Selling Your Home? Get Your Questions Answered
Selling your home is a major decision, and we know you have questions. From setting the right price to navigating offers and closing costs, this FAQ covers the essentials every seller needs to know. We’ve compiled straightforward answers to help you make confident decisions throughout the selling process. Can’t find what you’re looking for? Reach out anytime – we’re here to help guide you through your unique situation.
Setting the right price involves a comparative market analysis (CMA) that examines recently sold homes similar to yours in size, condition, and location. Your real estate agent will provide this analysis, considering current market conditions, days on market for comparable properties, and any unique features of your home. Pricing correctly from the start is crucial – overpricing can lead to your home sitting on the market, while underpricing leaves money on the table.
Focus on repairs that offer the best return on investment. Essential fixes include addressing any structural issues, fixing leaky faucets, repairing damaged flooring, and ensuring all systems (HVAC, electrical, plumbing) work properly. Cost-effective improvements include fresh neutral paint, decluttering, deep cleaning, improving curb appeal with landscaping, and updating light fixtures. Major renovations like kitchen remodels typically don’t recoup their full cost in a sale.
The timeline varies based on local market conditions, pricing strategy, property condition, and seasonality. In a seller’s market, homes can sell within days or weeks. In a balanced market, expect 30-60 days on average. Your agent can provide specific data for your area and price range. Factors like proper pricing, staging, and marketing significantly impact selling speed.
Sellers typically pay 6-10% of the sale price in closing costs. This includes real estate agent commissions (usually 5-6% split between listing and buyer’s agents), title insurance, escrow fees, property taxes through the closing date, HOA transfer fees if applicable, and any agreed-upon buyer concessions. Some costs vary by location and can be negotiated.
A pre-listing inspection can be valuable as it identifies issues you can address before buyers discover them. This allows you to make repairs on your timeline and budget, price your home accurately accounting for any issues, and provide transparency that builds buyer confidence. It can also prevent deals from falling through due to surprise inspection findings.
Essential documents include your deed, property survey, mortgage information, property tax records, HOA documents if applicable, warranties for appliances or recent work, utility bills from the past year, and any permits for renovations. In some states, you’ll need specific disclosures about the property’s condition, lead paint (for homes built before 1978), and natural hazard zones.
Staging helps buyers visualize themselves in the space and can lead to faster sales and higher offers. At minimum, declutter personal items, neutralize bold colors, arrange furniture to maximize space, and ensure excellent lighting. Professional staging may be worth the investment for vacant homes or higher-end properties. Your agent can advise based on your local market.
Yes, many sellers continue living in their homes during the selling process. Be prepared to keep your home show-ready, accommodate showings with sometimes short notice, and temporarily leave during buyer visits and open houses. Consider storing excess belongings off-site to maintain a clean, spacious appearance.
If the appraisal is below the agreed purchase price, several options exist: the buyer can make up the difference in cash, you can lower the price to match the appraisal, you can meet in the middle through negotiation, challenge the appraisal with additional comparables, or in worst case, the deal may fall through if no agreement is reached.
Disclosure requirements vary by state, but generally you must disclose known material defects that affect the property’s value or desirability. This includes structural problems, water damage, pest infestations, environmental hazards, and major system issues. Being transparent protects you from future legal issues and builds trust with buyers. Consult your agent and possibly a real estate attorney about your state’s specific requirements.
In a multiple offer situation, consider more than just price. Evaluate each offer’s financing strength (cash vs. mortgage pre-approval), contingencies (fewer is generally better), closing timeline, earnest money amount, and any special terms. Your agent will help you compare offers and may suggest requesting “highest and best” offers from all interested parties.
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