Question: How is the price set?

Answer: 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. Watch for an agent whose opinion of value is considerably higher than the others.

Question: What are the contingencies in a purchase offer?

Answer: 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.

Question: What is a seller obligated to disclose?

Answer: 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 should 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.

Question: When is the best time to sell your house?

Answer: 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.

Question: Can my sell house fast?

Answer: Your house can sell fast if you price the property in the same range that similar homes are selling on your street. A home remodeled in the last 10 years sells for the most money.

Question: My home is nicer than the others, shouldn't I get more?

Answer: This should be true, but buyers will not pay a premium for an over-improved home. You will most likely get top dollar for the street. This all depends on market conditions. Recent improvements may add to the average value.

Question: Why isn't anyone looking at my home, I'll look at offers?

Answer: If your home is priced higher than similar homes in the neighborhood, buyers don't even consider looking at the home, they don't want to waste their time. Most buyers are educated and know values for similar homes. They compare over 25+ homes before making an offer. If you ask a certain price then they feel that is what you want your agent to obtain and won't insult you with less. Overpriced homes are often not given serious consideration, so----PRICING YOUR HOME IS CRITICAL. Remember, a home is bought, not sold!!

Question: Do large and frequent ads sell homes?

Answer: Experienced agents know that flashy ads and gimmicks don't sell homes. A concerted marketing effort, a properly priced home and favorable market conditions produce a sale. The same techniques have worked for years.

Question: Why can't I get the same price as my neighbor?

Answer: Often market conditions change and your home may sell for less or more. You must see your home as buyers see it: Style, Age, Size, Features, and Recent Updates to understand value. In addition, the supply of homes of a similar style on the market can greatly influence prices.

Question: Should I use a real estate professional?

Answer: Yes! In today's complicated real estate market, a real estate professional is even more important than ever. It would take you months, and even years, to gain the knowledge offered by a true real estate professional. From knowledge of the market, to understanding the financing maze, to protecting your interests while hammering out the details of a real estate purchase contract, your professional real estate agent can save you time, money, worry and aggravation.

Question: What is the MLS?

Answer: MLS stands for "Multiple Listing Service." Any real estate agent that is a member of the MLS may assist a purchaser in all aspects of the sale of any property that is listed in the MLS. In other words, a property that is listed with Company A may be sold by one of the agents from Company B. A person wanting to buy the property listed with Company A does not have to go through Company A to make an offer on that property.

Question: How does the MLS benefit sellers?

Answer: By listing their property with a member-company of the MLS, a seller is gaining a broader exposure of his/her property to the market. Each agent that is a member of the MLS is notified of the availability of that property for sale. In effect, the seller has each member of the MLS working for him or her. The seller is also taking advantage of the expertise of the professional real estate sales associate. The seller no longer has to worry about missing telephone calls about the property, or learning about different financing options, or being home to show their property to prospective buyers.