Common Q&A About Selling Your Home
Question 1: Should I make repairs?
Minor repairs before putting the house on the market may lead to a better sales price. Buyers often include a contingency "inspection clause" in the purchase contract which allows them to back out if numerous defects are found. Once the problems are noted, buyers can attempt to negotiate repairs or lowering the price with the seller. Any known problems that are not repaired must be revealed as a material defect. You do not have to repair the problem, only reveal it and the house should be appropriately priced for that defect
How much is my Property Worth?
While sellers differ in the reasons they want to sell a home, they all have one thing in common - the goal is to sell their home, fast and for best price possible. Before you list your home for sale you have to establish the price. Prior to this step, you need to have some idea of what the house is worth. This does not mean the amount you bought it for or how you have since upgraded your home. Rather, the worth of your home really depends upon the price a buyer will pay. This translates into the "market value" of a home.
When it comes to real estate, "Market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days."
Three criteria make up this definition;
- Specific house
- Present condition
- 30 to 90 days
To determine a home's value, most people use an appraisal or comparative market evaluations.
An appraisal, conducted by a certified appraiser, is a professional opinion of a property's market value, based on recent sales of comparable properties, location, square footage, construction quality, floor plan, shopping, schools, transportation, etc. On average, this type of evaluation costs $300 - $500. Lenders require an appraisal as part of the mortgage application process.
A comparative market evaluation (CMA), performed by a Real Estate Professional, is a free, informal estimate of market value, based on sales of comparable properties..