When you put your home on the market, there are tons of question marks.
What will you get for it?
How long will it take?
Do I need to spend a lot of money?
How can you help things along?
It’s natural to be a little anxious and unsettled during this time. After all, it’s a big journey you’re about to embark on, and you’re also losing a valued possession that likely holds some nostalgia to both you and your loved ones.
We’re here to put your mind at ease and make the selling process as easy and painless as possible. Here are some of the more commonly asked questions of our sellers. Have more you want answered? Contact us, and we’ll try to help.
How much is my home worth?
As of July, the median price of a home in the U.S. was just under $264,000. But home prices are very dependent on local supply and demand levels, pricing of existing and new properties, the condition of the home, the quality of the neighborhood and schools, and the local average income, so there’s no way to estimate what your home could command without doing some research first.
If you’re curious what price you could list your property at in your local market, reach out to a nearby real estate agent for help. They have access to market data and area comparables and can give you an accurate, honest answer.
How many repairs, upgrades and fixes do I need to make?
The short answer is none. But remember, your price is going to reflect the quality and condition of the home, so if safety issues abound and there’s tons of work for a new owner to do, you’re most likely not getting top-dollar for the home. A great option is to have a home inspector do what’s called a “seller’s inspection” before listing the property. This will give you an idea of what faults currently exist in your home, and which ones a potential buyer may take issue with. Focus on addressing the big-picture items pose health or safety hazards, or be prepared to knock down your price a bit as a result.
How long will it take to sell?
Today’s market is suffering from a severe lack of inventory, so unless there are issues, your home will likely sell fairly quickly. According to the National Association of Realtors, in September, homes were on the market about 34 days. But there’s no guarantee those numbers will hold true for your property. The length of your sales process will depend on a lot of factors, including your list price compared to others on the market, supply levels in your area, the desirability of your neighborhood and location, and the marketing tactics your agent uses.
What costs will I be responsible for?
Your biggest cost is going to be the balance on your existing mortgage, but this will likely be covered in full by your sales proceeds. Some other costs you will be responsible for include: agent commission, transfer and capital gain taxes, instrument surveys, a title search and, possibly, a home warranty. You should get a full estimation of your costs from the buyer’s lender before closing day arrives.
Do I need to stage the home?
Definitely not – but you may want to. According to Realtor.com, a staged home sells 88 percent faster than one that’s not staged. It also commands a 20 percent higher sales price. Talk to your agent about staging and whether it could help your specific property.
What can I do to make the sale easier/faster?
There are two big things you can do. Frist, keep your home neat, tidy and organized at all times. Showings can crop up anytime, and your place needs to be in pristine condition when potential buyers arrive at the door.
The second thing is to be open to showings – and lots of them. Block off the times you absolutely need to, like when you’re sleeping or have guests over, but try to keep your schedule open for as many showings as possible, even during the work week. The more people who see your home, the more bidders you’re likely going to have.
Didn’t Find Your Answer?
If we didn’t answer your question here, please feel free to reach out to us. We want to make selling your home easy, simple and headache-free. Contact us today, and we’ll help however we can.
-Cover image (c) from cropperrines.com