2024 CBTPE Sellers Guide

Your CBTPE guide to selling a home

NAVIGATING THE PREP, PAPERWORK AND NEGOTIATIONS WHEN SELLING A HOME

your partner in the process

Selling your home could be the next chapter in your story.

Start with a valuation: Agents have a variety of tools to help set this.

Prepare your home: Start taking down personal pieces and decluttering.

Market the listing and sell: Complete paperwork and let’s get it sold!

Homes are our business—and selling them can take a lot of time and energy. Sellers are facing pretty high expectations from buyers: well-priced, staged rooms, natural lighting, negotiated closing costs, repairs, beautiful photos, and more.

With Coldwell Banker, we want to break down the process so you can be as hands on (or hands off) as you want, while ensuring our real estate agents are doing the most they can to get your home sold.

Your REALTOR® will: • Promote your best interests and maintain confidentiality; • Conduct an in-depth seller consultation to identify your needs and wants; • Analyze the current market conditions and features that may affect your property’s value; • Schedule showings and open houses for your property; • Navigate the transaction process: review of necessary documents, prepare/negotiate the offer and contingencies,

ADDITIONAL ITEMS OF NOTE

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work with you to ensure terms/ conditions/deadlines are met; Schedule home inspections; Navigate financing solutions with the lender, work with attorneys, and see if your home owner’s insurance will cover any necessary repairs; Attend the final walk-through and closing; Negotiate on your behalf to protect your interests; Be your resource after the closing of your property

10 WEEKS:

How long typical home buyers search for a home.

7 homes:

How many homes buyers will visit before making a decision.

4 HOMES:

How many homes the buyers viewed online only.

100:

Percentage of home buyers who used the internet to search for a home (most valuable content were photos, detailed information about properties for sale, floor plans, and agent contact info).

LET’S GET TO LISTING YOUR HOME

From valuation & prep, to open houses, negotiations, & an offer Contact your agent early.

The process starts long before placing a yard sign.

Oneof your agent’s roles is to get you through the following steps.

They’ll recommend individuals to help if you don’t already have a contact.

1. SET A VALUATION: Discuss local market, comparable sold listings, and set home price.

2. CLEAN, CLEAN, CLEAN: Declutter, depersonalize, and time to clean all the things!

3. SIGN LISTING PAPERWORK: Legal docs that allow us to legally list your home for sale at a specific price that you set.

4. PHOTOGRAPHY & LIVE LISTING: Stage home for professional photos, get a brochure made, list the home in the MLS. 5. OPEN HOUSE: Schedule & review feedback.

6. REVIEW OFFERS: Sign or make a counter.

7. WAIT FOR APPRAISAL & HOME INSPECTION: These are typically scheduled through the buyer’s agent and lender, but the seller’s agent will receive feedback to share with you.

8. MAKE AGREED UPON REPAIRS: All repairs should be scheduled before closing.

9. PACK YOUR STUFF: You’ll need to be completely out of the house by the closing date.

10. SOLD!: Attend closing and sign paperwork. Turn over the keys to the new owners. Done!

Market Value for Home Is based on: Today’s real estate market Today’s competition Today’s financing Today’s economic conditions The buyer’s perception of its condition The property’s location The normal marketing time

Is not based on: The contents or investment you have in it The amount you need out of the property The amount you want for the property The appraised value of the property What you’ve heard your neighbor’s house sold for The amount the tax office says its worth How much it is insured for Memories and treasures Home prices in the area where you are moving What a quick Google search popped up

What is the “MLS”?

Once ready, your agent will list the home on the MLS (Multiple Listing Service). The MLS is a series of connected databases and online property portals like Realtor.com and Zillow. When a home is listed within the MLS, other approved property sales websites and databases can pull info directly. It’s an easy way for your home to get additional exposure. Note: When a listing is updated in the MLS, it’s updated on the other sites, too.

