Answers to Common Questions by Sellers

Some realtors say there's no better time than another, but I disagree. If your home is right for a family, April or May is the best time to list. That's when families are starting to shop so they are in a new school district before August. If your home is a condo on multiple floors, you should avoid listing as the weather is getting bad. Snow on steps will not only deter buyers from coming but if they do come and slip on the steps, they'll not want to live there. If your property is a vacation spot, list when tourism season or lake life is picking up. Most other property can be listed at any time of year.

That’s where a good realtor agent comes in. Ask a couple agents to run a “comp report” comparing recently sold properties that have similar qualities, such as size, age, and location. With that information, you’ll feel confident about your sales price (and the agent you want to go with). Beware of agents who price your home much higher than other agents do. Overpriced homes hurt you as a seller because it reduces the number of buyers who book a showing.

The costs associated with selling your home usually come out of the proceeds of the sale. First, the balance of your mortgage, any due property taxes, HOA unpaid dues, contractor liens, etc. get paid. If you're caught up on bills and don't have a mortgage, that category should cost you nothing. Next, the title company or attorney will charge a fee to do the title search and remove your name from the deed. That's usually around $300-700. Last is the agent compensation. Real estate agents spend their own money to take photos of your home, create marketing materials, prepare legal documents, and advise you through the selling process. The listing agreement will specify how much compensation you are paying and how much of it is to be offered to an agent who brings a buyer. Compensation is usually a percentage of the sales price and varies based on many variables (seller's agent/buyer's agent comp, price of the property, services provided, agency, etc.). In general, it's usually around 4-10% of the selling price. About half of the total compensation is often shared with the buyer's agent (determined in your listing agreement). All moneys go through the agents' brokers who also keep some of it.

No you don't. However, not allowing for that in the price of your home will eliminate some buyers who can't or don't want to pay cash out of pocket for representation. Many first time homebuyers barely have enough cash to pay closing costs and a downpayment. Since agent compensation can't be rolled into the loan, that added expense could prevent a buyer from considering your home. And because the cooperative compensation you offer is visible to buyers, you may never know how many buyers you missed out on because of not offering to cover it. And because having more buyers interested often drives up the selling price, you could lose out on getting the best offer possible.

There are some things that will significantly improve your ability to sell at the price you want. Items that negatively impact the quality of life, such as a broken dishwasher or a faulty light, should be addressed. Items that may mislead a buyer to think there is a bigger issue, such as spots on the ceiling or cracks in a wall, should be repaired. Cosmetic issues that are hard to overlook but aren't a big deal can be put off if you don't have the money. Outdated fixtures and colors will negatively impact your price but can be ignored if you understand the price has to reflect it. Deep cleaning is cheap and one of the biggest positives a seller can do. So it's all about prioritizing what you have the ability to do and if the reward outweighs the cost.