirely feasible to sell your property while respecting the rights and needs of your tenants.

What’s more, there’s no one solution to selling a house with renters in it. The specific course of action will depend on a number of factors, such as the type of rental agreement and if the renters are willing to accept an early move out arrangement or continue their lease during the sales process.

Steps to Take Based on Rental Agreement

The path to selling a house with renters in it begins with a comprehensive understanding of the rental agreement in place. The course of action you should take will largely depend on the terms and conditions outlined in your rental agreement.

Month-to-Month Lease

If your tenants are on a month-to-month lease, either party can terminate the lease with proper notice. In many states, landlords are typically required to provide tenants with a 30 to 60-day notice to move out. In this situation, as a landlord planning to sell your property, you'll need to give your tenants a 60-day notice to vacate. This notice should inform them of your intention to sell the property and may include specific terms for showing the property to prospective buyers during this time.

Fixed Lease

A fixed lease, often spanning six months or a year, presents different considerations. Here, your options are to sell the home to the tenant if they're interested in purchasing it or to sell to an investor willing to assume the lease. In the latter case, the lease terms, including the lease end date and rental rates, would typically continue.

Tenant Refuses to Move

What if a tenant with a fixed lease that has not yet expired refuses to move? This scenario can pose a challenge if the buyer wants to reside in the home, but there are potential solutions. You might consider offering a financial incentive for the tenant to vacate the property, such as helping with moving costs or returning a portion of their security deposit. Alternatively, you can choose to wait until the lease naturally expires before proceeding with the sale of the property.

Pros and Cons of Selling a House with Renters in It

Selling a house with tenants offers both advantages and disadvantages. Understanding these can help you make an informed decision about the best course of action.

Benefits

The Property Is Already Staged: One significant advantage is that the home is already staged. Staged homes tend to be more appealing to potential buyers. According to the National Association of Realtors (NAR), 82 percent of buyers' agents believe that staging makes it easier for buyers to visualize a home as their own.
Can Be Attractive to Real Estate Investors: If you opt to sell to another investor, your property may be more appealing to them if they don't need to line up new renters. They can begin generating rental income immediately.
No Loss of Income: You won't lose rental income during the sales process. By showing the home while tenants are still paying rent, you can keep generating income until you sell the property.

Disadvantages

Tenants Can Interfere with Showings: Tenants who are uncooperative or unwilling to leave the property during showings can make the sale process challenging. This includes situations where tenants keep the home untidy, making it hard to present it in its best light.
There Can Be Legal and Financial Risks: Tenants who owe back rent or refuse to vacate can pose legal and financial risks. Evicting a non-compliant tenant can lead to lengthy court proceedings, which may disrupt the sale. If these issues cannot be resolved in time, they can create significant issues.

Sell Your Home with the Help of 72SOLD

At 72SOLD, we’re in the market to sell your home, whether it’s being rented or not. Every home we help to sell comes with unique features we recognize and highlight to find the right buyer not within weeks or months, but in as little as eight days.

If you’re looking to sell your home quickly for an above average price , be sure to get in touch with us today.

Reverse Mortgage Home Sales

Wed, 13 Sep 2023 22:40:42 GMT

Can You Sell a House with a Reverse Mortgage?

Reverse mortgages have provided a financial cushion for thousands of seniors with limited resources or income, enabling them to unlock the equity built up in their homes while still maintaining it as their residence.

But what happens when the homeowner decides it's time to move on and sell the house? Is selling a house with a reverse mortgage even possible? The answer is yes; however, the process comes with a unique set of considerations and steps.

What Is a Reverse Mortgage?

In a traditional mortgage, a homebuyer pays back a lender in monthly installments of principal and interest. The total amount owed decreases little by little as payments are made.

With a reverse mortgage, the lender gives the buyer a line of credit, lump sum (up to 60 percent of the loan amount) or monthly payouts based on the amount they’re approved to borrow. The loan amount is calculated based on the value of the borrower’s home equity at the time of the reverse mortgage. The amount the borrower owes increases every month as more interest and fees are stacked on top of the principal that’s paid to the borrower.

Since borrowers never have to make monthly payments back to the lender, the amount owed only increases, never decreases. The entire amount (principal, interest and fees) is owed when the owner permanently moves out (like moving into an assisted living facility), sells the home or passes away.

Most lenders reserve reverse mortgages for borrowers who are at least 62 years old.

The Sale Process: Clearing the Loan

When selling a house with a reverse mortgage, the proceeds from the sale go toward paying off the reverse mortgage loan first. The steps for selling a home with a reverse mortgage are somewhat akin to a traditional home sale, with some important differences.

