Home Seller's FAQ's
When is a good time to sell?
An easy answer is when it’s best for you! Obviously, if you are closing on a home purchase, moving for work, or want to get settled before the new school year, you have a timeline you need to work with. But, if you have the luxury of choosing when to sell, there are a few considerations. Spring is traditionally a time when there are more buyers looking, but you may also have more competition. January and February have the highest home searches according to Google. This time of year is a good time to get a higher price from buyers that need to move. Watching the market is always smart. A seller’s market (like right now!), meaning there are more buyers than sellers, is always a good time to list.
What is my home worth?
Determining your home’s market value is one very important reason to use a real estate agent. I will do a comparative market analysis (CMA) to help you set the correct listing price. I look at recent sales of comparable homes, similar homes that are under contract, and homes that are listed in the same price range of your home. Then I compare features of the homes including the size, style, number of rooms, age of the home, amenities, condition, lot size and placement, and the location or neighborhood. (Note: the tax appraiser’s assessed value of your home has nothing to do with the market price.)
How do I determine the right listing price?
What your home is worth and what you should list it at are not the same. You always want to have room to negotiate with buyers, so setting a “firm” price to avoid the negotiation process is not usually a good strategy. Neither is setting a very high price to “see what we get.” Setting an unreasonably high price usually results in a longer time on the market, which may cause buyers to pause or wonder if there’s something wrong with the home and will certainly frustrate you and could actually result in you getting less for your home. Many sellers ask about the price that Zillow or other real estate websites give for their home. These are not reliable because these sites are only taking into consideration very general demographics.
How long will it take to sell my home?
The length of time on the market will depend upon the market in your area at the time of listing and whether the home is priced realistically. I am always working to get you the highest price in the shortest time possible. In a traditional market, on average, a home that is priced right goes under contract in two to three months. If you need to sell fast, that should be reflected in the list price.
How much will I pay in commissions?
The standard real estate commission is 6% of the sales price, shared between the listing and selling sides. Commissions are not paid directly to the agents, but to our brokerages. They collect fees for marketing your home on MLS and other websites, administrative costs, insurance fees, and required fees for storing your transaction records as required by law. My brokerage then pays me for representing you in the transaction. As your agent, I will work tirelessly to represent you and will always keep my 5 Star Client Commitment top of mind. If you have any questions about the commissions, I’d be happy to talk with you further.
What do I need to do to get my home ready to sell?
I recommend that you give the home a thorough cleaning– get rid of anything you aren’t taking with you, declutter surfaces, take care of repairs, make sure the major mechanical systems are in good operation, have the exterior pressure cleaned and the landscaping spruced up. You may also consider repainting if it is overdue or if the home is painted in dark or bold colors.
How will the showing process work?
We will decide together on how to handle showings. We can set parameters as to the hours and days that showings are allowed, and how to notify you in advance. Homes show best when the homeowner is not present and we will work together to create the best experience for the buyer that also fits your lifestyle. No one has access to your home without my knowledge and we will discuss my preferred method to truly showcase your home. If you have pets in the home that need to be tended to during showings, we will work out the best way to handle them as well. Furthermore, I will try to get feedback from each showing and pass that information back to you.
Should I consider FSBO or a flat fee listing service?
I strongly discourage those options because they can be a huge burden and don’t often get you the best price for your biggest asset. Buyers know that when a home is sold FSBO or on a flat fee service, that the seller is paying little or no commissions, so they will offer less. Consider that when you sell your home by yourself, you will have to be present for all showings, and you won’t have someone to advocate for you through all the steps of the contract and closing process. If something goes wrong, you’ll want me in your corner to prevent problems or save the deal, so you don’t have to start over.
What marketing will you do to help sell my home?
Hands down, our best marketing tool is the Multiple Listing Service (MLS.) This is the database all real estate agents use when searching for properties for buyers. And buyers are using websites like Realtor.com, which is why all my listings automatically show up on these websites. My broker will list your home on our company website, and I will also use additional avenues such as open houses (when possible), social media and more depending on your home and market.
What do I need to disclose?
It’s smart to disclose any issues right up front. Your buyers will have the right to inspect the home, so it’s best they not be hit with bad news after going under contract. If you know of problems with the appliances, plumbing, electric, HVAC, roof, foundation, property lines, or deed, these need to be listed on the Seller’s Disclosure. If there are repairs that you can have done before listing, go ahead and take care of those. Anything that cannot be remedied before listing should be considered when setting your list price.
What happens if my home doesn’t appraise above the contract price?
It sometimes happens that a home does not appraise at or above the contract price. When this happens, we go back to negotiations to determine if we can save the deal by adjusting both the sales price and the terms of the contract to the satisfaction of both buyer and seller. Usually, we are able to work it out and save the deal. You always have the right to refuse to lower the price to meet the appraisal, but it’s usually in your best interest to try to work with the buyer to resolve the issue as the next appraisal could result in the same valuation.
How do you negotiate multiple offers?
A multiple-offer scenario is a fun position to be in as a seller. I will help you through the negotiation process to select the right buyer– and that is not always the one with the highest offer. We need to consider how strong the offer is, whether they are offering cash or financing, how much they are financing and what type of loan they are using. How much they are offering to put in escrow and the terms of the inspection process are indications of their commitment to the deal. You may also draw on sentiment: are they buying your home as an investment or a place to raise their family?
I hope this helps get a better idea of the Selling process and some questions that we often get! Let’s connect and I would be happy to answer any additional questions your having about listing your home!
Warmly,
Christina & Matt
Matt & Christina are Team Skally, top real estate agents in the Seattle Metro with expertise in luxury homes on the Eastside including Bellevue, Newcastle, Mercer Island, Renton and Issaquah. Their client testimonials say it all - they deliver exceptional service and record-breaking results. Recognized as top agents on social media by Property Sparks, Diamond Award finalists for best client service and regularly featured in online and print publications including Newcastle Life Magazine. In addition to serving clients, Matt and Christina love family time with their two boys and Leo, the Goldendoodle, as well as volunteering in the community.