FREQUENTLY ASKED QUESTIONS – SELLERS
1. How much will selling my home cost?
While the concrete figure will depend very much on individual circumstance, there are some standard costs that home sellers might come across. These could come in the form of a real estate commission fee, an instrument survey, a title search, various repairs or any inspections that need coordinating.
2. How can I prepare my home for selling?
Not properly preparing a home for sale can put a homeowner at a huge disadvantage.
The expression “You never get a second chance to make a first impression” is absolutely true when it comes to selling a home. When selling a home you must be sure that your home presents itself in the best possible light. Making sure clutter is at a minimum, freshly painting rooms, installing new carpeting, or ensuring odors are non-existent are just a handful of things that should be done before listing your home for sale.
Please click on the Seller’s section for a detailed process of a sucessful sale.
3. Should I stage my home or show it empty?
When giving tips for home selling, the perfect formula in this situation is a blend of the two: a staged home sells quicker than an empty one, but a prospective buyer needs to be able to picture themselves there without too many personal items and clutter distracting them.
4. Should I be present for viewings?
NO, it isn’t an advantage for a seller to be present at a viewing. It can make potential buyers feel uncomfortable and unable to ask certain questions.
5. How much is my home worth?
This is another number which heavily depends on the home’s individual factors, but figures about similar properties in the local area can be sourced online and used as a guide but please do not be fooled my these automatic home evaluation estimates and always rely on a professional. Pricing your home inadecuatly can be very costly. Let’s Schedule a seller’s consulataion today
6. Do I really need the service of a real estate agent?
A working knowledge of the market can help to accurately price a property and ensure a quick and easy sale.
Sellers can rest assured that a real estate agent is there to help them with every step of the process, ensuring they receive a fair price for the property, while respecting their desired selling time frame.
7. When is the best time to sell my home?
Every real estate market is different, therefore, the best time to sell a home will be different from real estate community to real estate community.
Since every home seller’s situation is different, you should discuss the timing of your home sale with your Realtor. Let’s connect.
8. How is the real estate market right now?
There are many market indicators to help explain the condition of the local real estate market. One of the most important indicators on market conditions is average days on the market. The average days on market can indicate to a seller how quickly homes are selling when listed for sale. Let’s connect and talk real estate.
9. What should I disclose to potential buyers?
When selling a home, it’s important you disclose to potential buyers anything you are aware of in your home. Nobody likes “getting the raw end of a deal” when it comes to buying a home, car, or anything for that matter. If you’re aware of defects with a roof, appliance, or home in general, you’re always going to be better off being honest and upfront. If you’re aware of defects, whenever possible, fixing them before going on the market is best. This can avoid potential issues and/or lawsuits once your home is under contract, after inspections, and even years after you have sold your home.
10. Why is the assessed value different from what you say my home is worth?
Assessed value is not the same as market value or appraised value. There are many homes that could be sold for significantly more than an assessed value and others that may be sold for significantly less. The assessed value of a home is used for the purpose of taxes in your local municipality. The assessed value of a home is multiplied by the local tax rate to determine what your yearly taxes are. The assessed value has no impact on how much your home is worth to a potential buyer in the marketplace.
Unfortunately, there are many home buyer’s who believe that a home that is listed higher than the assessed value is overpriced. This is the furthest from the truth. Home buyer’s also question if something is wrong with a home if the list price is much less than the assessed value. The bottom line is the assessed value has no impact on how much your home is worth. There are homeowners who don’t pay attention to their assessed value, just to find out their municipality has been slowly raising it, year after year, even though the market value hasn’t been increasing.
11. What is the difference between a list price and sale price?
The list price is the price a home is currently listed for sale at. The sale price is the price a home is sold at.
12. How do you determine how much my home is worth?
The most common method to determine the value of a home is by completing a comparative market analysis. A comparative market analysis is an in-depth evaluation of recently sold “comparable” homes. A comparative market analysis, also known as a “CMA,” isn’t a crystal ball that determines what a home will sell for, however, it should greatly narrow the sale price range.
A professionally completed “CMA” will take into account many features of not only a home, but also the local area and neighborhood. Considerations that a professionally completed “CMA” include, but is not limited too:
- Square footage
- Number of bedrooms
- Number of bathrooms
- Upgrades to kitchen
- Window quality
- Roof age
- Lot features
- Location; primary or neighborhood street?
- Style of residence
- Flooring type
13. Can I determine how much my home is worth from an internet website?
The answer to this frequently asked question is NO! Anyone who has bought a home, sold a home, or just looked at homes, has heard of websites such as Zillow and Trulia. These are also commonly referred to as third party real estate websites. Third party real estate websites are not local to every real estate market.
