Are you thinking of listing your home, or how I like to say it, Your Investment? Selling what is most likely your biggest investment is a huge undertaking. However, understanding the process, being prepared, and hiring a knowledgeable agent are the keys to getting your home sold quickly.
To help you understand the process thoroughly before you put your investment on the market, we’ve compiled our top Sellers FAQ below.
When is the best time to sell my home?
Since the real estate market differs from year to year, there is not a single, concrete response to this inquiry. There are particular patterns from year to year to assist with your decision.
Generally, spring is the best time to sell your home since this is typically when the Florida market gets a lot of attention from buyers. Spring is Florida’s high tourist season, which is when many foreign investors visit to research while vacationing. And with summer approaching, which is an ideal time for families to move, most families begin to look and purchase homes in the spring. However, the actual peak selling months can differ from year to year, depending on the weather condition and the state of the economy.
What is the difference between list price and sale price?
The list price is the price of the home as it is currently listed for sale. The sale price is the price that the buyer and seller ultimately agree upon.
Just how much is my home worth?
One of the quickest ways to get an idea of what your home is worth is to look into sold homes from the past six months in your neighborhood. This will give you a good range of what your home is worth. It’s important to find what the homes sold for and not their listing price.
The best method to assess your home’s value is to work with a real estate agent to go over the regional market and your individual goals.
Here are a few of the most crucial factors we use to determine the value of your home:
– Location – surrounding area, distance to waterside, schools, cultural centers, etc.
– Number of Bedrooms and Bathrooms
– Age of the Property
– Square Footage
– Lot Size/Features
– Kitchen and Bath Quality
– Window and Roof Quality
What is a home sale contingency?
A home sale contingency is a kind of contingency provision typically found in real estate sale agreements. Basically, a home sale contingency provides that the deal depends on the successful sale of the buyer’s home by a specified date. The agreement is voided if the buyer’s home does not sell by that specific date.
There are two typical kinds of home sale contingencies:
Sale and Settlement Contingency
This type of contingency is utilized if the buyer has not accepted an offer for their current home. The specification is that if the seller gets another offer, they need to offer the initial buyer a chance to get rid of the sale and settlement contingency within a specific time duration (generally 1-2 days) before accepting the brand-new deal.
Settlement Contingency
A settlement contingency is utilized if the buyer has actually gotten a deal and has actually developed a settlement date for their existing home. If the buyer effectively sells their home by the settlement date, the agreement stays intact.
Are Assessed Value and Market Value the same thing?
NO! Assessed value has absolutely nothing to do with market value.
Inexperienced real estate agents will frequently confuse the general public when they make statements like “the property is listed well below the assessed value.” However, they are not the same thing.
Should I list my home at a higher price, so I have wiggle room for negotiations?
While you might believe that you are providing yourself room to work out, too high, a price is more most likely to drive off possible buyers. The longer your property stays on the market, the more likely your property will be seen as a “problem home” by lots of buyers.
What commission do you charge?
By Florida law, real estate commissions are completely negotiable. However, most deals have a commission fee that ranges between 5% to 6%.
The commission is really important when selling your home. A buyer’s agent must want to sell your house!
If all the homes you’re competing against have larger commission splits, guess what occurs? Hint: Buyer’s agents will show those properties first before showing your home.
What are the Seller’s closing costs?
Sellers in Florida should expect to pay around 1% to 3% of the total sales price in closing costs; however, this doesn’t include real estate commissions — which average 5% to 6% and are paid at closing.
For how long is your listing agreement?
Your commission fee and the length of your real estate agreements can differ from agent to agent and business to business. As a basic guideline, the majority of agreements fall someplace in between 3 to 6 months. You may find that homes that are anticipated to take longer to sell normally have more extended agreement terms.
Will you be representing both the seller and the buyer in the transaction?
When hiring a real estate agent, it is important to know who they represent in the transaction. Some real estate agents in other states will act as a dual agent with the proper disclosure and consent to the parties. However, dual agency is prohibited in a handful of states, including Florida. As such, we will only be representing you and your best interest throughout the entire transaction.
What will you be doing to market my home?
Finding out specifically what your real estate agent is going to be doing to sell your home is another critical question. Every real estate agent has a wide variety of services they provide. Some agents do a remarkable job at marketing, like conducting open houses, creating property websites, etc. In contrast, other agents do little to absolutely nothing but list your property on the Multiple Listing Service (MLS).
Together, we will develop an extensive real estate marketing strategy that is designed to sell your home quickly for the highest price.
Do you have contractors that you can refer me to for work required on the home?
Any experienced real estate agent who has been in the business for a while will have a list of contractors that can help make your home market-ready. Our referrals include:
Painters
General carpenters or handyman
Electricians or plumbing technicians
Home Stagers
What, if anything, should I do to prepare for showings?
One of the most important aspects of selling a house is the buyer’s impression of your property. There are some easy things you can do to guarantee the buyer feels good about your house. These include:
Ensuring the house is clean and neat. Getting rid of all excess clutter is essential. You want the house to feel as large as possible.
Make certain all of the drapes are drawn, and the house is getting good natural sunshine.
Turn on lights in any locations of the house that could utilize a bit of extra light.
Your agent will offer additional suggestions based upon his or her evaluation of your property.
Just how much information am I required to disclose to buyers?
Each state has real estate disclosure laws that require you to report any significant issues you know about with the house– especially if you are asked about those issues.
In some places, it is a caveat emptor or “let the buyer beware.” What this implies is you don’t need to disclose problems, but you are required to respond to questions truthfully.
Florida state law requires sellers and their agents to disclose any issues they know about that may materially affect the value of a home or property. This requirement applies even if the buyer does not ask whether the seller knows about defects. You can avoid the threat of a potential lawsuit by disclosing known problems. If not, the buyer could come back after the sale and sue you for failure to disclose if you were not to disclose an issue to a buyer.
Something you must remember about disclosure: Disclosure laws in real estate usually need you to answer or disclose issues that materially affect the value of the property– not to offer a laundry list of minor problems to every possible buyer.
For example, you might not like the way your garbage disposal works, but if it works, you don’t need to inform buyers about your feelings. You can overdo it by telling buyers about issues. Ask your agent if you have a question about a problem. Your agent can offer you suggestions to safeguard you and your sale. Your agent will be able to give you more information about your state’s disclosure laws.
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Contact Us
We have agents who specialize in selling homes in South Florida, and they would be delighted to work with you.
If you’re considering selling you home or investment property, we’re here to help. We’ve assisted many sellers over the past 15 years. We put our clients’ needs first. Contact us if you have any questions.