The idea of selling your home may be exciting, but you’re bound to have quite a few questions. From determining if now is the best time to sell, to deciding if your curb appeal is up to par; asking the right questions and finding an agent who can answer them at the beginning is key and will only help you as you prepare to navigate the process. Here are a few of the most frequent questions sellers ask.
Is this the right time of year to sell my home?
While interest rates generally dictate the good and bad times to sell a home, so does the time of year. Historically speaking, the real estate market picks up around February and typically tapers off around July or August, but there are buyers during all seasons. If you have the luxury of waiting for the right moment to sell, it makes the most sense to do so when the market is “hot”. In addition to the condition of your local real estate market, you should also take your personal situation into consideration.
Here are some factors that indicate it’s a good time to sell:
- You have paid off your mortgage
- You’ve got equity in your current home
- Your current home no longer fits your lifestyle
- You are in good financial shape.
Do I really need to hire an agent?
Unless you’re a real estate professional who understands all the marketing and legal aspects of a home sale, you’ll want to hire an agent who does. You may be shocked at the commission you’re paying to get the job done, but an experienced realtor will take the stress and worry of selling your home off of your hands. You can also be sure that the agent will try to get you the best possible price.
What can I do to get the best price for my house?
Before any potential buyer walks through your door, you have to get your home ready for viewing. And to get the best price for your home, you will often need to make some upgrades. Curb appeal is also a major selling point for most buyers, be sure to check out this blog about increasing your home value! Attention to detail outside and inside is important to show off your home’s best assets and visually persuade the buyer that your home should be their new home.
How much is my house worth?
The best way to determine how much your house is worth is by looking at the sale prices of recently sold homes in your neighborhood that are similar to yours. By comparing your home’s characteristics (number of bedrooms and bathrooms, square footage, any unique features etc.) to similar sold homes, you can make some inferences about how much your home is worth. An agent can usually provide you an idea of the value of your home based on the market and home prices in your neighborhood.
How much does it really cost to sell my home?
Selling your home can be an expensive business. At the beginning of the process, its recommended sellers ask their agents to carefully review the Seller Net Sheet with them. The Seller Net Sheet provides detailed estimates of all the costs that go into selling the home, including transfer taxes, escrow costs, loan payoff, termite control, agent and other company fees; its the more accurate depiction of the sale. With so many outside factors involved, it’s not simply a case of naming a price, but you can expect the total cost to add up to an average of 10% of the sale price.
How long will it take to sell my home?
According to the National Association of Realtors (NAR), the median number of days a home in the U.S. sat on the market hit a new low of 29 days in April 2017. That’s the national average, and the number of days a home is on the market before it sells varies widely by location. The time it will take to complete a home sale is dependent on your location, and also on the price and the condition of your home.
What does a typical escrow look like?
Sellers should also ask what a typical escrow looks like at this moment. Based on current market conditions, as well as seller and buyer conditions–terms of escrow can vary. Looking at recently closed transactions, agents can give clients an indication of the pricing and escrow elements to expect, but yesterday doesn’t exactly reflect today.
Put your trust in the knowledge of a real estate agent, and when you are ready to sell your home, be sure to reach out to The Reed Team!