Question 1: Is there a best time to sell my house?
A:Property sells year round. It is mostly a function of supply and demand, as well as other economic factors, like loan availability, interest rates and inventory of similar homes on the market.
Mumbai tends to be a year-round market but certain locations which attract young families and locations with quality schools and colleges may find summer the “hottest” time as families like to move between the school year.
You’ll have the best results if your house is available to show to prospective buyers continuously until it sells.
Question 2: Are there important factors to consider when selling a home?
A:The two most important factors are price and condition in selling a home. The first step is to price it properly. Then, go through the house to see if there are any cosmetic defects that can be repaired.
A third factor is exposure. It is important that the home gets the exposure it deserves like agent open houses, good publicity and listing on the local multiple listing service . Today most buyers search for homes on the internet, major exposure here has become the most effective tool. A good agent knows which are the popular portals and what kind of advertisement will attract buyers.
Choose the real estate professional who you believe will get the job done and who you like and trust, not the one that quotes you the highest price – sometimes just to get your listing.
However, in today’s market, listings that are NOT priced aggressively can be more of a liability than an asset for an agent. Keep in mind that an agent who gives you honest feedback about the condition and salable price for your home is doing you a favor in helping accomplish your goal of selling your property.
At Aristo we will help you make simple improvements to maximize your sale price and we will not take your listing unless we believe it has a good chance of selling in a reasonable time frame and at or close to listing price.
Question 3: How much is my home worth?
A:There are two methods used to determine homes value, an appraisal and comparative market analysis.
Appraisals vary in cost . Appraisers review numerous factors and base information on recent sales of similar properties, their location, square footage, construction quality, excess land, views and amenities such as garages, number of baths, etc. The appraisal should be in writing and should involve professionally accepted appraisal techniques.
However, due to today’s volatile market, most sales are not appraised until after they are under contract. About one-third of contracts do not close because appraisers, working for their underwriters, are conservative in their valuation. Your appraisal from last year may be much higher than today’s value. It’s important to work with an agent who knows the local market and can price your home to sell.
A comparative market analysis (CMA) is an informal estimate of market value performed by an agent. It is based on recent sales and listings that will compete with your property that are similar in size, style and location. A range of values will be determined thus arriving at a probable market value. We at Aristo will help you price your property to sell as we take into account the features, amenities and emotional appeal of your specific property.
Question 4: What should I do to get my house ready?
A:The way you live in a home and the way you sell a house are two different things. First and foremost, “declutter” counter tops, walls and rooms. Too many “things” make it difficult for the buyer to imagine their possessions in your rooms or on your walls, however don’t strip everything completely or it will appear stark and inhospitable. Then clean and make attractive all rooms, furnishings, floors, walls and ceilings. It’s especially important that the bathroom and kitchen are spotless. Organize closets. Clean the windows (both inside and out) and make sure the paint is not chipped or flaking. Also make sure that the doorbell works.
Question 5: Should I make repairs?
A:Minor repairs before putting the house on the market may lead to a better sales price. Once the problems are noted, buyers will not attempt to negotiate repairs or lowering the price with the seller. Any known problems that are not repaired must be revealed as a material defect. You do not have to repair the problem, only reveal it and the house should be appropriately priced for that defect.
Question 6: What are my obligations to disclose?
A:Items sellers must disclose include: any restrictions on the use of property and any plumbing or leakage issues.
Question 7: Are there standard contingencies in an offer?
A:Yes, the two basic contingencies in an offer are financing and review of legal documents.
Any contingencies that are negotiated are written into your contract. Both the buyer and seller can place requirements on the table during the negotiation phase.
A frequently seen contingency is regarding the sale and closing of the buyers home before they can purchase yours. Whether this requirement is reasonable, or even achievable, depends on the individuals involved. Financial capabilities usually play a major role in negotiations. Few people can afford to own two homes simultaneously.
Question 8: 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 again and repair as many functional and cosmetic defects that you can and get help staging it to show optimally.
The second step is to make sure that the home is getting the exposure by appointing an agent who can do aggressive marketing, especially on the internet.
A third option is to remove the home from the market and wait for overall market conditions to improve and catch up to the price your asking. But, given the uncertainty of the economy, this may be a long shot. If you need or want to sell now, listen to your agent and follow his/her advice.