Home Appraisal: An appraisal will determine the home’s current market value, which will play a pivotal role in ensuring that the sale price can cover the reverse mortgage balance.
Paying Off the Reverse Mortgage: Upon sale, the proceeds will first be allocated to pay off the reverse mortgage, along with any accrued interest and fees. This is mandatory and is typically handled by the settlement agent during closing.
Surplus and Deficit: If the sale price exceeds the loan amount, the leftover funds go to the homeowner or their estate. Conversely, if the loan is larger than the proceeds from the sale, the homeowner or their heirs are not typically held responsible for covering the shortfall, assuming the reverse mortgage is a non-recourse loan, which is common. The insurance from the Federal Housing Administration (FHA) covers the difference.

Navigating Legalities and Ethical Responsibilities

Ensuring transparency and adherence to legal responsibilities is crucial when selling a home with a reverse mortgage. Clear communication with the lender, potential buyers and real estate professionals about the presence of a reverse mortgage and the associated process is essential.

Communicating with the Lender: It's crucial to inform the lender about the intent to sell and understand any specific guidelines or requirements they have regarding the sale and loan repayment.
Appropriate Pricing: While all home sellers want to maximize their home’s sale price, doing so is especially important for those holding a reverse mortgage that must be paid back. Working with 72SOLD may be a good option if you want to secure a higher-than-average sale price .

Do Heirs Get Anything?

In many cases, seniors in retirement are the ones who take reverse mortgages on a home they plan to reside in for the rest of their life. Their heirs, often adult children or grandchildren, may wonder how a reverse mortgage on a property might impact their inheritance.

Technically, heirs can attempt to sell the home to pay off the reverse mortgage, which may or may not be financially feasible depending on what’s owed on the reverse mortgage and how much the home has appreciated since the reverse mortgage was obtained. If the beneficiaries want to keep the home, they need to refinance the amount remaining on the reverse mortgage or otherwise pay it off with their own funds.

Should You Sell Your Home if You Have a Reverse Mortgage?

Whether it’s deciding to move to a new place or managing an inherited property with a reverse mortgage, understanding the mechanics of the sale, and being mindful of the legal and financial implications, are paramount to navigating through the home sale process.

Maximizing the sale price of a home is always important, but it could be especially vital in scenarios where you want to sell a home with a reverse mortgage. The team at 72SOLD are in the business of getting our clients higher offers more quickly than the competition. Plus, we do it without many of the hassles home sellers traditionally associate with the process.

Capital Gains for Seniors

Wed, 06 Sep 2023 20:18:33 GMT

Understanding Capital Gains on Home Sales for Seniors

Capital gains taxes are levied on profits from the sale of an asset. Profit or loss, in the case of home sales, is the difference between what you bought the home for and the sale price. Capital gains taxes can be a pain point for seniors who are at or nearing retirement age and are looking for ways to keep as much of their hard-earned savings and assets as possible.

The capital gains tax rate to which a home seller is subjected is based on their tax bracket and how long they’ve owned the home. There’s a lower capital gains rate for assets the seller has owned for more than a year, so seniors who are selling a home they’ve owned for years or decades will pay the lower of the two rates for their bracket.

More importantly, many seniors who are selling their primary residence will qualify for the Section 121 exclusion. The exclusion allows applicable home sellers to subtract up to $250,000 per individual filer or $500,000 for couples filing jointly from their taxable income after selling their home. Seniors would still owe capital gains on profits in excess of those amounts.

To qualify, seniors must have:

Owned the property for at least two years of the five years prior to the sale
Used the home as a primary residence for at least 730 days (two years) in the five years immediately prior to closing the sale

The two out of five-year rule adds some wiggle room to the eligibility requirement. For example, you don’t need to be actively living in the home at the time of the sale to qualify. As long as you lived in the home for 730 days within the past five years, you can likely qualify for the exclusion.

Exceptions for Qualifications in Special Circumstances

In addition to the general rules, certain special provisions apply to seniors in particular contexts. For example, if a senior must move to a nursing home, the two-year live-in requirement can sometimes be relaxed, allowing them to qualify for a prorated exclusion of the capital gains tax. Understanding these nuances is vital to optimizing financial planning related to property sales.

If you have a complex situation where you’re not sure if you (or a senior parent) will qualify for the Section 121 exclusion, it’s likely in your best interest to consult with an experienced tax filer.

Other Important Factors that May Further Reduce Capital Gains for Seniors

There are other variables that may impact capital gains on the sale of property, including those related to home improvements. Keeping meticulous records of improvements and significant repairs made on the property throughout ownership can prove beneficial. These costs may increase the basis of the property, which is subtracted from the sale price to determine the capital gains, potentially reducing the taxable amount.