Single-family Homes in Cheyenne for 2023 HOME INFO List Price Sold Price Days on Market Square Footage Number of Beds Number of Baths

HIGH $1,395,000 $1,385,000 424 8,495 7 7

AVERAGE $382,003 $376,740 34 2,285 3.6 2.3

LOW $54,000 $43,000 19 441 1 1

It costs money to sell a home

The total cost to sell a home can amount to much more than the 5-6% in agent commissions most people expect to pay.

When you account for preinspections, prep work, closing costs, repairs, and other concessions to the buyer, the costs of selling can be closer to 10% of the sales price.

Here’s a list of the main types of fees you might see on your balance sheet: •

Real estate agent commissions (5.8% national average. Includes both agents)

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Inspections and repairs (varies)

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Closing fees (1-3% of sales price)

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Title fees

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Escrow fees

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Recording fee

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Prorated property taxes

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Seller concessions (2-6%)

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Mortgage payoff (Varies)

The finer details The #1 question we get asked is, “What do I need to do to get my house to sell fast?” The answer is going to always be, “Ensure your home is priced right for the market today.”

Benefits of proper pricing.

Correctly pricing your property at its market value is among the most important factors of a successful selling process. Here are some of the benefits that will result from properly pricing your home from the beginning:

Better response from advertising. Buyer inquiry calls are more readily converted into showing appointments when the price is not a deterrent.

Faster sale. The proper price gets a faster sale, which means you save on mortgage payments, real estate taxes, insurance, and other carrying costs.

Exposure to more prospects. Pricing at market value will open your home up to more people who can afford it.

Quality offers. When a property is priced right, buyers are much less likely to make a low offer, for fear of losing out on a great value.

Reduced cost to sellers.

When a property is priced right, the excitement of the market produces a higher sales price in less time. You NET more due to the higher sales price and lower carrying costs.

Preparing to sell YOUR HOME

Easy repairs to make before listing your home for sale The first steps. Before your home is even listed, we’ll agree on the list price of your home.

Your agent will determine your home’s value by: • Assessment information • Recent appraisals • Online valuation tools • Local comparable sales • Experience in the market • Cost basis vs. market value • Days on market vs. % of list price obtained

Note: It’s always recommended to get pre-inspections done on a property before listing for sale. While you’ll pay a bit more up front for these, this will identify any major repairs that your home may need in advance (costly repairs can often slow down the selling process).

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Update cabinet and door handles throughout Clean all appliances inside and out; keep them clean Regrout/clean grout in sinks, tubs and showers Identify any squeaky or stuck doors and WD40 them Install LED light bulbs & check smoke detectors Scrape and repaint peeling or fading paint, as well as trim and boldly-painted rooms

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Identify & fix any broken, stained or chipped flooring Professionally clean all carpeting throughout Clean all curtains, shutters and blinds Clean interior/exterior windows Prune any existing bushes or trees, & trim flowers in yard Replace bare spots in your lawn by seeding or sodding Declutter all counters and flat surfaces

NAVIGATING THE PREP, PAPERWORK AND NEGOTIATIONS WHEN SELLING A HOME

opening the door to buyers As part of showing your home, your agent will likely want to install a lockbox and a sign on your property.

A yard sign lets potential buyers in your neighborhood know that your home is for sale, while a lockbox allows agents to show your home without compromising the security of your property.

What to expect. In many cases, your listing agent will ask you to leave the home while it’s being shown and during open houses. Buyers need to have a distractionfree experience and are sometimes put off by a seller following them throughout a showing. If you’re able, it’s a good idea to take your pets with you. But if you can’t remove them, it’s a good idea to put them in a kennel, portable carrier, or the backyard. Note: Potential buyers are going to open and close all doors and cabinets.

