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How
much is my house worth?
There are a couple
different ways to price your home and several variables
to consider. One way is to get a professional appraisal
of your property and another way is to have your Realtor®
do a comparative market analysis (CMA) for you. Both methods
take into account the neighborhood, the current real estate
market, the condition of the house, and the most recent
comparable listings and sales in your neighborhood.
Why
is an appraisal price sometimes different than a market
analysis price?
The appraised value of a house is a certified appraiser's
opinion of what it's worth, while the market price might
actually be higher or lower, depending on current market
conditions.
When
is the best time to sell?
It's smart to be strategic about when you put your house
on the market. The time of year can make all the difference
in speed of sale and price. In general, spring is the
best time to sell your home because that's when the real
estate market is the most active. (February through the
end of May). August is typically a slower month, with
fall showing a resurgence in interest (September through
mid November). The holidays are usually a slow time of
year, although the buyers who are looking are likely to
move quickly.
What
will some of the cost of selling my home be?
The general rule of thumb is that selling your house will
cost approximately 8.5 to 9% of the sales price. These
costs include:
- Escrow
fees. These fees are based on the price of
the home and are generally divided between the buyer
and seller.
- Title
fee. As a seller, you are required to purchase
title insurance to ensure that the title of your property
is transferable. It is also based on the sales price.
- State
excise tax. Currently 1.78% of the sale price
of your home.
- Real
estate fees. These fees vary, and refer to
the cost of hiring a Realtor® to advertise, market,
negotiate the sale of your home, and manage the transaction.
Statistics show that full service Realtors® traditionally
get you a higher sales price than you would on your
own.
- Pro-rated
property taxes. At closing, the buyer and
the seller are responsible for taxes during the time
of their ownership.
- Wire
transfer and courier fees.
- County
recording fee.
- Oil
tank decommissioning fees. (if applicable)
- Septic
tank pump and service fees. (Only if it hasn't
been done in the last six months).
What
information am I obligated to disclose about my property?
As the seller, you are obligated to disclose any information
about your property that you know about. You must provide
the buyer with a Real Estate Transfer Disclosure Statement,
which outlines the existence and condition of all known
physical attributes of the property.
What
are the some of the common contingencies in an offer?
- A financing contingency makes the purchase
contingent on the buyer's ability to get a loan and
the banks appraisal of the home.
- An inspection contingency means that
the purchase is contingent upon the findings of a professional
inspection. The buyers have the right to back out of
a contract if they're not satisfied with the condition
of the home, or the seller is not willing to make actual
or financial modification.
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