Home Seller’s Frequently Asked Questions
When is the best time to sell?
In an ideal situation, it’s best to sell when buyer demand is high and inventory is low. It’s best to sell in the spring and in alignment with the last day of local schools since this in most convenient for families. However, the best time to sell is when it is the best time for you. If circumstances require you to move during the holidays, then so be it, that is the best time for you. It’s on an individual basis and your Realtor can help you decide.
How long will my home be on the market?
I wish we could predict the exact length of time your home will be on the market. With a market analysis from your agent, you can determine the average days on market in your neighborhood by researching recent sold homes and their DOM’s. This will provide a good indicator of how long your home will be on the market. Good pricing plays a factor. If priced too high, a home can stay on the market longer than usual.
How does it work when buyers want to see my home?
Real estate agents in the area use a showing service called Centralized Showings. It is a trusted way to schedule showings and they validate the credentials of the agent or company and have any showings recorded and feedback is provided.
Will there be an open house?
Our brokerage always recommends it. It is an avenue to not only show the home, but to advertise as well. We can have as many or few as a client would like. It is a great way to show the home at one set time so that showings are less for a clients’ convenience. A broker open house can be arranged as well, providing an opportunity for other Realtors to preview the home for their clients.
How do I get my home ready?
Your agent will be able to give a detailed process of necessary details to make your home ready to sell. An easy way to start, I recommend to de-clutter, de-personalize, organize, and stage. If you are limited on storage space, it’s ideal to rent one or use a storage pod. Start by packing up anything you aren’t using, valuables, and personal items, such as photos. If you’re coat closet is packed full and unorganized, a buyer won’t be able to picture their own belongings fitting. That’s just the start; cleaning & general repairs are recommended too.
How do I determine a price?
The best, most accurate way to determine price is with a Comparative Market Analysis (CMA). We research active, under contract and recent sold listings that compare with your home. Home improvements and neighborhood attributes will play a factor. By comparing with other sold properties, you can see what a buyer is willing to pay in the current market.
What do I disclose to buyers?
A standard Seller’s Property Disclosure form asks the seller to describe the condition of or comment on items such as appliances, systems (electrical, heating, plumbing, roof, structure), and it has space for sellers to input information like easements & zoning. There are more state required forms like the Lead-Based Paint Disclosure, Mold Disclosure, and Source of Water Disclosure…just to name a few. It’s important to comply with seller disclosure laws to avoid being held liable for costs and fees associated with non-disclosure.
What is a short sale?
When the net proceeds of the sale of the home will not pay off the debts secured by liens against the property. If all lien holders agree to accept the lesser amount, a sale can happen.
What is a discount broker?
Usually someone who accepts a flat fee to list the home in the MLS, but no other services are provided.
Should I try to sell for-sale-by-owner?
The idea behind selling “FSBO” is to save money. (And some people just don’t want to work with real estate agents). In Colorado, typically an agent charges 6% of the sale price. 2.8% goes to the buyer’s agent, so if you list on your own, prepare to offer any buyer’s agent this much. Now you’ll have to market the home out of your own pocket and you cannot use the Multiple Listing Service since this is for agents only. Without an agent, a lawyer needs to be hired for contracts. If a home isn’t marketed and priced properly in the beginning, it sits longer on the market making it even harder to sell. Plus, time is money. It takes a lot of time to schedule showings then, after its under contract, dealing with lenders, the buyer’s agent, inspection, appraisal, title, and escrow. If you’re the type of person that likes to do all of that (like me), then yes, sell FSBO.
A large franchise brokerage or an independent broker?
I am an independent broker and I’ve worked for two large franchise brokerages and one smaller, yet very successful, independent brokerage. There are so many varying pros and cons. It’s most important to work with someone with similar values and who has a good reputation and experience. Advocates for big firms may suggest the marketing is better and the networking larger. This may have been true in the past, but with technology on our side, smaller firms can compete. Personally, I choose to be independent for its freedom to represent my clients both on their terms and mine. Smaller firms, such as mine, can give customers much more attention and truly care about customer service.
Which marketing techniques should I expect?
Advertising the listing on websites such as the Multiple Listing Service, Realtor.com, Zillow, Trulia, Craigslist, Ebay, Homes.com, Better Homes & Garden, Redfin, Facebook, Instagram, Homefinder.com and more. Visible and quality signage with clear contact information. Open houses and broker networking. Property brochures and Just-Listed postcards to the neighborhood.
How much are closing costs and the Realtor’s fee?
In our area, the typical listing fee is 6% of the sales price with 2.8% of that to pay the buyer’s agent commission. Title insurance fees; sellers typically pay the owner’s title insurance premium and the cost varies from a few hundred dollars to over $2,000.