Ask The Right Questions
Typical First Time Home-Seller Questions
First time home sellers are most likely to have a lot of questions before starting the actual selling process. Finding answers to these questions can really help obtain a good understanding.
In this article, we’ve gathered answers to FAQ's by first time home sellers.
1. When is the Best Time to Sell My Home?
You can sell your home at any time of the year, but there are definitely some months (and even specific days) when selling is easier, faster, and more profitable. In general, spring and summer are the hottest homebuying seasons of the year, while sales slow down as we get into fall and winter.
People are looking to move around breaks in the school year. Summer, while hard to move with this Texas heat, is ideal because you have time for the kiddos to get adjusted to new place before they start their new school year in August. If you want to maximize the money you make on your house, a study from ATTOM Data shows that selling in June, May, or July are your best bets. Homes sold in June make about 9.2% more than average, while those in May sell for 7.4% more.
Fall/ Winter months, while a little slower, can be an advantage for you as a seller with the lack of competition.
There’s also data that shows what day you list your home matters, too. According to Redfin, homes listed on Thursdays sell for more money and at a faster pace than those listed on other days of the week.
Our Covenant Realtors have great information on this question with data from past years to help you.
2. How much does it cost to sell my house?
There are many costs involved in selling a house. Fortunately, most of them don’t require an out-of-pocket payment, per se. Instead, many come out of your sales proceeds at closing.
Generally, you can expect to pay about 10% of your home’s sale price in fees and expenses. These include things like:
- Your real estate agent’s commission (6%)
- Staging and prepping your home (1%)
- Seller concessions (1 to 3%)
- Repair costs (varies)
- Carrying costs (1%)
- Closing costs (1 to 3%)
Keep in mind, though, homes that require lots of repairs will probably take longer to sell and sell for less.
3. What Is The Real Worth Of My Home?
The most accurate real worth of your home can only be accessed by a local real estate expert. It depends on various factors, including the average sale value of land in your locality and the money you put into decorating and building your home (Some home improvements add more value than others) Hardwood floors, kitchen and bathroom updates...Our Covenant Realtors have great insight with a custom market analysis of your property.
4. Should I make repairs before listing the house?
Many times, homebuyers want a “move-in ready” property — one that doesn’t require much work and elbow grease before moving in. This is especially true of younger buyers, 76% of whom say a move-in ready home is a MUST.
For this reason, you may want to consider making some repairs before putting your home on the market. Smaller, cosmetic repairs can be a good idea to make your home more marketable (and more valuable). On bigger, known issues, like a damaged roof or a broken AC unit, you have two options: make the repairs and foot the bill yourself, or adjust your price accordingly. Most buyers won’t pay top-dollar if they know there are big, expensive projects waiting in the wings.
If you want to get ahead on the repairs, you might consider a seller’s inspection. For few hundred dollars, a home inspector can evaluate your home for potential issues and problems. You can then use their report to guide your pre-listing repair projects. Doing this can help make your home more marketable, plus it can prevent time-consuming inspection delays later on. Keep in mind that your state may require you to disclose certain issues that may surface as a result of the inspection.
5. Can I take my favorite light fixture (or other favorite home feature) with me?
Anything that’s attached to the house is something you’ll need to leave behind for the buyer. This includes light fixtures, built-in shelving units, blinds, door hardware, and more. If there’s something specific you don’t want included in the sale, make sure you bring it up during negotiations. You’ll need to note it in your sales contract.
Consulting with a realtor is very important if you plan to sell your home since their experience will help you ensure you are in the best position to capitalize on one of your most prized possessions.
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Posted by Covenant Realty Corporation on Monday, October 7, 2019