Planning to sell your home?
Selling a house is a major life decision to make. Your home is likely your largest asset and the biggest financial investment you have ever made. If you are planning to sell your home and decide to work with a realtor for help, it is just as important that you know what questions you should be asking before the home is actually listed for sale. Here is a look at some of the most important questions to ask when selling a house.
What Is the Marketing Strategy the Realtor Plans to Use?
All realtors utilize their own skill sets and tools to build a marketing plan for your house. It is helpful if you know what plans the realtor has in mind when you initially make contact with them. Finding a realtor who readily comes up with a marketing plan means you are working with a true professional.
Will the Realtor Have the Home Appraised Before It's Listed?
You may know what your home was worth when you bought it, but if you are selling a house after living in it for several years, the value can change rather drastically. In some cases, the realtor will actually have your home appraised before they set a price on it. If not, it may be a wise decision to have the home appraised on your own to ensure you get the fairest market price for your home in the current real estate market.
Should You Make Repairs or Amendments?
This is a hugely important question to ask. Some repairs and amendments will need to be made so that the home will fetch the biggest price, but some amendments will not fetch a good return on your investment, so it may be best to save your money for things like moving expenses. For example, something like repairing a broken-down HVAC unit is assuredly going to get you a better offer for your home, but revamping the kitchen with new appliances and countertops may not result in an offer high enough to cover the investment.
What Is an Estimate of How Long It Will Take to Sell Your House?
Of course, there are a lot of factors that have to be considered when it comes to how long it will take your home to sell, and there is no real way to know for certain when a buyer will come along that will make an offer. However, if you are working with an experienced real estate agent, they can oftentimes look at several factors and give you a professional guess of how long it will take your home to sell. Knowing this in advance will give you a good idea of how long you have to get prepared, find a new place, and pack your things.
When you ask the right questions before selling a house, you are better equipped to move forward and prepare for the major life change. Reach out to Ms. Yorkville with your important questions to ask when selling a house.
What types of amendments on my house might not fetch a good return on my investment?
There are certain amendments on your house that might not fetch a good return on investment. Generally, to make real estate investing worth it, a good number of investors aim for returns that match or exceed the various average returns on the amendment. The historical average S&P 500 return is set at 10%. Actually, you don't have to buy physical property to invest in real estate. The real estate investment trusts trade like various stocks on an exchange provides diversification without the need of owning and managing the property. In conclusion, REIT returns are volatile than the physical property. In a country like the US, the return rate is set at 12.89%.
How do I get my home appraised?
Getting your home appraised is a process that needs strategy. The most basic one is asking for advice and referrals. Doing research is important for this process because you will get a chance to work with the best. Taking your time to carefully select the right home appraiser and vetting them thoroughly will pay off greatly. An inexperienced appraiser who doesn't know the area or the type of your property might as well give wrong evaluations of your home's value. Always go for a well known expert with a good record.
Is there a difference between a realtor and a real estate agent?
There are some differences between a realtor and a real estate agent. Real estate agents for instance, must meet certain age and education requirements in the state they wish to work. Additionally, agents must attend state-approved education courses and apply for a certificate at the state's licensing exam. After meeting all these, they can now apply for a real estate license. A realtor on the other hand, must meet all these standards and must additionally pass a course on the NAR Code of Ethics and every four years thereafter to maintain certification.
What should you do if your house isn't selling?
There are a few things that you can do when your house is not selling, like finding renters, changing your price, revising your advertising strategy, or looking for a new realtor that will help you sell your home.
Should I make repairs before listing the house?
It would help if you made minimum repairs before listing your house. Some of the repairs that you could do include patching holes and cracks in the walls and ceilings and fixing broken appliances and HVAC systems.
What is your list-to-price ratio?
The list-to-sell ratio is the final price that a buyer paid for the home divided by the last list price expressed as a percentage. If it’s above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price.
Is it okay if I figure out the value of my house on my own?
Figuring out the amount of your house by yourself can do more damage than good. When you use online tools to determine the property's amount, there are some things that you leave unaccounted for. This means that your estimation may become smaller than the actual sale list price of the house.
What is the difference between list price and sale price?
The list price is the price a home is currently being listed for sale, while the sale price is the price it is being sold. A good realtor will be able to recommend a list price that is very close to the final sale price. This is one of the reasons why you should hire a realtor when selling a property.
Is it okay to price my house higher so that I can have room for negotiations?
Pricing your house higher than what is recommended may do more damage. A highly-priced house may not be attractive enough for potential buyers. Always remember that a lot of buyers are guided by realtors, and if the realtor thinks the house is overpriced, he/she may not recommend it to his/her client.