Seniors with the funds to do so might also consider selling a home and gifting the proceeds to their heirs or allowing the heirs to inherit the property directly. The rules regarding capital gains can be substantially different in these scenarios.

Typically, heirs benefit from a “step-up” in basis, meaning the home’s basis is recalculated at the fair market value at the time of inheritance, which may reduce the capital gains tax if they decide to sell the property.

It’s also important for seniors to understand how selling their home may influence their qualification for certain benefits, like Medicare. Even if the proceeds of a sale are largely excluded from taxable income, it could still impact Medicare premiums, as these can be influenced by modified adjusted gross income, which includes tax-exempt income.

Leveraging 1031 Exchanges

Seniors who want to sell a home that doesn’t qualify as a primary residence under the Section 121 exclusion might still be able to avoid capital gains via a 1031 exchange. This tool is not merely reserved for seasoned real estate moguls but is accessible to anyone selling an investment property, including seniors adjusting their asset portfolio.

By identifying a like-kind property to purchase after the sale of the initial property, the capital gains tax can be deferred, preserving the overall profitability of the transaction and enabling a smooth transition of investment from one property to the next.

For seniors who rely on real estate for supplemental income in retirement, this can be a strategic component in ensuring the equity built up over years in an investment property continues to work for them, either through steady rental income or through appreciation in a rising property market.

The ability to defer capital gains tax enables the maximization of available capital for reinvestment. Purchasing a new property that requires less maintenance, has a better rental yield or is situated in an appreciating market can bolster a senior’s passive income stream.

Don’t Let Capital Gains Discourage You from Taking Advantage of the Real Estate Market

While capital gains is no joke for seniors, there are a couple highly effective ways to minimize its impact or even exclude all or large portions of your capital gains tax bill. You should consult with an accountant experienced with these matters to learn more about your options.

If you’re interested in selling a property quickly for as much money as possible, 72SOLD is the company to call. Our proprietary system is designed to help clients sell their home for a great price. No yard signs in your lawn for weeks or months at a time, no endless weekends of open houses and minimal hassles.

Leins and Home Sales

Wed, 30 Aug 2023 21:20:53 GMT

Can You Sell a House with a Lien on It?

Yes, you can sell a house with a lien on it as long as the debt associated with the lien is settled at or before closing, ensuring that the buyer receives a clear title to the property.

One of the key roles of title companies in the home selling and homebuying process is title search and examination, which involves looking for “clouds” (liens, easements or other encumbrances). If they discover problems, they inform all parties, but its up to the home seller to settle the lien so the sale can be finalized.

You might be asking, “Why would someone with a lien on their home put it on the market?” or “How could the process get as far as a title check without the lien being discovered?”

In many cases home sellers in these scenarios are not being intentionally deceptive. There are scenarios in which sellers might not even know there is a lien against their property when they put it on the market. A lien could be old or even linked to the unpaid debts of previous owners and missed by a title search during the previous home sale.

Understanding the Lien Landscape

Liens serve as a formal claim or hold on a property, acting as a safeguard for creditors intent on securing debt repayments by the property owner. From tax liens stemming from unpaid governmental dues to mechanic's liens related to unsettled contractor bills, these sticky financial webs can entangle a property and hinder smooth transactions.

The gravity of a lien's impact depends largely on its type and amount, creating a scenario where sellers and potential buyers must tread cautiously. A home seller might have a lien on the property due to unpaid HOA dues, which could total just a few hundred dollars. Or they might have unpaid child support or tax liens totaling hundreds of thousands of dollars.

How the lien will impact the home sale is highly dependent on the dollar amount and the seller’s ability to pay them.

Is Selling a Possibility?

Legally speaking, yes, a house with a lien can be sold. However, the transaction's straightforwardness and ease are another matter. In most traditional sales, liens need to be addressed prior to closing to provide a clear title to the buyer. The path you’ll traverse to achieve this could be paved with strategic negotiations, meticulous documentation and legal consultations.

In some cases, the sale can go through if the seller’s equity is equal to or greater than the value of the lien. In that scenario the sale agreement may stipulate that the funds put in escrow by the buyer are used to satisfy the lien before the remainder goes to the seller.

However, there are scenarios in which the seller’s equity could be less than the lien and the closing costs, in which case clearing the title will be more difficult and expensive.

Navigating Through the Transaction

The route sellers often embark upon involves settling the lien before the sale, either by paying it off or by negotiating with the lienholder. Engaging in a dialogue with the creditor might pave the way toward establishing a reduced settlement amount or conceiving a payment plan.

