FAQs

01 April 2010

When is the best time to sell a home?

The best time to sell is when you are ready, or when you must. That is, when you have outgrown the space in your current home, or you prefer to trade down to something smaller. Perhaps your martial status has changed, which necessitates a move, or you need to relocate for a job. Market conditions also play a role, as do seasonal conditions. Local and national economic factors also may dictate when to sell. If a major employer in your area is laying off workers, it may not be a good time to put your home up for sale. People will be cautious about buying when the future seems so unpredictable or bleak. Most agents agree the best time to sell is in the spring. This is when the largest number of potential buyers hit the market. Your home is likely to sell faster and at a higher price, although sales begin to pick up as early as February and start to slack off in September, the slowest month for real estate transactions.

What should I do to prepare my home for sale?

Start by finding out its worth. Contact a real estate agent for a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. Next, get busy working on the home's appearance. You want to make sure it is in the best condition possible for showing to prospective buyers so that you can get top price. This means fixing or sprucing up any trouble spots that could deter a buyer, such as squeaky doors, a leaky roof, dirty carpet and walls, and broken windows. The trick is not to overspend on pre-sale repairs and fix-ups, especially if there are few homes on the market but many buyers competing for them. On the other hand, making such repairs may be the only way to sell your home in a down market.

How i should treat with the people come to see my home?

Once your home is available to be shown strive to keep it in tip-top shape. This will require a lot of effort on your part, but you want buyers to feel welcomed and not turned off by unmade beds, dirty floors and bathrooms. Realize, too, that your life will be temporarily inconvenienced. When an agent is yours as well as others calls wishing to bring a buyer to see the home at the last minute or on the same day, respond favorably. Remember your goal is to get the home sold, and that can only be accomplished if people get to see it. Flexibility is the key to a quick sale. Plan not to be present when buyers pass through. It is awkward and unsettling for them to have the owners present. If you cannot leave, stay outside, but do not attempt to have conversations with the buyer. Speak only when spoken to, be brief and polite.

Should I sell my home first or wait until I have bought another home?

This is a tough decision, but the answer will depend on your personal situation, as well as the condition of the local housing market. If you put your home on the market first, you may have to scramble to find another one before settlement, which could cause you to buy a home that does not meet all your requirements. If you cannot find another home, you may need to move twice, temporarily staying with relatives or in a hotel. On the other hand, if you make an offer to buy first, you may be tempted to sell your existing home quickly, even at a lower price. The advantage of buying first is you can shop carefully for the right home and feel comfortable with your decision before putting the existing home on the market. On the flip side, the advantage of selling your existing home first is that it maximizes your negotiating position because you are under no pressure to sell quickly. It also eliminates the need to carry two mortgages at once. Talk with your agent for advice. Discuss the pros and of each and whether certain contingencies written into the contract can ease some of the pressures.

How can I get a quick sale, particularly in a slow market?

One of the most important things to consider is price. You may want to reduce the price of your home or, at the very beginning, set it at a low price that will generate more buyer interest. Cash is often an incentive, both for the buyer as well as the agent. You could offer the buyer a L.E 1,000 to L.E2,000 decorating rebate upon closing the deal. It is also not uncommon to offer the selling agent a L.E 500 bonus.

What are some costs associated with selling my home?

Besides the costs related to making repairs and improving the overall appearance of the home, as the seller you will also need to pay the following: - A real estate commission, if you use an agency to sell. - Advertising costs, marketing materials, and other fees if you sell the home yourself. - Attorney, closing, or other professional fees. - tax for the sale. To get a better handle on all costs, ask a real estate agent. Agents deal with this information daily and can give you a pretty good estimate of the closing costs you can expect to pay.

Do I need an attorney to sell a home?

Although most sellers can handle routine real estate purchase contracts, some experts say it is a good idea to be represented by an attorney, particularly if you are selling on your own. You should choose one with expertise in real estate transactions. Before hiring someone discuss all the details of the transaction, including all legal costs you will incur. A good attorney will assist you in completing the deal swiftly and with confidence.