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Should I Wait Till August to Sell My Home to Save on Commission? – NerdWallet

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If you sell your home after the middle of August, cheers: You could end up pocketing the money that previously would have gone to the buyer’s agent.

But before you celebrate, consider the downside of waiting until late summer to list your home for sale: House prices tend to fall after August. The price drop might surpass the money you save on commission.

New policies governing real estate commissions are set to go into effect Aug. 17 as a result of the settlement of an antitrust lawsuit. The amended policies give home sellers more room to negotiate what to do about the buyer’s commission — whether they want to use it to induce competitive bids or keep it to themselves entirely.

The choices complicate this season more than usual, for both buyers and sellers. Here’s what to know to help you and your agent come up with the best strategy for you.

What, exactly, is changing?

Starting Aug. 17, sellers will no longer set the commissions for real estate agents who represent buyers. Buyers will decide how much their agents will be paid. Even when sellers are willing to pay some or all of the commission for the buyer’s agent, the amount will no longer appear on the multiple listing service.

For decades, and up to Aug. 17, MLS listings have been required to advertise how much commission the seller is offering to buyer’s agents. The information wasn’t visible to home buyers but could be viewed in agent-only fields of the MLS.

When sellers set commissions for buyer’s agents, they’re sometimes advised that offering a low commission will attract fewer buyer’s agents — and therefore fewer competing offers. The plaintiffs in the antitrust suit argued that the policy of requiring commission info on the MLS was designed to discourage them from negotiating lower commissions for buyer’s agents.

Can sellers start offering 0% to buyer’s agents today?

Technically, sellers have always had the option of offering zero or minimal commission to the buyer’s agent. But most sellers have offered such commissions to motivate buyer’s agents.

The money may come directly out of the seller’s pocket, as has been the norm.

The money may come directly out of the buyer’s pocket.

The buyer and seller may split the payment.

The buyer may pay indirectly, by adding their agent’s commission to the price of the house when they make an offer.

Here’s an example of how an indirect payment might work for a buyer who is paying a 3% commission. The buyer finds a house costing $400,000. The 3% commission is $12,000. The buyer offers $412,000 and asks the seller to transfer $12,000 to the buyer’s agent at closing.

Keep in mind that sellers, having equity, tend to have more access to cash than first-time home buyers, who accounted for 33% of buyers in April. A seller who’s willing to pay all or some of the buyer’s commission may end up with more offers, and a higher final price, than one who flatly takes that commission off the table.

How much money could sellers keep, though?

As a home seller, you stand to save thousands of dollars on commissions if the buyer pays their agent directly or indirectly.

Let’s say the agents in your town typically collect 2.5% on each side of the transaction, and you sell your house for $400,000. Each agent earns $10,000. If you pay both agents, you’ll shell out $20,000 and end up with $380,000.

But if the buyer pays their agent, you would pay your agent $10,000 and walk away with $390,000. That’s $10,000 more.

On the other hand, buyers might request bigger closing cost credits, subtracting from the seller’s bottom line, Chuck Vander Stelt, a real estate agent in Valparaiso, Indiana, said in an email. Or buyers might offer less because they will bear the expense of paying their own agents.

Even after Aug. 17, sellers might keep offering commissions to buyer’s agents as motivation, Vander Stelt added. These offers could remain standard in many markets, multiple agents said. Offering commissions to buyer’s agents will still be permissible under the new policies, but those offers will no longer appear on the MLS. Listing agents can communicate the information on brokerage websites, or in phone calls, emails and texts.

What would be the cost of waiting?

You might be tempted to keep your home off the market until the new policy goes into effect. But waiting might not be a wise move, because it would mean sitting out homebuying season.

Home prices peak from May through August, then drop off. In 2023, the median existing home cost $410,100 in June, $405,600 in July, $404,200 in August — and $392,700 in September, according to the National Association of Realtors. If you list your house after mid-August, you probably won’t close until October or later, when prices are even lower.

