COMMONS QUESTIONS FROM SELLERS
- Is there a best time to sell my house?
- Are there important factors to consider when selling a home?
- How much is my home worth?
- What should I do to get my house ready?
- Should I make repairs?
- What do I do if my house isn't getting an showing activity or offers?
Question 1: Is there a best time to sell my house?
Property sale is mostly a function of supply and demand, as well as other economic factors. Generally the real estate market picks up in the early spring season. During the summer months, the market usually slows. The end of July and August are often the slowest months for real estate sales. Many prospective home buyers and realtors take vacations during mid-summer. After the summer slowdown, sales activity tends to pick up for a second, although less vigorous, season which usually lasts into November. The market then slows again as buyers, sellers and realtors turn their attention to winter and the holiday season.
Question 2: Are there important factors to consider when selling a home?
The two most important factors are price and condition of the home being sold. The first step is to price it properly. Then, go through the house to see if there are any defects that can be repaired. A third factor is exposure as it is important that the home gets the exposure it deserves through open houses, broker open houses, advertising, visible signage and listing on the local Multiple Listing Service®, as well as the internet. Choose the REALTOR® that you believe will get the job done, not the one that recommends the highest price or lowest commission rate, just to get your listing.
Question 3: How much is my home worth?
There are two methods many home owners use to determine their homes value: an appraisal and comparative market analysis. Appraisals average about $300 for a single family home and more on multi-family dwellings. Appraisers review numerous factors and base information on recent sales of similar properties, their location, square footage, construction quality, excess land, views, water frontage and amenities such as garages, number of baths, etc.. A comparative market analysis on the other hand is an informal estimate of market value performed by a realtor. It is based on recent sales and available listings that will compete with your property that are similar in size, style and location.
The way you live in a home and the way you sell a house are two different things. First and foremost, "declutter" tables, counter tops, walls and rooms. Then clean and make attractive all rooms, furnishings, floors, walls and ceilings. It's especially important that the bathroom and kitchen are spotless. Organize closets. Make sure the basic appliances and fixtures work and get rid of leaky faucets and frayed cords. The second most important thing to consider is "curb appeal." People driving by a property will judge it from the outside appearance and make a decision at that moment as to whether or not they want to see the inside. Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard.
Question 5: Should I make repairs?
Minor repairs before putting the house on the market may lead to a better sales price. Buyers often include a contingency "inspection clause" in the purchase contract which allows then to back out if numerous defects are found. Once the problems are noted, buyers can attempt to negotiate repairs or lowering the price with the seller. Any known problems that are not repaired must be revealed as a material defect. You do not have to repair the problem, only reveal it and the house should be appropriately priced for that defect.
Question 6: What do I do if my house isn't getting any showing activity or offers?
Price and condition are the two most important factors in selling a home. If a home is not getting the activity it needs in order to sell, it is probably because it is overpriced for the market. The first step is to lower the price then go through the house and see if there are cosmetic defects that you missed that can be repaired. The second step is to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the Multiple Listing Service® and internet.
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