Are you thinking about finding a good realtor to list your house? Once you have made the decision to sell, you want to sell your house fast. No one enjoys the haggling and the stream of people going through their home, looking for any and every problem.
Before you settle on just the right agent, take 2 minutes and read this short article. Reading it just may help you avoid making several costly mistakes.
Don’t make the assumption that your house will sell quickly.
The real estate market is unpredictable. It can even vary from day to day. Many homeowners have unrealistic expectations about the selling timeline. Every once in awhile you end up in a great seller’s market where there literally are buyers lining up to see your property but this is extremely rare.
Because every home is different and every area of the country has its own peculiarities it is hard to say what the average time is for a house to sell. You should assume that repairs and negotiations will take some time. Don’t think just because you are eager to sell means that the next homeowner will be just as eager to buy.
Before you sign the listing contract with the realtor there are a few questions you may want to ask them.
How long did it take you to sell the last house that you listed listed?
In this current housing market, what is the average time that houses are on the market?
What is a realistic time frame that I should expect for selling my house?
Once we find a buyer, how long will it take to close?
Don’t make the assumption that the realtor will bring a buyer.
The average individual homeowner does not sell many houses in their lifetime. Since they are not accustomed to the selling process they can wrongly assume that enlisting the help of a real estate agent is equivalent to finding a home buyer. The truth is that most homes are not sold not the listing agent. Many people even think that it is a conflict of interest for the same agent to represent the buyer and the seller. If you stop and think about it, it would be a strange predicament for the same agent to be telling the homeowner that they will work to get the most money for them from the sell of their home, while telling the buyer that they will work to get them the very best deal on the exact same house.
Here are a few questions to ask the real estate agent you are interviewing.
If I list my house with you, when it comes to selling my house will you represent me exclusively?
What will you do to bring a buyer for my house?
Will you be running any type of advertising in your efforts to sell my house?
What will you do to sell my house fast, besides listing my property on the MLS?
Will you plan and be available to show my house at an open house?
How many other homes are you currently working to sell?
Can they show you their comprehensive marketing plan?
Don’t make the assumption that the asking price will be what your house ends up selling for.
The price that you set for your house is just the starting point. There are many factors that go into the price of home. Only one of those factors is what you think your home is worth.
When you are setting a sales price you need to keep in mind that it is common for potential buyers to negotiate a lower price. When you are thinking about a price for you home you should consider some local real estate indicators.
It is important to understand what the local market condition is. There are typically three stages of a local market. A seller’s market is when there are plenty of buyers and not very many homes to meet the demand. A buyer’s market takes place when there are more homes on the market then there are able buyers. The buyer is at a significant advantage in this type of market due to the fact that there are so many properties to choose from. The third type of local market is a balanced market. A balanced market takes place when there is an even balance between homes for sale and people that are looking, willing, and able to buy those homes. It would seem obvious that you will be able to get closer to your asking price in a seller’s market.
The real estate agent’s expertise and experience will also affect the sales price of the house. Knowing how to sell a house and actually being able to sell a house are not one in the same. Location and neighborhood are significant factors on the price of house. Another indicator is the price that comparable house have recently sold for in your neighborhood. Home amenities, upgrades, or special features also play a role in pricing. Finally, the level of a seller’s motivation for selling their house is probably the biggest factor.
If you would like more information about the factors that go into setting a sale price then you can read this article we have written about it.
Don’t make the assumption that all the cash goes straight in your pocket.
It is tempting to think that once your house sells you will take the sale price and subtract the amount that you owed on your mortgage and that is the amount of cash that you will keep. Unfortunately when you go through a real estate agent there are several other expenses that have to be paid out of your funds.
Before you are able to count your profits you must deduct the agents fees or commissions. There will also be closing costs and perhaps other paperwork fees that are your responsibility as well.
Before you sign any contracts, make sure that you have a clear understanding of all of the expenses that you will be responsible for paying.
Don’t make the assumption that the first offer will close.
It is not uncommon for a buyer to make an offer in good faith only to discover at a later time that they are not able to get financing.
There are other reasons that deals fall through. Buyers may want to add contingencies to deal such as selling another home before they are able to purchase, or they may want repairs or remodeling done.
Be sure to fully explain your expectations about contingencies or repairs. If you are on a specific timeline be sure to make that clear in the beginning.
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