With house prices peaking in summer, you might come out ahead by selling during the busiest time of the year, even if you end up paying the buyer’s agent’s commission.

“I don’t really have anybody holding off until after August to list their house because they want to save a couple bucks,” says Michelle Doherty, an agent in northern Virginia with RLAH Real Estate. She says her clients will be ready to sell in June or July, “depending on how things progress with prepping the house.”

Can I negotiate the listing agent’s commission too?

You might save money if you don’t pay the buyer’s agent’s commission. But what about the commission that you pay the listing agent for selling your home? You might not see an immediate reduction. If a cut in commissions from 3% to 2% is your hope, you’ll probably mope.

“First of all, nothing’s going to change quickly, OK?” says Stephen Brobeck, senior fellow for the Consumer Federation of America. “The industry will resist, and consumers don’t really focus on this much.”

Vander Stelt said that he sees headlines that proclaim “the end of the 6% commission.” That’s a mistaken belief, he said. “Overall, the average commission costs per transaction on a percentage is likely to come down over the coming years,” he said. But not instantly.

What if I list before Aug. 17 but sell after?

Months can pass between the day you put your home on the market and the day you hand over the house keys at closing. What if the Aug. 17 policy change happens in the middle of this period? The National Association of Realtors provides guidance for two scenarios:

Your home’s MLS listing offers to pay the buyer’s agent’s commission, and you sign the contract accepting the purchase offer before Aug. 17: You’ll pay the commission, even if the closing occurs on Aug. 17 or after.

Your home’s MLS listing offers to pay the buyer’s agent’s commission. But in accordance with the new policy, that offer is removed from the MLS on Aug. 17. Sometime after that date, you accept the purchase offer: That defunct commission offer on the MLS is no longer valid. You and the buyer will negotiate how to take care of the buyer’s agent’s commission.

When you put up your home for sale, you’ll sign a listing agreement with your agent. NAR says that listing agreement might have to be amended if it says that an offer to pay the buyer’s agent must be made “on the MLS.” As of Aug. 17, that clause in the listing agreement will conflict with the new policy. Your agent might ask you to sign an amended listing agreement before that date.



This article was originally published by a www.nerdwallet.com . Read the Original article here. .

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8 Things Realtors Want You To Know Before Buying Or Selling A Home

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Realtors are a wealth of knowledge about buying and selling homes. Listen to them.

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Whether you’re buying a home or trying to sell one, knowledge is power. The more knowledge you have, the more you’re empowered to make the right decisions. Good realtors and brokers are a wealth of information for buyers and sellers looking for ways to maximize their transactions. Here’s what they want you to know about buying and/or selling your home.

Understand The Process

According to Brett Ringelheim, licensed real estate salesperson at Compass in New York, before listing a seller’s property, he has an in-depth conversation about the entire process. “During this discussion, I share my experiences with other sellers, highlighting both the good and the bad,” Ringelheim says. He notes it’s crucial that sellers, especially first-timers, thoroughly understand the process before their property hits the market.

For example, one thing first-time sellers might not understand is that they should probably expect to be inconvenienced during the process. “Being flexible with showings and open houses is important, as it allows more prospective buyers to view the property, increasing the chances of finding the right buyer in a timely manner,” advises Mike Downer, broker associate at Coldwell Banker Realty in Naples, Florida.

Be Emotionally Detached

When selling your home, check your feelings at the door. According to India Headley, broker and team lead of Housed by Headley Team at EXP Realty in Connecticut, sellers need to be emotionally prepared to sell. “Once your house goes live on the market, you can anticipate ample traffic with showings, incoming offers that may falsely inflate or deflate your confidence in value, and once you actually sign a contract, there may be some understandable anxiety that kicks in,” Headley says.

However, she adds this is not the time to second-guess your decision when you start thinking of the memories and good times you’ve had in the house. People don’t buy your memories – they want to create their own. “Be proud that you maintained an asset that can serve someone else for years to come, and remember that the grass will always be greener where you water it, so let’s move,” Headley says.