Open house tasks. If your agent is holding an open house, they’ll give you a heads up what items you need to take care of ahead of time (mowing the lawn, snow removal, garbage pick-up, etc.). Make sure you’ve picked up and tidied the home for day-to-day maintenance tasks, made the beds, cleaned less-used rooms like the furnace & utility rooms, garages, sheds, etc.

These are often overlooked but should be cared for and cleaned like the other spaces.

Before each showing.

Consider doing the following: • Open all drapes and window shades • Turn on all lights • Open doors between rooms • Make sure your home smells inviting • Store valuables in a locked closet • Make beds • Pick up toys and clutter • Clear off counters & tables • Ask a friend to do a walk-through (in case you overlooked anything)

Ensure your home is free from pet messes and odors.

Anything you don’t want people to see should go with you.

Depersonalize so buyers can see themselves there.

Evaluating your offers Negotiating the sale is easily the most difficult stage of the process, & it can also be the most creative, too.

Your agent will have worked through many, many different negotiation scenarios, so he/she will know instinctively what to do in situations you may not.

You’ve got three options with all offers You can accept it, reject it, or make a counter offer to begin the negotiation process until a sale price is agreed or negotiations collapse. Ask yourself these questions: •

Which offer is highest?

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Are you willing to accept a lower offer?

Are they asking you to cover closing costs?

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Are there any contingencies on the offer?

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Do any of the buyers have a mortgage preapproval? (they’ve already secured financing to make a home purchase) Is there an all-cash offer to consider?

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Do they have a previous home they have to sell?

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When is the potential closing date?

A buyer who wants to make an offer on your home will make it through their real estate professional, who will present the offer to your agent.

This offer will be made under the terms and conditions of the selling contract set out by your local real estate association and legal counsel.

Once your agent has an offer, they are legally required to present any offer to you, for you to think about and discuss.

It’s important that you review the offer thoroughly and carefully. Your agent can answer any questions you have and help you to decide the next move.

All sellers should expect a buyer to come with possible negotiations and contingencies for any home purchase.

NAVIGATING THE PREP, PAPERWORK AND NEGOTIATIONS WHEN SELLING A HOME

How your agent is compensated As an agent, the income he/she earns comes from commissions, often based on the final sales price of the property they help you sell. There’s no set or standard fees for the services provided, and they’re determined by negotiations between brokers, or between the seller and agent. Their job is to apply all of the knowledge they’ve gained in their career and pull together a variety of resources to protect you and your family during this large transaction (sometimes, the largest sale you’ll ever make!).

They’ll always work toward getting you the best possible outcome.

As an independent contractor with Coldwell Banker - The Property Exchange, they’re obligated to share a portion of this commission with their brokerage in return for the support the brokerage provides, as well as cover their own business expenses, taxes and other fees.

In return for that service, you and the agent establish a minimum compensation received when you sell your home. That commission fee is established in the Exclusive Listing Agreement.

You’ll always know what compensation the agent receives, and from where, prior to signing.

Are you required to sign an agreement?

No. Without signing the form, you will be considered a customer with no agency affiliation (see Wyo. Stat. 33-28-310(a) for full list of duties and obligations as a customer). If the agreement is signed, then Wyoming law requires a duty of utmost good faith, loyalty and fidelity, in addition to the obligations and duties listed in Wyo. Stat. 33-28-303(a).

NAVIGATING THE PREP, PAPERWORK AND NEGOTIATIONS WHEN SELLING A HOME

The Appraisal process Once an agreement has been made on the purchase price of a home, the appraisal is scheduled by the buyer’s lender. The appraiser will coordinate a time for a home visit with the seller.

The purpose is to see the worth of your home, so the better maintained your property is, the higher the value. Overall, cleanliness is essential for selling your home as well. Signs of pests, unkempt landscaping, chipped paint, and cracked windows are areas you can fix before an appraiser visits.

WHAT AN APPRAISER DOES

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Review living area of the home, land area, style, age, quality of construction, number of beds & baths, garage and outbuildings, etc.

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Inspect the interior and exterior of the property.

