FAQ
Top Real Estate Questions Answered By The Experts
Buyers want to see a clean home with lots of potential and few repairs. Before you sell, consider giving your entire house a deep clean and hiring an inspector to look for possible problems.
You may have heard the term “seller’s market” before. In a seller’s market, demand for homes rises and sellers can get a lot more money for their house. The following factors may contribute to a seller’s market:
Low inventory
Low interest rates
The possibility of interest rates rising in the future
Other economic factors may contribute to the market. Some cities may experience a seller’s market while other simultaneously experience a buyer’s market. Reach out to a local real estate agent for more information about the current state of the market.
No one wants their house to sit on the market for too long. A house may take anywhere between 30-45 days to sell depending on the market. If a market is hot enough, sellers could find their home off the market within a week. If the market is slow (or the house is overpriced,) the number could reach triple digits. Exposure, negotiations, and the condition of the home will also affect its ability to sell fast.
Whether you are buying or selling, you may find yourself doing some Internet research to see the value of homes in the area. But before you accept the first number, know that not all online calculators are accurate. Everything from new appliances to construction down the street can affect your home’s value.
The best way to figure out your home’s current value is to reach out to local professionals. Real estate agents or professional appraisers can give you an estimate through a consultation or competitive market analysis.
Again, online calculators are just a rough estimate of your home’s value.
Since there are many different metrics that can predict a home’s value, you may see some differences. Homeowners pay property taxes based on their home’s assessed value. But this number is not always accurate compared to the market value. Market values fluctuate more than assessed values. When you are getting ready to buy or sell a house, pay attention to the market value. You will only need to worry about the assessed value when calculating how much you will pay in property taxes.
Absolutely! There is usually a difference between a home’s list price (how much it is on the market for) and the sale price (how much it sells for.) In a seller’s market, buyers who want to negotiate should be careful. High demands leave little wiggle room for negotiation. If you want to negotiate, talk to your real estate agent about what you should offer.
Low inventory
Low interest rates
The possibility of interest rates rising in the future
Other economic factors may contribute to the market. Some cities may experience a seller’s market while other simultaneously experience a buyer’s market. Reach out to a local real estate agent for more information about the current state of the market.
Selling a home comes with a handful of costs. Expect to give up at least 10% of your home’s sale price. These costs include:
Inspections and repairs
Staging the house (and keeping the utilities running during open houses)
Closing costs
Costs to pay off your mortgage
Real estate agent commissions
Of all these costs, the real estate commissions are the highest. They can eat up around 6% of the sale price.
Traditionally, sellers will pay 6% to their real estate agent. The agent will split the difference between themselves and the buyer’s agent. This number has been the standard commission rate since the mid-20th century. But sellers don’t have to pay this 6% commission; they have other options.
Discount agents may take as little as 3% to sell a home. Flat fee services can connect sellers with real estate agents who will take over the process - all for a flat fee that saves sellers thousands of dollars. Sellers can also take on the job of being a real estate agent, listing their homes online or through multiple listing services (MLS.)