The process can also vary based on the source and type of lien. If the seller is in the unfortunate scenario of being burdened with someone else’s lien, they may have some legal or financial recourse to escape it.

If they have title insurance, the insurance company may be obligated to resolve the lien.
There could be a statute of limitations in the jurisdiction that would make the old lien unenforceable, in which case the seller would be in the clear.
If the original debtor is untraceable and the lien is old, the lienholder may recognize that the cost of enforcing the lien would exceed the value of the lien itself and choose to forgive it.
The home seller could go to court and challenge the validity of the lien.

Buyers eyeing a property encumbered by a lien may leverage the lien as a negotiation point, potentially agreeing to a price that’s adjusted for the associated risks and challenges the buyer is assuming. However, this necessitates a vigilant appraisal of the property’s value against the outstanding debt and potential repair or renovation costs if the property is in a state of disrepair.

Should You Buy or Sell a Home With a Lien?

While selling a house with a lien can appear a daunting challenge, it's certainly within the realm of possibility. Balancing legal obligations with financial implications, sellers and buyers alike can navigate through the complexities, potentially discovering opportunities amid the challenges.

If you’re interested in selling your home but don’t want to deal with the traditional hassles associated with the process, contact 72SOLD . We have studies to back up our assertion that we can get you higher than average offers within just eight days of putting your home on the market – without the inconvenient traditional open house process.

Sell Without Listing

Wed, 23 Aug 2023 22:01:19 GMT

Can a Real Estate Agent Sell a House Without Listing It?

Whether you’re moving across the country for a new job, upgrading to a bigger home for your growing family, downsizing in retirement or anything in between, the process of selling your house is likely something you’re not looking forward to.

From last-minute showings that can interrupt your daily routine to the stress of not knowing when and for how much your house will sell, selling a home can be a complex and emotionally taxing experience. You may wonder if there's a way to sell your home without the traditional listing process.

The answer is yes, your realtor can sell your house without listing it on the Multiple Listing Service (MLS) or other public platforms. This is often referred to as a "pocket listing" or "off-market sale." In such cases, the realtor typically relies on their network and connections to find potential buyers for the property.

How Do Off Market Listings Work?

Off market listings are sales that take place outside of Multiple Listing Service (MLS) or real estate websites. Some real estate agents have access to smaller and more sophisticated networks of potential buyers, usually real estate investors. They can also reach out to potential buyers who have shown interest in similar properties, leveraging exclusive connections.

The real estate agent is also responsible for arranging private showings for interested buyers. These showings are typically scheduled at the convenience of all parties involved—the seller, the real estate agent and the potential buyer. Once a potential buyer expresses serious interest, negotiations begin.

Once the seller and buyer reach an agreement, a purchase contract is drawn up and the closing process begins. The timeline can vary, but off-market closing is usually faster than the closing of traditional listings.

What Are the Benefits of Selling Your Home Off-Market?

Privacy

Off-market sales provide a higher level of privacy. Your property won't be listed on public websites, which means you can maintain confidentiality about your sale, especially if you're a high-profile individual or value discretion.

Flexibility

While regular on-market listings mean a home is open to an unpredictable number of visitors, some of which may not be serious buyers, selling your home off market gives you more control over who sees your home. You can be as selective as you want and show your home only to the most serious buyers.

Targeted Marketing

Off-market sales often involve targeted marketing to a select group of potential buyers, including those who may have expressed interest in similar properties or are part of an agent’s exclusive network. This exclusivity can create a sense of scarcity and potentially result in better offers.

Less Disruption

Simply put, you can minimize the disruption to your daily life since you won't have to constantly prepare your home for public showings or open houses.

What Are the Disadvantages of Selling Your Home Off-Market?

Limited Exposure

Off-market listings are not publicly advertised on platforms like the Multiple Listing Service (MLS) or real estate websites. This limited exposure can result in a smaller pool of potential buyers, potentially reducing the chances of receiving competitive offers.

Potentially Lower Sales Price

With fewer buyers and less competition, there may be less pressure on buyers to make higher offers. This could lead to offers that are lower than what you might receive in a more competitive public market.

Network Dependency

The success of an off-market sale often depends on the real estate agent’s network and connections. If your agent’s network is not extensive or doesn't include the right potential buyers, it may limit your selling options.

Extended Time on Market

Since off-market listings rely on a smaller network of potential buyers, it can take longer to find the right buyer who is willing to meet your price and terms. This extended time on the market could be less desirable for sellers looking for a quick sale.

Looking to Sell Your Home Fast but Without Compromising Value?

