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Frequently Asked
Questions
Table of Contents
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Is there a
best time of year to sell my home or property
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What are my obligations to
disclose?
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How do I get the most money
for my home?
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Do I need
to put my home in the Multiple Listing Services?
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Why don't
buyers make offers on over-priced property?
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Should I list my property with the broker who tells me the highest listing
price?
1.
Is there
a best time of year to sell my home or property?
It's no secret properties sell throughout the year. Selling can be
affected by various situations. In real estate, supply and
demand, as with other products,
will always affect timing and pricing.
Weather,
market, economic conditions and local
government rules and regulations are other obvious factors. In
our geographic location, we
realize selling in the winter months is more difficult as buyers time their
viewing appointments
based on travel time, distance, and weather conditions. Many
best-laid plans to view property
can easily be affected by mother nature. As sellers, we also hesitate
to move during winter
months as well.
Spring not
only brings us flowers and greenery, but also a refreshed buying frame of
mind. Spring through mid-summer is always a best to sell. Then comes
vacation time,
usually about one month from mid-July through August. Autumn
rejuvenates
activity and still allows enough time to complete a transaction and close
before
winter sets in.
2.
What are my obligations to disclose?
This is a
very important factor in selling your property. It is obvious that any
material
facts that could affect value or condition needs to be disclosed up front.
In New York as well as Connecticut, State laws have been passed for sellers to
disclose the condition of their properties
to potential buyers. There are financial penalties should the seller
decide not to disclose these conditions. Make certain you understand your
obligations by law. You may wish to consult your attorney to protect your
best interests.
Take
disclosure seriously, as people who have nothing to hide usually have nothing to
lose.
Things
to consider other than property condition are: homeowner association dues,
whether your property meets local zoning and building codes, any environmental
issues that
affect your property, the presence of radon gas, deed restrictions,
building permits and
certificates of occupancy for any renovations.
It's
always best to be up front. Problems can always be solved when they are
dealt with
in a timely fashion.
3.
How do I get the most money
for my home?
The most important thing you can do is price it
right to begin with.
Statistics show that an overpriced home takes longer to sell and often sells in
the end for less than market value. Most of the showing activity
occurs shortly after listing your house, so if your home is over-priced you'll
miss out on many good buyers. After you go through several
price-reductions, the buyer will expect a low price.
Each
home is unique and a lot of thought needs to be put into pricing it right.
To get a good price for your home, have a qualified real estate professional
evaluate its true market value. A good broker or agent will also
help qualify buyers and negotiate a good price on your behalf.
Buyers
these days are very knowledgeable because they have lots of information
available about comparable homes. When qualified buyers see a
desirable home at a fair price, they usually make an offer close to the asking
price.
Beyond that,
don't overlook the obvious factors: keep the house and yard clean,
fix minor problems, emphasize your home's best features, and so on.
4.
Do I
need to put my home in the Multiple Listing Service?
Many sellers are confused about the best
place to expose their property to the marketplace.
There are several options, which include an open listing or 2 types of
exclusive listing agreements.
Multiple Listing Services ( MLS) requires that a property submitted to the
service be either an
exclusive agency agreement ( seller reserves the right to sell on their own
), or an exclusive right to
sell. Most brokers today belong to a MLS service.
This allows the seller's property to placed within Realtor.com's website, one of the best locations for your
property to be advertised.
Unless you intend
to sell the property entirely on your own, the MLS is always your best bet
for the widest exposure to buyers as well as cooperating brokers.
At Steed Real Estate, we belong
to three MLS systems at no additional cost to our sellers.
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5.
Why don't
buyers make offers on over-priced property?
Sellers always believe that buyers will make offers regardless of asking
price. This is not
always true. Buyers always hope to obtain the lowest price
possible, but also don't want offend the
the seller by making too low an offer.
Buyers
usually know market value better than sellers because they spend a lot of
time researching prices using the internet, viewing homes, talking to
brokers, and so on. It is very difficult to convince an educated buyer to pay more than market value.
Buyers look for listing history, time on market, etc. and wait for a price
reduction before making a serious offer.
6.
Should I list my property with the broker who tells me the highest listing
price?
Never list with an real estate agency
that cannot justify a price with true market comparables. We all want to get as much as we can for our
property, but the reality is that some brokers will tell you what you want to hear, but not what you need to know.
This could put you in a position of having to face a number of price reductions
over time
in order to adjust to marketplace reality. In the long run
you may net less by over pricing- so please study what the comparables are
telling you.
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