If you have been thinking of selling your home, (and who wouldn’t be in this hot market!), you more than likely have a ton of questions, especially if it is your first time selling a home. Let’s break down some of the most frequently asked questions we get from our sellers!
Do I need to do anything before I put my home on the market?
In short, no. There is no requirement that you update, renovate, paint, etc, prior to listing your property. However, depending on your home’s condition and age, your agent might suggest that you make some minor improvements.
How do I know what my home is worth?
When you meet with an agent, they will use their experience and expertise to give you a comparative market analysis, and tell you the most probable selling price of your home.
How do I hire an agent?
Hiring the right agent is a very important part of selling your home. We recommend you contact two to three agents in your area and interview them to determine the best agent for you. Ask questions like their real estate experience, market knowledge, and strategy for selling your home. You can ask how they plan to market your home, and do they offer professional photography and/or 3D Matterport tour? Once you have chosen the right agent for you, you will enter into a listing agreement, which you are agent will guide you through.
How long will it take?
The timeline of selling your home depends on two major factors: the current market and the listing price. In a hot market with low inventory, low interest rates, and high buyer demand, your home will most likely sell quickly, and close to, at, or even above the listing price. When the market is flooded with inventory, interest rates are high or buyer demand is low, it will take longer to attract the right buyer.
Should I be there for showings?
Unless absolutely necessary, the seller should not be present during showings. Having the seller in the home during showings could make the buyer uncomfortable, and less likely to ask questions or make comments. They may also feel rushed or ask you questions that should be answered by your agent.
What are contingencies in the contract?
Per Inman, A “contingency” in the purchase and sales agreement means that there are certain conditions that must be met by the buyer and/or the seller in order to continue to the next step of the contract. Examples of contingencies include the buyers ability to obtain financing, the property appraising at or above the contract price, review of association rules and bylaws, and home, septic, and water inspections & tests. There are many contingencies that can be written into a contract, which means working with an agent that can help you understand the pros and cons of each, is extremely important.
What do I pay for at closing?
Unsurprisingly, the most commonly asked question from sellers is “what is it going to cost?” Depending on your situation, the costs can vary greatly and your agent will be able to give you a stronger estimate, however, you can expect to pay the following.
Real estate agent commission
Any negotiated repairs or seller concessions
Closing fees, which are typically 1%-3% of the sales price, but can be greater. Closing fees can include, title fees, transfer tax, recording fees, prorated property taxes, deed preparation, and attorney fees.
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