You must take into account the prevailing state of the real estate market and especially local conditions. Market fluctuations and economic factors are constantly affecting property values. It is critical to determine your listing price based on the most recent comparable sales in your neighborhood. It would be a good idea to get a Comparative Market Analysis, also called CMA.
Is there a “best time” to put my house on the market?
Along with economic factors such as supply and demand, the time of year you choose to sell can impact both the length of time it takes to sell your home and its ultimate selling price. Typically, the real estate market picks up around February, continues strong through late May and June, and tapers off during July and August. The summer is usually the busiest time for moving since school is out and buyers may be looking to get their children in school before the new school year. September through November generally marks a rally not as strong as late winter and spring, followed by a slowdown from Thanksgiving through and beyond the Christmas and New Year holiday period.
What are disadvantages of pricing my home on the high end?
Several factors may come into play:
You might help sell similar homes that are priced lower.
Your home may be on the market longer.
You could lose market interest and qualified buyers.
You might create a negative impression of the property.
You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.
You may have to accept less money.
A potential buyer may face appraisal and financing problems resulting from the inflated price.
It is not recommended to sell your home any higher than the appraised value unless demand is high in your area. Ask you real estate agent which price would be right for your home. Also make sure you get a CMA to assist in determining the best sales price for your home.
What is a counteroffer?
A counteroffer is an offer made by one party that makes changes to the original or latest offer of the other party.
Why should I use a real estate agent?
A real estate agent is more than just a sales person. A real estate agent may act on your behalf, providing you with advice and guidance when selling a home. Due to the constant changing of the market, the information available on listings is not always 100% accurate. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with a real estate agent.
In addition, many people would rather use an Agent due to the complexities of modern Real Estate transactions since they usually incorporate legal and financial attributes, which takes them well beyond more simple transactions.
There are several advantages when using a real estate agent to sell your home, such as – your listing will be added to the Multiple Listing Service (MLS) so that large numbers of buyers will have access to the seller’s property. In addition, your real estate agent absorbs all of the cost of advertising and marketing, and the screening that will be done of potential buyers by Agents. The Agent will also handle the details of negotiation.
What is an “Exclusive Right of Sale” listing?
This type of listing is the most commonly used and is the most effective. With this type of listing the agent does the most work to sell your home they will usually advertise your home, place it into the MLS, market your home to other agents and even hold open houses for your home. Only with this type of listing does an agent expect to earn money back on their investments on selling your home.
Do I need to get preapproved for a loan?
During a preapproval process, you will usually be provided an accurate figure which shows the maximum amount that you qualify for, giving you a better idea of your financial readiness and affordability scenarios. Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.
What is a contingency?
A contingency is a provision included in a sales contract stating that certain events must occur or certain conditions must be met before the contract is valid.
What is a Multiple Listing Service (MLS)?
A multiple listing service is a computerized listing of the homes for sale in an area listed with a realtor. Agents are granted access to the MLS and can use it to find a house in a particular price range, area, and filter a large amount of specific criteria to match your needs.
What is an escrow agent?
An escrow agent, also called closing agent, is the person that walks you through the closing process. They are usually employed by the title company that you are working with. They are a neutral third-party, responsible for overseeing the escrow process. They typically perform the title searches, prepare final paperwork, witness the document signings as well as ensure that the transaction is executed properly and legally.
What is homeowners associated (HOA)?
Homeowners association is a nonprofit association that manages the common areas of a community or “planned unit development” (PUD). Unit owners pay a fee to the association in order to maintain areas such as a pool or playground that are owned jointly.
What does FSBO mean?
FSBO stands for For Sale By Owner. A for sale by owner property usually indicates that the property is being sold without a real estate agent.