Information for Sellers

If you are thinking of selling your home or land in the North Idaho area, you may be wondering where to begin. In fact, the process to sell real estate starts well before the home actually goes up for sale.

Before You Sell Your Home

Months prior if practical, a seller should start to look at the property from the perspective of a potential buyer. “Cosmetic” details such as cleaning and clearing out clutter, updating, necessary repairs, and a fresh coat of paint for example, are things that will improve “showing” quality. A Realtor can be helpful even during this early phase because they can provide an objective eye that is familiar with what buyers are looking for when shopping for real estate in North Idaho.

Determine the Price

The next step is to determine the price you will ask for your property. Several factors are involved when deciding what the best asking price is, and careful consideration is necessary. You may have a general idea of the real estate climate in the Sandpoint area from word of mouth and personal observation.

Say you know what your neighbor sold their house for, and you hope to achieve a similar price. This is a place to start – in real estate terms, it is called a “comparable”. Comparables are used by Realtors to determine a fair listing price in a process called a “comparative market analysis.” Homes in the same neighborhood are considered comparable in regard to the desirability of the area. However, what are the specific features of the property? For example, two houses on the same lovely street in the town of Sandpoint may actually be as different as apples and oranges. Each unique detail and combination on a property is the basis for its value. The complex formula to arrive at the right selling price requires knowledge and experience of homes and the land in your part of North Idaho.

Understand Supply and Demand

More elements will factor into a price decision, like the supply vs. demand of homes for sale and buyers wanting and able to buy. This can be affected by the season of year as well as the economics of the Sandpoint area. Also, your reason for wanting to sell will be an important dynamic in the process.

Marketing Your Home

You have decided on an asking price, now it is time to market your property. You want potential buyers to know about it – and know why they would want to own it. Placing your property on the local Multiple Listing Services in North Idaho will let all of the area Realtors know that it is up for sale. This will also give your property ample exposure through any websites like ours that link to the local MLS, which allows the general public to view all of the MLS listings. Your Realtor can also put your property on one of the weekly agent “tours” which gives all area agents a chance to see your property in person. One of them may well have a buyer looking for what your property has to offer. Advertising in various key publications distributed both in the vicinity of North Idaho as well as nationally will provide even more exposure, and of course, internet exposure is vital.

Getting the Offer

When you receive an offer from a potential buyer, you begin negotiation process. How can you tell a good offer from a bad offer? An offer may look good because it is at or close to your asking price – but in reality the buyer may have shaky financing or include terms that translate to mean costs to the seller. A Realtor knows what to look for in an offer that makes it more or less “solid” and is savvy to the process of making a counter offer which would better suit the seller.

Signing the Agreement

Once you have an acceptable offer, you will sign the agreement with the buyer. The soundness of the agreement will depend on the buyer's ability to obtain financing – which is why most sellers prefer pre-approval letters from lenders to establish whether an offer is viable. Also, many lenders will require a title exam, title insurance, various surveys and inspections, and an appraisal to confirm that the home's value is adequate to secure the loan. The Realtor will help to prepare for this closing process and arrange required inspections.

Closing and Escrow

This process that takes place after the agreement is signed, and before the sale is recorded or “closed” is called “escrow.” The length of the escrow is provided for in your purchase and sale agreement. The escrow period will vary with each specific transaction, and the objective is to provide a practical amount of time to complete the necessary transfer process. Typically, the escrow process requires 30 – 45 days to close.

Sellers: Get Help from Our Experienced Staff

The decision to sell your property in North Idaho entails a course of action that can be very complex and harrowing, and it helps to have the experience, knowledge, and moral support of a good Realtor. At C.M. Brewster & Co. in Sandpoint, our job is helping to achieve your best interest.