Most homeowners have tons of questions when it comes to selling your home and that's great! We should be asking a lot of questions and making informed decisions but these are probably the four most common questions homeowners have or at least, should have when it comes to selling their home. When interviewing a real estate agent or Realtor it's important to ask these questions along with anything else that might be concerning.
#1. How is the real estate market?
There are several different market indicators to help Realtors and agents understand the market so that they can price the home correctly and marketed to the right buyers. It's important to know the average days on the market, how quickly homes are selling, and the percentage of homes selling at their asking price, over the asking price, or under. Ask about the current market absorption rate. This is the rate at how fast homes would sell if no more listings hit the market today. A balanced market is between three months and six months. If it is under one month, chances are we're in a seller's market and sellers can hope to sell fairly quickly for a higher price. If the absorption rate is over eight months, it may take longer and the home may sell for a lower price.
#2. What do I have to tell the buyers about the home?
Perhaps you performed and unpermitted construction project or addition, maybe you know the home is had a leak, maybe it has lead-based paint or maybe you don't know any of these things. That's exactly what you need to disclose to buyers, everything you know or don't know. You will fill out the seller's disclosure form being as honest and transparent as you can about the property. If you are deceitful and buyers find out later it could involve a lawsuit so being upfront now will put you ahead of the game later on. If you are unsure about certain things such as if the home has lead-based paint, asbestos, or has had any major damage, there is a box marked "unsure" that you can choose. But it's important to tell buyers everything you know about the house as much as possible. Not only will it save you headaches in the future, but buyers will see that you are an honest seller so there are no surprises down the line.
#3. How will you price my home?
This goes hand-in-hand with the market question. Understanding the market will help price the home. Again, if we are in a seller's market, we can start at the higher end of the pricing scale so long as our competition is not grossly underpriced. We have to look at comparable properties to determine the right price point. We can always start high but pricing it correctly from the beginning is really the best way to get more buyers interested in your home and more offers on the table. We will go over all the research that I can conduct on finding the best home price and ultimately it is up to you to determine the price point.
#4. How long does it take to sell my house?
Ah...the burning question. While there is absolutely no direct answer, There are ways to tell how quickly a home will sell based on comparable sales in the area, the price of your home, the uniqueness of your home (if it's a luxury, large home, high-priced home, etc., they can take longer to sell) and then there are the basics of the transaction. On average, well-priced homes will sell within one to four weeks of listing, then there's typically 30 to 60 days after an accepted offer to conduct contingencies, inspections, and appraisals. The entire process can take as little as 30 days, or as long as six months depending on all parties involved in the current market.