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Research county and municipal records for documentation about the property and market area.

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Review recent sales and listings of comparable properties (similar utility, quality, age and amenities).

Consider what it might take to rebuild or construct a reproduction of the existing property.

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Determine how many living units are present (in the event of a duplex, triplex, etc.).

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Inspections: Depending on the offer you’ve accepted, you may have to deal with one or more inspections and/or appraisals.

You may also need to wait while the buyer completes financing for the purchase.

Home Inspections: An inspector’s job is to visually inspect and evaluate the conditions that are present at the time of the inspection.

They examine everything in the home that can reasonably be accessed – without moving appliances, puncturing walls, pulling up carpet, or anything invasive.

The areas and systems usually inspected: • INSIDE: attic, basement, ceilings, doors, floors, interior water penetration, structure, ventilation, walls, windows, appliances • OUTSIDE: crawlspaces, driveway, exterior and siding, foundation, garage, grading, roof, sidewalk • SYSTEMS: electrical, plumbing, heating and air conditioning systems

Other Inspections: This could include pest, moisture, lateral service lines and more. The terms of your contract will determine which inspections the buyer would like to have done, or which are required by the law in your area.

After the Inspection: Based on the inspection results, your buyer may want to move forward, walk away, or negotiate with you on repairs to items noted by the inspector. Your agent will help you by placing terms and remedies in your sales agreement. If you opt to make repairs, your real estate agent is an invaluable resource. Although unable to endorse or recommend any one particular vendor, they have experience working with service professionals.

Marketing: What happens 96% of homeowners are searching online for their next home (according to the National Association of REALTORs), and more of them are visiting Coldwell Banker sites than any other real estate brand, which means your property gains better exposure and more qualified buyers.

Online exposure is critical to getting a competitive price and fast sale for your property. Here’s some of the digital options we offer (these vary by agent): Multi-website listings. When you list a home with Coldwell Banker, you automatically get a single-property website on PropertyEx.com, and listing exposure through our partners: HomeFinder.com, Hotpads.com, Realtor.com, Trulia.com and Zillow.com.

Agent promotion. Agents will not only meet during the weekly Coldwell Banker office meeting (to review inhouse listings), but they’ll also attend the local Cheyenne listing meetings (where they can talk about their listings with agents from other brokerages).

3D video tours. These are typically done when your listing photos are taken. It can be helpful for those browsing online to consider your home before they step foot in it.

Open houses. It’s always recommended to have an open house the first couple weekends after the property is listed to generate buzz.

Social media. Facebook, Instagram, Nextdoor, YouTube, and TikTok are some of the ways agents are posting videos, photos, floor plans, and your overall listing with potential buyers.

Email blast. Many agents have a database of potential buyers they send regular email newsletters to. Often, these will include new and upcoming listings.

Digital ads. Whether it’s through social media (Meta, Nextdoor and YouTube) or a search/display ad through Google, digital ads are very sophisticated and can target home buyers on specific sites as they look for homes.

Direct mail marketing. Postcards are typically mailed in the neighborhood of the property—neighbors may be keeping an eye out for a property close by to mention to friends and family.

Photography. Professional listing photos (taken after the home has been decluttered, depersonalized, light repairs made and staged) ensure your home is marketed the best it can be.

Property brochures & yard sign.

Once listing documents have been signed, both of these will be placed in your front yard for curious passersby to take.

Common concessions asked for during closing Concession Requests: According to a report from Redfin, nearly a third (35%) of sellers offered concessions during 3-month period ending October 31, 2023.

Negotiations are a normal part of a real estate transaction. Before buyers even have a chance to negotiate with you about repairs, you first have to come to an agreement on price and concessions (a benefit or a discount offered by the buyer or seller to help sell a home and close a deal). There’s typically 3 types of concessions you’ll see thrown your way:

1. CLOSING COSTS. These include a range of fees that include appraisal, mortgage insurance, property

taxes, title and origination fees, escrow, title insurance, and more. Sellers might cover all, a portion, or none of these. While having this covered won’t put cash directly into the buyer’s pocket, it’ll reduce the amount of money they have to bring to closing.

