Questions Sellers Frequently Ask
1) How does a REALTOR® find the right asking price for my home?
A REALTOR® will likely prepare a Comparative Market Analysis to explain market value to you. You will want to meet with the REALTOR® and discuss your timeline goals and recent improvements. You will want to walk through your home with the REALTOR® and point out any factors that you think may help or hinder the sale of your home. At that meeting the REALTOR® may need to measure the exterior and interior rooms and may want to take photographs. The REALTOR® will then compare all your information to recent sales in your area. A good analysis will also take into consideration the number of homes currently for sale in your area and price range (market supply), properties that did not sell and the average days of market for sold listings. The REALTOR® will review all of this information with you and typically suggest a price range in which to market your home. At this time, the REALTOR® will also discuss costs associated with selling your home and give you an estimated net price.
2) Do I need to have my home "market ready" before I call the REALTOR®?
No. This is one of the invaluable services of a REALTOR®. Because the REALTOR® is a professional in marketing homes, keeping up with market trends, and views other homes for sale on a daily basis, the REALTOR® will be happy to guide you to have your property show at its very best. Whether it is as simple as suggesting more lighting in a certain room or a major repair that needs to be made, the REALTOR® is trained to know what must be done, what should be done and what could be done to accomplish your goal.
3) Can't I just sell my home myself? Do I really want to use a REALTOR®?
Yes, you can sell your home yourself. But before you put the sign in the yard, you may want to consider a REALTOR®
- will help you with pricing
- give you a net estimate of the sale, and discuss the various possible costs of selling your home such as title insurance, surveys, repairs, closing fees, possible financial cost of a buyer's mortgage, home warranties, pay off of your mortgage, property taxes and other costs
- supply and guide you through the proper disclosures that must accompany the sale of your property
- make suggestions about incentives, financial help or home warranties that may entice buyers to your home
- explain agency relationships if a REALTOR® would be representing a buyer, also known as dual agency
- market your home to other REALTORS®, who have buyers in your price range
- give your home the maximum amount of exposure in the shortest amount of time to the buying public
- be a wonderful resource of information if a problem arises
- give you honest feedback from other REALTORS® and buyers about condition and price
- update you on recent sales and new competition
- show your home to qualified buyers
- give buyers ideas of how your home may fit their needs
- guide you through offers, counter offers, inspections, possession dates, contingencies, negotiable items and the closing process
- be there after closing with documentation of your transaction if a question should arise
As you can see, REALTORS® do much more than put a sign in your yard and write an ad. A REALTOR® also spends innumerable hours writing several ads for multiple marketing venues, making and answering phone calls trying to match home sellers with buyers, handling paperwork, tracking market supply and interest rates, keeping up with education on inspection concerns, laws and disclosures and how all these things effect you and your sale.
4) Should I have my home inspected before I put it on the market?
Although the buyer typically has property inspections as a contingency in their offer and does pay for that service, it is never a bad idea to have your home inspected prior to putting it on the market. Most homeowners take very good care of their property, however, few people take the time that an inspector takes to check ALL of their property. Time, weather and pests can sometimes affect a property without you even noticing. An inspection done prior to a buyer's offer will let you know if there are repair items that need to be addressed. Even though a buyer may still want to contract for their own inspections, it will put you in a known position and take the worry out of wondering what the buyer will find or ask for after inspections. You may even want to share the inspection information with potential buyers. "Pre listing-inspections" are sometimes a very effective marketing tool. Let a REALTOR® guide you about the different types of inspections you might want to consider.