Get A Pre-Inspection

If you get a pre-inspection before you put your home on the market, Headley says it can save everyone a lot of time. “If both parties can be made aware of things that are major and/or minor, we can deal with it more effectively upfront,” she notes.

Depending on the findings, Headley says your realtor can properly advise you how to remedy the issue by extending their knowledge, resources, and referrals. “It’ll also take some stress off the seller during the buyer’s due diligence period knowing that deal breakers shouldn’t be an issue,” she explains.

Understand That Buyers Have Different Opinions

One reason you should be emotionally detached is that you may hear some unflattering comments about your home. “Every buyer who views your property will have a different opinion, so it’s essential not to get discouraged by their feedback,” Ringelheim says. Your favorite features may be the very qualities that some buyers may hate. For example, you may love your all-white kitchen, but some buyers might consider it boring. And that garden you worked so hard to cultivate: Perhaps buyers can’t wait to remove it.

Just make sure that buyers don’t have legitimate concerns. Ringelheim agrees that before listing, it’s advisable to conduct an inspection to identify and address any potential issues. “Resolving these red flags before listing ensures a smoother transaction once a buyer is found,” he explains.

Downer adds that home maintenance is another crucial factor that sellers should be aware of. “Ensuring that the property is well-maintained and addressing any necessary repairs can significantly impact its appeal to potential buyers,” he says.

But keep in mind that your home isn’t for everyone, and some potential buyers will let their feelings be known, loud and clear.

First Impressions Matter

Even though it’s still a buyer’s market, you won’t get the best price if you just plop a For Sale sign in your front yard. According to Nicole Beauchamp, associate real estate broker at Sotheby’s International Realty in Manhattan, that first impression is everything – and this goes beyond just making sure that the home is sound.

“It is so important to prepare the home for sale, and investing in refreshing your home and staging, along with pricing realistically, can make a difference in how quickly you sell and for how much,” Beauchamp says. “Declutter, remove personal effects, and never underestimate the impact of a fresh coat of paint and a deep clean.”

While decluttering, here’s something that can be sensitive for some people. Ivan Chorney with the Ivan and Mike Team at Compass in Florida recommends removing personal items that could distract potential buyers. “This includes family photos, knick-knacks, collections, and out-of-season holiday decorations,” Chorney says. He explains that your personal items could prevent buyers from envisioning themselves living in the space.

“While neutral as a theme is overdone, the space must be a canvas for someone else, not an ode to your history, so make your home look less lived in by minimizing personal touches,” Chorney advises.

Your Home Might Not Sell Immediately

In the housing market, both sellers and buyers are trying to get the best price – and that number varies depending on which side of the transaction you’re on. “Depending on the property’s market and condition, sellers should be prepared for the possibility of receiving low offers and the chance that the property might not sell immediately,” Ringelheim says. “I explain the importance of reviewing recent comparable sales to set realistic expectations regarding pricing, and how long properties have stayed on the market.” If sellers want to aggressively price their properties, he says they need to understand the need for patience.

In fact, Downer warns that sellers need to understand that overpricing their home can often result in it sitting on the market for a prolonged period. “This can deter potential buyers and lead to the property becoming stigmatized, making it more challenging to sell at a later stage,” he explains.

Crunch The Numbers

Real estate advice often talks about understanding the financial component when purchasing a home. However, Beauchamp says it’s also important for both buyers and sellers to clearly understand the financial aspect.

Selling a house isn’t just about the purchase price you receive. “Sellers may have a home equity line of credit, and that balance will reduce how much money they receive,” Beauchamp explains. For buyers, she says they need to understand closing costs, and the other costs of home ownership. Both need to speak with their tax advisors to gain a realistic picture of the bottom line numbers.

