Factors to Consider when Selling Your Home
Factors We Cannot Influence:
Factors We Can Influence:
- Location: the largest factor affecting the value
- Timing: economic conditions, interest rates, other available homes in your area
- Geopolitical events taking place around the world
- Price: set carefully to reflect the current market trends / dynamic between supply & demand
- Condition: identify what to repair and / or replace
- Terms: broaden the base of potential buyers (buyer pool) through flexible terms
- Marketing: provide maximum exposure to buyers and agents via various channels
- Accessibility: make it easy for agents and qualified buyers to view
The Selling Process
After you decide to move, there are many steps necessary to ensure a successful sale. Here's a step-by-step, high-level overview:
- List the Property
- Establish Price and Time Frame
- Develop and Implement Marketing Strategy
- An Offer is Submitted
- The Negotiation Begins
- An Offer is Accepted
- Buyers Submit Loan Application
- Home Inspections and Appraisal are Scheduled
- Contingencies are Removed
- Loan is Approved
- Coordinate all Activities for Closing
- Review Closing Documents
- Finalize and Close Transaction
Frequently Asked Questions about Home Selling
What does it cost to sell a home?
Common costs in selling a home include:
What is 'escrow'?
- Real Estate Commission: The commission is not fixed by law and is generally negotiated between the seller and the seller's agent.
- Closing Expenses and Costs: Costs vary depending on the sales contract and may include items such as transfer taxes, loan payoffs, termite inspection, any judgments and liens, recording fees, tax pro-rations, notary fees and any other negotiated items.
Escrow is a process for handling the details of the transaction from the time the purchase agreement is accepted until title is transferred to the buyer. An escrow is a temporary deposit of assets, such as funds and documents, with a neutral third party that makes sure that the terms of the purchase agreement are carried out. The money is released when the conditions of the contract between the two parties have been met.
How long is an escrow?
The length of an escrow is determined by the terms of the purchase agreement and can range from a few days to several months. An escrow often takes an average time of 30 to 45 days.
How are real estate agents compensated?
A commission amount is negotiated between the Seller and the Seller's agent, and that amount is usually divided among the Seller's agent's Brokerage, the Seller's agent, the Buyer's agent's Brokerage, the Buyer's agent and any referring agents. Real Estate commissions are traditionally paid at the close of escrow from the Seller's proceeds.
Are you curious about your house value? Do you have questions about real estate and Realtors? You will benefit from working with our commitment level, standards, and experience. Contact Us