Think you’re ready to sell your house? We want you to be as prepared as possible so understanding your finances homes condition, and even if you’re emotionally ready does take a little bit of preparation. Here are 10 questions to ask yourself to determine if you’re ready to sell or not.
Is it a seller’s market? Is that a good thing for you?
Yes, it means there are more homebuyers and sellers.
No, it’s bad because it means there are more sellers than buyers.
No, it’s scary because it means you’ll have to sell your home yourself.
A seller’s market is usually good news for homeowners because it means that there are more buyers than sellers and it could jack the price up of your home.
How do you price your home?
Consult with a real estate psychic.
You take the price you paid for it and tack on the full price of any modifications or home improvements you’ve made.
You and your real estate agent look for comparable sales of similar homes in the area.
Comparables or comps are usually the best way to figure out the right price for your home, not just homes that have sold but those currently on the market as well.
What does an open house mean?
A scheduled private time when one buyer can tour your house in private.
It’s a house party celebrating your successful sale.
A scheduled time when several homebuyers can stop by your house to check it out.
An open house can give numerous buyers a chance to check out the property all at the same time.
What is home staging?
It’s when real estate agents advertise at a Broadway musical.
It’s when you had a home theater system to your house.
It’s when you Declutter and decorate your house to make it look the best for potential buyers.
Experts estimate staged homes sell 88% faster than non-staged homes when they’re de-cluttered and decorated to appeal to the majority of homebuyers.
What is a sellers disclosure form?
You must tell potential buyers if your home has lead paint or a history of flooding.
You have to disclose what you originally pay for the house.
You must have a notebook of all of the repairs you’ve ever done to the house.
A sellers disclosure form states anything you know about the house that could potentially be hazardous. In some states, you must also disclose if there was a death in the house.
What does selling as is mean?
The buyers get exactly what they see and you won’t complete any repairs.
You have as many days to sell the house as you lived in it.
You’ll do whatever the buyer wants to get the House sold.
Selling a home as is simply means that what the buyer sees is what they get, no more and no less.
What happens if you get a lowball offer on your house?
Immediately rejected so that another buyer can submit a higher offer.
Submit a counter offer asking for a higher price.
Negotiate with the buyer to make other concessions
Technically, you can counter offer or negotiate with the buyer for just about anything on the contract. Simply rejecting the first offer means the buyer may go away and you’ll never know if they actually would’ve come up in price.
What will stop or terminate a sale?
If the buyer can’t get a mortgage.
If the home appraisal comes in lower than the price.
If the home inspection turns up with problems.
Technically, any of these could terminate the transaction but if the buyer cannot get financing for the home, that’s usually one of the biggest. The home inspection can be negotiated and the appraisal issue can re-evaluate and renegotiate the original price of the home.
Can of buyer back out of the deal without a reason?
Yes, and their earnest money will get returned to them.
Yes, but the earnest money will usually go to the seller.
No, the buyer is stuck with the sale no matter what.
There’s usually a good reason for a buyer to back out either failure to finance, something wrong with the inspection, or other issues that may be out of their control. Most of the time the buyer will get the earnest money back but if they simply back out at the last minute for no reason, the seller is entitled to the earnest money for loss of time on the market and basically a waste of their time.
Who pays the real estate agents?
The seller pays both agents.
The real estate company pays its agents by the hour.
Both the seller and the buyer pay their agents out-of-pocket.
The buyer pays both agents.
The commission usually comes out of the money the seller gets for the home and is that when the homeowner lists their property with the listing agent. That commission will get split between the buyer’s agent and the listing agent.
So, think you know a little bit more about real estate? Think you might be ready to sell in this great seller’s market? Give us a call today to find out what your home is worth and how quickly we can get it sold.