Your Questions About Selling Your Home: Answered
You’re probably excited to start the process if you have a home to sell. You need to consider many things when selling your property, and it’s hard not to feel overwhelmed by the task. The good news is we have extensive experience in selling homes – and we’ve answered the questions you’re probably wondering:
How will you determine my home’s value?
We will complete a Comparative Market Analysis to determine your home’s value and set a listing price. The CMA uses recent sales of homes close in geography, age, size, and features to yours. (A CMA is not the same as an appraisal, which a licensed appraiser can perform.)
Is it a good idea to start high?
Many sellers like “starting high” to see if they get higher offers, but this strategy isn’t usually practical. First, buyers may not see your listing if they use a price filter set to what they expect prices in the area to run. Second, you risk the appraisal coming in lower than your contract price, requiring your contract to be renegotiated or canceled. Third, if your listing price puts your home higher than your neighborhood value, your home will likely sit on the market longer as buyers wait for you to make a reduction. It’s best to set a realistic listing price to attract buyers quickly. Our goal is always to get you the highest possible price quickly.
What percentage of the listing price can I expect to get?
The list-to-sell ratio is determined by dividing the selling price by the listing price. The ratio is largely market-driven. In a sellers’ market, which is when inventory is low, sellers may get close to 100% or over 100% if the home sells above the list price when priced correctly. In a market with a large inventory of homes, a buyers’ market, buyers have more negotiating power so that the list-to-sell ratio may be closer to 90%. We aim to get you as much as the list-to-sell ratio as the market will bear.
How soon can we get my home on MLS?
Once we agree to work together, we will enter your home information into the MLS system. We will also schedule a time for photos and a floor plan scan of the property. Once all the information and pictures are uploaded, your listing can go live on MLS.
What do I need to do to get ready to list?
For your part, it’s a good idea to begin cleaning out or organizing storage spaces, closets, and drawers and putting away some of your décor or belongings. You may also want to have the exterior pressure washed and the landscaping cleaned up. We can discuss specific things that will help your home show better.
How will showings be conducted?
We will agree on the terms you are comfortable with for showings. We want to make the home accessible to buyers without too much disruption to your personal life. We can use a showing schedule, and unless we agree otherwise, we will notify you before showing requests. We typically use electronic lockboxes that only active members of our local Realtors Association can access.
How will The RTG Team market my property?
Marketing your listing is of utmost importance. Most buyers find their properties online through MLS (via their agent,) Realtor, Zillow, or other search engines. Listings in our MLS system automatically appear on these sites within hours of becoming active. In addition, we share my listings with the agents in our network, on our website, the property-specific website, and on our social media. We can discuss additional opportunities, such as hosting open houses and marketing within your neighborhood.
How long will it take to find a buyer?
Several factors influence the time it takes to find a buyer. These include the market conditions, price range (higher-priced or luxury homes typically take longer to sell,) location (whether your home is in a desirable neighborhood or a unique location,) and the condition of the home (is move-in ready or in need of renovations?). In a balanced market, most houses, when priced accurately and without significant damage or extenuating circumstances, go under contract within thirty days. Homes sell faster in a seller’s market, while buyers take more time to look when inventory is high.
Will you qualify the buyer?
When an offer is received, we will work with the buyer’s agent to vet the buyer. All offers should be accompanied by either a pre-approval from a mortgage lender or, if paying cash, by verification of funds available to cover the purchase price. Once you accept an offer, the buyer must put down the agreed-upon escrow deposit and schedule any inspections as stipulated in the contract. If financing is involved, their lender will initiate the loan approval process. We will stay in close contact with the buyer’s agent to ensure due process is followed.
What are the costs involved?
The seller pays for the real estate agent fees, which can be divided between the buyer’s and seller’s agents. The seller also pays off their mortgage balance, and promotions for property taxes and HOA dues. A worksheet can be calculated to give you a better idea of your net proceeds.
Is your commission negotiable?
The commission is negotiable. We will discuss how commission can be negotiable and your options.
Will you also represent the buyer?
If we happen to find the buyer for your home, you have complete control as to whether or not we can represent the buyer. We are experienced in handling both sides of the transaction fairly, but you have complete control over this choice. As professionals, we respect the confidentiality and loyalty required in dealing with both parties. On the plus side, communication is easy when we are representing both sides.
Can I cancel if I find my own buyer?
The listing agreement is a contract between you and us and/or our brokerage. It stipulates the terms for cancellation, which you are encouraged to review. Once we have signed the listing agreement, a prospective buyer that approaches you directly should be redirected to me.
How often will we communicate?
Communication is key to an easy and successful sale. We will keep you appraised of events every step of the way. You are welcome to reach out to me with questions or concerns. When we review the listing information, we will discuss our preferred means of communication and schedules to ensure we know each other’s availability and boundaries.
Thinking of selling? We're here to help! Shoot us a message or give us a call today.