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SELLING
Pricing
How is the price set?
It's critical to price your home right in relationship to the
current real estate market and to the conditions prevailing in
your local marketplace. Since the real estate market is
continually changing, and market fluctuations have an effect on
property values, it's imperative to select your list price based
on the most recent comparable sales in your neighborhood. A
Comparative Market Analysis (CMA) provides the background data on
which to base your list price decision. Study the comparable
sales material presented to you by the different agents you
interviewed initially. If the CMAs are over two or three months
old, have your agent update the report for you. If all agents
agreed on a price range for your home, go with the consensus.
Experts recommend that more than one agent come and do the
analysis. Watch for an agent whose opinion of value is
considerably higher than the others.
Purchase Offer
What are contingencies in a purchase?
There are two standard contingencies: a financing contingency,
which makes the purchase conditional on the buyers' ability to
obtain a loan commitment from a lender, and an inspection
contingency, which allows the buyers to have professionals
inspect the property to their satisfaction. A deposit could be
forfeited by the buyers under certain circumstances, such as the
buyers backing out for a reason not provided for in the contract.
The purchase contract must include the sellers' responsibilities
such as passing clear title, maintaining the property in its
present condition until closing, and making any agreed upon
repairs to the property.
Disclosure
What is a seller obligated to disclose?
It varies from state to state. Under the most restrictive state,
the seller and the sellers' broker, if there is one, are required
to disclose all facts materially affecting the value or
desirability of the property which are known or accessible only
to him and which are not known to, or within reach of the
diligent attention and observation of the buyer. In the case of
residential properties, the seller must provide the buyer with a
Real Estate Transfer Disclosure Statement, which specifies the
existence and condition of all known physical attributes of the
property. Sellers are responsible for disclosing only information
within their personal knowledge.
When to Sell
When is the best time to sell?
In addition to supply and demand, and other economic factors, the
time of year you choose to sell can make a difference both in the
amount of time it takes you to sell your home and in the ultimate
selling price. Generally, the real estate market picks up as
early as February, with the strongest selling season usually
lasting through May and June. With the onset of summer, the
market slows. July is often the slowest month for real estate
sales due to a strong spring market putting possible upward
pressure on interest rates. Also, many prospective home buyers
and their agents take vacations during mid-summer. Following the
summer slowdown, real estate sales activity tends to pick up for
a second, although less vigorous, season which usually lasts into
November when the market slows again as buyers and sellers turn
their attention to the holidays.
1830 NASA Rd. One Suite 100
281-336-3146 Office
800-856-0335 Toll-Free
281-535-0696 Fax
281-535-0695 Answering Service
