Selling a home is not only a huge decision to make, but also a complicated process to take. If you want to simplify the journey while increasing your earning potential, the key is to get yourself ready.
Wondering what those questions are?
Don't worry! In this post, we've compiled all the questions you should ask before putting your property on the market.
Have you considered putting your house up for sale soon? Before moving on to the next step, you must ensure you have answered these essential questions about selling a house.
Below are the following questions about selling a house:
Selling your property is possible year-round, but some months are more accessible, faster, and more rewarding. Home buying is highest in spring and summer and lowest in fall and winter.
Selling your home in June, May, or July maximizes house profits. Homes sold in June and May earn 9.2% and 7.4% more than average. The day you list your home matters, too, according to data. On Thursdays, homes sell faster and for more money.
However, real estate is very localized, so the ideal selling period depends upon your market and homeowner's situation. Think about:
The time to sell depends on location and housing market conditions. Listing price, home condition, and marketing and staging skills also matter. According to NAR data, the average home is on the market for 62 days. It varies widely by state. You should know how fast your home will sell in your market.
Condition and demand for similar homes impact your home's value. It would be best to look at comparable sales to estimate the value of your home. They should match your size and condition. These "comps" help a real estate agent price your home. Alternatively, an iBuyer might buy your house without listing it.
Selling a house has several costs. Many don't require an upfront payment, which is good. Instead, many come from closing sales revenues. Typical fees are 10% of your home's sale price.
These include:
Selling to an iBuyer, skipping the real estate agent, or selling as-is can reduce these fees. A home that needs lots of repairs will sell more slowly.
Many homebuyers want a "move-in ready" property with minor repairs. Younger buyers (76%) need a move-in ready house. Cosmetic repairs increase house value, so make repairs before selling.
Fix severe faults like a roof or AC unit, or boost your rate. Most purchasers won't pay top dollar if massive, expensive projects are coming.
Seller inspections speed up repairs. For a few hundred dollars, home inspectors can check for issues. The report can guide pre-listing repairs. This can increase property value and speed inspections. Your state may require inspection issues disclosure.
Using a realtor has its own perks and cons. One advantage when working with a real estate agent is that they can help you sell your home faster. Listing, photography, showings, marketing, and closing are some of their services that can make your home-selling journey easier and smoother. They also have local market data to assist you price and marketing your home properly.
Pro Tip: Before hiring a real estate agent, be sure to research their services first. Look at past customer reviews to ensure they can provide the service you want. You may also seek referrals from family, friends, and coworkers.
A seller can inspect your home before listing. Some sellers do this, but it might help you prepare your home for sale. Even if you do, a home inspection is usually required after you accept an offer. After hiring a local inspector to assess their property, the buyer may request that you credit them for a few repairs.
The thing is, you may not be able to sell your home immediately. If that's the case, the first thing to check is the pricing as it may be overpriced for the market. Try to adjust the listing price based on recent similar transactions. Stage or fix any issues that prevent purchasers from buying your property.
Also, make sure your agent has marketing experience and local contacts. This boosts home visibility and sale potential. You may also remove the home from the market until local conditions improve.
As much as possible, you need to leave any fixture attached to the house. That might include built-in storage, shades, door hardware, etc.
However, if there's any installed appliance that you want to bring with you, you need to tell that to the buyer and state it in the contract.
Can you think of more questions to ask before selling your property? If yes, feel free to share them in the comments!
In exploring "Questions About Buying A Home," the initial considerations include establishing a housing budget within 25% of monthly income, optimizing a 5–10% down payment, and understanding the nuances of closing costs.
These financial insights, strategic planning for moving costs, and mindful choices in furnishing and decorating lay a solid foundation for informed and responsible home buying.
So, in this part, let us continue discussing the questions to ask about buying a home.
If you've never lived in a hurricane-prone area, you've probably never had to defend yourself. Ask if your new home is prone to tornadoes, floods, wildfires, earthquakes, or ice storms. Then, make sure your house insurance covers local natural disasters. You may require extra coverage if not.
It’s hard to answer this problem independently; you need a house inspection before buying. Your seller must report known issues, although they may leave something out.
A good home inspection will explain the safety and performance of the roof, foundation, HVAC, and plumbing systems safety and performance. If there are red flags, you can pass or negotiate a cheaper price and solve the issues yourself.
Asphalt roofs last 20 years, according to most experts. So, ask this critical roof inquiry before buying a house: How old has the roof been there?
Replacement of an aging roof might cost over $12,000. A sudden replacement might ruin your budget.
Imagine getting into your new home and discovering all the appliances are broken. You can avoid such a surprise if you know certain essential appliances are dying before buying the house. The vendor may also offer a good deal.
Ask about the lifespan of all house items and when the old or worn-out items will be replaced. This includes the HVAC, water heater, washer, dryer, fridge, stove, and dishwasher.