At 72SOLD, we are the county’s trailblazer in getting fast, competitive offers for home sellers. We have mastered the art of selling your home quickly and for 8.4 to 12 percent over similar local homes for sale. If you’re looking to avoid days and weeks of time-consuming showings and the “for sale” sign that attract the attention of nosy neighbors, we’re the real estate company for you.

Get exceptional offers in as few as eight days with our help. To learn more and get our price recommendation for your home, be sure to visit our website .

Open Houses

Wed, 16 Aug 2023 21:26:10 GMT

Are Open Houses Worth It?

In principle yes – it can be difficult to maximize the sale price of your home without showing it to potential buyers. However, not every approach to open houses are`

equal. There is a good way and a bad way to go about showing your home.

The norm for many home sellers is giving up their weekends for as long as it takes to sell their home. This also means weeks or months of having strangers periodically walk through your home to judge it.

The 72SOLD method is far less intrusive and labor intensive and requires a much smaller time commitment from the home seller. The aggressive marketing strategy utilized by 72SOLD coupled with a single, limited time showing generates a sense of urgency for home shoppers while also greatly minimizing the stress for home sellers.

Arguments For Open Houses

Visibility: Open houses increase the visibility of the home in the market. Anyone can walk in, which can attract potential buyers who might not have initially considered the property.

Creates a Sense of Urgency: Seeing other potential buyers can create a sense of competition among visitors. Compressing all visits into a single showing increases the chance buyers will see each other. This urgency might push someone to make an offer sooner than they otherwise would have.

Immediate Feedback: Sellers and agents can get direct feedback from visitors about the pricing, home layout and other features. This can be useful if the house isn't receiving offers – the feedback can guide necessary changes.

Convenience: By setting a specific time and date, sellers can prepare for multiple showings all at once instead of numerous individual appointments.

Broadens the Net: Casual home-seekers, who may not yet be ready to book private showings, can drop by an open house on a whim. Some of these visitors might be more serious than anticipated and can end up being potential buyers.

Arguments Against Open Houses

Security Concerns: Open houses can attract individuals with ill intentions. There have been reports of thefts during open houses, as it's challenging to monitor everyone, especially in larger homes.

Low Success Rate: Some agents believe the chances of finding a buyer at an open house are relatively low. Often, the attendees are curious neighbors or those casually browsing rather than serious buyers. By eschewing yard signs and other wide-net approaches to home advertising, 72SOLD is able to reach interested home shoppers rather than curious home browsers.

Inconvenience: Getting a home ready for an open house can be a labor-intensive process. Cleaning, reorganizing and in some cases even redecorating forces homeowners to sacrifice their limited free time just to impress someone who will be in their home for 15 or 20 minutes.

Potential for Damage: With many people walking through, there's a risk of something getting damaged or stained, even if by accident.

Less Qualified Buyers: Open houses can attract individuals who are not pre-qualified for a mortgage, leading to wasted time if they make an offer but cannot secure financing. One of the things real estate agents can do is narrowly advertise open houses to those who are ready to put in an offer.

Privacy: An open house inevitably feels like a violation of one’s privacy, even when you understand the necessity of the viewing.

The 72SOLD Approach to Showings

If you’re interested in selling your home but aren’t enamored with the idea of weeks of open houses and showings, it may be in your best interest to contact 72SOLD. Many real estate companies allow the buyer’s agent to schedule visits – meaning someone who isn’t representing you is the one showing potential buyers your house. An open house can be far more effective when the agent representing the seller is the one running the open house for potential buyers.

If you want to learn about the 72SOLD strategy and how it can help limit the disruption of open houses, get in touch with our team.

Selling A Home In A HOA

Wed, 09 Aug 2023 20:29:15 GMT

Can an HOA Prevent Me from Selling My House?

If you live in an HOA community, the association can prevent you from selling your home if there are outstanding dues or there’s a lien on the property. The latter can occur if the homeowner has unpaid fines or dues owed to the HOA.

Some HOAs may fine homeowners for violations of community rules (neglecting landscape duties, making unauthorized changes to the home’s architecture, etc.). If the homeowner refuses to pay those fines and a lien is placed on their property, they won’t be able to sell until the situation is resolved.

When this happens, it's crucial to address the outstanding issues promptly. Clearing any dues, resolving violations or settling penalties is typically necessary to proceed with the sale and ensure a smooth transition of ownership to the new buyer.

Selling a Home in HOA

If you live in an HOA community and are looking to sell your home, there are several things you’ll need to consider. While the goal of an HOA is to enhance curb appeal, maintain the quality of the neighborhood and preserve property values, some buyers may find the concept stifling and off-putting. Many people also dislike periodic assessments – which can potentially be quite high – for community features they won’t use.

