Real Estate Questions Sellers to Expect from Home

1. How should I prepare my house before selling it?

First impressions from the curb appeal to the interior décor matter. Many potential buyers are looking for ways to  re-negotiate the price. It is wise to make sure that the HVAC, plumbing, electrical, foundation, and roofing systems all work properly. Each room should look clean and decluttered.

2. Should I order a home inspection?

Although seller upfront inspections are not required, getting a pre-sale home and pest inspection is a plus, it allows the seller to be proactive versus reactive. It also allows for a smoother transaction since all parties are aware of the deficiencies or corrections (if any) before making an offer.

3. How long will it take to sell my home?

Once the house is on the market, it typically takes anywhere from four to six weeks to sell. However, due to limited inventory when priced correctly a seller could see their house off the market within a week. On the flip side, if interest rates continue to rise or issues arise such as negotiation, lack of exposure, or house conditions then the property can sit on the market for months.

4. What is the selling price of my home?

The real estate market is cyclical and varies with supply and demand. Other factors include the neighborhood and what similar-sized houses are currently selling for. Also, look at the age and condition. Are major repairs needed? Will your home be sold AS-IS and or will repairs and updates be completed before selling? The realtors' job is to best inform their clients about these different factors and accurately list their houses.

5. What is an agent’s compensation?

In a real estate transaction, the agent is usually paid a negotiated compensation based on the home’s final sale price. In many cases, both the buyer’s agent and the seller’s agent split the compensation fee 50/50. 

6. Are real estate prices negotiable?

Yes, almost everything in real estate is negotiable. Typically, there is a difference between a home’s list price and how much it actually sells for. The current market’s saturation will determine how much wiggle room there is for negotiation. If you’re on the buyer’s side, expect the house to be able to be purchased for less if there is a lower demand than supply in the market. Vice versa, if you’re on the seller’s side expect it to usually sell for less. That being said, you never know who else is house hunting. Sometimes people will swoop in and offer the exact asking price.

Real Estate Questions to Expect from Home Buyers

1. What is the first step in buying a home?

If the purchase is not all cash the very first step is to get approved for a mortgage. Without being approved for a mortgage it will be quite difficult, if not impossible, to purchase a new home

2. Should I sell my current property before buying a new one?

This is a tricky question, and the answer primarily depends on one’s funds and ability to find temporary housing. If a client needs more equity to purchase a new home or meet a mortgage plan, then it is best to sell one’s current home before purchasing the next one. That being said, they will most likely need temporary housing at a friend or relatives, or by arranging a short-term rental elsewhere.

3. Should I do a home and pest inspection?

Yes, most realtors order these inspections for their clients.  A home and pest inspection are two of the most vital steps when purchasing a property. Professional inspectors have the knowledge and expertise to determine how well the house has been taken care of. The inspectors can comment on structural and cosmetic issues, along with any local code issues.  Information provided by these reports may help you when negotiating the value.

4. Should I do a final walk-through?

A final walk-through is not required but is highly recommended. Final walk-throughs give buyers a chance to make sure nothing has changed since their initial inspection or previous visits. Also, if repairs were requested as part of the sale offer this would be a good time to follow up to ensure all repairs are done satisfactorily.

5. How does earnest money work?

Earnest money deposit (EMD) is similar to a rental deposit. It is made in good faith to demonstrate to the seller that the buyer’s offer is legitimate.  Because of changes to the purchase contract and the process to purchase in general buyers are responsible for delivery of their EMD generally within 3 business days after going under contract. The contract defaults to 3% of the purchase price however the buyer and seller can negotiate the amount at the time an offer is submitted or countered.