Frequently Asked Questions Before Listing Their Home For Sale
- When is the best time to sell my home?
This frequently asked question cannot be answered with a simple or general answer. 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.
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 top producing Real Estate Agent 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 top producing Real Estate Agent 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?
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 home owner at a huge disadvantage.
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 sure clutter is at a minimum, freshly painting rooms, installing new carpeting, or ensuring odours 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.
Frequently Asked Questions Relating To Home Value & Pricing
How much is my home worth?
Most home owners want to know how much their home is worth. This frequently asked question is another one that cannot be answered with a generalized answer. One of the best perks to owning a home is the ability to make it your own and improve it how you’d like. Finding out how much your home is worth is not something that should be done without asking a top local R Real Estate Agent.
- What is the difference between a list price and sale price?
This frequently asked question can be answered very easily. The list price is the price a home is currently listed for sale at. The sale price is the price a home is sold at. A top Real Estate Agent should be able to suggest a list price that ends up being very close to the final sale price.
- How do you determine how much my home is worth?
There are a handful of methods that Real Estate Agent 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 6-12 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 Real Estate , 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 neighbourhood. Considerations that a professionally completed “CMA” include, but is not limited to:
- Square footage
- Number of bedrooms
- Number of bathrooms
- Upgrades to kitchen
- Window quality
- Roof age
- Lot features
- Location; primary or neighbourhood street?
- Style of residence
- Flooring type
- Can I determine how much my home is worth from an internet website?
The answer to this frequently asked question is NO! Anyone who has bought a home, sold a home, or just looked at homes, has heard of websites such as gumtree and homely. These are also commonly referred to as third party real estate websites. Third party real estate websites are not local to every real estate market.
- Should I price my home higher to leave room for negotiations?
This frequently asked question often leads to a common pricing mistake that seller’s make
. Many seller’s believe they should price their home $5,000 higher than what a top Real Estate agent suggests to leave room for negotiations and low-ball offers. A well-priced home will sell quickly and will sell for close to the listing price. There is no need to leave room for negotiations, as today’s home buyers are very well educated. A seller who prices their home high to leave room for negotiations can actually be costing themselves more money than if they price it to reflect the suggested market value.
- What is a sale contingency?
Some buyer’s decide when buying a home they would like to find a suitable property before selling their existing home. A sale contingency is a common contingency
that seller’s see in purchase offers. A sale contingency means that the potential buyer of a home must sell their existing home, before being able to purchase the “new” home.
- How does the inspection phase work?
Inspections are another common contingency that buyer’s make their purchase offers subject to. There are many different types of inspections and tests that a buyer has the right to perform. In most cases, inspections are at the expense of the buyer. They have a specified number of days to complete the inspections and also a specified number of days to either remove the inspection contingencies or request the seller address findings from the inspections
- Why isn’t anyone looking at my home?
This frequently asked question can be a fairly complex answer. In most cases however, the reason your home is not being looked at by potential buyer’s is due to the price. Buyers who feel a home is priced to high will choose to look at other homes before yours, likely finding one before they reach yours. Other possible reasons your home is not being looked at could include a poor curb appeal, a poor location, or lacklustre marketing efforts from your Real Estate agent.
- Can you recommend service providers who may be needed throughout the transaction?
No matter what industry, top professionals enjoy working with top professionals. This is no different in real estate. A top Real Estate agent should be able to provide high quality mortgage professionals, attorneys, contractors, movers, or other services needed throughout the home selling process.
Preparing a home for showings
- What should I do to prepare my home for showings?
can be a job in itself. A home that is well prepared for home showings will likely sell faster than its competition. Making sure a home is cleaned, de-cluttered, bright, and that no foul odours are present are just a few things that seller’s must do to prepare their home for showings.
- Should I be present during showings at my home?
Easy question to answer – no! There are many reasons why seller’s should not be present during showings. The primary reason why you should not be present at showings of your home is potential buyers can feel uncomfortable to talk open and freely with the Real Estate agent about your home. They do not want to say something that could offend you, the seller. The best idea is to leave shortly before the scheduled showing and come back once you are certain the buyer have left your home.
The above frequently asked questions from home sellers are all great questions. There are no “dumb questions” when it comes to selling a home. The reality is that selling a home is not something that is frequently done, therefore, questions are a great way to be prepared and well educated on the process.