Home Selling FAQ
How is my home value determined?
Fair market value is determined by a comparative market analysis, also known as a CMA. It’s an informal estimate of your home value based on recent sale prices of similar properties. A home appraisal is another way of determining your home value. A certified appraiser can establish your home value and is usually more accurate than a CMA.
What factors can influence the price of my home?
It’s in your best interest for your home to sell for the highest price possible and in the shortest amount of time, but there are some factors that can influence the price of your home. Those include the current real estate market conditions, your motivation to sell, the comparable homes in your area, the condition of your property, and the expertise and knowledge of your REALTOR®.
What are closing costs and who pays for them?
Closing costs include fees for commissions, lender fess, escrow fees, property taxes, title insurance, and prepaid interest. Your Realtor® or lender can provide an estimated closing cost statement on what to expect to be paid at closing. Closing costs can be paid by the seller or buyer depending on what is negotiated in the contract.
What do I disclose to the buyer about property condition?
Disclosure laws vary from state to state, however if you know something it is best to disclose it. In our state, the Texas Real Estate Commission promulgates a Seller’s Disclosure of Property Condition form for use in residential real estate transactions. The purpose of the disclosure is to make clear what items are in working condition and whether the seller knows of any defects or malfunctions, red-flag conditions or previous fires, floods, or repairs that have occurred. It also includes notice of the existence of unpermitted additions, unpaid HOA fees, violations of deed restrictions, lawsuits or any conditions that “materially affect the health or safety of an individual.”
When is the best time to sell a house?
Traditionally you will hear that the spring and summer are the best times to sell a home, but any time you need to sell a house is the BEST TIME TO SELL! The question is why are you selling? Do you need to relocate? Are you looking to move up? Are you wanting to move to a smaller home? There are various reasons why you may need to sell your home. Just like there are various reasons why there will always be buyers looking to purchase homes. Although there may be less buyers during certain times of the year, experience has shown us that those buyers tend to be more motivated to buy.
Why should I use a REALTOR® to sell my home?
Real Estate transactions typically involve one of the biggest financial investments that you’ll experience in your life. Why leave that up to chance and go it alone? You need to think about the time, energy, sources of information, marketing, and legal knowledge that is needed to complete the transaction. A full-time professional REALTOR® has the local contacts and knowledge to be able to walk you through the entire home selling process.