HOW MUCH IS MY HOME WORTH?
Market conditions and the state of the real estate market will play a big role in the price you put on your house. Because of the continually changing real estate market, property values fluctuate as the market goes up and down. It is important to research and understand the comparable sales (similar sold listings) in your area when you determine the value of your home.
WHEN SHOULD I LIST MY HOUSE FOR SALE?
Supply and demand and other economic factors are important things to consider when you decide to sell your home. However, the time of year—start of school, holidays, etc—that you choose to sell your house matters as well and will ultimately affect your home’s sales price. There are many other factors to consider that may only apply to your area, which is why having a good Realtor® can help you in your decision.
WHAT IS AN APPRAISAL?
An appraisal is a report that details an opinion or estimation of value written by a qualified individual. In the case of real estate, an appraisal is an estimate of a home’s value based on an expert’s evaluation of the property as well as the surrounding area. It is required in order to qualify for a mortgage from a bank.
AM I ALLOWED TO CHANGE BUYERS IF I GET A BETTER OFFER LATER?
A purchase offer is considered a legal contract, and so a buyer may potentially seek legal action against you if you choose to back out of a deal. Therefore, it would not be wise to back out of one contract for another. This is why it is important to carefully consider an offer from a buyer before you accept it.
WHAT DO YOU MEAN BY COMPARABLES AND COMPS?
When your agent is helping you decide on a sales price or an appraiser is determining a home’s value, they often consider comparables and comps. These are properties similar—in size, local, and features—to yours that have recently sold. Comparables and comps are very important factors in figuring a good sales price.
DO I REALLY NEED A REAL ESTATE AGENT?
More than just salesperson, professional real estate agents represent you by offering advice and support in your efforts to buy or sell a home. The information in listings is often inaccurate because the market is constantly changing, and an agent can provide you with up-to-date details. A buyer’s agent helps buyers understand offer terms and pricing, and they guide them in their negotiations.