Trust Your Realtor

It’s tempting to look at someone else’s home and compare your situation to what happened to that person. However, Headley recommends leaving the market analysis to the experts. “Just because you know someone whose house didn’t sell as easily as they anticipated or for a specific amount, doesn’t mean that you’ll face the same fate as a seller,” she says, adding there are many contributing factors that determine how properties perform, and a local realtor is your best resource for recommended time to sell, what buyers are looking for in your area, and purchase price.

Dawn David, licensed associate real estate broker with Corcoran in New York, says she wishes consumers better understood the extensive effort required to sell homes. “Sadly, when consumers try to act on their own, they may miss a critical window when a property is first introduced to the market by presenting it in a light that isn’t well received or is mispriced, resulting in a taint of sorts that others can’t pinpoint, but results in the property being ignored,” David says.

While experienced sales professionals can get you maximum value by determining an accurate fit for the actual state of the market, David says consumers selling without an agent are often misaligned with the reality of the market.

“Agents prepare you to capture all qualified interests with exhaustive tips for improvements, staging, decluttering, and we help you avoid the make-it-or-break-it qualities that immediately turn people off and prevent you from getting offers when most factors would indicate a potential offer is imminent,” she says. In addition, David says realtors and brokers present guidance on negotiating for the best price.

However, not all real estate professionals are created equally. “Make sure your licensed professional is up to date on the commission laws, latest marketing trends, and even ask them how they’re incorporating tech, like AI, to get your home sold,” Headley says. “Now is the time to ask questions more than ever and choose the agent that likes to answer them.”



This article was originally published by a www.forbes.com . Read the Original article here. .

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Should you sell your home now or wait for the Realtor settlement this summer? | CNN Business

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New York
CNN
 — 

Listing your home in the spring used to be a no-brainer. But a major real estate shakeup is complicating the equation.

That shakeup is coming from a $418 million settlement the National Association of Realtors announced last week with groups of homesellers that could go into effect as early as July. The settlement will eliminate the long-standing standard 6% commission paid by the seller, which could ultimately make it cheaper to sell your home post-settlement.

But is it worth waiting to list your home and potentially risking a sale?

Would you rather be unloading boxes from a moving truck in a potential snowstorm or heatwave as opposed to when it’s a pleasant 60-degree day?

That’s one of the main reasons spring has been the most popular season to buy a home.

For families with children, it’s also an ideal time to close on home because it would allow them to stay in the same school.

By springtime, people are also more likely to have paid off any debt they took on over the holidays, said Phil Crescenzo Jr., the southeast division vice president at Nation One Mortgage Corporation.

The settlement could present a major downside to homebuyers.

Under the current system, the buyer’s agent’s commission is baked into the total they pay for a home. That meant buyers could pay that added cost over the entire length of their mortgage.

But after the settlement is finalized, many may have to pay flat fees upfront to agents. That would add to the financial burden for homebuyers – especially first-timers. And that’s on top of coming up with all the money they need for a home downpayment, closing costs, a lawyer and all the other fees associated with buying a home.

Buyers, therefore, may have more of an incentive to close on a home sooner rather than later.

There’s also no guarantee a federal court will sign off on the settlement as is. The unknowns associated with that are enough of a reason not to wait to list your home, said Crescenzo. From conversations he’s had with real estate agents, he said he’s not seeing any signs that the NAR settlement is delaying listing activity.

“There is no reason to wait,” Mike Downer, a broker associate with Coldwell Banker Realty in Naples, Florida. “The seller does not currently need to provide any compensation to the buyer’s agent.”

The biggest advantage of waiting to list your home until the settlement is finalized is being able to negotiate an agent’s commission down more than they otherwise would’ve been able to. On top of that, they may be able to avoid having to pay the buyer’s agent’s commission.

That could allow them to pocket thousands of dollars more on the sale of their home.

If selling your home boiled down to a business decision, Mike Downer, a broker associate with Coldwell Banker Realty in Naples, Florida, said he’d try to list it as soon as possible.

“If I am trying to test the market, there would be no need to list it 1723291007,” he added.

