Selling your home can be stressful, but hiring the right REALTOR can help the process go more smoothly. Your agent will be the greatest resource to guide you through the multiple steps of selling a home. But to save you some time, we’ve answered a top list of common questions our agents are asked by home sellers.
- How much do I have to pay to list my home with a REALTOR? The commission rate for hiring a REALTOR to sell your property will vary and can be negotiable, but note that the old saying of “you get what you pay for” can be just as true for real estate. Hiring an agent that offers the lowest commission could mean your property may not be marketed as aggressively or there may be less aggressive negotiation on your behalf when it comes to the selling price. Think of it this way: would you work as hard doing your job at a reduced wage vs. your normal wage? Most people would not. Also, note that the commission rate you agree to pay will be split with the agent that brings a buyer for your property if it is to be displayed on the MLS (Multiple Listing Service); Brokers offer to share the commission with other Brokers, allowing them to show and sell their listings.
- How do you determine how much my home is worth? Using a comparative market analysis(CMA), your REALTOR will determine the best sale price range for your home. The CMA is an in-depth evaluation of comparable sold homes in the past 6-12 months and takes into account the features of the home (sq. ft., any upgrades, lot size, floor type, etc.) as well as the local area and neighborhood.
- Can I determine how much my home is worth using internet websites? Trusting third-party real estate websites to determine the worth of your home is not a good idea as these estimates are set up to determine the price of any home in the United States and will not have the local market knowledge your agent has. Instead, third-party websites use calculations and formulas to generate a price for homes anywhere in the United States using only the address a user enters. Without actually seeing the property and being familiar with the local area, third-party websites cannot provide you with an accurate price range for what your home is worth.
- Should I list my home at a higher price to take into account negotiations? Many sellers believe they should list higher than the price range suggested by their REALTOR to include any negotiations when an offer is received. However, doing this can overprice the home causing it to be on the market longer than if it was priced within the suggested price range. If the home is priced right, then it should sell quickly for at or near the list price. This is one of the reasons it is important to talk with a local REALTOR to help sell your home. They will have the most knowledge to determine the best price for the local market.
- How long does the listing agreement last? The length of time for a listing agreement can vary from agent to agent, but typically the agreement is dated for at least 6 months. This is not the time that your property is guaranteed to sell, but rather it’s the time you’re allowing the agent and their brokerage to market your property for sale. If the property sells before the time limit, then you have agreed to pay the commission stated in the agreement. If the property does not sell within the time limit, you will have the option to extend the current agreement, sign a new agreement with a different agent, or completely remove the property from the market.
- Should I be home during showings? The short answer to this question is no. When the seller is present at the time of showings, it can cause potential buyers to feel uncomfortable about sharing their thoughts of the home with their agent or amongst themselves. It is best to leave the home shortly before the scheduled showing and return after you’re certain the agent and their clients have left.
Thinking about selling your home or vacant land in Southwest Virginia or Northeast Tennessee? Contact us to help get your property sold!