Oxford, OH Home Seller's Guide

OXFORD, OHIO HOME SELLER'S GUIDE

The Complete Guide to Selling Your Oxford Home in Today's Market

By: Aaron George | Realtor

Oxford, Ohio is a small college town in northern Butler County, just north of Cincinnati, home to Miami University. Oxford is well know for it's small town atmosphere, where you often see a familiar faces no matter where you go. But Oxford also has a very unique and vibrant energy that the university students bring to town, every school year. It was recently rated by "Forbes Magazine" at one time as "The Best College Town in America" and still lives up to that reputation to this day.

Oxford is surrounded by several miles of farmland, which gives this town a very secluded and isolated feel, yet its just a quick drive to many big cities and amenities, such as: Hamilton, Middletown, and Cincinnati, just to name a few. Oxford boasts many great many amenities of its own, including: Houston Woods, all of Miami's top facilities, such as the REC Center, an award winning "Farmers Market", and miles of hiking trails, just to name a few. Oxford has always been a wonderful town to live, work, play, and raise a family. But it also has become a truly great place to retire and spend ones "golden years". Oxford is serviced by the "Excellently Rated" Talawanda School District

and Miami has a number of Undergraduate, and graduate level programs as well as being Oxfords biggest employer.


Talawanda High School

Bogan Elementary

So because of Oxford's small town feel, combined with its vibrant energy, it has really made this a desirable place to live.


STEP 1 - WHEN TO SELL YOUR HOME

This is an age old question "when should I sell my home"? Because there is a number of overlying factors involved, there really is NO one true answer. We will go through the factors and narrow it down for you. To help you decide when the best time is and of course, help you sell quicker and for top dollar.

Identifying Market Trends Nationwide - When deciding when to sell its important to consider the national market as a whole. Factors such as Consumer Confidence and Interests Rates play a tremendous role in housing prices. Housing sales nationwide are on an upswing and are poised to go even higher. It was just announced in May of 2016 that home sales were the strongest they have been in eight years. But also its important to recognize; what goes up will inevitably go down, especially when your talking about real estate. Your REALTOR can help you determine over all market conditions.

Identifying Market Trends in Your Area - One of the biggest factors to look at when determining both price and when to list; is the overall supply of homes in the general area. You want to pay attention to other similar homes in similar neighborhoods. There are four components of the market that I consider:

• New Listings Coming on the Market
• The homes that are selling and going under contract
• The overall available Inventory
• And finally, overpriced listings that have failed to sell... Or what we call "Market Rejects"

Identifying Market Trends in Your Neighborhood - There is only a certain amount of buyers looking for your style house, in your specific area, at any given time. If the inventory is high and there is a large amount of homes for buyers to choose from, then you can be sure that will affect the number of showings you receive and eventually the effect the price. Even though the buyer pool stays pretty consistent in all markets, its important that the buyers see your property with a high perception of value, so that they will be motivated to act. This can be accomplished with proper pricing and marketing.

Time of Year - The time of year plays a big role in real estate and in the Oxford, OH market, like many markets around the country, it tends to be seasonal. There are certainly months that have better statistics, historically to list your home. One of the best times to list your home is during the less traditional "winter market" which runs from Dec 21 through March 20. Months such as January, February, and March have some of the best numbers for both "Days on Market" (DOA) as well as "Above Asking Price Offers". And if you think about it, it makes sense. Most sellers wait until the Spring or Summer months to list, so there is much less competition from other sellers. Also, if you ask any real estate professional, they will tell you; that winter has the most serious and dedicated buyers. Most of the "Lookylous" and "Window Shoppers" hibernate during this time and don't bother coming out in the cold for a home they're not planning on purchasing. 

Personal Needs and Goals - This usually trumps all the other factors. If you are relocating for a new job, moving to a new city, or have already sold your current home. You may not have the luxury of worrying about market trends and condition. There are also many major life events that can play a huge role, some which are out of your hands; death, divorce, marriage, finances, or an upcoming child, just to name a few are some factors that can dictate timing. Be candid with your agent about your needs and your goal, so they better can help you achieve them.

