Top 8 Frequently Asked Seller Questions

It’s a big decision to sell your home. And if you’re putting a home on the market for the first time, no doubt you will have a lot of questions about the process.

We’ve compiled a list of our most frequently asked questions from sellers so you can know everything there is to know about selling your home! 

1. How much is my house worth? 

While the median house price in 2016 is around $228,000, the exact price of your own home will depend on its size, neighborhood and lots of other factors. Trying to price a home yourself is why many For Sale By Owner properties never sell. In that same tune, you can’t get an accurate estimate of your home’s value online. An automated system will not have the same information as an experienced local realtor who will factor in all of the comps in the area to give you an accurate price for your home. If you want to know how much your home is worth, we’re happy to help. Click here to get started. 

2. Should I price my home higher to make room for negotiations? 

This is a common pricing mistake sellers make that can easily cause a home sit on the market a long time. A well-priced home will sell quickly and will sell close to the asking price. Today’s home buyers are very educated and know when something is overpriced, so this idea can really hurt the process in the long run. Trust your realtor and their experience of the local market to make that final call on the price for your home. 

3. How long will it take to sell my home? 

Right now, nationally, houses spend around 100 days on the market before they sell, but that is totally dependent on your area, price and, of course, your realtor. Homes listed by The Torgerson Team spend an average of 52 days on the market from listing to close. As long as your agent knows how to price your home competitively and market it well, the Chattanooga area market is doing so well that there is no reason your home shouldn’t sell quickly. 

4. What is an agent’s commission? 

Commission can vary, but on average it is 6% of the home’s sale price which is then split between your realtor and the buyer’s agent for a total of 3% commission each. The big question for many sellers is, “What is my agent doing to earn that money?” Beyond the initial home consultation and research to price your home, which is an hours-long process in and of itself, it costs your realtor a lot of time and money to market your home properly. For every hour an agent spends with you, they’ll be spending 10 times that on their own networking, marketing and negotiating on your behalf. Not all agents are created equal, but a good one will happily spend a great deal of time making sure there are as many eyeballs on your listing as possible to make sure you get your home sold quickly. 

5. What steps should I take to prepare my home for showings? 

First impressions are important when it comes to finding a buyer for your home. Make sure your home has great curb appeal (read more about that here) and is welcoming upon first walking in the door. Clear clutter from every room, put away evidence of pets and make sure there are no odors to greet people when they come in. A quick carpet cleaning, a fresh coat of paint and a few simple repairs can make your home fly off the market. For minimal effort you will see maximum returns. 

6. Should you be present for showings on your home? 

Noooooo. Having the homeowner there when a potential buyer is looking at the property is uncomfortable for everyone. As homeowners, we are very attached to our homes and the history we’ve had there, and that makes us more inclined to argue if someone makes a comment that we don’t appreciate. Buyers won’t feel comfortable to ask questions or make comments for fear of offending. It can easily turn off a potential buyer if that initial impression is an uncomfortable one. 

7. Should we sell before we buy another home? 

Check with a lender first to learn if this is an option. Ask yourself if you are willing and able to carry two mortgages and deal with the stress that comes from physically and financially maintaining two homes. The logical order is to sell first and buy second. That way you know exactly how much money you have to spend instead of accidentally overestimating your home’s worth and buying something that you won’t actually be able to afford. 

8. What issues should I disclose to potential buyers? 

Basically anything you’d want to know when buying a new home is what you should tell potential buyers looking at your home. Be sure to be honest with your agent about any issues the home may have. Most of these will come up during the inspection period, but if they don’t and you had prior knowledge of them, you can be held liable. To avoid the potential of a lawsuit down the road if something serious comes up, just go with honesty as the best policy. 

Have other questions about listing your home? We're here for you. Click here for more information!