As we close out a summer marked by rising home prices and limited supply, we’re conditioned to expect the inevitable end-of-season slowdown. But the change of season doesn’t
5 Questions To Ask Any Listing Agent
If you're thinking about selling your home in during the spring market, you'll probably going to want to interview agents - and not all are created equal. Besides finding someone who "feels" right, you'll want to find someone who knows HOW to sell your home - and that starts with pricing.
Here are the 5 questions you need to ask ANY real estate agent who wants to sell your home.
| 1. What is the average time on market? |
This stat will show you how "in demand" your neighborhood is. The shorter the time, the hotter the neighborhood. The longer the time then people are probably finding what they're looking for elsewhere. This affects your pricing because if your neighborhood in Chapel Hill is slower than you'd like, then you would need to price it lower. If homes are selling in just a matter of days then swing for the fence!
If a quick sell is important to you, then you don't want to be the most expensive home in the neighborhood. Your home might honestly be worth it, but it will stand out when people are looking for a bargain. The median price is important to know because it eliminates any distressed homes selling from below market rates and super-high priced homes that might be lingering for the perfect buyer.
3. What is the Percent of Sales Price to List Price?
The closer to 100%, the healthier your neighborhood is and the more confident you an be with that price. How can it vary?
• Throughout the entire Triangle, the average "sales to list price ratio" for last month was99.4%
• In Chapel Hill, that same number was98.7%in November.
• Different neighborhoods can bring dramartically different results. In The Oaks for last month if was85.1%, but in Briar Chapel, resales sold for100.1%of their last list price.
Knowing this number in the beginning can prepare you for any negoiations that might be heading you way when that offer comes in.
This doesn't matter as much as it did 10 years ago, but it can still affect your bottom line. If a home is in foreclosure then it will probablly sell for WAY below fair market value. The bank wants to get something out of it so they'll accpet a fraction of what the home would otherwise be worth (and many times, these homes can be trashed).
Even if a distressed sale isn't used as a direct comp for pricing or appraising your home, one or more homes like this in your neighborhood can turn people off, and this job is as much psychology as it is square footage.
Anyone you choose to sell your home should be an expert in your neighborhood. They're going to be getting questions from other potential buyers as well as agents and if they don't know if your HOA dues will be going up next year to pay for the pool expansion because of the big new neighborhood going in next door, then that will turn people off and you could loose someone who would otherwise love your home.
Can you think of any more? Maybe last time you sold your home there was a question that if you had asked it would've gone smoother or you might have picked another agent to represent you. Let me know!
Likewise, if you're thinking about selling your home this spring, give me a call and you can ask me all these questions. If you like the answers then we can get the ball rolling.
Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....
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