STEP 2 - GETTING YOUR HOME READY 

Following the proper steps to get your home ready to sell can "make" or "break" you in the sale of your home. I will admit that its a process and honestly can be a tiresome pain in the ass. But if done right, can pay off tremendously in a quicker sale of your home for top dollar. Its important to focus on the 3 D's: De-Clutter, De-Personalize, and Deep Clean. 

De-Cluttering - This is probably the most important step in the process, if you don't do any other step (and I am not advocating that in the least)  at least do this one. De-cluttering your home really allows the potential buyers to see space for what it is and allows them to begin to mentally place their own furniture and belongings.

Here are some other tips to follow:

• Pack up about 30-60% of your belongings before you move, any person items you can live without. Maximize the Space
• Pack up knickknacks, books, toys, etc...
• Keep all surfaces completely clear (tables and counter tops)
• Evaluate the furniture in each room... Remove any large peices, excess furniture, or any peice that interrupts the flow of the room
• With what furniture is left, properly "STAGE" each room to maximize space and to give each room a distinct purpose.
• Don't forget about closets, drawers, and other storage spaces. This is important to buyers and they will look, so should be neat and organized (pack up - out of season clothes in closets)
• Consider renting a storage unit for a short period of time

When de-cluttering, don't forget about the outside, "curb appeal" is still important folks. This is your home's first impression, so get it right. You can work your ass off on the inside, but if the outside is a mess. I promise that the potential buyers wont even get out of their car and will turn right around.

So here are some tips to prepare the outside as well:

• Mow lawn, trim shrubs, and plant flowers (if in season)
• Fresh Mulch makes a huge difference, makes the garden area really pop
• CLEAR ANY CLUTTER: old flower pots, sticks, debris, yard waste, toys, etc...
• Power Spray: Driveway, Sidewalks, Porch/Deck, Siding (Can rent one from most hardware stores)]

If your the type of person who may have trouble letting things go and you recognize this, you may have trouble seeing clutter. In that case I would recommend bringing in a professional to help you out. There are a number of really amazing local "Interior Designers" and "Staging Companies" that you can hire to come in to assist you. They have some brilliant tips and tricks to not only neutralize and modernize your home, but also maximize the space to its greatest potential. And without spending a lot of money. Actually, if your budget allows, I recommend this to any potential seller. If you look at it like an investment and that you will get your return when your home sells, its a lot less painful spending the money.

De-Personalizing - This is another important step in getting your home ready to sell. Your goal here should be turning your home back into a house (a product, that appeals to the greatest amount of people). Too much of your personality showing really doesn't allow for the potential buyer to "MENTALLY MOVE IN". This can be accomplished by neutralizing both the paint and the décor. Try to take down as many personal photos as you can. Not only are they super distracting to potential buyers (you would not believe how many just stop and stare a pictures of people they don't know). But also, again it doesn't allow for them to mentally move in, because they associate the home with your family from all the pictures.

Deep Clean - I'm not going to go into to much depth on how and why your home should be clean before putting it on the market. I think most of you know this, but again, you would kind of be surprised at some of the homes I see now and again. It may not bad idea to outsource some of this as well. Hiring a "Cleaning Company" to come in and do a deep clean right before you list is never a bad move. Keep in mind; buyers tend to overlook surfaces, but they do look in closets, cupboards, and vanities. So make sure those areas are organized and cleaned out.  

STEP 3 - PREPARATIONS BEFORE SALE       

Make a "Feature Sheet" - With your REALTOR's help, compile a list of all the renovations, updates, and repairs that have been completed since you have lived in the house. Make sure you include plenty of details such as: year of completion and materials used (especially if they are higher end materials). For example an updated kitchen; with granite counters and stainless steal appliances. That can be a huge selling feature and your REALTOR can attach a document to the MLS that lists everything as well as highlighting it in flyers and other advertisements.

