Are You Really Ready to Sell Your House?

August 22, 2019

Are You Really Ready to Sell Your House?

You've heard it's a seller's market. Is that good or bad for you?

Scary—it means you'll have to sell your house yourself without a real estate agent's help.

Bad—it means there are more home sellers than buyers in your area.

Good—it means there are more home buyers than sellers in your area.

Correct! Wrong!

A seller's market is generally good news for sellers, because it means there are more buyers than sellers, which tends to jack up the price of available homes.

How do you figure out what price to put on your house?

You take the price you paid for it, then add an additional 10% per year you've owned it.

You consult with a real estate psychic to find the magic number.

You take the price you paid for it, and tack on the full price of any modifications or home improvements you've made.

You and your real estate agent look to comps, short for "comparables," the sales price of similar homes in your area.

Correct! Wrong!

Comps, short for "comparables," are the best way to figure out the right price for your home.

You're throwing an open house. What does that mean?

You've scheduled a time when numerous home buyers can stop by your house to check it out.

You should open all doors and windows to air your space out.

You're throwing a house party to celebrate your successful sale.

You've scheduled a time when just one special buyer can tour your house in private.

Correct! Wrong!

Open houses give numerous buyers a chance to check out your house all at once.

What is home staging, and how can it help you sell your home?

It's when you declutter and decorate your house to make it look its best and entice buyers to make an offer.

It's when real estate agents advertise a home sale at a Broadway musical.

It's when you add a home theater to your house, which is attractive to cinephile buyers.

Correct! Wrong!

Experts estimate staged homes sell 88% faster than nonstaged homes!

Which of the following problems might you have to disclose to buyers?

There was a death in your home.

Your home has a history of flooding.

Your home has some lead paint.

Correct! Wrong!

Ask your real estate agent about the disclosure laws in your area, since you might have to share some crucial information about your own home.

What does it mean to sell your house 'as is'?

You have as many days to sell the house as you have lived in it.

You'll do whatever the buyer wants to get the house to sell.

You won't make any major repairs to your house—the buyers get exactly what they see.

Correct! Wrong!

Selling "as is" puts the onus for any repairs or renovations on the buyer.

You got an offer on your house, but it seems low! What can you do about it?

Propose a counteroffer, asking the buyer to increase the price.

Negotiate with the buyer to make other concessions (e.g., a quick closing date or waiving a home inspection).

Say no—another buyer may come along with a higher offer.

Correct! Wrong!

It's OK to negotiate with a buyer or say no to a deal.

Which of the following can legitimately stop a sale in its tracks?

If the buyer can't get a mortgage.

If the home appraisal comes in lower than the price offered.

If the home inspection turns up problems with your house.

Correct! Wrong!

Many things can jeopardize a sale, including problems with the mortgage, home appraisal, and inspection.

Correct! Wrong!

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