Strict rules, regulations and standards, such as landscaping standards, architectural guidelines and property upkeep requirements are simply not a good fit for some buyers, which means you need to make it crystal clear your home is in HOA when putting your house up for sale. Doing so allows you to narrow down your audience and attract potential buyers who appreciate the benefits and standards of the community, while also being transparent about the expectations and restrictions that come with HOA living.

What HOA Documents Do I Need to Provide to the Buyer?

A homeowners’ association doesn’t take part in the home sale process between the seller and the buyer. This means it’s your duty to disclose all pertinent HOA documents to the buyer.

The most common documents you must disclose include:

Governing Documents: These include the Declaration of Covenants, Conditions, and Restrictions (CC&R), the Articles of Incorporation and the bylaws. These documents outline the rules, regulations and structure of the HOA.
Resale Certificate: This document provides an overview of the HOA's financial status, outstanding dues or assessments on the property, pending legal actions and any ongoing or planned special assessments. It also outlines the current HOA fees and other relevant financial information.
Meeting Minutes: Copies of recent HOA meeting minutes may be required to provide insight into recent decisions, discussions and actions taken by the HOA's board of directors. This helps the buyer understand the community's governance.
Financial Statements: Buyers often request the HOA's financial statements, including the operating budget and reserve fund analysis. These documents offer insight into the HOA's financial stability and planning for future expenses.
Insurance Information: Details on the HOA's insurance policies, including general liability and property insurance, are crucial for understanding the extent of coverage and any potential gaps.
Membership Transfer Documents: These documents facilitate the transfer of HOA membership from the seller to the buyer, outlining the responsibilities and obligations of both parties.
Association Contact Information: Provide the buyer with contact information for the HOA's management company or board members so they can inquire about specific questions or concerns.
Maintenance and Repair Records: While not always required, providing records of any recent maintenance or repairs performed by the HOA can offer assurance to the buyer regarding the upkeep of common areas and amenities.

Who Pays for HOA Disclosure Documents?

Typically, the seller is responsible for paying for HOA disclosure documents and providing them to the buyer. Because the list of documents is often extensive, it’s a good idea to set aside a few hundred dollars to cover the fees associated with requesting them.

As an alternative, many HOA companies with websites allow homeowners to create accounts and access at least some of the documents online.

You may also be able to negotiate with the buyer to cover the costs of the disclosure documents, but this option isn’t allowed everywhere. For example, the laws in California state it’s always the seller’s responsibility to pay the disclosure documents fee.

Are You Ready to Sell Your Home in an HOA?

While not all people see the value in paying HOA fees, some buyers prefer and even seek homes located in HOAs. In many cases, these communities offer better amenities, roads, infrastructure or security than neighborhoods without an HOA. As such, your home can be a valuable asset in the real estate market.

At 72SOLD, we know how to highlight the unique benefits of your community, attract serious buyers and help you quickly achieve a financially satisfying sale.

Learn why working with us is better than selling your home traditionally by visiting our website .

Buying Before Selling

Wed, 02 Aug 2023 19:30:16 GMT

Can You Buy a House Before You Sell Your Current Home?

While people usually sell a home before buying another one, sometimes life’s circumstances necessitate doing things in a more unconventional way. If you’re wondering whether you can buy a house before selling your current one, the short answer is yes. You can indeed purchase a new home before selling your current property. But keep in mind, it’s a decision that requires careful consideration, planning and a clear understanding of the advantages and disadvantages involved.

When Can It Be a Good Idea to Buy a House Before Selling Your Current One?

Avoiding Timing Pressure: By securing a new home first, you can avoid the stress of rushing to find a new place or a temporary housing solution.
Locking in the Ideal Home: You may come across a dream home that you fear might not be available when your current home eventually sells. Buying first ensures you don't miss out on the perfect property.
Smooth Transition: Moving from one house to another can be logistically challenging. Buying before selling allows you to complete renovations, move your belongings and settle into your new home at a more comfortable pace.
Renovation Opportunities: Some buyers purchase a new home with plans for extensive renovations. Doing this before selling the old home can minimize the inconvenience of living in a construction zone.

Disadvantages of Buying Before Selling

There are certain financial considerations and risks to be aware of when you buy first. Managing two mortgages concurrently can pose a financial strain, so always plan ahead and make sure you have the necessary resources to cover both sets of payments.

If you’re depending on the proceeds of your current home’s sale for a down payment on your next home, you may have trouble getting the cash together prior to the purchase. While there may be financing solutions to the down payment conundrum, those loans may be less advantageous than options available for homebuyers who can afford a large down payment.

Beyond mortgages, you'll also need to budget for ongoing costs such as insurance, property taxes, utilities and maintenance for both properties.

