Question 1

How long will it take to sell my home?

Accepted Answer

Generally speaking, a house takes about 55 - 70 days to sell, including roughly 25 days on the market and 30 - 45 days for the closing process to complete.
 
The time of year has an impact on timing as homes tend to sell faster in spring and early fall than other times of the year.
Home condition: Homes requiring repair work don't sell as fast as homes in excellent condition
 
Housing market conditions: Homes sell faster in a seller’s market, when there is lower inventory and higher demand
 
Time on market: You're likely to lose more money the longer your home sits on the market because you’ll still have to pay costs including utilities, mortgage and taxes until the sale closes.
 
Here are some tips to avoid delays in selling your home:
 
Buyer financing: The mortgage process can slow down the turn-around time of a sale so if a buyer needs to get a mortgage, be prepared for it to take some time. How much time? Financing arrangements can take an average of 42 days to close, while cash deals take 1-2 weeks.
 
Focused repairs: Consider making impactful repairs, like painting and adding new carpet which go a long way to refresh a home at a reasonable cost. If you're in a seller’s market and homes are selling like hot cakes, you may not need to make these repairs due to the high demand.
 
Experienced Realtors: Real estate agents can leverage their experience to set a competitive price so consider going with an agent to help you navigate this process.
 
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Question 2

Should I sell my old home before buying a new one?

Accepted Answer

Buying a new home can give you peace of mind as you sell your old home but it comes with challenges—namely that you could get stuck paying for two mortgages at one time. If it takes longer to sell your house than you expect, this could be a financial burden so consider this as you're making your decision.
 
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Question 3

How much of the sales price will I get?

Accepted Answer

You can expect to receive somewhere between 90–92% of the sales price of your home.
 
Consider you will pay somewhere between 5–6% in realtor commissions and 2–4% in fees and taxes.
 
Additionally, if you still owe money on your old mortgage, you will subtract that from your earnings.
 
Additional things to consider: If you agree to pay for any of the buyer’s closing costs this will come out of your sales price. Buyer’s closing costs can be 2–5% of the sale price.
 
On closing day, your funds will be distributed to all the necessary parties.
 
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Question 4

How can a realtor help me sell my home?

Accepted Answer

Real estate agents have in-depth knowledge of the area and they know how your home compares to others in the market. They will know how much you can get for your home and can offer ways to increase its desireability and value.
 
When you are ready to list, they can help ensure your home is priced right, which will help you maximize offers, ultimately selling your home faster. They’ll also take care of items like paperwork, coordinating open houses and other marketing activities.
 
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Frequently Asked Questions

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