Frequent Seller Questions

1. How do I set the selling price of my home?
When selling your home, setting the correct price is very important. Setting the right price will mean either more or less money in your pocket. Follow these steps to make sure you've set the best price for your home:

· Review the current real estate market and price you home accordingly.
· Be sure to take into consideration such aspects as square footage, number of rooms, location, and the local market.
· Because real estate prices are constantly on the move, it's critical that you base your home price on the most recent comparable sales in your vicinity.
· Consider employing the use of a Comparative Market Analysis (CMA)-these background reports will help you create a reasonable list price for your home. If you ask for CMAs from multiple real estate agents, choose the list price that garners the most consensus.

2. What are the two standard contingencies found in a purchase offer?
The two standard contingencies found in a purchase offer are:

· Financing Contingency: In this case, the home purchase is contingent upon whether or not a buyer can secure a loan from a lender.
· Inspection Contingency: In this case, a buyer has the right to have the property to be inspected for any issues that may have not been disclosed. If significant issues arise, the purchase offer could be revoked.
In either contingency, the outcomes can vary. For example, if buyers back out of a sale for reasons other than those contained within the contract agreement, their deposit could be forfeited. Additionally, if the seller does not fulfill their responsibility (e.g., clear title, agreed upon repairs not made, substantial changes to the property effected before closing), there could be ramifications to the purchase as well.

3. What types of issues must a seller disclose when selling a home?
When selling your home, you as the seller as well as your broker (if you have one), are responsible for disclosing any known issues that could materially affect the value of the property. More specifically, disclosure must include items which may not be obvious to the casual observer, such as a cracked foundation, of which you as the homeowner have personal knowledge.

When dealing with the sale of homes, the seller usually is required to provide a Real Estate Transfer Disclosure Statement. This statement identifies the current condition and history of all physical aspects of the house.

4. Is there a "best" time to sell my house?
Surprising as it may sound, there are actually better and worse times to sell your home. Of course, the ultimate selling factor comes down to supply and demand and general economic health, but the month in which you list your home can actually net you a higher selling price.

On average, the real estate market begins to pick up in February. However, the strongest selling typically occurs during the spring months of May through June. Interestingly, July is one of the slowest months of the year as home buyers, sellers, and real estate agents alike head out for summer vacations.

5. How can I get my house to sell fast?
There are numerous factors that go into the speed with which a house sells. Generally, however, in a healthy sales market, a house sells most quickly when it has been well-maintained, priced similarly to other houses selling in the area, and-understandably-if your home has been remodeled within the past 10 years, you'll find it will not only sell more quickly, but will also top the prices of the other contenders in your neighborhood.

6. How much home improvement is too much?
If you always plan to live in your house and enjoy home improvement the answer to this question might be "there is never too much." However, most individuals will not live in their home forever-the hands of time catch up with us all-so, there is generally a cap to the amount of home improvement that should be done, especially if you intend to own to sell. In other words, there are high-return improvements that generally will recognize a higher sales price (e.g., kitchen, bathroom, and master suite remodels), but other less obvious upgrades may not have such significant returns. The ultimate test is in determining what the market will bear over time.

7. Nobody came to my Open House-what's happening?
In today's real estate market it is rare to have empty Open Homes, but it does happen. Why? There are a few reasons why you might not be seeing the kinds of interest you were expecting, but the most frequent is a too high price tag. As you well know, being a homeowner yourself, homebuyers are a savvy lot. They will be doing their research, comparing home prices, and knowing exactly what homes in your neighborhood are selling for. Unless you have some hidden gem that you've well-advertised, buyers aren't going to spend time looking at an unreasonably priced home. Check your list price against other comparable homes in the neighborhood and assess if you need to adjust your price. If it's an issue of too high a price tag, believe us, when you bring it down to the appropriate pricing, you'll sell that home faster than you imagined possible.

8. What is the MLS?
MLS simply stands for "Multiple Listing Service." When a real estate agent is a member of the MLS, s/he can be a part of any aspect of a home purchase or sale. In other words, even if a property is listed with Company 1, it may be sold by an agent working at Company 2.

If you as the seller list your property with a real estate agent who is a member of MLS, you'll give yourself the extra benefit of having more agents aware of your listing and ultimately working for you.

9. Should I use a real estate professional?
The short answer is "Yes!" With the booming real estate market in full swing, a professional agent can assure you of getting the best price for your home. Negotiating the complex workings of the market becomes even more involved in the current market. Having a professional's knowledge of the market to help you through every aspect of the transaction-from financing to the purchase contract-is absolutely invaluable.

10. What should I do if my neighbor just sold their home for a lot more than I'm asking?
First of all, don't panic. It is not uncommon for houses in the same neighborhood to sell for differing prices. Location is just one of the components that factor into home price. Before raising your asking price, take into consideration such other factors as the age, features, size, style, and any recent additions or remodels you may have made to your home. You quickly find that the difference in price is reasonable given the differences you discover with your assessment. If there is no discernible difference in your two homes, consult your real estate agent to get a clearer idea of whether you should consider adjusting your asking price.

If you have any questions that were not answered above, please feel free to contact us.