Selling a home, especially for a first time seller, often comes with many questions. Since selling a home is not something that someone typically does a lot in their lifetime, it's normal to have questions about the process.
Many of the frequently asked questions about selling a home that are asked by sellers are great questions. After all, knowledge is power, and having an understanding of the home selling process and a variety of real estate topics and situations is a smart idea for sellers.
Below you will find out what 10 of the most common real estate questions are from home sellers and some answers and insight into the questions. These questions are not only heard from sellers in the Rochester real estate market but from sellers across the world!
Do I Really Need A Realtor® To Sell My Home?
One of the most common questions that sellers have when selling a home is if it's worth it or not to hire a Realtor®. Now certainly I'm biased to this question, but there are way more reasons why it's worth hiring a Realtor® rather than attempting to sell a home by owner.
The number one reason why hiring a Realtor® is worth it is because of the knowledge a top Realtor® will have of the local real estate market. By having a strong knowledge of the local market, a real estate agent knows the importance of properly pricing a home for sale. A home that is overpriced will be at a severe disadvantage when comparing to other homes for sale in an area and potentially may not sell.
Bottom line, if you're asking yourself, is hiring a Realtor® to sell my home worth it, the answer is absolutely!
How Do I Correctly Choose A Realtor®?
Once a seller realizes the importance of hiring a Realtor®, one of the next questions the often have is how do they correctly choose a Realtor®. There are certain tips for choosing a Realtor® to sell a home that should be followed. Below are 5 of the top tips for choosing a Realtor® to sell a home.
- Correctly interview prospective Realtors®
- Request previous and current client testimonials and/or contact information
- Review prospective Realtors® sales history
- Understand how they market their listings
- Don't always select an agent because they offer the lowest commission
The above 5 tips are just some of the more important ones. There are certainly other things that need to be taken into consideration in order to correctly choose a Realtor®!
Why Is It Important To Choose The Right Realtor®
After a seller realizes the importance of having a Realtor® and has a handle on how to correctly choose a Realtor®, many sellers wonder why choosing the right Realtor® is so important. Home sellers who pick an agent who may not be the best fit to sell their home can be costing themselves thousands of dollars.
Sellers need to understand why picking the right real estate agent is critical. Picking an agent who prices a home too high, puts a sign in the yard and does nothing else to market the home, and an agent who isn't an effective negotiator is a recipe for disaster.
What Marketing Strategies Will You Use To Sell My Home?
By now you should be able to tell the importance of correctly marketing a home for sale by reviewing the previous 3 common questions from home sellers. One of the most common questions from home sellers is in regards to the real estate marketing strategies Realtors® use to sell homes.
A home that is priced properly and given maximum exposure should sell in a very short amount of time and for top dollar. Some of the top real estate marketing strategies that top Realtors® are using to sell homes include;
- Print & traditional marketing such as post cards, TV, and newspaper ads
- Online exposure
- Social media
- Content marketing
These are 4 of the most important marketing strategies that top agents are using and what a seller should expect from their agent. Real estate agents who are not using the Internet or not using social media as a channel to give their sellers homes exposure are potentially costing them money and wasted time.
How Do You Determine The Market Value (List Price) Of My Home?
Many home sellers ask how real estate agents determine the market value of a home. Rightfully so, this should be something sellers should inquire about. There are many resources available for sellers to find estimated values of their home online, but it's important to take that information with a grain of salt.
Sellers need to understand how the market value of a home is determined. One of the best questions for a seller to ask a real estate agent about is how they plan on determining the price of their home. There are several methods that can be used to determine the market value of the home, with the most effective being the comparative market analysis (CMA) approach.
Other methods for determining market value include the price per square foot method and appraisal method. It's important that when selling a home, a seller understands how their real estate agent is going to determine the market value of their home.
What Are The Costs Of Selling My Home?
Another common question from home sellers relates to the costs of selling a home. Many home sellers don't realize there are costs to sell a home. Since a home sale is one of the biggest transactions someone will be involved in, it's critical to know what all the costs involved are. Below are some of the most common costs of selling a home.
- Brokerage fees/real estate commissions
- Seller concessions (if applicable)
- Title search
- Instrument survey
- Home warranty (if applicable)
- Transfer taxes
- Capital gain taxes
- Costs of various repairs from inspections
- Existing mortgages or home equity loans
What Should I Do To Prepare My Home For The Market?
Home sellers who prepare their homes for the market, in most cases, will sell their home for more money and in a shorter amount of time. There are certain steps that should be followed to make sure a home is market ready.
Not only is being market ready important there are also steps to ensure the home is "show ready." There is only one chance to make a first impression with a buyer. There are many home selling checklists that are available for sellers to ensure their home is not only market ready but also show ready.
Should I Stage My Home Or Sell It Empty?
Many home sellers wonder whether selling a home staged or empty makes a difference. There are certainly PROs and CONs to both.
There are some buyers who cannot envision their own belongings in a home that is full of other peoples belongings while others prefer to see how a space is utilized. One of the biggest considerations when determining whether to sell a home staged or empty is the price it would cost to stage a home.
If the cost to stage a home is thousands of dollars but the sale price would be thousands higher, it is likely worth staging a home. The answer to this question is not concrete and will depend on each sellers situation. It's important that sellers ask their real estate agent what they think and why in order to make an educated decision whether to sell their home staged or empty.
How Long Will It Take To Sell My Home?
Similar to the question about staging or selling a home empty, the length it takes to sell a home is not concrete. There are many factors that contribute to the amount of time it will take to sell a home.
For those home sellers who are wondering how long does it take to sell a home, below are some of biggest contributing factors that impact the amount of time it takes from listing date to closing date.
- Current state of real estate market (sellers market, buyers market, balanced market)
- Listing price
- Real estate marketing strategies used
- Number of inspection contingencies
- Buyers mortgage approval process
- Closing document review process
What Should I Avoid When Selling My Home?
Home sellers who are concerned about what they need to avoid are taking the sale of their home very serious, and rightfully so. There are certain home selling blunders that some sellers make that can kill a home sale before it even gets going.
It's important to avoid home selling mistakes such as hiring the wrong agent, pricing a home too high, not accommodating showings, and being unrealistic with negotiations. By avoiding these items when selling a home, a seller exponentially increases the chance of a successful sale of their home.
Parting Shots
The above 10 common questions from home sellers are some of the most reoccurring ones. Again, it's completely normal and encouraged for sellers to ask lots of questions when selling their home. By asking questions a seller is educating themselves on the process and many important real estate topics and decisions that will be encountered throughout their sale.
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