2. MORTGAGE-RATE BUYDOWNS. This can help lower the buyer’s interest rate and, as a result, their

monthly payment. Sellers can permanently buy down their interest rate by buying points—each point generally costs about 1% of the mortgage amount and lowers their interest rate by approximately .25%. You can cover all or part of the cost.

3. TEMPORARY RATE BUYDOWN. There’s 3 common types: 1-0 Buydown, 2-1 Buydown, 3-2-1 Buydown.

Information related to concessions are meant to be a high-level overview. If you have specific questions about these or other items related to selling a home, please consult your agent as well as your chosen mortgage professional for additional details. Items stated here are subject to change and are not final.

BRING TO CLOSING: You’ll want to make sure you have a government-issued photo ID. You might also

be asked to bring a copy of the sales contract, the deed to your home (if the home is paid off and has no mortgage or liens), a certified check (if required) in the amount told to you by the title or escrow company.

And finally, the keys and any security codes for the house!

Cheyenne Utilities

Board of Public Utilities 307.637.6460 Black Hills Energy 888.890.5554 High West Energy 307.245.3261 Duke Energy 800.777.9898 S. Cheyenne Water/Sewer 307.635.5608 Charter/Spectrum 866.874.2389 CenturyLink 866.963.6665 BluePeak Fiber 888.975.4258

Government/Services

Should it stay or should it go?

When it comes to moving out of a home you’ve sold, it can be tricky to decide what to take and what needs to stay. In general, all fixtures need to stay with a home. That includes any items that are immovably mounted or placed in a home, such as: • • • • •

However, items that are removable can go with you!

That includes things like: • • • •

US Postal Service 800.275.8777 LC School District #1 307.771.2100 LC School District #2 307.245.4050 Parks & Recreation 307.637.6423 Sanitation Department 307.637.6440 Laramie County Library 307.634.3561 Cheyenne Recycling 307.635.5986 Drivers’ Licenses 307.777.4800 License Plates 307.633.4232 Vehicle Titles 307.633.4247 Vehicle Registration 307.633.4232 Marriage Licenses 307.633.4350 Vital Records 307.777.7591 County Health Dept.

307.633.4000 Parking Permits & Tickets 307.637.6586

Fences, sheds, shrubs, and other outdoor elements (including landscaping) Outdoor items affixed to the ground, like swing sets and basketball hoops Built-in furniture, including window seats and shelves Blinds, including custom blinds All lighting fixtures that were present in the home when it was shown

Curtains Lamps and any special light bulbs, light smart bulbs or daylight bulbs (though it would be kind of you to replace them with regular bulbs afterwards) Unaffixed plants in pots or containers Outdoor patio furniture & grills

And, as with much of life, there are some gray areas.

Some of these items may have been included in your contract. Other items, you may wish to discuss with the buyer. Your agent will be able to guide you with regards to items like: • • • • •

Appliances, which may have been included in your sales contract Custom draperies specifically designed for the space Larger plants in container gardens or window boxes Swing sets, basketball hoops, and other outdoor play equipment that isn’t attached to the ground Pianos, extra refrigerators and other appliances, washer & dryer, etc.

When in doubt, make sure you itemize belongings you will be removing from your property upon moving.

Coldwell Banker Notes & Sketches

NAVIGATING THE PREP, PAPERWORK AND NEGOTIATIONS WHEN SELLING A HOME

NAVIGATING THE PREP, PAPERWORK AND NEGOTIATIONS WHEN SELLING A HOME

255 Storey Boulevard Cheyenne, WY 82009 307.632.6481 homes@propertyex.com

@Coldwellbanker307 @cbtpe