FAQ For Sellers
It’s natural to have many questions about selling your home. Listed below are some common questions that we often get before, during, and after the home selling process. Be sure to scroll to the bottom of the page to find other guides and tips for selling your home in Central Florida.
We’ll consider a few key factors to determine if it’s the best time to get top-dollar for your home. Of course there are many personal reasons (job relocation, etc.) that often carry more weight than the selling price. The top factors that influence the fluctuations in your home’s value include:
- the number of comparable properties for sale in your area,
- the average days on market (DOM) for comparable properties (ideally, the DOM for at least half of the comparable properties will be around 90 days or less), and
- season (generally, buyers are more active in the summer months).
If you need to move within about two months, NOW is the time to list.
Some numbers we look at include the average days on market (DOM), monthly inventory of houses in the market, average sales price compared to average listing price (ratio), and interest rates for buyers. These numbers help determine if the market is favorable for sellers, buyers, or neutral.
We are frequently asked this question and you’re in luck that we can get you the answer! Many real estate agents prepare a Comparative Market Analysis (CMA) to find the current market price they think the home is worth. Again, this is NOT an exact science…so find an agent that has experience and training in performing CMA’s. Want to have us perform a detailed CMA for you? Follow this link for a free report:What’s my home worth? (coming soon)
These estimates deviate in error with a median of 6.1%, or more in some cases. The problem with these estimates is that they do not account for many of the key factors that influence home value, such as upgrades and other customizations.
We would not advise this tactic. A house that is priced above the market will likely attract less interest and fewer showings. There IS a buyer out there for your house and when your home is priced fairly, based on market data, buyers will be left with little reason to negotiate.
You do not, but there are numerous advantages and reasons that the majority of home owners choose to sell with an agent. Take a look at our Ultimate Seller’s Guide – Central Florida under the For Sale By Owner section for a breakdown of how using an agent actually SAVES you money, time, and headaches. It’s not worth spending a dime to save 10 cents.
No, this is your decision but be aware that restricting a sign may allow potential buyers to drive right on by without knowing you are selling. A sign allows potential buyers and commuter/neighbors alike to tell their friends/family/co-workers that a home in their neighborhood is for sale if they were looking to buy in there. Our signs are classy and attractive. Ask us for a picture if you are concerned.
If you didn’t know, there are costs associated with selling your house. When selling your house consider taxes, insurance, agent commissions when calculating the cost of selling your house. To find a breakdown of these costs we have actually created a printout just for you! Look at this free print out: The Costs of Selling Your Home in Central Florida.
First, there are no disadvantages to having a pre-listing inspection performed and they are reasonably priced. Having this inspection allows sellers to fix any issues before the home is listed and is very attractive for buyers and their agents when viewing the house. This inspection also allows the sellers and their agent to price the home better if a known “big fix” is needed, such as a new roof. Being transparent with buyers about the condition of the house allows for a smoother transaction and leaves fewer opportunities for surprises on both ends.
Staging your house brings many benefits, and so we believe all houses should be staged in some way. A study from The National Association of Realtor found that 81% of home buyers found it easier to visualize themselves living in the home when it was staged. Staging does not have to be costly, you can do it yourself! Read the section Ready…Set…Stage in our free guide: Ultimate Seller’s Guide – Central Floridafor more information.
Some sellers do not like their home blasted all over the internet and city…and we respect this. When your house is placed in the Multiple Listing Service (MLS) over 43,000 real estate agents are able to view your property…but selling you property at the highest price in the shortest amount takes a little more effort. Speak with your real estate agent about what concerns you may have about marketing your property in certain ways.
In the early stages of listing you will be asked to sign a Listing Agreement (legally binding contract). This Listing Agreement is actually an agreement between the brokerage firm (the company the agent works under) and the seller, not the agent and the seller. In the Listing Agreement there is a section that will state the length of the contract. Typically, in Central Florida, the time frame is around one year. The first step to take would be to sit down and have an honest conversation with the agent. If nothing has changed after that then you can ask to cancel the contract. Be aware that the agent may charge a fee for some advertising costs (this is in the contract as well).
It depends on everyone’s situation. Consider your time frame, local market factors, home locations, and family needs. Let’s break down the two options:
Buying a home before selling your current home
This option brings the biggest benefit to those who do not want the stress of rushing to find another home as soon as they have a contract on their current home. On the other hand, the new home you are purchasing may have a contingency clause stating that the offer is contingent on the sale of your current home. If the current home takes longer than expected to sell, then other offers, with no contingencies, could outweigh yours resulting in your offer not being accepted.
Selling your home before buying another home
Selling your home first allows you to place a more attractive offer on a home you are interested in mainly due to not having a contingency clause. The issue here is not knowing how many days it will take to sell your current home. Factors such as local home market, number of homes selling in your price range, and marketing skills of your Realtor all play a role in selling your home quickly.
In some cases, homebuyers may not find the best-fit house for them, or a contract falls through where they are now stuck without a place to live. There are options you can take. A “rent-back” is available in some cases where the buyers of your current home, and you, agree to rent the current home for a specified amount of time as you pay them rent.
Finding the best route to take can be a conversation between yourself and your Realtor…or give us a call.
This question requires you to do some research…remember, you are interviewing real estate agents for this job. A great place to start your search is online where agents should be present and diversified. Referrals from friends and relatives is also another source of information that many prospective home sellers use. For a very in depth explanation and specific questions to ask during your interview, be sure to check our section on “Finding Your Best Fit Real Estate Agent” in our free guide: Ultimate Seller’s Guide – Central Florida.
- Every Homeowners’ Million Dollar Question: When is the best time to sell my house?
There are multiple factors that play into finding the best time to place your house on the market. Let’s break […]
We have great content to help you learn to making the seller experience painless.Buyers Articles/Guides