Quick Questions About Selling Your House
Quick Questions About Selling Your House
When is a good time to sell your house?
When you're ready to! Carefully decide if the timing is right and have a clear plan of where you intend to go next. Depending on market conditions, you may end up selling quicker than you intended. Or conversely, you may find the home you want to purchase quicker than you are able to sell your home, this may cause you to consider selling at a lower price to speed up the process.
In a normal market, homes take time to generate an offer and you can expect one after about two weeks of being on the market. The reason for this is that when houses go on sale there are usually several potential buyers but often they need time to arrange their finances and make sure they can afford the property before making an offer. This means you may have lots of interest in your house but you won't necessarily have offers, a realistic price helps but many other factors matter as well.
You should also avoid selling your property just before the winter, or the holidays to be specific. There aren't a ton of buyers and it could cause you to have to accept a lower offer than other seasons.
Such as, selling during the spring and summer, there are more buyers out looking for properties than in winter which means they're likely to be making higher offers. This is because it is often assumed that many people go on holiday or are busy doing other things in winter so they don't want to spend time looking at properties, driving to and from open houses in remote locations or require documents from a financial institution within a specified period during the end of year celebrations.
However, if you don't have many offers it can be worthwhile selling in the quieter months of the year when there are fewer buyers around. You will, however, need to make sure your asking price is low enough to attract buyers - otherwise, you'll end up with a lot of interest but no offers. It's a good idea to ask a real estate agent if you're in a seller's market or not, this could drastically change what you can set as the best price for your home. Not just a thousand dollars, but far more.
Should I sell my house if it's in bad condition?
Think about most buyers, if they want to put down a down payment, they need to feel like the home is worth buying. At the same time, a house in bad condition may attract someone who wants to make a quick profit or do it up, but this will at least give you money towards the purchase of your new home.
Your first priority should be to make sure any problem - like damp or structural damage - is sorted out before you start advertising. If these problems can be sorted without spending much money then it's worth doing so but if you need to spend a lot of cash to make them right, you'll want to factor this in when deciding how much to ask for the house. A fresh coat of paint can only go so far for those deciding on whether they want their own home.
If the property has been affected by structural damage such as flooding or fire and needs a lot of repairs, you may find it difficult to get anyone interested in buying. Again the best option is to try and arrange for repairs to be carried out so your house will look better, but it might be worth getting an auction price for the property so you can move quickly on looking at a new home. If you're not in a rush, feel free to create a home buying experience that the future owner will be willing to spend top dollar for. Buyers and sellers all want something fair; after all, no one wants the buyer's lawyer to get involved. Before the sale starts, it's your duty as the home seller to do a preliminary property evaluation.
Should I sell my house if it's in a bad location?
If your home is in a particularly run-down area and needs lots of work, it may be better to sell the property and buy somewhere else. It depends on how much money you have left after buying another house and whether or not that's enough to get work done on the current property. Often people will move into an area only to find that there are no jobs for them, too many shops they don't like etc.
Many owners feel like it may be best to pay what they can for a property in a bad location and sell again quickly rather than trying to make it look like an ideal home. You could ask a family member or friend if they know someone who might be interested in buying the house. You could try to rent it out for a while but you'll need to check the rental market in the area first. Remember, a house is more than just a real estate transaction.
Who is most likely to buy my house?
This rather depends on why you're selling your property and where it is. If you're selling up because your children have left home or because you've retired then your potential buyer will most likely be someone that wants a big garden, a large house, and so on - like families. You could also sell your house to an investor if it's in a good area and is worth enough money.
If your house was a starter home, then you may be looking to sell to secure enough cash for a deposit. In that case, then single people may be interested in buying your home where they can make a quick profit.
How do I sell my home?
You may want to consider using a real estate agent when you sell your house. Although this will incur some costs it can be worthwhile when they get you a good price for your home.
If you decide not to use real estate agent then you should advertise in local newspapers and national property magazines, displaying posters at nearby train stations and on the internet. Remember that if you go down this route, an open house, the listing, and more may be required to seal the deal. Real estate professionals take care of important details like managing the marketing, the listing, staging, and more.
You should not consider selling at auction because although you might secure a higher price, it will be difficult to sell the property if you do not manage to attract bids.
How much commission should I expect to pay?
The normal fee for home selling fluctuates depending on the agent. I would suggest interviewing several, finding out their fees, but more importantly what they do for those fees. One could be cheaper but it's for a reason. It is also worth asking how long they expect to keep your house on the market before it will likely sell because if they have a bad track record of a listing going stale, it will likely mean they will come back to you for a price reduction.
