Top Frequently Asked Questions from Home Sellers
Top Frequently Asked Questions from Home Sellers
Homes are capsules of memories that we build our lives in, so it is never easy to walk away when it comes time to sell. Whether you or a loved one obtained a new job, you’re in need of moving closer to family, or you just want a fresh beginning, selling your home is a process that involves lots of detailed steps and planning. If you are kept up at night with questions about selling, then have a look at these top eight frequently asked questions that will provide some answers before you take the plunge into selling your home.
How much is my home worth?
Depending on the market and area you are in, your home’s value could vary. However, values tend to rise over the years and with proper maintenance and timely renovations, you may be pleasantly surprised at the worth of the home you have invested in. It’s important to seek an appraisal of your home to get an accurate value estimate of its worth. This will give you peace of mind when selling as well as reassure any potential buyers they are getting their money’s worth. Your realtor will also be able to assess other homes in the area to compare the features, acreage, and upkeep to determine your home’s market value before selling. It is a good idea to determine how much you should expect from selling your home before purchasing a new home to ensure the costs will be (at least mostly) covered.
When should I sell my house?
Depending on your location, the best time of year to sell will vary, but typically warmer weather brings out the homebuyers. Your realtor will be able to determine the best time of the year to sell depending on your real estate community. Keep your eyes and ears open before you list your home to see when other sellers in your area are putting theirs on the market.
How quickly should my home sell?
Researching other homes’ average days on the market in your area may help you determine how quickly buyers are taking action. Your realtor will be able to provide you with an average number of days to expect based on their research of the market. In hot markets, such as New York City, homes will typically sell in 30 days or less. However, if you are in a more rural area, it may take longer.
Should I be present when the buyer comes to look at the house?
It is best that the seller not be present when the buyer is at the house. It creates an uncomfortable environment for the buyer and may prevent them from asking the questions they need to in order to make a sound decision when it comes to purchasing. Plus, as the seller, your answers may seem emotionally charged, so it’s easiest that the viewing be scheduled for a time when you will not be home. This keeps the process clean and simple between your realtor and the buyers.
What should I reveal to potential homebuyers about my house?
“Treat others how you would like to be treated.” This is a good mantra for life as well as for selling your home. You would not want to buy a home under the false pretenses that all was safe and functional and then find out too late that there are fixes and improvements needed on your own dime. Disclose any and all aspects of the house that you would want to know if you were in their shoes, even if you feel this will make them wary of purchasing. Doing so could prevent complications or a potential lawsuit down the road. Of course, if you know there are defects with your house, go ahead and fix them before listing so that you feel good about what you are putting on the market. Additionally, providing the buyers with an inspection report is essential when selling. This will give them the peace of mind in knowing they are making a sound purchase.
Should I list my home for a higher price to leave some flexibility for negotiations?
With all the resources available to homebuyers today, a seller should not list their home under the pretense that the buyer will be unaware of the average price per square foot in the area. It is not advisable to price your home higher than what it is worth since typically, a well-priced home will sell fairly quickly and close to listing price.
How much commission should my realtor charge?
Real estate is an aggressive market, and realtors depend on those sales to make a living. However, you as the seller have the right to be picky and inquisitive when it comes to negotiating the commission rate with your realtor. There are zero circumstances in which that commission rate is non-negotiable, so be smart when interviewing your realtor to be sure that you are comfortable with what they will be taking from the sale.
What is a seller’s concession?
These are the “perks” for the buyer when they purchase, whether that’s money back, furniture or appliances included with the house, or even a slight drop in the sale price. Sometimes these can make or break the deal, so determining what would be of most value to your buyer is important when considering what you would be comfortable including at the time of sale.
The process of selling your home can be stressful but also very exciting. Knowing your options and circumstances will help you remain on top of your game, so you get the most bang for your buck and leave satisfied. Your realtor is also an invaluable resource for answering any questions you may have. Whether you are selling to travel full-time, moving to your own private island, or to start a brand new job, you are about to embark on a whole new adventure. Now that you are a little more well-versed when it comes to selling your home, it’s time to get started! Contact us at (512) 872-4211 to talk to a member of our team and begin the process of selling your home today!