But in his view, the NAR settlement shouldn’t be a major consideration when it comes to timing.

“An agent who provides value will always be worth more than an agent who does not provide value,” because they can help you net more money for the sale of your home, he said.



This article was originally published by a www.cnn.com . Read the Original article here. .

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Real estate: What’s the success rate of selling your own home without an agent

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Q: I am the personal representative of my dad’s estate that is going through probate. I have a question about the seller’s disclosure statement. I lived in the house when I was a kid/teenager. I moved out when I turned 18, 40-plus years ago. I have never been on the title to the property. Do I still need to fill out a seller’s disclosure statement because I lived in the house?

A: Normally when a property is to be transferred (sold) because of an order by a probate court in the administration of an estate; the seller/executor/personal representative is exempt from filling out a seller’s disclosure statement except when they have lived in the property, as an adult, even if they had no ownership in it. As per the Michigan Association of Realtors legal counsel, an adult who has no ownership in the property and only lived in the home as a child/teenager or college student is exempt from filling out a seller’s disclosure statement. As always, consult an attorney when dealing with legal matters, especially an estate.

Q: We are going to be selling our home this year. My son-in-law says we should try selling it ourselves. I’m not comfortable doing that. Are there any statistics that show what the success rate is with for sale by owners?

A: That’s a good question. FSBOs (for sale by owner) sales accounted for 7% of home sales in 2023. The typical FSBO home sold for $310,000 compared to $405,000 for agent-assisted home sales, according to the National Association of Realtors. This sales price differential between for sale by owner and agent-assisted home sales has been going on for years. Sure, you can go in thinking that you will be saving a 5% to 6% negotiable commission, but on the other end, you are losing over 23% in sales price.

Market update

March’s market update for Macomb County and Oakland County’s housing market (house and condo sales) is as follows: In Macomb County, the average sales price was up by more than 6% and Oakland County’s average sales price was up by more than 5%. Macomb County’s on-market inventory was down by more than 30% and Oakland County’s on-market inventory was down by more than 28%. Macomb County’s average days on market was 33 days and Oakland County’s average days on market was 34 days. Closed sales in Macomb County were down by almost 26% and closed sales in Oakland County were down by almost 15%. The closed sales continue to be down as a direct result of the continued low inventory. Demand still remains high. (All comparisons are month to month, year to year.)

By the long-standing historical definition from the National Association of Realtors, which has been in existence since 1908, a buyer’s market is when there is a seven-month supply or more of inventory on the market. A balanced market between buyers and sellers is when there is a six-month supply of inventory. A seller’s market is when there is a five-month or less supply of inventory. Inventory has continued to stay low. In March, the state of Michigan inventory was at 1.6 months of supply. Both Macomb and Oakland county’s inventories were at 1.2 months. As you can see, by definition, it is not a buyer’s market.

Steve Meyers is a real estate agent/Realtor at RE/MAX First in Shelby Twp. and is a member of the RE/MAX Hall of Fame. He can be contacted with questions at 586-997-5480 or Steve@MeyersRealtor.com You also can visit his website: AnswersToRealEstateQuestions.com.



This article was originally published by a www.theoaklandpress.com . Read the Original article here. .

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In Home Improvement

Pacific Northwest Island Home With Forest Views

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FINNE ArchitectsSave Photo
Just as the light monitors punctuate the roofline in the first photo, they also punctuate the living pavilion’s wood-beamed ceiling. And Finne does not want you to get them mixed up with skylights. Not at all.

“Skylights are horizontal planes of glass that face the sky. Sunlight barrels through and can create unbearable, uncontrollable hot spots,” he says. “They don’t control the light, they don’t manipulate the light and they don’t filter or shape the light. Light monitors are a way of architecturally controlling the light.”

By making them north-facing, Finne ensured that they provide soft, easily controllable northern light. However, he rotated each monitor slightly toward the east. This created a more interesting pattern expressed by the ceiling beams, which follow the rotating positions of each light monitor. “If all the beams had been lined up parallel to one another, the design would have lost something,” Finne says.

