Welcome to youR Gateway to the Next Chapter

The first step usually involves a ballpark home valuation and finding a real estate agent who can guide you through the process, although some people do choose to sell their homes themselves. It is not a complex task to sell your home on your own, but without a licensed real estate agent, it may be challenging to market the property to purchase-ready candidates. 

The timeline can vary widely based on market conditions, location, and the condition of your property. To streamline the process, we use various tactics to optimally price and market your property to avoid typical risky pitfalls and delays. 

A listing agreement is a contract between you and your real estate agent that outlines the terms of how the agent will sell your home. This outlines the commission, any fees, and the sales pricing you are targeting. Shortly following this agreement should be a sales disclosure you fill out, outlining all of the known issues of your property. Work with us, and we will square you away! 😁

Common costs include agent commissions, closing costs, repairs, and possibly staging costs. Agents are usually paid a commission, which is a percentage of the home's selling price. The commission is negotiable and is typically split between the buyer's and the seller's agents.

You may be subject to capital gains taxes on the sale, although there are exceptions. Consult your tax advisor for specific information.

While not mandatory, staging can help your home sell faster and possibly for a higher price. You're not required to make repairs, but doing so may improve your home's selling price and appeal to more buyers. However, you are legally required to disclose any known issues with the property, like leaks or a faulty foundation.

If the home appraises for less than the agreed-upon selling price, you may have to lower the sales price, ask the buyer to provide a larger down payment, or renegotiate the deal. The appraisal contingency typically allows a buyer to exit the deal if the appraisal is significantly under the sales price. 

You can start with a home valuation, but your real estate agent will typically conduct a detailed Comparative Market Analysis (CMA) to help determine your home's value. You can also hire an appraiser for a more precise valuation.

For Sellers:

1. Home Preparation: Sellers often start by preparing their home for sale. This may include cleaning, decluttering, and staging to make the property more appealing.
2. Pricing Strategy: Sellers consult with their real estate agents to set a competitive asking price, usually based on market analysis and the home's condition.
3. Listing: Once the home is prepped and priced, sellers list it on the market through various platforms.
4. Home Showings: During this phase, sellers open their homes for viewings, usually coordinated by their real estate agents.
5. Reviewing Offers: After showing the property, sellers receive offers from interested buyers. They can accept, reject, or counter these offers based on their terms and conditions.
6. Inspection and Appraisal: Upon accepting an offer, sellers prepare for a home inspection and appraisal, usually initiated by the buyer.
7. Finalizing the Contract: Any issues found during the inspection may lead to negotiations. Once both parties agree, the contract is finalized.
8. Closing: The final step involves signing all necessary documents to transfer ownership of the property to the buyer.

For Buyers:

1. Pre-approval: Before buyers start looking for a home, they should get pre-approved for a mortgage. This will give them an idea of how much they can afford.
2. Find a Realtor: Buyers working with a real estate agent can make the process easier and more efficient. 
3. Home Search: Once buyers know their budget, they can start looking for a home that meets their needs.
4. Make an Offer: After finding a home they like, the buyer's agent help make an offer to the seller.
5. Home Inspection: If the buyers offer is accepted, they are advised to get a home inspection by their agent to ensure there are no hidden issues.
6. Negotiate: Depending on the inspection results, the buyer may want to renegotiate the terms of the contract and price.
7. Finalize Financing: Once everything is agreed upon, the buyers finalize their mortgage.
8. Close: After all the paperwork is done, the property will be transferred to the buyers name.

Each of these steps can involve a lot of details, so it's beneficial to work with a real estate agent who can guide you through the process. This is especially true if you're navigating specific financing options like VA Loans or first-time home buyer incentives.

Beginning March 15, 2024, Florida’s real estate landscape will shift, altering who pays the buyer's agent fee and significantly benefiting sellers. Traditionally, this responsibility fell on sellers, but new changes now permit buyers to pay their agent's fees directly, enhancing transparency and fairness in transactions.

In the past, the seller typically paid the buyer’s agent fee, obscuring the true costs of the transaction. Now, buyers will directly compensate their agents, leading to clearer pricing and more straightforward negotiations. For sellers, this means a potential reduction in financial obligations when selling their property, as they no longer automatically bear the cost of the buyer's representation. This could result in savings and grant sellers more leverage in the sale process.

McCray Coastal Realty is proactive in embracing these changes with Buyer's Agent Representation Agreements, where we encourage buyers to handle their agent's commission or flat rate for our services, crediting any commissions paid by the seller toward the buyer's financial obligations. This strategy aligns with new market norms, giving sellers a negotiation edge and improving their financial outcomes.

Furthermore, when representing sellers, McCray Coastal Realty can now offer reduced commission rates and no longer mandates sellers to cover the cost of buyer representation. This option is now entirely at the seller’s discretion, providing an opportunity to use it as a potential buying incentive if chosen, marking a departure from the previous compulsory practice.

See our comprehensive article on this topic via LinkedIn. 

The transaction fee is a one-time administrative cost paid by the buyer or seller we represent at closing. At McCray Coastal Realty, LLC, our transaction fee is $450. This fee covers a range of administrative tasks such as document preparation, transaction coordination, and compliance review, ensuring that the purchase process is efficient and well-documented. In Florida, transaction fees can range from approximately $200 to $700, depending on the brokerage and market conditions.

We're confident in our ability to serve you effectively, so we offer our SmoothSail Guarantee. For sellers, if we don't secure an offer contract with proof of funds that is at least 90% of their listing price within the contract period, we'll cover the Broker Transaction Fee.

Example:  A seller lists their property for $500,000 with McCray Coastal Realty, LLC, under an exclusive broker listing agreement. The contract period is set for 90 days. During this time, McCray Coastal Realty works diligently to market the property and secure potential buyers. They receive an offer backed by proof of funds for $450,000, which is 90% of the listing price as per the agreement. However, even though McCray Coastal Realty presented an offer that met the 90% threshold to the seller, the seller decided not to accept it and held out for a higher price. Despite their efforts, McCray Coastal Realty is unable to secure another offer that meets the 90% threshold before the contract period expires. In this scenario, since McCray Coastal Realty complied with the SmoothSail Guarantee by presenting an offer that meets the stipulated range (90% of the listing price) to the seller, they would not be obligated to cover the $450 MCR Broker Transaction Fee at closing.

Some Seller Stipulations: Sellers are under no obligation to accept any offer presented, but the SmoothSail Guarantee remains in compliance as long as an offer within the stipulated range is secured, backed by proof of funds. See SmoothSail Guarantee for full details. 

You can reach us via email, phone, or through our Contact Us page. We're always here to help!