Since different states have varying regulations regarding what must be included in a property purchase, you must find out what is included with the house you purchase. Don't automatically assume you're buying every light fixture, appliance, and window covering when submitting an offer. If so, you can become unhappy when the refrigerator is gone, and there's a large empty area in the kitchen.
You should know what nearby similar houses are in the market. This will help you know if the home you seek is reasonably priced. You can get the answer from your real estate agent since they will be intimately familiar with the types of homes currently for sale in the neighborhood where you are looking to buy. And just so you know the technical terms, this is a competitive market analysis (CMA).
Find out why the seller is selling their home. Knowing their motivation in selling their property might help you negotiate.
For instance, sellers leaving because of a new job may be more likely to negotiate a price to sell it faster. Probing them can also help you learn more about the quality of the house.
It's a red flag if the seller can't clearly state their reason for moving or selling their home, such as looking for a bigger house or wanting to live close to their families.
Usually, when a home has been listed on sale for a longer time, it means that there might be an issue.
When a home is listed on the market for a long time, it might mean that there's an issue. Usually, it's because the asking price is too high, its location, or the home's layout.
In March 2023, U.S. residences averaged 54 days on the market. now, this number might be different depending on the location and season. Ask your real estate agent about house sales speed in your market—every market is different.
Conclusion
These are just some of the most important questions that you might ask regarding the homebuying process. There might be more as you go along the way. The key is asking as many questions as you can to your real estate agent and/or the seller before closing the deal.
Do you have more questions about selling or buying a home? If yes, feel free to drop them in the comments or call us at 317-316-8224 we can assist you!
Buying your home is thrilling and overwhelming at the same time, especially if you've never done this before. You might be working hard to save money for your down payment while your partner might be searching for ways to improve and renovate it as you both like.
Wherever you are in your planning, you must know that there are many things to consider as you set this path. Other than knowing how much deposit to save, you also have to check neighborhoods, shop different loan options, learn the art of negotiating, and many more. However, buying your first home should not always be terrifying. With the right guidance from real estate experts, you can make the entire process memorable and stress-free.
Taking The First Step
Taking the first step is the easiest and the hardest at the same time because this is knowing how much money to save for the property you want to buy.
How much the down payment will be and how long it will take to save depends on several things, such as:
Saving up thousands of dollars can seem intimidating, but you don’t have to starve yourself or forget your obligations just so you can save up. With the right budgeting skills and a couple of strategies, such as finding an additional source of income, you can do this.
It’s important to know what your target deposit will be.
How will you know, you ask?
You may start by searching the areas you want to buy the property to get an idea of how much down payment you'll need. It is also a good idea to look for recent sale prices of homes similar to the real estate in Indiana you want to buy to have an estimate. Check the average year-on-year percentage price increase. By doing so, you could have an idea of how much your first home will cost.
If you’re planning to get a mortgage loan or borrow from lenders, make sure you do research first and ask the following questions:
Asking these questions will also help you in setting your target savings.
Saving Tips For Home Deposit
Creating a realistic budget means including even the non-essential expenses you might have. This will help you understand which expenses you need to cut out or reduce.
Other than setting the amount you need to save, create a realistic timeframe as well when you want the savings to be completed.
Combine all your existing debts, repay them as soon as you can, spend less, and save more.
Every payday, put your savings deposit into this account and don’t transfer the money out or spend it unless it's for the down payment.
First-Home Buyers Fees
There are additional costs you may need to pay to finalize the purchase of your home, such as:
Save For Closing Costs
Closing cost is the process fee you pay to lenders when you close your mortgage. It includes attorney’s fees, appraisal fees, inspection fees, and other fees depending on the loan provider.
Applying For The Right Home Loan
Finding the right home is one thing; looking for a home loan that suits your needs is another. While there are many mortgage providers out online and offline, you must understand what comes with it first.
Some of the things you have to consider are:
Get A Pre-approved Loan Before Hunting Begins
Getting pre-approved is as close as getting your creditworthiness without having a purchase contract. Lenders verify your financial information once you complete the mortgage application and will tell you how much money you can borrow. They’ll also have a credit check.
When you are pre-approved, it will make sellers think that you are serious about getting the home you want. Just don’t be carried away if some lenders offer you a bigger loan than you applied for. Stick with your budget and only apply for loans that you can afford.
Close The Deal
Once everything goes smoothly and the seller accepts your offer, you can close on the real estate in Indiana. The average time takes at least 48 days. During this time you can process other things for the next steps like having the house for a home inspection, which can help you spot potential problems so you can fix them. It will also save you if you think that problems are a bad deal and walk away.
Whether you need help saving for a down payment or closing a deal, our team is here to help! Call us at 317-316-8224 or join our mailing list to get home buying and selling tips and the latest updates.
8313 W. 10th St
Indianapolis IN 46234
dennis@indyhomepros.com
317-316-8224