Selling a home is a complicated procedure, and it gives rise to several questions. This is because either seller is not familiar with the process of selling or due to the constantly changing rules, regulations and conditions of the real estate market. Below we have listed the most common questions sellers ask. If you wish on selling your property, it is beneficial to go over these questions to become familiar with the basics of the selling process.
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When should I sell my house?
This is the most common question and something that confuses the sellers the most. This question does not have a single reply that can be given to all sellers. That is because the best time to sell a house differs from market to market depending on the conditions of each real estate market. However, according to research, the best time to sell a home in most real estate markets is during spring. The months of spring are different in different areas. You must contact a local realtor to find the best time to sell a house in your local market, as these assumptions do not apply everywhere.
What are the conditions of the real estate market right now?
The first thing sellers ask and should ask is how is the real estate market right now. The sale of the house and its selling price is directly dependent on the conditions of the real estate market. Several indicators can be studied to understand the real estate market’s requirements and situation. The best way to explore the real estate market is to look at the average days on the market. This is an estimate of how much it takes on average to sell a house. If the number of average days is small, you can assume that the real estate market is doing well right now. Other helpful indicators are the market absorption rate, the number of closed transactions, average sales price, average list price and the sales to price ratio.
What are the steps we need to take to sell our house?
In most cases, the sellers need to carry out renovations and repairs on the house before they put them up for sale to get a good selling price. Most sellers are confused about what renovations they need to do to increase the house’s value. A seller who does not prepare his home before putting it up for sale will not be at a disadvantage; hence they need to be sure that their house is presented in the best light.
How honest should I be with potential buyers?
You must be completely honest with buyers and tell them any information you have about the house. However, if there are significant defects in your property, the buyers about them will reduce the chances of your home being sold. You are advised to fix these defects; however, if they can not be repaired, you should tell the buyers about them or offer them a discount.
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What is the value of the property?
Sellers want to know the accurate value of their property to know how much they will get from the sale of the house. This question does not have a single answer that can be given to all sellers. To find out the house’s value, it is advised that you consult a real estate agent or a property appraiser. This professional will consider different factors of your home, such as the square footage, the number of bedrooms and other factors, and market conditions. Unless you have professional knowledge, you should not try calculating the value of the house yourself without consulting a professional.
Why are list price and sales price different?
Most sellers get confused about the difference between a list price and sales price, mistaking them for being interchangeable terms. The list price is the price of the house listed for the price to be sold, and the sales price is the price that the house is sold for.
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These questions are the most common queries of sellers when they initiate the selling process. They cover the basics; however, you should consult a real estate agent for more complicated questions.