Three of the five light monitors are operable. This allows them to vent out hot air as it rises. “Between the large sliding doors and the light monitors, this house stays nice and cool,” Finne says. “It doesn’t have air conditioning because it doesn’t need it.”



This article was originally published by a www.houzz.com . Read the Original article here. .

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10 Tips To Sell Your Home For More Money | Bankrate

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Even in a seller’s market, where inventory is scarce and bidding wars are common, it still pays to invest some time and energy in positioning your home to sell for top dollar. This can involve a variety of steps, from working with a real estate agent who truly understands your local market to spending some money to make sure your home looks its best for buyers. Here are 10 tips for selling your home that Realtors say will separate you from the competition — and help you bring in a higher price.

1. Find a real estate agent

Working with a skilled local real estate agent who knows your area inside and out can help you sell your home more quickly, and often, for more money. In fact, data from the National Association of Realtors shows that between July 2022 and June 2023, homes listed without the assistance of a Realtor sold for a median price of $310,000, while those sold with one fetched a median of $405,000. Interview several candidates before you commit to one agent — the better you get along, the smoother the process is likely to be.

2. Invest in value-adding improvements

Determining which home improvements to invest in can be daunting, and the costs can add up quickly. The key is to spend your money on projects that will provide the most return on your investment.

Minor kitchen upgrades are typically a wise choice, says San Diego–area Realtor Jade Lee-Duffy. “The heart of the home is the kitchen, and many buyers will judge a property by its kitchen,” she says. Just don’t go overboard: “While a complete overhaul of this space can run into the tens of thousands, a minor update is where you can gain the greatest return,” she says. “Think about resurfacing cabinets, replacing countertops, a fresh coat of paint or updating the fixtures and hardware.”

Updating a bathroom is another smart investment, says Katie Severance, a Realtor with Douglas Elliman in Palm Beach, Florida, and author of “The Brilliant Home Buyer.” “Renovated kitchens and baths are the ‘money rooms’ — those that add the most value to a home,” she says.

3. Up your curb appeal

As the saying goes, you don’t get a second chance to make a first impression. “Make sure your front yard is free of debris, the bushes are pruned and the grass has been cut,” says Lee-Duffy. “Also, add some bright potted plants by the front door to make buyers feel welcome.”

Some other easy updates that can improve curb appeal include:

Touching up exterior paint
Adding window flower boxes
Installing a new mailbox
Adding new mulch around shrubs and trees

4. Get a pre-listing inspection

Investing in a home inspection before putting your property on the market is another step to consider. “You don’t want any unexpected surprises,” says Lee-Duffy. “It’s best to find out beforehand if there are any issues that you can fix, before buyers find out on their own.” That would give them negotiating power for a lower price or, worst case scenario, a reason to back out of the deal. So it may be worth a few hundred dollars for the peace of mind.

There is, however, a downside to a pre-listing inspection: “Beware, because once a seller becomes aware of an existing defect and does not correct it prior to listing, they are obligated to disclose it to a buyer,” says Severance. “Defects that a buyer learns were known but not disclosed, prior to accepting an offer, can kill the deal.”

5. Highlight the positive with professional photos

Spending a bit of money on high-quality photography can go a long way toward helping your home sell for a higher price. “The majority of people search for properties online,” says Lee-Duffy. “If the photos pop, it can translate into a higher sale price — and sell faster, too.”

It’s OK to leave some things to the imagination when it comes to your home’s online listing, though. “I advise against photographing every square foot of the home,” says Severance. “The goal of photographs is not to give all the goodies away online; it’s to make a buyer want to see more — to whet their whistle enough to entice them to see it in person. If they don’t come see the house, they probably aren’t making an offer.”

6. Stage your home

When it comes to home staging, says Severance, there are two rules of thumb: less is more and keep it neutral. “It’s very important to capture buyers’ interest from the front door,” she says. “Pay extra attention to the entry: Repaint; place flowers; buy a new area rug, an impressive mirror or a dramatic piece of art.”

