Selling a home can be a lengthy, complicated process involving many inter-related and sometimes confusing steps, especially for first-time sellers. There’s way more to it than just listing and collecting the check (and that, of course, is why agents are worth every bit of their commission). So, naturally, sellers usually have a slew of questions – even before they begin the selling process. With that in mind, here are some of the most frequently asked questions from home sellers in Northwest Arkansas.
1. When is the best time to sell?
Of all the questions from home sellers, this is probably the most difficult to answer with any degree of accuracy. And the reason is that the best time to sell differs from town to town, and even from neighborhood to neighborhood. The best time to sell your home, then, is what will work best for you and for your particular circumstances.
In general, though, the best time to sell is usually in the spring. Winter’s harsh weather is over, days are warming up and getting longer, and people are out and about looking for homes. The optimum selling period may be April, May, and June before the summer heat gets too brutal.
To pinpoint the best weekend to list, make sure to contact a great Real Estate professional.
2. What is the real estate market like right now?
There are some general market indicators that can help you get a handle on the state of the market for your selling purposes.
One of these indicators is average days on the market – that is, the average length of time a house is on the market before it sells. The lower the average days on the market, the stronger the market is for sellers. This is closely related to the Months of Supply, which is an indication of how long it would take to sell the current supply of homes at the current rate of sales, if no more properties were to be listed.
Additional reliable market indicators are average sale prices, the number of closed transactions year-over-year for a particular month, and the list-price-to-sale-price ratio. Again, your agent can help you work through all this.
I update a Monthly Market Update at the beginning of every month, Right Here on the Blog.
3. What do I need to do to prepare my home for sale?
This question from home sellers in Northwest Arkansas is the one often asked with the most anxiety and worry. Home sellers are often worried that they will have to dump a lot of money into their home in order to sell it. An improperly prepared home may sit on the market for a long time.
Just keep in mind that first impressions are hugely important. That means then that you need to do everything possible to ensure that your home looks its best and that everything is properly functioning. And, often, it’s not as difficult or as expensive as it may seem at first glance.
Typically, it just takes a critical eye and a little elbow grease. Be sure to de-clutter and paint rooms where needed and have the HVAC, plumbing, and electrical systems checked out. Take care of the landscaping and make sure the roof is in good repair. In addition, it’s a good idea to hire professional stagers.
4. Why does the assessed value differ from what my agent says the home is worth?
The confusion and concern here are understandable because these values can differ widely. Just keep in mind, though, that these valuations are made for different purposes, so it’s really not a great matter for concern.
The assessed value of your home is a valuation made by your local municipality in order to determine the amount you have to pay in property taxes. This valuation actually has no effect on and plays no part in what your home will be worth to potential buyers.
The appraised value and the CMA value determined by your agent are close to the price your home can reasonably expect to command under current market conditions. However, (and most importantly) what a Buyer is actually willing to pay for it is the market value of your home.
Problems arise, though, when buyers aren’t aware of these differences. When the assessed value is lower than the appraised value, they may think your home is overpriced. Or, on the other hand, if your home is priced lower than the assessed value, they may think something is wrong with it. Again, your agent can help with explanations so that buyers will realize that there is no real connection between assessed and appraised value.
5. How does my agent determine what my home is worth?
Real estate agents employ several methods to determine what your home is worth in the current local market. The most common method is a comparative market analysis (CMA). This is a thorough analysis of comparable, recently sold (typically with the past 6 to 12 months) homes in the neighborhood and immediate area. When your Realtor® determines what homes like yours have been selling for in your area, they will have a good idea of what your home will be worth to buyers.
A professionally conducted CMA will take into account the following aspects of your home and the comparable homes:
- Total square footage
- Number of bedrooms and bathrooms
- Kitchen upgrades
- Quality of windows
- Age and condition of roof
- Lot/landscaping features
- Kind of flooring
- Home style
- Location conditions
6. What do I do when I get a lowball offer?
When offers begin to come, questions from home sellers in Northwest Arkansas often come down to this one important question. First, you should be aware that there will probably be lowball offers, and then you need to make sure you realize that it’s nothing personal. Keep everything on a business level, rather than an emotional one.
Also, a lowball offer doesn’t mean that the offer can’t be increased and turned into a sale. Don’t be insulted by the insultingly low offer. Instead, come back with a counter offer at a higher, more reasonable price. If the buyer is interested, they may meet your price.
7. How long will it take to sell my home?
Most home sellers are aware that it isn’t good when a home sits on the market unsold for any length of time. So one of the most common questions from home sellers in [market_city} is this one about how long it will take to sell the home. And the answer is: “It depends . . .” You can, however, increase your chances of selling quickly with a careful pricing strategy, presenting the home at its best, and effective marketing to massive numbers of people.
A GOOD AGENT IS REALLY WHAT YOU NEED HERE.
(Hint: I’m Experienced and Ready to Help.)
Just Click Here to Book Your FREE Strategy Session Now!
Or Check out My “Hidden Homes” Move-Up Program to Find Your Dream Home, before it even hits the market.