Buying or selling a home is one of the most important financial decisions that someone will make in their lifetime, which is why it’s imperative that they seek the assistance of an experienced and accessible Realtor.
In my 12 years as a Realtor, I have found that most clients are unfamiliar with the “process” and have no idea what to expect when selling or buying a home. Therefore, I thought that this overview would give future clients an idea of what to expect, when in the “process.”
Although many of the steps are similar for a seller and buyer, there are several different and important tasks that both parties need to be aware of and address, so I decided to list steps for both sides of the transaction.
Selling Your Home:
- Contact Joe Fisher to complete a Comparable Market Analysis (CMA) to determine the current market value for your home.
- Once the market value is determined, a reasonable sales price is determined, and a marketing strategy is established. Joe may also recommend minor repairs or improvements, if necessary.
- The listing agreement is reviewed and signed, followed by professional photographs, advertising, and open houses, if desired.
- Joe will coordinate all showings with the other sales agents and sellers. To make the potential buyer comfortable, I always recommend that the seller leave or step out of the house, while the home is being shown.
- Negotiating and accepting an offer can be an incredibly stressful time in this process. I always remind my clients that this is business, not personal and that everyone is trying to get the best deal that they can.
- Once all parties have signed a contract, there is a mandatory (3) day attorney review period. This affords both parties the option to have an attorney review the agreement of sale.
- Home Inspections: The buyer is entitled to have a home inspection. If the inspector notes deficiencies in their report, the buyer may ask for repairs or financial compensation. Once again, negotiations may become necessary.
- Confirm all inspections have been resolved, the home appraisal is completed, and mortgage commitment date is monitored.
- Prepare for moving and closing date.
- On closing day, the buyers will complete a pre-closing walk through of the home. Once satisfied, the settlement will follow, and the funds are distributed. Sellers Payday!!!
Buying A Home:
- Contact Joe Fisher to discuss criteria and affordability. If financing is needed, Joe can recommend several local lenders.
- Once pre-approved, the search begins, and showings are scheduled.
- Once the perfect home has been found an offer is discussed, and an agreement of sale is completed and submitted to the seller’s agent.
- Wait for the seller’s response and prepare for negotiations.
- Once all parties come to an agreement and sign the agreement of sale, the (3) attorney review period begins the following day. During this time, home and other necessary inspections are scheduled, along with working with your lender to submit the mortgage application, if financing.
- Home inspections are completed and are satisfied. Potential negotiations if deficiencies are detected.
- Home appraisal and mortgage commitment are monitored.
- On closing day, a pre-closing walk through is completed. Once satisfied, settlement is held, and the transaction is completed. WELCOME HOME!
Note: After settlement I recommend that the door locks are rekeyed or replaced.
As I mentioned, this is only an overview of a common sales transaction however, other unexpected issues or complications may occur, which is why it is extremely important having an experienced, knowledgeable, and accessible Realtor to guide you through the “process.”
I hope that you found this information helpful, and I look forward to someday assisting you with the sale or purchase of your home.
Salesperson, GRI, ABR, SFR, E-Pro
Homestead Real Estate
Check Out My Newest Listing at: 7 Earl Drive
Cape May Communities Residential Market Stats – 2nd Quarter 2023
Existing-home sales slipped in June, according to the National Association of REALTORS®. Sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases. All four regions recorded year-over-year sales declines.
The median existing-home price for all housing types in June was $410,200, the second-highest price of all time and down 0.9% from the record-high of $413,800 in June 2022. The monthly median price surpassed $400,000 for the third time, joining June 2022 and May 2022 ($408,600).
“The first half of the year was a downer for sure with sales lower by 23%,” said NAR Chief Economist Lawrence Yun. “Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably.”
“Home sales fell but home prices have held firm in most parts of the country,” Yun said. “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year. Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month.”
*Excerpt from article by Troy Green, National Association of Realtors “Existing Home Sales Retreated 3.3% in June: Monthly Median Sales Price Reached Second Highest Amount Ever”
Cape May – 2nd Quarter 2023
- Number of Transactions: 27
- Average Sale Price: $1,363,962
- Average Days on Market: 228
- Total Value of Real Estate Sold: $36,826,999
Cape May Point – 2nd Quarter 2023
- Number of Transactions: 5
- Average Sale Price: $1,642,000
- Average Days on Market: 374 (1 home was on the market for 1,013 days)
- Total Value of Real Estate Sold: $8,210,000
West Cape May – 2nd Quarter 2023
- Number of Transactions: 11
- Average Sale Price: $841,198
- Average Days on Market: 140
- Total Value of Real Estate Sold: $9,253,179
Lower Township – 2nd Quarter 2023
- Number of Transactions: 152
- Average Sale Price: $407,202
- Average Days on Market: 82
- Total Value of Real Estate Sold: $61,894,750
Data is from the MLS. All information is deemed reliable but is not guaranteed.