How is the value of a home determined?
- In the end, the value of a home is determined by what someone will pay for it. It is the owner of the home that determines the listing price, or the price at which the home is initially offered. Many owners will turn to appraisers to have their homes valued so that they may sell at a competitive price. Another way to determine the value of a home is through a comparitive market analysis. Most real estate agents will be able to provide you with this analysis, which takes similar homes to your own that have been sold and determines a reasonable price for your home based on those current sales and the condition of your home in comparison with those sold.
How does an appraiser determine the value of your home?
- An appraiser takes several factors into consideration when determining the price of a home, including size, square footage, the condition of the home and neighborhood, comparable local sales, important historical information as well as the likely changes in the future value of the home.
How can I find out what the proper price is to sell my home?
- A good way to start is to contact a local real estate agent and ask him/her to do a comparitive market analysis. From there, you can sit down with that agent and discuss the activity in the current real estate market and the strengths and weaknesses of your home compared to recent sales in your area. Then, given your particular circumstances, you can determine what price to list your home, so that it may be sold in a timely fashion.
Who keeps personal property, such as furniture, when a home is sold?
- Personal property is most often taken with the seller upon the sale of the home. However, certain items may be included in the contract of sale for the home, such as garage door openers, appliances, entertainment systems or even outdoor equipment. Of course, almost everything is negotiable and can be included in the contract of a home or a separate contract can be created to allow for the exchange of personal property and just compensation.
How do I get information on my current housing market?
- The local and national economy is one of the biggest factors in determining the housing market. Things like interest reates, current local economic growth and demand of housing all have a large impact on the housing market. Reading articles in the local and national newspapers can give you some insight into what is happening in your area. As well, the internet can provide a plethora of information on current housing trends. But, there is no better knowledge than the knowledge of a local expert. It is a real estate agents job to follow the housing market and understand it's affects locally so that they may serve their clients in the best manner. A great resource that is often available at no charge from most agents is a comparitive market analysis, which determines the price of your home based on aspects like current sales in your neighborhood and the condition of your home.
What can I do to help sell my home?
- There are several things you can doto help sell your home. To view some ideas, please visit our "Tips to sell your home page."
How can I determine the listing price of my home?
- To determine the listing price of your home, you may hire a professional appraiser to determine value of your home or you may consult with a real estate agent who will be able to provide you with a comparitive market analysis (CMA). A CMA takes into assessment the condition and features of your home and compares it with the similar homes that have recently sold in your community to determine what is the best price to list your home.
What expenses are there in selling a home?
- In selling a home, often expenses are far less than purchasing a home. If working with a real estate agent, the commission paid to the broker, which is based on a percentage of the sale price, is the most costly expense. Unless, in your contract to sell the home, you agreee to pay the buyers closing costs or a portion of the expenses. As well, it is also good to hire an attorney to handle the closing of your home. However, if your home has appreciated in value over the time you have lived in it, the profit you receive from the sale often dramatically outweighs all seller's costs. For a list of typical seller's costs in this area, please consult our closing costs FAQ section.
Can I have my own open houses if I have an agent?
- You are welcome to hold open houses as you please. However, should you find a buyer on your own while still under contract with your Agent, you are still obligated to pay that Agent a commission, though sometimes that rate of commission may be negotiable in such circumstances.
Why do I need a real estate agent t sell my home?
- A real estate agent's job is to understand the housing market and provide that information to the customer in order to help them sell their home. As well, it is the Agent's job to market that home so that it can be shown to potential buyers. It is often a full time job to sell a home, and many people do not have the time and resources availabe to sell a home on their own that a professional Agent may have. Hiring an Agent can provide you with a much less stressful transition from selling to closing your home and can also help you find another home to purchase or refer you to someone who can.
How is the commission determined?
- The commission is determined by the Broker-in-Charge, or the head broker of the company. The commission is a percentage of the sale price that is determined upon signing a listing agreement with your Agent. Commission can very from 3%-10% depending on the property you are selling and how many agents are involved in the transaction.