Date Archives: January 16th, 2023

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selling a home | 41 Posts
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January
16

According to data from the National Association of REALTORS®, most home sellers hire the first real estate agent they meet.

Now, that might not necessarily be a bad idea if you happen to meet a great agent right out of the gate, but selling your home is a big move, and it's important to choose your listing agent carefully.

To find the best agent for the job, you need to ask questions — and not just "how much will you get for the property?" and "what will the commission be?" Include these questions during the interview process:

  • What are your credentials?
    A real estate agent should have a state license and belong to the local real estate trade association. You may also find someone who is a licensed REALTOR® (a member of the National Association of REALTORS®), which requires additional training and a strict code of ethics.

  • Do you specialize in my neighborhood?
    Local expertise is crucial. Your agent needs to have in-depth experience in your local real estate market, including inside knowledge about any upcoming developments that might affect the value of your home.

  • How many homes have you sold in the last year?
    Past performance doesn't always ensure a quick sale, but you'll be able to put your mind at ease knowing that your agent has a track record of success. Ask about how much these homes sold for, so you know that your agent has experience selling homes in your price range.

  • How do you determine the listing price?
    The "money talk" is the make-or-break conversation for many home sellers. It's important that your agent can help you land on a listing price that you feel good about but is also appropriate for the market. An underpriced home doesn't give you the profit you deserve, but an overpriced home could end up languishing on the market. Be sure you understand how the agent arrives at a price for your home.

  • What's your sales plan?
    Your agent should have a plan laid out for marketing your home. Mailers, listing services, open houses, and social media are all important.

  • What will it cost me to sell my home?
    From broker's commission to closing fees, there are a number of costs that can really add up when you're selling your home. Find out what it will cost, and compare from one agent to the next.

  • Will I be working with you directly?
    There's a balancing act between working with a specific agent and a team of agents. Either way, you'll want to know for sure whether you'll be working with one specific agent or a member of the agent's team. It's also important to know how you will be communicating with your agent.

  • How long will it take to sell?
    No agent can say exactly how fast any home will sell. The national average is 65 days, but this depends on a variety of factors.

Your goal should be to finds an agent with whom you are confident and comfortable with and who can sell your home quickly and at the right price. 

Reach out to a local Montague Miller & Company real estate professional. Our agents are licensed REALTORS® with expertise and dedication to help guide you through the home selling process.

January
16

Before you engage in any real estate transaction, you need to know as much as you can about the home's value. There are two related but distinct processes that help people pin down the valuation of a property before they move forward: comparative market analysis and home appraisal.

Both of these will be performed at different steps in the sale process. Knowing the difference between the two can save you some valuable time.

  • Comparative Market Analysis (CMA)
    comparative market analysis is typically performed by a real estate agent. Thanks to MLS, real estate pros have the opportunity to compare your home to others that have sold in your general area. Selling prices, time on market, home improvements, and square footage can be used to determine an approximate value of your home.

    When a CMA is completed, it will provide you with a low, medium, and high selling price for your home. It will also give an estimate of the average number of days your home may be on the market.

  • Home Appraisal
    The home appraisal is paid for by potential home buyers — either out of pocket or as part of the fees they will ultimately finance in their mortgage.

    An appraisal of the home is performed after the buyer applies for a loan with a bank or other lender. Once the buyer submits an offer and requests financing, a licensed appraiser is dispatched.

    All practicing home appraisers must be licensed or certified by the state. Although they visit a property at the request of the bank, appraisers are intended to report neutral observations about each home. The comprehensive report they compile helps to determine the home's fair market value.

    This protects the bank from lending too much money for any given home.

    Though an appraisal will include some basic information on the home's condition, more time is spent on recent information about similar listings and housing market conditions in the neighborhood.

    Minor repairs and renovations performed before an appraisal can help raise the home's assessed value.

CMA Versus Home Appraisal: Final Considerations

Both a comparative market analysis and home appraisal provide valuable insights that help you and your real estate agent move toward a successful sale. Assuming a property spends only a moderate amount of time on the market, each usually needs to be completed only once.

Sometimes, however, a lender might request a new appraisal even if the previous appraisal was only a short time ago. You might even get a CMA before you make a final decision about selling your home. Each situation is different.

An experienced real estate agent can help you by ensuring you're equipped with an accurate CMA. Plus, when the time comes to prepare for an appraisal, they can guide you on the most important steps to raise your home's value in your budget and timeline.

As with anything in real estate, the sooner you get started with selling your home, the smoother the process.

Reach out to a trusted Montague Miller & Co real estate professional to help you make your next move.