Frequently Asked Questions for Buyers and Sellers
Questions for Sellers
Is there a "best time" to put my house on the market?
The time of year may impact the length of time on the market and the selling price. Typically, summer is the busiest time however supply and demand impacts the market.
What are comparables or comps?
Real estate comparables, or comps for short, is when current listings, recent solds, and recent expired homes with similar characteristics, in your area, are “compared” to determine the value of your home. This helps in determining a fair market listing price based on the “comps."
Who is responsible for making repairs, if any, as a result of home inspection reports conducted by the buyer?
The repairs are negotiable between buyer and seller.
Why should I hire a real estate agent.
There are several advantages of using a real estate agent to sell your home. One advantage is your home will be added to the Multiple Listing Service (MLS) so that large numbers of other agents will have access to your property generating a large pool of potential buyers. In addition, your real estate agent absorbs all of the cost of advertising and marketing. Potential buyers will be screened and can only view your home with a licensed agent.
Another advantage, is the complexity of negotiation and getting the sale to closing. Real estate agents do this every day and they have the education to help you make selling your home a pleasurable experience.
Due to the constant changing of the market, the information available on the internet is not always 100% accurate. There are times when you need the most current information about sold or currently listed homes, and real estate agents have immediate access to that information.
Let's price my home high and see i we get an offer. We can always come down, right?
There are several reasons why this is not recommended; starting out at a high listing price could make you lose qualified buyers because they may be able find similar homes priced lower thus keeping your home on the market longer. This practice also creates a negative impression of the property. If you do find a buyer, you have the possibility of facing problems with the appraisal because of the inflated price.
Should I depersonalize my home?
YES...Remember; you never get a 2nd chance to make a 1st impression. Curb appeal is very important! Drive by your house and take a look from the road.
?Check the condition of exterior paint, especially the trim and the front door. Clear cob webs outside especially around doorways.
?Walk around the outside of the home; move garbage cans to the garage or out of view; remove any piles etc.
?Prune bushes and trees and trim plants that are blocking the windows/walk ways etc.
?Remove dead plants, weed landscaping, and lay down fresh mulch
?Keep lawn cut neatly, edged, and fertilized/sidewalks clear of ice/snow.
?Clear patios and decks of anything other than basic lawn furniture.
?Check roof and gutters; clean and make any repairs.
?Declutter the home to make rooms feel larger and more spacious. Clean out closets, remove any unneccesary furniture, and pack up and store any items you don't use reguarly.
?In the kitchen- Clear off unnecessary items from countertops. Put toasters, etc in a cabinet or out of site.*Clear refrigerator fronts of all magnets, pictures, messages, etc.
?In the bathrooms- Keep only hand soap on the counter. Put everything else out of sight, if possible. Coordinate towels to one or two colors only.
?Reduce pictures and objects on the walls. Patch and paint, if necessary, a neutral color.
?Evaluate the interior, room by room. Paint is a great investment for the return. Be sure to use neutral colors; have the carpets cleaned and clean the windows to let more natural light in.
?During every showing turn on all lights and lamps.
Questions for Buyers
What is a FSBO?
A FSBO, or For Sale By Owner, is a home that is being sold directly by the seller, without a real estate agent, however, many FSBO’s will agree to work with your Realtor.
What is a Multiple Listing Service or MLS?
The Multiple Listing Service is a database of properties for sale, used by real estate agents, who agree to share their listing agreements with one another to find buyers for properties more quickly than they could on their own.
What is a homeowners association or HOA?
Homeowner Associations are legal entities that govern a specific community and help to maintain common areas.
What is title insurance?
Title insurance, also known as an Owner's Policy, protects the interests of both the buyer and lender by insuring against financial loss from defects in the title.