These websites providing inaccurate estimates (or “Zestimates”) can create a false sense of hope and lead to frustration. A home seller who is told their home is worth $20,000 less than the online estimate is going to be understandably upset. It’s critical that when selling a home, the value is determined by a Realtor in your local area, not an internet website!
14. Should I price my home higher to leave room for negotiations?
This frequently asked question often leads to a common pricing mistake that sellers make. Many sellers believe they should price their home $5,000 higher than what a top Realtor suggests to leave room for negotiations and low-ball offers. A well priced home will sell quickly and will sell for close to the listing price. There is no need to leave room for negotiations, as today’s home buyers are very well educated. A seller who prices their home high to leave room for negotiations can actually be costing themselves more money than if they price it to reflect the suggested market value.
15. How long does the listing agreement last?
Most of the frequently asked questions that relate to exclusive right to sell contracts are not able to be answered with a universal answer. When it comes to the length of a listing agreement, every real estate agent will have a different preferred length. One thing to keep in mind when asking about the length of a listing agreement is the average days on the market, the local board may also have rules regarding listing agreement length.
16. How much commission do you charge?
Commission is negotiable, period. Don’t let any Realtor tell you otherwise. This being said, the saying “you get what you pay for,” often is true when it comes to real estate. If a Realtor offers a lower commission, do you think they will negotiate aggressively on your behalf when it comes to the price? Also, if you were working for a reduced hourly wage from your “normal,” would you work as hard as you normally would? The answer is likely not. Choosing a Realtor based solely on the fact they offer the lowest commission amount is a top mistake made by home sellers when choosing a Realtor to sell their home.
17. Do I need to provide permits or anything for my deck, shed, fencing, or additions?
Every municipality is different, but in general, when making an improvement or change to a piece of property or land, a certificate of compliance (and/or permit) is required. When selling a home, potential buyer’s have the right to ask for certificates of compliance for any improvements, such as decks, patios, or sheds. Some buyer’s may not ask for any permits and some may. Technically, you do not need to provide any permits or certificates of compliance.
18. How do I respond to low ball offers?
When selling a home, it’s best to think of any decision as a business decision rather than an emotional one. Low ball offers still happen, unfortunately. Dealing with low ball offers can sometimes lead to the sale of a home, if handled properly. The worst decision you can make if you receive a low ball offer is not responding. Some homeowners are so upset they decide they do not want to respond to a low ball offer, which ultimately ends any potential chance for a deal. A counter offer, is better than letting a potential buyer walk! Rely on your realtor the professional that you have chosen to halep you navegate through negotiations. They do this every day.
19. What happens if the appraised value comes in too low?
In addition to ensuring there are no safety hazards at a home, the bank appraiser is also making sure that the home value is at least what a buyer and seller agree too. This isn’t always possible though. If an appraiser determines the value of the subject property is lower than the agreed purchase amount, there are a couple different scenarios.
Seller Makes Concession- The seller agrees to sell the home for what the appraiser determines as the acceptable value.
Buyer Comes Up With Difference- The buyer must bridge the difference between the purchase price and the appraised value. This scenario is fairly uncommon as many buyer’s find it hard to pay more for a home than their bank appraisal indicates it’s worth.
Challenge Appraisal- Challenging an appraisal is not an easy task. It is something that must be done with much care and consideration, otherwise the chances of an appraised value being changed, is slim.
20. What is a sale contingency also known as an SOP (Sale of Property)?
Some buyer’s decide when buying a home they would like to find a suitable property before selling their existing home. A sale contingency is a common contingency that sellers see in purchase offers. A sale contingency means that the potential buyer of a home must sell their existing home, before being able to purchase the “new” home.
21. How does the inspection phase work?
Inspections are another common contingency that buyer’s make their purchase offers subject to. There are many different types of inspections and tests that a buyer has the right to perform. In most cases, inspections are at the expense of the buyer. They have a specified number of days to complete the inspections and also a specified number of days to either remove the inspection contingencies or request the seller address findings from the inspections.
22. Why isn’t anyone looking at my home?
This frequently asked question can be a fairly complex answer. In most cases however, the reason your home is not being looked at by potential buyer’s is due to the price. Buyer’s who feel a home is priced too high will choose to look at other homes before yours, likely finding one before they reach yours. Other possible reasons your home is not being looked at could include a poor curb appeal, a poor location, or lackluster marketing efforts from your Realtor.
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