Should I use a real estate agent? How do I find one?
Using a real estate agent is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate agent will be well-acquainted with all the important things you’ll want to know about a neighborhood you may be considering…the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. A Realtor® will help you figure the price range you can afford and search the multiple listing services for homes you’ll want to see. With immediate access to homes as soon as they’re put on the market, the Realtor® can save you hours of wasted driving-around time. When it’s time to make an offer on a home, the Realtor® can point out ways to structure your deal to save you money. A Realtor® will explain the advantages and disadvantages of different types of mortgages, inspections, out of pocket costs, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. The commission payment comes from the home seller – not from the buyer.
What is this property worth in today’s market?
For ethical reason, real estate agents can’t tell you how much to offer. Instead asking directly how much the home is worth, you ask indirectly, by seeking information about comparable sales, or “comps.”
An real estate agent should arm you with plenty of comparable — prices of similar, nearby homes that have been sold recently — along with high and low ranges for a particular property.
Your real estate agent can tell you how long homes are staying on the market, and the percentage of the asking price sellers are getting. This information tells you how the market is where you are looking.
Also ask how long the property has been on the market. If it’s been sitting for months without an offer, it could be slow market or it could be overpriced.
When is the best time to sell my home?
This frequently asked question cannot be answered with a simple or general answer. 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. In most cases, the spring months are the best time to be selling a home. The spring months will vary from community to community.
Since every home seller’s situation is different, you should discuss the timing of your home sale with your Realtor®. In some cases, selling a home during the fall and winter months actually maybe better than waiting until the spring real estate market. This is due to a combination of many factors including lower competition and that serious buyers are always looking for a home, just to mention a couple factors.
How is the real estate market right now?
A frequently asked question from home seller’s before listing their home for sale is related to the local real estate market. There are many market indicators that a Realtor® should be able to share with you 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.
Other examples of market condition indicators that a Realtor® will provide a home seller before listing their home include market absorption rates, number of closed transactions year-over-year for a given month, average sale prices, and average list price to sale price ratios.
What steps should I take to prepare my home for sale?
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 There are several things you need to know before listing your home for sale! A frequently asked question from home seller’s before listing is what steps should be taken before listing their home. Not properly preparing a home for sale can put a homeowner at a huge disadvantage.
Make 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.
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.
How do you determine how much my home is worth?
There are a handful of methods that Realtors use to determine the value of a home. The most common method to determining 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 in the past 3-6 months. A comparative market analysis, also known as a “CMA,” isn’t a crystal ball that determines what a home will sell for, however, if performed by a top Realtor, 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