Get Your Documents Together -  Your agent may be asking you for copies of all the recent utility bills; heating, electrical, water, gas, and refuse (for example), as well as any tax info,  So if you can get a head start and begin to collect them, it will save you a lot of time and heartache trying to do it last minute, when that need finally does come up. Because there will be at least one buyer ask, you can count on that. Any current warranties and manuals should be gathered as well.

Make an Extra Set of Keys - Most likely, your agent will need a spare set of keys to go into a lock box. This will allow your REALTOR and other buyers agents to show the home to potential buyers. For anyone that is a little skeptical of this practice, agents like myself often use "electronic lock boxes" now-a-days. They are very commonly used in "Oxford" and all over the Tri-State now. They add an extra level of security because your agent is notified who and when someone goes in and would know if someone wasn't supposed to be there. The drawback is they can sometimes malfunction, leaving a possible potential buyer not being able to get in, but that is rare.

Get a Pre-Listing Home Inspection – This is neither required or a very common practice in our market. But completing a pre-listing home inspection before you put your house on the market could help you identify any issues with the home that might be objections for buyers. It can also give you valuable insight as it pertains to pricing and negotiations. As the Oxford market gets hotter and hotter. This may be a strategy you see more sellers doing as multiple offers become more common. To entice prospective buyers to write a cleaner offer with less contingencies (we'll get to more about that later though). An inspection usually ranges anywhere from $350-550 (usually depending on the scope of the inspection and size of the home). I always recommend to my buyers that they complete a "Whole Home Inspection", "Termite Inspection", and "Radon". 

STEP 4 - PRICING YOUR HOME

Pricing your home in Oxford, OH or anywhere else for that matter is always both an art and a science. Sometimes, I hate to admit, it can truly be somewhat of a crap-shoot as well. There are several strategies to home pricing; whether your "pricing to sell quick", "pricing to start a bidding war", "pricing high and expecting to negotiate", or "pricing right at market value". There is no one way to price a home, but one thing is always true... The buyers always sets the price, because its only worth what someone is willing to pay.

Here are some of the important factors agents consider on both sides of the deal:

• Recent sales and homes gone under contract in the area (within 6 months to a year and within at least a mile of the subject property)
• Recent sales on the same street and neighborhood
• Similar homes sold (similar style and size)
• Any updates, the finishes, and condition of the home
• Overall Inventory

Other important factors to Oxford Buyers:

• Finished Basement - For extra living space
• Number of Bedroom/Bathrooms
• Size of Bedrooms
• Attached "on suit" master bath
• Location: Convenience to Groceries and shopping
• The Yard - How big is the Lot
• Garage/Storage

STEP 5 - MARKETING

Marketing is one of the most important factors in the success of the sale and one of the most important duties your agent has. It is there job to market and let as many potential buyer's know that your home is for sale as well as creating a perception of value for the property. A comprehensive marketing plan should include both; traditional (grass roots marketing) as well as digital (online) marketing, designed to make that buyer absolutely fall in love with the home. Remember that not all agents are created equal, especially as it comes to marketing. So make sure to ask friends and family for recommendations, interview a couple candidates, and ask lots of detailed questions about their marketing plan. 



Successful Real Estate Marketing Should Include:


Photography: Many agents now, including myself (the majority of the time) hire a professional photographer to shoot the home properly. At the very least you will need a high quality DSLR camera and tripod, and a basic knowledge of lighting and real estate photography. If you see the agents walking around snapping quick pics with their camera phone, that is not a good sign . Good pictures are more important than ever. With over 90% of potential buyers starting their home search online with pictures, solid good looking pictures really becomes your home's first showing. You don't want buyers to narrow your home out just because of poor quality pictures. But it happens all the time. With so many amazing tools now-a-days; to high tech editing software to the use of drone photography. There is a lot of cool possibilities to capture what your home is truly all about and show the home in its best possible light.


