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Market Pulse

Aug
2

Top Five Seller Questions

Making the decision to put your house on the market is just the first step in selling your home. The whole process can seem like a daunting task. In our latest post, we review the Top 5 Seller Questions.

When should I put my home on the market?

This is a common question and cannot be answered similarly for everyone.  Every market is different, therefore, the best time to sell will also vary from community to community.  In general, the best and most common time to list a property is in the spring months.  This tends to be the beginning of the “busy” season for showing homes and for buyers to be looking.  With that being said, some may argue that the “off” season such as the fall and winter are better months because there is less competition and that serious buyers are always looking no matter what time of year.

How is the real estate market right now?

There are many market indicators that can assess the real estate market at any given time.  Working with an experienced Realtor can help guide you through the condition of your local real estate market.  One of the strongest indicators of the condition of the real estate market is days on the market.  The average of days a home is staying on the market is a strong indicator of how fast homes are selling and in turn how quickly your own will sell.  Other indicators that a Realtor can walk you through are market absorption rates, number of closed transactions year to year, average sale price, and average list price to sale price ratio. View our market reports page.

What is assessed value?

seller questionsAssessed value is not the same as market value or appraised value.  Assessed value of a home is done for tax purposes in your local municipality. The assessed value of a home is multiplied by the local tax rate to determine what your yearly taxes are.  The assessed value has no impact on how much your home is worth to a potential buyer in the marketplace. 

How do you determine how much a home is worth?

There are many methods to determine what a home is worth. One of the most common is completing a comparative market analysis.  This is an in-depth comparison of recently sold comparable homes in the last 6-12months.  Some of the considerations that are taken in when doing a “CMA” are square footage, number of bedrooms, number of bathrooms, upgrades to kitchen, quality of windows, roof ages, lot features, location, style of residence, and flooring.

What are the common expenses for the seller at closing?

There are steps throughout the selling process that will be at the seller’s expense as well as the buyer’s.  Typical closing expenses for home sellers include the abstract and title search, instrument survey, real estate commissions, transfer taxes, and lawyer fees.

Adirondack Listing Agents

Do you have more questions? No problem, we are here to answer your questions and get you started on the path to selling your home. Contact us today!

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