8 Frequently Asked Questions By Home Sellers

Selling your home is a great milestone, but it's hard, emotional, and above all else, it’s complicated. A slew of questions will likely pop into your head throughout the process—and possibly keep you up at night. Plus, the market is always changing, which is why choosing a real estate agent that has a lot of experience will go a long way.

It's in your best interest to have a good understanding of what we do, why we do it, and what you can expect throughout the process. Here are some of the Frequently Asked Questions by Home Sellers. 

1. How much is my home worth?

Most homeowners want to know how much their home is worth. This frequently asked question is another one that cannot be answered with a generalized answer. One of the best perks to owning a home is the ability to make it your own and improve it how you’d like.  Finding out how much your home is worth is not something that should be done without asking a top real estate agent. 

If you hire a full-service real estate agent, they will use “comps”, short for comparables, to help draw an accurate picture of what your home is currently worth. Agents also draw upon years of experience and local, neighborhood insight to price your home.

2. Will I save money selling my home without a real estate agent?

Yes, but this is rare. In most cases, the staging and marketing abilities of an experienced listing agent can help you achieve far greater results than you would on your own. Not only can a great listing agent help you sell your home for more money but can also attract more activity, more qualified buyers, and stronger overall terms. 

Listing your home with an experienced real estate agent can also help you prevent or easily navigate issues that may arise once the home is under contract. Trying to do this on your own could be detrimental to the contract you have in place if you are not fully educated on the process and its legalities.

3. What are the benefits of listing my home with a full-service real estate agent?

A great listing agent will help you prepare and even help stage your home (if necessary). They'll also likely hire a professional photographer or videographer so that your home is showcased in its best condition. An experienced Realtor will properly guide you through all of the listing paperwork, and seller disclosures and offer you advice on pricing your home strategically. They will help you negotiate the best offer and terms and assist with all of the contracts and paperwork when there is interest in your home. 

They will also help market your home in various ways whether it be through postal mailings, single property websites, social media advertising, and most importantly, via the MLS. There can be a big difference from one real estate agent to the next but if you work with a reputable one, they are well worth their commission and much more. 

4. When is the best time to sell my home?

Every real estate market is different, therefore, the best time to sell a home will be different from one community to another and how the market is currently doing. 

Springtime according to the Statistics is always a hot time to sell your home, but there are benefits to selling in the off-season as well. 

Since every home seller's situation is different, you should discuss the timing of your home sale with your real estate agent. In some cases, selling a home during the fall and winter months is actually maybe better than waiting until the spring real estate market. This is due to a combination of many factors including lower competition and those serious buyers who are always looking for a home.

5. What steps should I take to prepare my home for sale?

On average, staged homes sell 88% faster than non-staged homes. Not properly preparing a home for sale can put a homeowner at a huge disadvantage. 

The expression “You never get a second chance to make a first impression” is absolutely true when it comes to selling a home. When selling a home you must be sure that your home presents itself in the best possible light. Making sure clutter is at a minimum, freshly painted rooms, installing new carpets, ensuring odors are non-existent, or making any necessary repairs to the interior or exterior are just a handful of things that should be done before listing your home for sale. This would be a heck of a start and something that you can be working on months in advance.

6. How long does the listing agreement last?

When it comes to the length of a listing agreement, every real estate agent will have a different preferred length. One thing to keep in mind when asking about the length of a listing agreement is the average number of days the houses are sitting on the market. If the average days on the market in your local real estate market are 75, then a 90-day listing agreement may not be enough.

7. How much are closing costs when selling a home?

The homebuyer pays for what are traditionally thought of as “closing costs.” Items such as the application fee, credit report, title insurance, property taxes, escrow fees, etc. These line item costs make up about 3% of the selling price, on average. 

Home sellers, on the other hand, also pay at the end of the transaction. The commissions that full-service real estate agents earn account for the largest costs at the end of a property transaction. While technically not a closing cost, commissions average 5-6% of the home’s final price, and that money is split between the buyer and the seller’s agents.

8. How much commission do you charge?

The commission is negotiable, period. However, while the commission can vary, it is typically 5-6% of a home’s sale price—and that’s usually shared with the buyer’s agent.

You'll want to ask the listing agent what's included in that fee and whether it includes marketing expenses like staging, photography/media, print materials, mailings, video, 3-D floor plans, broker's open events, etc., or just their representation. And please understand that your individual agent is not making the entire commission. Your agent only receives a percentage of the company's commission (the listing contractually belongs to the brokerage, not the agent) and then usually pays for all or most of marketing expenses, taxes, etc. out of their own pocket. In the end, a good agent earns their commission and then some.  

The above frequently asked questions from home sellers are all great questions. We hope that you found this Home Seller FAQ useful and beneficial.