The Process of Buying Before Selling

Financial Assessment: Begin by evaluating your financial situation. Consult with a mortgage broker to determine how much you can afford and whether you qualify for a home equity loan or line of credit (HELOC) or a bridge loan (a short-term loan that is typically used to provide temporary financing for a real estate transaction.).
Secure Financing: Get pre-approved for a mortgage for your new home. This will demonstrate to sellers that you are a serious buyer.
Home Search: Start looking for your new home. Work with a real estate agent who understands your situation and can help you find a property that suits your needs.
Make an Offer: Once you find the right property, make an offer. Ensure that your purchase contract includes any contingencies necessary to protect your interests.
Prepare Your Current Home: Begin the process of preparing your current home for sale. This may include staging, repairs and setting a competitive asking price.
List Your Current Home: Put your current home on the market. If you’re interested in selling as quickly as possible, working with experts like 72SOLD with a reputation for getting great offers fast may be the way to go.
Coordinate Timing: Plan the timing of your move carefully. Ideally, you’ll want your current home to sell shortly after closing on the new one.
Purchase Your New Home: Proceed with the purchase of your new home. Once you’ve finalized the purchase and moved in, you can now focus on selling your old home.

Have You Found Your Next Dream Home?

Are you ready to close the deal on your new home and sell your existing property? At 72SOLD, we have the perfect real estate solution for you. We’re the real estate company that gets you competitive offers (8.4 to 12 percent higher than local MLS for comparable homes) in eight days or less.

With our innovative approach, you won’t have to wait weeks or months for your old home to sell, while losing money and peace of mind.

We’ll make your transition swift and financially advantageous, so you can enjoy your new dream home without delay.

Visit our website today and tell us about your home.

Buy First or Sell First?

Wed, 26 Jul 2023 19:16:34 GMT

Best Way to Sell and Buy a House at the Same Time

Deciding whether to buy first or sell first – or attempt to do both simultaneously – can be challenging. It’s important to consider all potential scenarios and determine what you’re going to do if things happen in a certain order.

For example, what are you going to do if you get a stellar offer on your home weeks before you’re able to finalize the purchase of a new home? Do you have the funds to put a down payment on a new home if you find the perfect one before your current home sells?

Outlining a list of contingencies and options may be a good way to ensure you’re not caught flat footed when things align or move more quickly than you were expecting.

Decide Where to Start

Buying a new home and selling your current home at the same time involves separate but related steps – each of which is complicated. You’ll be dealing with at least one (possibly more) mortgage companies or brokers along with home buyers and sellers – all of whom will be working on their own timeline and with their own priorities.

There are advantages and disadvantages for either selling first and buying second or buying first and selling second. However, there may be a clear right answer depending on your unique circumstances.

The Pros and Cons of Selling First

Selling first is likely the easiest option if your budget is going to be unavoidably tight. Selling your home gives you a clear, concrete budget for your new home purchase. You also won’t have to temporarily deal with two separate mortgage payments, which could quickly become pricy if you end up buying fast but can’t sell your current home for a fair price quickly.

Selling first also gives you more leverage as a home buyer as you have the funds to purchase the new home without delay. Home sellers understandably aren’t fans of waiting on buyers, especially when there are lots of other people who are interested in their property.

The two main cons of selling first have to do with housing and moving. A gap between when you sell and when you buy will leave you temporarily homeless – and without a place to store your things.

How inconvenient this will be depends on your resources and local connections. If you have family living near you, you could just stay with them temporarily. There are also short-term storage solutions at varying price points.

If you do end up waiting months before buying a new house, there are risks that the housing market or interest rates could change in the intervening span of time – but if you’re selling then buying in rapid succession, market fluctuations shouldn’t be a major issue.

The Pros and Cons of Buying First

Some of the advantages and disadvantages of buying first are obviously the inverse of the selling first pros and cons. Moving is an easy, one-time process if you buy a home first. You also don’t have to worry about finding temporary housing or storage.

The downside is you will likely have to take out a second mortgage for your new home and make a downpayment without the funds from the sale of your current home. That means you may also need to make two mortgage payments each month until your old home’s sale is finalized.

Some home buyers will try to make their offer to purchase a new home contingent on them selling their current home – but this will likely be a serious disincentive for other home sellers. They may prefer to choose another home buyer who is ready and more than happy to purchase right away.

Another often overlooked disadvantage is the added pressure to sell your current home at an accelerated pace. This can make some home sellers feel like they must move fast and accept the first serious offer, even if they might get better offers by waiting a little longer.

One of the benefits of working with 72SOLD is you get the best offers within eight days, which allows home sellers to make decisions more confidently with some level of assurance regarding timelines.