Video - The use of video is becoming more and more apart of our marketing plans as agents. And like with photography there really is an endless way to utilize it. Whether its a simple property tour, to an interview style video; talking about how great the home is and its many features, to an in-depth  "Lifestyle" video; showing what life would be like living in that home. 


For-Sale-Signs -  Buyers usually have 2 or 3 target neighborhoods and it is not at all uncommon  for them to cruise the hood looking for any new signs in their chosen areas. I have had several former buyers that started their search out by doing that. Even though "For Sale Signs" are always important and will always have a place, its just one small piece of a good marketing plan. I don't know how many agents there are, who merely stick a sign in the yard and just hope for the best. But the use of signage and directionals will always be important to let passers by know that it is for sale. I

Open Houses - Even though there are a few agents out there, that believe that this type of marketing is antiquated or doesn't work. Open Houses are truly still a great tool to promote the home and allow for potential and motivated buyers to preview the home. Just the promotion, itself can often create a buzz around the property and can even lead to more urgent buyers. I have had great success canvasing the neighborhood with flyers, being able to door knock in a non aggressive way, inviting neighbors to an open house... And even holding special open house, with refreshments for just neighbors. They are usually more than happy to help spread the word because they have a vested interest in who moves in. There is a lot of great options for "Open Houses" that can help sell the home quicker.

Online Marketing - Like I said before, well over 90% of buyers start their home search online. Young and old, everyone is on the web. So its an extremely helpful tool to promote listings. You want to pick an agent with strong online knowledge and presents. With over 700 consumer real estate sites such as; Zillow, Trulia, Realtor.com, YahooHomes, and Homes.com just to name a few. You want your listing to be on as many as possible. Also having a realtor with their own website and or blog is a nice bonus as well. At the end of the day, you never know where that buyer will see you home, so its important to cast as many lines in the water as you can.

Social Media Marketing - Social media Marketing is another powerful tool to get the word out about your home. Make sure you and your agent are posting about the sale of your home. Many of the social media sites also have great advertising options that are reasonably priced and can be designed to reach a very targeted market. I always design a custom ad campaign as well as boosting posts of my listings to reach a bigger audience. 

Email Marketing - REALTORS can use email marketing to not only touch their personal database of buyers, but they can also use email marketing to reach fellow agents. Real estate agents are the ones who sell homes, the overwhelming majority of qualified buyers are working with agents. So needless to say, the ability the reach other agents is one of the most crucial demographics you can target. Make sure your agent is targeting agents with an announcement of your listing (including special selling features) as well as reaching them with any price changes. I personally am part of a larger brokerage, which can be nice, because with a few key strokes I can reach about a 1000 agents in all 7 offices around the Tri-State area. 

Print Marketing - Print Marketing has become a less used medium over the years, but is still a very helpful marketing tool. There are a number of options to use print to market listings. The majority of agents, including myself always make up professional flyers to go inside the listing, a flyer for buyers to take home with features, updates, general info, and of course high quality pictures. 

Identifying Target Buyer - The best listing agents can walk through the home and get a good idea of what demographics will most likely be interested in the home and from that create a more targeted marketing campaign to reach them.


STEP 6 - SHOWINGS

A showing is simply when a buyer sets an appointment to preview the home in person. There are several things to keep in mind and follow for showings:

Clean - The home really needs to sparkle, its not only important to have your home clean on day 1 or for pictures, but it needs to be clean throughout the entire selling process. Make sure beds are made, there are no dirty dishes, and bathrooms are clean (just to name a few).




Smells - This is kind of tricky, of course you don't want to have any foul odors in the home when a buyer is coming through, but you also don't want to go crazy with the Fabreeze either. Many buyers can be either very turned off or even be sensitive to those strong fragrances as well. So just try to find a nice balance, that isn't to overpowering. There is a couple power moves out there; such as baking a fresh batch of cookies before a showing or putting out a few fresh bouquets. 



Make Sure to Leave - Its extremely awkward for buyers if the owners are still there. 

