Frequently Asked Questions When Selling Your Home
In a red hot market like ours, homeowners who have been holding off to sell are creeping out from the woodwork ready to place their home on the market. We agree that NOW is a great time for sellers to place their property on the market to capitalize on rising home prices. Whether this is your first time listing or you've done this before, there are always questions about the selling process. Inspired by our last blog post, 7 Frequently Asked Questions During The Home Buying Process, we wanted to turn the tables and share our most commonly asked questions from Sellers and the best answers from our team.
1) How Much Is My House Worth? Defining the value of a home encompasses a number of factors - location, condition, age, square footage, etc. - and an experienced Realtor will have an edge in coming up with an acceptable price for a property.
2) How Long Will My House Be On The Market? Properties listed in Sarasota County had a median days on market of 74 (69 days for Manatee County). Homes that are priced correctly can stay on the market for a shorter time period, with right now in this high-demand market and our low inventory levels. It's not uncommon for owners to try and list higher with the hopes of making a few extra dollars off the sale, but be prepared for your property to sit for an extended period of time or not to sell at all.
3) What Is The Agent's Commission? An agent's commission is paid by the Seller and determined between the Agent and the Seller. There is no "standard rate" across the board, but commission percentages typically fall between 6%-7%. The commission is paid at closing and is split between the listing agent and the selling agent (if there is one).
4) Do I Need To Make Repairs or Update My Home Before Listing? Repairs and upgrades are not mandatory before listing your home. Making tasteful upgrades to an outdated home can prove to be helpful in making a sale happen at a better price, but upgrades are subjective (beauty is in the eye of the beholder) so try and do things that will be pleasing to the masses. Fixing known defects before you're under contract can alleviate a lot of stress during the transaction and possibly save you from providing a credit to the buyer at closing.
5) Do I Need To Stage The House? Despite whether you are for or against the idea of staging, the fact is, it works when done correctly. Data has shown that staged homes sell faster and for more money versus a home that is left as-is. If you're selling a property that is vacant, work the space with furniture and accessories that showcase the homes best features. If your property is already furnished, be sure to de-clutter the space and remove personal items to make the interior neutral and pleasing to all. After all, you're selling the home you'll be moving so start the packing process sooner than later.
6) Should I Be Home During The Showing? NO! Give potential buyers the space they need to make their decision. A Realtor will always be present to supervise the showing and answer any questions they may have. The presence of the owner can make buyers feel uncomfortable and unable to express their thoughts. Staying clear of all showings will make it a smoother process for the next potential owners.