You're ready to put your house on the market, but there are still many things about the home selling process you're unsure about.
Does the above situation sound familiar? If it does, you need not worry because you are not alone. Like the home buying process, the home selling process comes with an array of burning questions whether you've sold a couple of houses or it's your first time. Home selling is not a regular activity, especially by regular homeowners, so many of them may lack a strong understanding of this process.
So, what are the most frequently asked questions by home sellers?
How much money is my house worth?
Finding exactly how much your house is worth is always the starting point of any home selling process. While the concrete value of your house's worth depends on various factors as well as the special characteristics of your property. There are three common types of valuations.
- Fair market value: It's the value of your house based on how prospective buyers see it compared to other listed homes in your region.
- Appraised value: it's mostly determined by a certified appraiser; basically, they consider the condition of your house, size, location, and the renovations you've made.
- Assessed value: It's the assigned dollar value of your home, mostly used by county tax assessors to determine property taxes.
Ideally, most sellers would want to set a price themselves, but the best way is to contact a real estate agent. A competent real estate agent will draw upon their knowledge of the neighborhood and apply the necessary tools to drill down on the accurate market value of your home.
However, if you insist on doing it alone, there're plenty of online tools you can use, also known as Automated Valuation Models (AVM), for instance, Redfin, Zillow, and Trulia.
Do I need an agent to sell my house?
This is a common question most sellers will grapple with. Anyway, do you really need a real estate agent to sell your home? The answer is Yes and No. You see, it's possible to sell your home without the need for an agent for the obvious reason; you will be saving on the agent fees. However, while this is a tempting proposition, it could prove problematic in the long run.
Think this way, you will have to value your house accurately, market it, list it, and stage it for buyers to see. For a first-time seller, this might be overwhelming. Then also, you might miss out on the often overlooked benefit of working with a professional who has the market knowledge and experience to deal with common house selling pitfalls like unsatisfactory appraisals, financial setbacks, and house inspection issues that kill most deals. In that case, we highly recommend you get a real estate agent to help you with the process,
When should I sell my home?
Timing is critical when selling a home. It's common for sellers to ask whether to sell their house now or wait for the opportune time, but this is rarely an easy question for anyone to answer. Ideally, choosing the best time to put out your house in the market depends on many factors, ranging from the local real estate market condition to the season.
For instance, winter is the best time to sell in some places, and in others, spring is the best time. To get the right time, you will need to closely monitor the local real estate market to ensure you get it right.
What will I do to prepare my house for sale?
Approaching the home preparation process with a complacent attitude might prolong your selling time. That's why you need to ensure you take all the necessary steps to prepare your house for a potential sale. To start with, you need to fix any broken elements and do all minor repairs.
Repaint the scaly walls, replace broken wardrobes, and stage the home to make it more inviting. You might also need to revamp the interior decor to ensure the home looks nice.
Should I set a high starting price for negotiations?
Some sellers often wonder whether to set a high listing price to leave room for negotiations with prospective buyers. However, if you choose to go down this path, remember a small miscalculation could backfire on you and prolong your selling time. That's because modern buyers are pretty knowledgeable and are price-sensitive, which means they are less likely to go for an overpriced home.
Always set the starting price as close as possible to the list price. You don't want to appear as someone out of touch with the market to potential buyers since it might put them off.
How will I find an excellent real estate agent?
When looking for a real estate agent, look for one knowledgeable on the local area real estate market. Don't go online and get an agent who has no idea how your local market works. Also, consider their experience, that is, how long they have been in the business. Ask yourself questions like, are they well-connected? Can they be a plus for me? If a real estate agent fits the bill, your property is in safe hands.
Final Thoughts
The reality is there are many more questions sellers ask, but the ones highlighted here are the most common. Working with a top realtor like Phaidra Mcdermott should help you reduce the number of burning questions you have since she has worked with countless clients and understands your needs better than anyone else. If you have other questions regarding the home selling process, contact Phaidra!