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Your Top 5 Home Selling Questions, Answered
Dated: May 26 2021
Home selling is not something you have to do very frequently.
Unless you buy and flip properties for a living, that is.
Most homeowners will have gone through the process of selling their home no more than a handful of times.
The unfamiliarity of the task can lead to a lot of questions. Especially when dealing with the changing and evolving real estate industry.
Top questions asked by home sellers
Before you start the process of selling your home, you want to know what you are getting yourself into.
It is a good idea to do some research and get informed about the process, rules, and regulations before you contact a real estate agent to list your home.
To help you get started, we put together a list of 10 frequently asked questions from home sellers that you might also be asking right now:
1. When is the best time to sell my home?
While this is one of the most commonly asked questions by home sellers, it is not an easy one to answer.
There is no one-size-fits-all, perfect day or time to list your house. Every market is different.
In many cases, spring and summer are the most popular seasons for buying and selling. However, your needs may not suit this kind of timeline. And, more importantly, there are always home buyers looking for the perfect place to suit their needs, so selling in the peak season may not be necessary.
A good idea is to talk it over with your real estate agent, because they will be able to advise you on the market patterns in your area and let you know what will work best for you.
If possible, you want to sell during a seller’s market (that is when there is more demand for housing than actual listings available). A seller’s market is so called because it gives the seller all the negotiating power. Often, in a seller’s market, you will see multiple offers on a home and a selling price above the asking price.
2. How much is my home worth?
This is another question that is often asked by home sellers, possibly because of how difficult it is to answer.
The value of your home is determined by a number of factors. The condition of your house and the current state of the real estate market in your area are two of the biggest influences. However, things like your home’s location, the amount of land you have, the age of your home, upgrades, and repairs will all be taken into consideration.
In order to determine what your home is worth, a real estate agent will look at comparable sales in your area over the past several months to see what the listing and sales prices were. This will give you a reasonable idea of what you can ask for your home.
If you want to know what your home is worth before deciding to sell, many Realtors offer a no-obligation assessment to determine what price you could fetch for your property.
3. What steps should I take to prepare for selling my home?
If you want your home to sell, you will probably have to put in some work (or be prepared to accept a lower price if you don’t).
To have your home sell, and get a good price for it, you need to do everything you can to make sure that it leaves a good impression on potential buyers.
The type and amount of work your home will require will vary, but most sellers will, at the very least, need to clean and stage their home. Staging, in this case, does not necessarily mean hiring a designer to reorganize and decorate your home. Instead, it means setting the scene for potential buyers to be able to picture their own lives in your house. Minimize the amount of furniture and decor, showcase the potential of every room in your house, and make potential buyers feel welcome.
You might also want to consider doing some repairs on your house to make sure it’s in the best shape possible. A Realtor or an inspector can help you to determine what repairs you will need to make.
4. What are the costs involved with selling my home?
Savvy sellers know that there will be a cost involved in any home sale. But knowing what fees and expenses will be included is another matter.
While buyers are often required to pay various closing costs, sellers are usually responsible for covering commission costs for real estate agents. The listing agent and buyer agent’s commissions combined usually add up to no more than 5% of the sale price in Ontario. This cost is covered by the sale of the house and is taken out of the seller’s proceeds.
In addition to commissions, sellers will also have to pay some legal fees, which cost far less.
If you choose to do any repairs or staging prior to listing your house, consider the costs that will be involved in that as well. Make sure that you can afford to invest in those steps, as that cost will be incurred before you make the sale.
5. Should I use a real estate agent?
As you have seen, the benefit of having a real estate agent is that they can answer all of your questions. So, of course, we would say, “Yes!”
A real estate agent can help you to navigate the process of selling your home, give you advice about when and how to sell your house, and make sure you know what to expect at each new stage. Additionally, a real estate agent can offer you assistance with listing and marketing your home and advocate for you in negotiations.
However, we understand that the cost might be an obstacle for some people who need the cash from the sale of their home and don’t want to lose a portion of it to commission fees. In that case, we recommend that you take a look at your options, and keep in mind that you can negotiate on your agent’s commission as well.
Whatever you decide, do your research and see what the best option is first. Before you select a real estate agent, read some of their testimonials and reviews, talk to friends and family to get referrals, and talk with agents before you make the final choice of who you want to work with.
Almonte has been my home for many years, and I love living and working in this community. I moved from sales to Real Estate in 2016 because I wanted to help others find their dream home here in the Ot....
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