Questions On Selling Your Home
Can I sell my house myself?
Although you could put up a sign, have an open house, even advertise, Trend Setter Realty can do things you can’t do yourself:
- Establish a realistic price using market research
- Provide greater exposure through MLS and our Realtors
- Tap all of the potential buyers who are looking at other Trend Setter Realty listings
- Help overcome buyer objections
- Make the process smoother by negotiating for you and making sure contingencies are followed up
- Provide pre-qualified buyers
- Provide purchase and sales agreements
What makes a house sell?
This entire site could be devoted to answering this question. But to be as concise as possible, a successful sale requires that you concentrate on five considerations: your price, terms, condition, location, and exposure.
When is the best time to list a house for sale?
As soon as you decide to sell it. If you want to get the best price for your house, the key is to give yourself as much time as possible to sell it. More time means more potential buyers will probably see the house. This should result in more offers; it also gives you time to consider more options if the market is slow or initial interest is low.
How long should it take to sell?
Average listing times vary from 30 to 180 days, according to market conditions in a particular region, town, or even neighborhood; and of course, price, terms, condition, location and exposure play an even greater role. Selling in any market is easier if you keep time on your side. Most professionals will tell you that allowing yourself at least six months will put you in a position to get a better return from their marketing efforts.
Why shouldn’t I price my house a little high, since I can always drop the price later?
That’s a strategy that sounds good – but, in fact, is more likely to result in a lower price. Here’s why. The first few weeks a house is on the market is when it will have the most activity. If a house is overpriced, it has to compete with houses at that higher price level, which are almost certainly larger or have newer/more luxurious features.
So the overpriced home is unlikely to attract an offer. Worse yet, those first weeks are when real estate agents preview the house. If it’s overpriced, they may not even bother to show it to their buyers. Eventually, the seller will have to drop the price – and may end up with an even lower price because buyers will wonder why the house has been on the market so long and may factor that into their offer. A Competitive Market Analysis (CMA) provides a unique method for arriving at a selling price that takes your local market situation into account.
What is “curb appeal,” and how do I create it?
“Curb-Appeal” is the common real estate term for everything prospective buyers can see from the street that might make them want to turn in and take a look. Improving curb appeal is critical to generating traffic. While it does take time, it needn’t be difficult or expensive, provided you keep two key words in mind: neat and neutral. Neatness sells. New paint, an immaculate lawn, picture-perfect shrubbery, a newly sealed driveway, potted plants at the front door — put them all together, and drive-by shoppers will probably want to see the rest of the house. Hand in hand with neatness is neutrality. If you’re going to repaint, stick to light, neutral colors. Keep the yard free of gardening tools and the kids’ toys. Remember, when a family looks at a house, they’re trying to paint a picture of what it would be like as their home. You want to give them as clean a canvas as possible.
What should I do to make the house show better?
First, make your house look as clean and spacious as possible. Remember, people may look behind your doors — closet and crawlspace doors as well as those to the bedrooms and bathrooms. So get rid of all the clutter; have that garage sale and haul away the leftovers. After you’ve cleaned, try to correct any cosmetic flaws you’ve noticed. Paint rooms that need it, re-grout tile walls and floors, remove or replace any worn-out carpets. Replace dated faucets, light fixtures, and the handles and knobs on your kitchen drawers and cabinets. Finally, as with the outside of your house, try to make it easy for prospective buyers to imagine your house as their home. Clear as much from your walls, shelves, and counter tops as you can. Give your prospects plenty of room to dream.
Should I make any major home improvements?
Certain home improvements that are useful to almost everyone have been proven to add value and/or speed the sale of houses. These include adding central air conditioning to the heating system, building a deck or patio, basement finishing, some kitchen remodeling (updating colors on cabinets, counter tops, appliances, panels, etc.), and new floor and/or wall coverings, especially in bathrooms. Improvements that return less than what they cost are generally items that appeal to personal tastes, like adding fireplaces, wet bars, and swimming pools, or converting the garage into an extra room. The challenge that comes with any home improvement designed to help sell your house is recouping your investment. There’s always the risk of over-improving your house — that is, putting more money into it than neighborhood prices will support.
So how much is too much?
Professional renovators have found that, no matter how much you improve any given house, you’re unlikely to sell it for more than 15% above the median price of other houses in the neighborhood, whether you do $1,000 worth of work or $50,000. That’s why you might want to ask your agent’s opinion about the viability of recouping the cost of any major renovation you have in mind before you start the work.
What is meant by the term “contingency” in a sales contract?
Sales contracts typically contain several “contingency” clauses, or stipulations that the sale is subject to. For example, with a mortgage contingency, if the buyer is unable to obtain financing within the specified timeframe, neither the buyer nor the seller is required to complete the purchase. Among other common provisions in the “subject to” section are termite and other inspection issues and the purchaser’s need to sell a current home first.
What is an escape clause?
An escape clause, also known as a kickout or knockout clause, is a provision that allows the party to void the contract. For example, the seller may retain the right to look for a more favorable offer, with the original purchaser retaining the right, if challenged, either to firm up the first sales contract (such as by waiving a contingency) or to void the contract. As another example, sellers might insist upon an escape clause in a contract that hinges on the buyers’ selling their home.
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