Best Way to Sell a Home and Buy a Home at the Same Time

An obvious benefit of the 72SOLD system is going into the process with clear expectations of when solid offers will come in on the home you’re selling. Since our strategy enables home sellers to get the best offers for their area in just eight days, there’s no need to worry about contingencies based on delays – you can plan ahead for a more seamless process on both ends.

To learn more about our home selling system visit 72sold.com .

Best Way to Advertise a House for Sale

Wed, 19 Jul 2023 22:27:53 GMT

Is there a best way to advertise a house for sale? The end results of marketing campaigns provide a somewhat concrete answer. Yes – some home sellers have developed arguably the best way to advertise a house for sale, at least if you base that assessment on results.

72SOLD’s proprietary marketing strategy consistently leads to between 8.4 percent and 12 percent higher sales prices compared to similar homes within a local MLS. If you want to define the best way to advertise a house as the strategy that leads to consistently higher sale prices – you could make the case that 72SOLD has found it.

Commonly Utilized Home Selling Strategies

Advertising a house for sale has evolved considerably with advancements in technology and changes in consumer behavior. Real estate agents were some of the most successful early adopters of online tools. As with any competitive industry, there’s a significant incentive for home sellers and their agents to adopt the latest and most effective tools for maximizing a home’s sale price.

As soon as a new marketing tool becomes available, you can assume real estate professionals are looking for ways to leverage it to move their clients’ homes quickly and for the highest possible price.

Online Tools and Platforms

Multiple Listing Service (MLS): This is the primary database where real estate agents list properties for sale. Although the modern day MLS is thought of purely as a digital database, the origins of the MLS go back more than a century. Pretty much any modern real estate website that lists homes for sale, details regarding recent sales or valuation estimates are pulling data from the modern MLS database.

Social Media: Platforms like Facebook, Instagram, YouTube and even LinkedIn can be used to showcase properties, often through targeted ads or organic posts on business pages or groups. YouTube can be particularly valuable for hosting walkthrough videos, while Facebook provides the ability to target ads to relevant local home shoppers.

Virtual Tours and 3D Showcases: There are several effective platforms that allow real estate agents and home sellers to set up virtual tours and 3D showcases. While traditional photo galleries are still the norm (and preferred by many home shoppers for the ease and convenience of simply clicking through a photo gallery), virtual reality experiences that allow remote navigation of a property are growing in popularity.

Online Video Platforms: Using YouTube or Vimeo to post property videos or virtual tours can attract a wider audience and provide a dynamic view of the property. Modern home shoppers expect maximum transparency and information, so it’s a good idea for home sellers to accommodate. These types of online viewing tools also reduce the need for open houses and showings, as home shoppers can usually tell whether a home is worth visiting for a closer look based on what they see in online videos.

Email Marketing: Agents often have mailing lists of potential buyers or other agents. Regular newsletters or property alerts can be sent out to these contacts.

Digital Advertising: Google Ads, Facebook Ads or other online advertising platforms can target various demographic factors and locations to narrowly serve ads to the most relevant interested parties.

Offline Tools and Methods

Open Houses: A traditional but still effective method where potential buyers can walk through the property during set hours. While some showing is necessary, there are undeniable some serious open house downsides for home sellers. 72SOLD’s limited open house approach helps generate urgency while also saving home sellers from the hassle and inconvenience of weeks or months of showings.

Yard Signs: Everyone’s familiar with the obnoxious "For Sale" signs in the front yard, often with the agent's contact details. There are a variety of reasons why home sellers don’t like yard signs. They can be an eyesore for neighbors, feel like a violation of your personal privacy and can potentially be a magnet for ne'er-do-wells looking for vacant or unoccupied targets. One of the unique aspects of the 72SOLD process is we manage to get you exceptional offers in eight days without the use of yard signs.

Networking: Real estate agents often network with other professionals to get leads and referrals. They may also participate in “broker caravans”, or open houses intended for real estate agents so they can view new listings for their clients.

72SOLD Leverages the Most Effective New and Old Strategies to Get You the Best Offers in Just Eight Days

Although some old offline tools are still effective ways to advertise a home for sale, many have fallen by the wayside as more home shoppers have taken their home searches online. At the same time, not every new digital tool is necessarily an effective use of a limited home advertising budget.

If there is a best way to advertise a home for sale, our team is confident we have found it. We consistently beat the average sales price for other comparable homes for sale in any given area. Best of all, we do it in the least intrusive way possible.

You deserve to focus on finding your next home instead of spending weeks or even months trying to sell your current home. Let 72SOLD help. Visit our website to learn more.