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The Most Frequently Asked Questions We Hear from Home Sellers
Dated: April 22 2020
Selling a home is a huge financial transaction, and more often than not, it’s an emotional one that can leave you feeling confused. When you’re getting ready to sell your house, you’re bound to have some questions. Whether you’ve never sold a home before or you’ve sold a few homes, there are many areas you might be unsure of. It’s always best to ask early in the selling process as it’ll help you prepare for any hurdles that might come your way. Here are the most frequently asked questions we hear from home sellers.
- When is the best time to sell my home?
The best time to sell your home is fairly dependent on the real estate market, but typically, the market picks up in the summer. Why is that? Most people, especially those with children, prefer to move in the summer when they’re less busy and before the new school year starts. Aside from waiting until the summer, it’s also a good idea to wait until the real estate market is hot, which is also known as a “seller’s market”.
How do you find out if it’s a seller’s market where you’re located? Talk to a trusted real estate agent about a number of factors, including:
● Current interest rates
● Local economy
● Supply and demand
● And more
Your local real estate market will help you decide when the best time to sell your home is.
- How do I know what my home is worth?
A simple way to determine your home’s worth is to look at other similar homes that have sold in your area. You can also ask your real estate agent - they’ll be more than happy to help you evaluate what the best listing price will be. The multiple listing services (MLS) is a great place to look around at comparable homes. Pay attention to the price of homes that are similar to yours in terms of:
● Square footage
● Number of bedrooms
● Number of bathrooms
● Pool/no pool
● Roof age
● Window quality
● Flooring type
● And more
Also, make sure you’re paying attention to the current market when you’re determining the value of your home.
- What does it cost to sell my home?
If it’s your first time selling a house, you may be surprised to find that there are various costs you’ll have to pay. It’s important to be aware of the costs involved with selling a home beforehand, in order to avoid any unexpected surprises. There are quite a few costs that can often add up to almost 10% of the sale price, including but not limited to the following:
● A commission for your realtor
● Fees associated with staging and home preparation
● Any repair costs required
● Closing costs
● Home ownership and overlap costs
● And more
Knowing the costs ahead of time will help you make sure you’re as prepared as possible.
- What should I disclose to potential buyers?
You need to make sure you’re disclosing any issues with potential buyers. Whenever possible, try to fix any issues before you list your home, but otherwise, be honest and upfront at all times. There are state regulations, however, they vary and change often so talk to your real estate agent about any disclosure requirements in your location. Be prepared to disclose the following at a minimum:
● Water damage and/or mold
● Lead paint
● Repair and/or insurance claims
● Hazardous conditions
● Termite damage
● Previous crimes and/or deaths on the property
It’s better to be safe than sorry when it comes to disclosing issues to potential buyers.
- How long will it take to sell my home?
This varies depending on your location. Virginia Beach, VA, for example, has a fairly hot real estate market right now. Sellers are often finding themselves with multiple offers within days of their home being on the market. Talk to your real estate agent about the average time on market in your location. Keep in mind, you should also consider the price and condition of your home.
- What should I expect from an inspection?
Once you’ve received an offer, you’ll need to undergo a home inspection before you can close the deal. This is typically requested by the buyer to help them understand any potential issues you might not be aware of. You will need to provide a third-party contractor access to your home for at least 3-5 hours, in order to ensure the inspection can be done in a thorough manner.
Your real estate agent will likely provide you with information and/or resources to have on hand for the inspector. If all goes well, your buyer will be given a report on the current state of the home and you can close the deal.
Whether you’re looking to buy or sell a home in Virginia Beach, VA, give us a call at 757-350-1149 or send us an email at email@example.com to start planning your next move now! I’m here to answer any questions you may have about your real estate goals.
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