When selling houses, real estate agents do much more than just list and market your home, they will also arrange a mortgage broker to assist you or help in other ways beyond just selling your property. It's a good idea because spending more time will net you a better sale price, a realtor manages other properties and has access to a vast network which allows them to net you a better deal in the end.
How much do I need to pay if I use a real estate agent?
You should always ask exactly what you are paying for when using a real estate agent. If you decide to use their services then make sure you understand what they do, how long it takes them and what the total cost will be. This way, there shouldn't be any nasty surprises at the end of the process. Also, note that when you are purchasing a property, you do not pay the agent. The seller will pay the commission to your agent, the same way you will pay the buying agent on your sale. This commission comes out of the agreed commission you are already paying your selling agent.
Should I fix the price or let the agent decide?
You can choose whether to fix your house's sale price and give an approximate guide as to how much you want to sell it for eventually at an exact amount or leave it up to real estate agent to set a different price. As long as you make sure they know what your realistic expectations are they should be able to get the best possible price for your property.
If you allow the agent to set the sale price then they will take into account factors such as market conditions, comparable prices in your area and how much buyers would expect to pay. They may also be able to attract bids by advertising at auctions or asking other estate agents to make offers on your behalf. You then have the choice of accepting or rejecting any offer made.
If you fix your price then the real estate agent should be able to get a good guide for what your house is worth and attract bids quickly. It may also help to attract more buyers if you advertise in newspapers and on the internet as well as through an agency.
What do I do if I can't decide on a selling price?
You should think about what you need to achieve from the sale of your house and how much you want to spend on moving etc. Your agent may also be able to help you with this. They can estimate how high they expect house prices in your area to go, based on market conditions, and then advise you whether or not it might be best to put a high or low price on your property. If the agent thinks that market prices could drop soon then they may suggest setting a lower price than if they think prices will rise. Although you may think sellers have the upper hand in this situation, both buyers and sellers need to be aware that home buying doesn't need to be a competition, you can both walk away from a deal happy.
What documents do I need to give the real estate agent?
You should provide the real estate agent with any information relating to your house that they need to sell it. This includes the original documents from when you bought the property, copies of any surveys, an inventory of all items in the house you intend to include or exclude in the sale, and reports from any previous property inspection.
You may also have to provide details about any planning permissions or things like who owns neighbouring houses if someone wants to know this. The real estate agent or realtor will tell you whether or not they need anything else from you, such as a letter from your mortgage lender saying that the outstanding debt is all paid off. If you sell your home through a real agent then it is best to do what they ask as quickly as possible so that everything runs smoothly.
What are the real estate agent's responsibilities for selling my house?
The real estate agent should do everything they can to try and find a buyer for your house so that it sells as quickly as possible. They should show people around, take up offers on the property, arrange for open houses, write and manage the listing, field phone calls, and act as if they were working to sell their own homes but with their professional acumen. If an offer is accepted then they should draw up the contracts for sale and tell you what to do next. They will also help you with any legal matters that need doing, such as having plans drawn up or submitting documents to the real estate board/council.
What are my responsibilities when selling through real estate agent?
You should give your new estate agent all of the information they ask for and let them know as soon as possible if anything changes. You should also do all of the things you are asked to do such as preparing your home for showings and letting people in, arranging any surveys and so on. Also, if the agent has suggested that you do something to help sell your property faster then it is best to try and do this as soon as possible.
What happens when my property sells?
Your real estate professional should contact you straight away if they receive any offers on your house. They will usually ask for a decision on whether or not you will accept the offer, or counter back based on price, dates, and terms. They should also tell you about any other offers that have been made, in case you are in a competing situation that will give you greater leverage in getting the price and terms you desire. If this happens, you should think about all of the offers carefully before making the decision to sell your home.
What if I have sold my house without real estate agent?
You can also sell your property directly to a buyer, for example by placing an ad in the newspaper. If you do this then you are responsible for finding someone interested, showing them around and making sure that all of the legal matters are taken care of before completing the sale. This comes with risks and it would be wise to get legal advice.
When should I ask for a deposit?
Once you have agreed to accept an offer, the buyer will have a contingency period. Once this is complete and they have 'removed subjects' they will provide their agent a deposit equal to 5% of the purchase price. You should always check the terms of the offer so you know exactly how much their deposit is in case it falls short of this. You will then need to inquire why it's so low, as it provides you less security.
Can I change my mind at any time about selling?
It is important that you are sure that it is really what you want to do when deciding to sell your home. If you have doubts then it is best to find a way to make sure that you're doing the right thing for both you and the future buyer. Selling your home is a taxing experience, at worst you may even end up having to pay for two mortgages. To avoid that, a good talk to your real estate agent should help you make a final decision.
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