Remove objects and clutter that visually shrink a room, such as large ottomans or too many plants, and remove everything from the kitchen counters except for one or two new-looking appliances. “And don’t forget to stage the deck or patio, because that is an extension of the house that can make a small home feel much larger than it is,” Severance adds.

You can do the staging work on your own or up the ante by hiring a professional stager.  A pro will average around $1,800, according to HomeAdvisor.

7. Set the right asking price

Identifying the best price for your home can be critical to your success. “Setting the price too high can be detrimental and prevent buyers from walking through your front door,” says Lee-Duffy.

How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.

“Good pricing requires the expertise to thread the needle,” says Severance. “List at a number that is lower than comparable properties, in order to draw attention to it, but not so low that you will be disappointed if you only get one offer right at list price.” If enough buyers are enticed, you might even set the stage for a bidding war.

8. Remove personal items

“The goal of any showing is for the buyer to envision their own belongings in the space,” says Severance. So, while family photos and other knickknacks might seem like they have no bearing on how much money your home commands, they really do matter — especially if you are still living in the home while you’re trying to sell it.

If buyers are distracted by personal items, then chances are they won’t be able to see themselves in the space, and will not end up making an offer. “Buyers are thinking of their own furniture, where it will go and how it will fit. It’s the house they came to see, not the items inside of it,” she says.

9. Be ready to move fast

Once your property is listed on the market, things can happen quickly. It’s important to be well prepared ahead of time so that you can be as responsive as possible to potential offers. “Fill out all the necessary documents, such as any seller disclosures, and have paperwork for recent repair work, home renovation costs and utility bills on-hand for any buyer requests that come in,” says Lee-Duffy.

Sellers who are slow in reaction time or unresponsive can lose buyers, adds Severance. “If the buyer feels that they are not being dealt with fairly, they are very likely to walk away,” she says.

10. Use your head, not your heart

Finally, try to remove emotion from the equation and see the process as a simple transaction — your home is no longer “home” but a product for sale. It’s not unusual for prospective buyers to request credits or repairs, and it’s easy as a seller to take offense, so try to have a clear understanding of what issues and items you may be willing to make concessions on.

“It’s important to take emotion out of it and remember that the buyer usually doesn’t expect to get everything they ask for,” says Severance. “Take a closer look at which requests are valid and fair, and offer something. The cost to you is not in giving the concession — it’s the expense of losing the buyer, putting the property back on the market, starting all over again and getting a potentially lower offer.”

FAQs

How can I maximize my net proceeds from selling my home?

To maximize how much you earn from the sale, it’s important to put in some work to get your property market-ready. This includes improving your home’s curb appeal, investing in professional listing photos and staging your home before opening it up to buyers. Your real estate agent can provide home-selling tips based on your specific situation.

Do I need a real estate agent to sell my home?

No, you don’t necessarily need a real estate agent to sell your house. Selling without one is called a “for sale by owner” transaction, and they are not unusual. However, partnering with an agent can make the process much easier for you — agents help with important tasks like determining the right asking price, creating a listing that will attract buyers and hosting showings and open houses. Later in the process, they’ll negotiate with buyers and guide you through the closing, ensuring your interests are protected.

How can I sell my house fast?

If you’re in a hurry to move, consider selling to a cash homebuying company or iBuyer. These businesses buy properties for cash, often in as-is condition, and they can close deals far faster than a traditional market sale — often in just a couple of weeks or less. The downside is that you’ll likely earn less money selling this way than you would with a traditional home listing.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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Real estate data reveals the best time to sell your home in 2024

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FOX Business’ Gerri Willis breaks down speculation that the best time for homeowners to sell their homes might be sooner than expected.

If you’re a homeowner waiting on the sidelines for the perfect time to sell your home, this week could be your time to shine.

