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David E. Hall, REALTOR®

TRLP, GRI, CRS, ABR, TAHS, ePRO

 

Frequently Asked Questions

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Frequently Asked Questions

  1. Question 1, What are the steps involved in selling my home?
  2. Question 2, What factors can influence the price of my home?
  3. Question 3, What are the dangers if I overprice?
  4. Question 4, What is the best approach to pricing my home?
  5. Question 5, What is my role in the selling process?
  6. Question 6, Buyers Cost: What are the costs involved?
  7. Question 7, Is there a best time to sell my house?
  8. Question 8, What are my obligations to disclose?
  9. Question 9, What do I do if my house isn't getting activity?

Answer 1: What are the steps involved in selling my home?

Selling your home involves many steps, from consultation to pricing, marketing to escrow. View our Seller's Process for details.

Answer 2: What factors can influence the price of my home?

You want your home to sell for the highest price possible, but also in a timely fashion. Here are some factors that influence the price of your home:

  • Current real estate market conditions
  • The expertise and market knowledge of your real estate representative
  • Hard facts such lot size, square footage and condition of your home
  • Desirability factors, including location, special amenities and property attributes
  • Selling and listing price of comparable homes in the area
  • A sophisticated real estate marketing plan
  • Your level of motivation

Conditions that do not affect the price of your home

  • The profit you wish to make from the sale
  • The amount of money spent on improvements
  • The original price you paid for your home

Answer 3: What are the dangers if I overprice?

When a property is overpriced, windows of opportunity are missed. Broker and buyer interest is at its highest when a property is initially placed on the market. But if the property is priced above realistic market value, the excitement and number of showings are greatly reduced. Later, it may be necessary to adjust the price below market value to compete with new, competitively priced listings.

Answer 4: What is the best approach to pricing my home?

The best approach is to price a home just within the market value range. This allows room for negotiation, without sacrificing exposure. Make no mistake; we want you to get the best possible price for your property. However, when a home is priced too high for the market this may:

  • Attract lookers, not legitimate buyers
  • Imply you aren't motivated to sell
  • Reduce the number of showings
  • Help competitive listings look better
  • Cause financing issues for the buyer if the property doesn't appraise at the higher price
  • Ultimately force you to drop the price below market value in order to sell

Answer 5: What is my role in the selling process?

No one has a more important role in the home selling process than you. Here are some ways your participation can contribute to a successful sale:

  • Maintain the property
  • Ensure the property is easily accessible for showings
  • Communicate - let your agent know how to contact you
  • Remove or lock up valuables
  • Secure pets
  • Limit conversations with buyers/agents about price

Answer 6: Buyers Cost: What are the costs involved?

Fees vary depending on the type of property as well as what is negotiated in the sale. As your Realtor® I can provide an estimated closing statement to give you an estimate of what is to be paid as part of the sale. Some costs include:

  • Lender fees
  • Escrow fees
  • Home inspection
  • Appraisal

Answer 7: Is there a best time to sell my house?

Property sells year round. It is mostly a function of supply and demand, as well as other economic factors. The time of year you choose to sell can make a difference in the amount of time it takes and the final selling price. Weather conditions are often a consideration in some states than in other parts of the country. Generally the real estate market picks up in the early spring.

During the summer, the market usually slows. The end of July and August are often the slowest months for real estate sales. The strong spring market often places upward pressure on interest rates, many prospective home buyers and REALTORS® take vacations during mid-summer.

After the summer slowdown, sales activity tends to pick up for a second, although less vigorous, season which usually lasts into November. The market then slows again as buyers, sellers and REALTORS® turn their attention to the holidays.

The supply of homes on the market diminish because sellers often wonder whether or not they should take their homes off the market for the holidays. There are still buyers in the market place, but now those buyers have fewer homes to choose from. Those homes on the market at that time have considerably less competition. Generally speaking, you'll have the best results if your house is available to show to prospective buyers continuously until it sells.

Answer 8: What are my obligations to disclose?

Items sellers often disclose include: homeowners association dues: whether or not work done on the house meets local building codes and permits requirements; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as any restrictions on the use of property, including but not limited to zoning ordinances or association rules.

It is wise to review the seller's written disclosure prior to a home purchase and ask questions if it does not satisfy you entirely.

Answer 9: What do I do if my house isn't getting activity?

Even in a slow market, price and condition are the two most important factors in selling a home.

If a home is not getting the activity it needs in order to sell it is probably because it is overpriced for the market. The first step is to lower the price. Then go through the house and see if there are cosmetic defects that you missed that can be repaired.

The second step is to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the multiple listing service and internet.

A third option is to remove the home from the market and wait for overall housing conditions to improve and catch up to the price your asking.

Finally, frustrated sellers who have no equity and are forced to sell because of a long term illness, divorce or financial considerations should discuss a short sale or a deed in lieu of a foreclosure with their mortgage lender and their REALTOR®.

A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.

In a deed-in-lieu-of-foreclosure, the lender agrees to take the house back without instituting foreclosure proceedings. These are considered more radical options than lowering the price.