Pets - Make sure, if possible to take your pets with you before a showing, at the very least have them crated and write a note to let buyers know they are there, so not to be startled. Not everyone is a pet person, so if possible hide away as much evidence of pets as you can; food and water bowls, leashes, etc... 

Be Flexible with Showing Times - Keep in mind that most buyers view properties after work in

 the evenings or on the weekends. So its important that you can be as flexible as you can and have the ability to leave on short notice. I know its a pain when you get that call and have to find somewhere to go for an hour at 7pm on a Sunday night, but its part of the process and you never know if that's the right buyer.

STEP 7 - OFFERS

Congrats!!! All that preparation and hard work has paid off and you have received an offer, perhaps multiple offers. Your agent has probably given you some possibilities on what to expect and what buyers may ask for. There is quite a few factors you can negotiate; of course Price, closing (the date buyers take possession), Inclusions (fridge, Washer/dryer, oven), and earnest money to name a few.

Buyers will probably be 2 to 3 contingencies the buyers ask for in their offer:

• Financing - This allows the buyers to confirm their mortgage with a lender and if for some reason their loan falls through, they have the ability to back out.
• Inspections - This allows the buyer to bring in and pay an inspector of their choosing to inspect the home for any Defects or Safety Issues (buyers can only ask for sellers to repair defects and safety issues). Roof defects, foundation defects, and window seals are common requests. The buyer usually has the option to inspect whatever they feel is necessary. But the buyer also has to pay for it, so they usually don't get to carried away with inspections. 
• Appraisal - This is another contingency that is built into the Ohio contract and is usually required if the buyer is getting a mortgage to pay for any portion of the property. The lender will bring in an appraiser to determine only the fair market value of the home. The lender wants to determine if its a good and fair investment to lend money against. The appraiser is looking at the condition, updates, and features of your home as well as "Comps" of sold and pending homes that are similar in the immediate area. Good listing agents make up an "Appraisal Packet" to have at the property the day of the appraisal. It will include an in-depth feature sheet and hand chosen comps. If the home doesn't appraise for the asking price and the buyer still wants to move forward, there is a couple different options... You can request to have the home re-appraised, you and the buyer can re-negotiate the price and come down to the appraised value, the buyer can make up the difference with cash, buyer can find new lender, or both sides can split the difference, . 
• Other Contingencies - On the Ohio Contract there is a section in which you can write in any other demands or contingencies. The most common write in is; if the buyer has a home to sell before they were able to purchase. So they would write the offer "Contingent on their current home selling".
  

Remember if you do receive an offer that you feel is low, that it is not personal and try not to be insulted. Your agent is required to bring you any and all offers, no matter what. Its part of the process; your trying to get the most you can and buyers are trying to get the best deal. 

If you do receive "Multiple Offers" your agent will probably come back to all the buyers who made an offer and inform them that "we are now in multiple offers, please bring your highest and best price". In that case many of the offers you are likely to receive will be "Clean Offers" which means they are waiving any conditions or contingencies to make it a more attractive offer for you.

STEP 8 - CLOSING

The closing is usually handled by a "Closing Coordinator" provided by the buyer's title company. It is the process in which ownership is transferred from the seller to the buyer. It usually is pretty informal and takes anywhere from 20 minutes to an hour. This is also a great time to share any tips or tricks about the home and neighborhood with the buyers.

Make sure before the Closing:

• inform the utility companies of your impending move
• Inform the city so that you don’t continue to pay property taxes
• Cancel your home insurance (to take effect after  you have confirmation that the sale has closed)

WHATS MY HOME WORTH???

Find out what your home is worth in the current market FREE and EASY online with just your address.
http://aarongeorge.cbintouch.com/sell/




 

Aaron George | Realtor
Coldwell Banker West Shell

Cell: 513.488.3372

Email: aaron.george@cbws.com
Web: www.aarongeorgerealestate.com

 

9106 West Chester Towne Centre Rd.
West Chester, OH 45069

"Real Estate with a Passion and none of the BS"

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