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Frequently Asked Questions When Selling Your Home

1.       When should I sell?
The answer to this question unfortunately varies. Factors such as the buying market and real estate community play a role in determining this. While it’s been proven that springtime is usually the best time to sell a home, it’s not the only season when buyers are active. Talk to your realtor about what they’ve experienced in their career as far as when the best time is to sell.
2.       What is the current state of the real estate market?
Your realtor can provide you with an update as to how many days a house is usually on the market in your area, what the current market absorption rates are, the number of closed sells for a certain month and the average prices, as well as the average list price to sale ratios.
3.       How can I prepare my home to be sold?
Make sure everything is in top notch shape when preparing your home for the market (clean house, working appliances, removal of worn/tattered décor and furniture, etc.)
4.       What information should I share with potential buyers?
It is ethical and professional on your end to disclose any present issues with your home. If there are any problems with appliances or with the house in general, it is always best to be honest and upfront with the individual interested in buying your home. But as mentioned above, it is ultimately best to have any issues resolved before placing the home on the market.
5.       How much can I get for my home?
This depends upon the area you’re in, the market, the condition and size of your house, and many other factors that should be discussed with your realtor.
6.       What is a list price and what is a sale price?
The listing price shows the potential buyer the price the home is currently being sold for, while the sale price is the actual amount accepted.
7.       Should my house be listed at a higher price for negotiations?
Let the professionals be the ones to determine how much your home should be sold for; after all, they have the experience and they know the market.
8.       What’s the time length for the listing agreement?
This all depends upon your realtor and the average days on market.
9.       How much commission will be charged?
Again, this will depend on your realtor. Keep in mind that all commission prices can be negotiated.
10.   Can I cancel my contract if I’m unhappy with my current realtor?
This depends upon your state and the contract you signed with your realtor. There may be expenses charged, however, by the agent and/or their brokerage for breaking the contract.
11.   Will I need to show permits for my deck, storage building/shed, fence, etc.?
Let potential buyers know of any special permits you have for your home so they are aware of all aspects involved in what could be their future home.
12.   What’s the most appropriate response when receiving a low offer?
It may not be the offer you want, but an offer is better than no offer at all. Keep your options open, as there’s still a possibility for a deal to be made.
13.   Are certain home repairs required when receiving finance from a bank?
Safety hazards and any cause for concern will be assessed during the appraisal. It is the buyer, however, who determines the repairs the seller will pay for and how much.
14.   If the appraisal value is too low, what should I do?
The seller can make concession (agree to what the appraiser valued the home at), the buyer can come up with the difference, the sale is cancelled, or the appraisal is challenged.
15.   Why hasn’t my home sold quickly?
This could be due to the area you’re in, the condition of your home, the pricing, the lack of effort made by your realtor, the market, etc. More often than you would think, it’s typically a price listed too high.