Frequently Asked Questions About Selling
Q: Should I use a Real Estate Agent?
A: Your agent can assist you in developing a pricing strategy that is consistent with the market. A real estate agent will have a network of professionals including lenders, appraisers, accountants, inspectors, attorneys, title companies, insurance agents, and contractors to assist you in a smooth transaction from contract to closing.
Q: What home improvements yield the greatest value?
A: Improvements that enhance curb appeal; fresh paint and landscaping will attract potential home buyers and help secure more showings. Minor kitchen remodels and additional bathrooms give the greatest return, followed by family room additions. Take advantage of new technologies that will update lifestyle as well as the home.
Q: When is the best time to sell?
A: There is no "best" time. Generally the real estate market is most active in the spring when housing inventory tends to be greater. In the Greater Cincinnati, Northern Kentucky and Southeast Indiana markets home sales tend to slow down from November through the winter. To determine the best time to sell, evaluate your marketplace and your personal situation. Remember there are always buyers who need homes.
Q: What is the best way to sell for top dollar?
A: Price and condition are important factors in selling a home. You only get one chance for a first impression; be sure to make the right impression. The theory "price high you can always come down" is costly. It is a known fact that the longer a property is on the market, the lower the offers tend to be.
Q: How is the asking price determined?
A: Value is determined using multiple resources of information. A real estate agent will suggest a pricing strategy based on comparable home sales, homes size, condition, amenities and competitive homes on the market.
Q: If I sell For Sale By Owner will I save the commission?
A: A buyer will assume since an agent is not involved, the price should be reduced by the commission amount. The National Association of REALTORS® Home Buyer and Seller studies indicate that the average sale price of a "FSBO" is less than the average sale price of an agent-assisted sale.
Q: Should I find a new home before I sell the one I own now?
A: If you do not sell your present home first, you must qualify to carry the debt of both properties. When you find a buyer first you may have more negotiating power on both your current home and the one you want to buy.
Q: Should I have an appraisal, inspection, home warranty and title policy when I put my home on the market?
A: A fee appraisal for the purpose of selling can reinforce pricing strategy or help determine value. It may give additional leverage in negotiating if it supports the asking price. Pre-sale home inspections can uncover potential problems. The seller has control of the remedy and the buyer will have prior knowledge of any defect prior to negotiation. This may eliminate the need to renegotiate accepted contracts because of unknown property conditions. Sellers who obtain a home warranty when they list the property will have the advantage of coverage for unexpected repairs to items included in the warranty while the property is listed. The warranty will provide value to the buyer and serves as a marketing tool. An owner's title policy will protect the seller and buyer from unknown title defects.
Q: What should I do if my home is not selling?
A: In most cases homes do not sell because they are priced too high or they are not in 'market ready' condition. Make all necessary repairs and cosmetic enhancements. Starting at a high price thinking you can always come down wastes precious time. Realign your marketing strategies based on feedback and updated market information.