Despite mortgage rates inching closer to 7%, a recent research from Realtor.com indicated the week of April 14-20 might be the ideal week for potential sellers to list, as spring historically brings with it higher buyer demand and a market with low inventory, setting the stage for bigger bids.

Some homeowners have been on the sidelines for two years, waiting for mortgage rates to fall, additional survey data from the site showed.

However, while 50% say they’re willing to hold out longer in hopes of rate drops, nearly 30% say they need to sell soon for “personal reasons,” including profits, need for more space, or plans to rent, to name a few.

SELLING YOUR HOUSE? HERE’S THE BEST TIME TO DO IT

The best time to sell your home might be the week of April 14-20, according to Realtor.com data. (REUTERS/Jeff Haynes  / Reuters Photos)

Survey data also showed that sellers are adjusting their expectations to meet the current market, with 8 in 10 settling in on the expectation that the mortgage for a newer home will be higher than their current home. 

“With the market cooling in many areas, 12% expect a bidding war to take place (vs 27% in 2023), and only 15% expect to get more than their asking price (vs 31% last year),” the report continued.

The separate analysis from last month pointed to the April 14-20 listing timeframe by taking into account the number of buyers, listing prices and seasonal trends, to determine the period for the most favorable for home selling conditions.

TIME TO SELL YOUR HOME? HERE ARE 3 QUESTIONS TO ASK YOURSELF

50% of sellers still on the sidelines say they will wait out rates while 29% say they need to sell soon. (FOX Business / Getty Images)

“We’ve got the most favorable balance of all of these factors for sellers. It suggests they will be able to sell quickly at a good price and be happy with the outcome,” said Realtor.com chief economist Danielle Hale.

The report indicated that this week offers a higher-than-average number of buyers along with a lower-than-average time on the market and higher-than-average prices, coming in at 1.1% higher than the average for other weeks throughout the year.

REALTOR DESCRIBES THE SHIFT THAT’S DRIVING REAL ESTATE ‘ACROSS THE BOARD’ IN TOP MARKETS

Realtor.com analysis indicates that homes historically reached higher prices during the week of April 14. (Photo by STEFANI REYNOLDS/AFP via Getty Images / Getty Images)

FOX Business’ Gerri Willis, speaking on “Varney & Co.,” on Monday said “sellers are getting more realistic,” noting that they have to “embrace” current rates.

Rates for 30-year mortgages averaged 6.88% last week, according to Freddie Mac’s latest survey. 

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Fox Business real estate contributor Katrina Campins discusses a settlement that may cause homes to receive lower offers on ‘The Bottom Line.’



This article was originally published by a www.foxbusiness.com . Read the Original article here. .

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This homeowner had fond childhood memories of spending time in her mom’s best friend’s house. So when an opportunity came up to buy the home, she jumped at it. She then hired interior designer Susan Yeley, who uses Houzz Pro business software, to perform a careful update that honored the home’s roots while giving it modern-day comforts. Wood-paneled walls wrap the interior in warmth. Vintage midcentury furnishings nod to the home’s origins. The kitchen features an inviting white-and-wood palette with new appliances. The primary bedroom boasts ample built-in storage. Colorful artwork throughout the home and monkey-shaped tile in the laundry room add playful punches.

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Debra Kamin:

You’re absolutely right, that, for first-time homebuyers, it is often very difficult to scrape together just the money you need to be able to get that down payment to buy that first home, especially now, when the housing market is so tight and so expensive.

And in the past, one thing that homebuyers did not have to worry about was paying their real estate agents. So, as this settlement has its effects, one of the things we might see is that homebuyers now feel, oh, gosh, I also have to pay my real estate agent on top of everything.

But, most likely, what’s also going to happen is we’re going to see new models for compensation evolve out of this that didn’t exist before, where the way that we pay real estate agents, particularly on the buy side, might be completely different. It could be a flat fee. It could be by the hour. There’s all sorts of ways to pay agents that never existed before because there wasn’t a competition in the market that allowed those new methods to be introduced.



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