Hire A Realtor
Many homeowners start the selling process by looking at sites such as Realtor.com, Zillow, Redfin or Trulia to see what similar properties have recently sold for in their neighborhood in an effort to determine the current value of their home. That’s understandable, but keep in mind:
The sites aren’t 100% accurate as listings which were never listed in the MLS such as pocket listings or For Sale By Owners will be missing.
The information on the online sites is often out of date or not accurate based on neighborhoods or actual similar homes in the area. In Colorado, every Realtor has to manually change their listing from Active to Sold within the MLS which then syndicates to the many sites like Zillow, Redfin, or Realtor.com. However, that does not necessarily mean the information on the third party site is completely accurate. Unfortunately, most Realtors are not diligent about verifying that the info on third party sites is actually accurate. Therefore, a property might show that it’s still Active or Pending on Zillow, or not reflect that the seller possibly paid thousands in concessions at closing to the homebuyer.
When professional appraisers conduct an appraisal they only take into account homes that have sold in a particular neighborhood within the last 90-120 days and the cost of rebuilding a similar home.
Some properties don’t list the square footage of finished vs unfinished so it’s hard to know if you’re comparing similarly-sized homes, which makes a big difference when determining value.
Therefore, Step 1 to buying a home should be to interview Realtors to represent you and ask them to provide you with a CMA (comparative market analysis).
How do you find a good Realtor? Remember, not all Realtors are right for all people. You need to find someone who is not only great at their job, but someone you like and trust as you’re putting a big piece of your financial future in their hands. Contact our Realtors and set up an initial phone screening with us. If you’re interviewing other options, notice how quickly each Realtor responds to your initial phone call or email. The Realtor should get back to you within 24 hours; if not, that’s a bad sign. This business moves fast and deals can be lost if your Realtor doesn’t respond quickly on your behalf to showing requests, offers, inspection negotiations, etc. At Appreciate Realty CO we take great pride in our response time to our clients and potential clients as we understand how quickly the Colorado Real Estate market moves.
During the initial phone screening, ask the Realtor to do a CMA on your home and set up a time to meet with them in person. Be prepared for the Realtor to ask questions about your home, how much you owe on your mortgage and if any repairs are needed, as this information is required in order to do an accurate CMA.
When you meet with your local Colorado Realtor at Appreciate Realty CO in person, ask us Interview Questions for hiring a Realtor (click here). Go over the CMA (click here for tips on reading a CMA). Ask them not only what they think your home is worth, but what the average days on market (i.e. the number of days from when your home goes on the market until you have an accepted contract) is in your area. Ask us what we charge, how much the closing costs will be, and approximately what you’ll net if you sell your home for X price. At Appreciate Realty CO we provide our clients with a detailed net sheet of what their closing costs/what you will walk away with after paying any fees and possible remaining mortgage on your property. Most importantly, be honest with each Realtor. If you need to sell your home for a certain amount of money or in a certain time frame, tell us. Only when Realtors have a complete picture can they come up with the best strategy to fit your situation. Lastly, trust your gut.
Sign the paperwork
Once you’ve picked a Realtor, expect to sign a listing agreement (click here for example of a listing agreement and disclosures) authorizing Appreciate Realty CO to represent you as your Colorado Realtor. That starts the ball rolling to get your home on the market.
Questions about Colorado Real Estate? Reach out to the Appreciate Realty CO agent you are working with directly or call us at (303) 956-4948 or email us at hello@appreciaterealtyco.com