Roughly 5 million homes are bought and sold in the United States each year. If you're planning to sell a home in the near future, though, you may have some questions. To make this otherwise confusing process just a little easier, we've compiled a list of the most frequently asked questions by home sellers.
Frequently Asked Questions by Home Sellers
When is the Best Time to Sell My Home?
Generally speaking, you should sell your home when there's a substantial interest in it or other homes in the area, and when potential buyers can afford to purchase the home. Home sales are typically higher during the spring and early summer months as opposed to the winter, making this an excellent time to sell. Low interest rates can also make mortgages easier to acquire, which in turn makes it easier to sell a home.
What is Title Insurance?
Title insurance lives up to its namesake by protecting the buyer against claims that he or she is not the rightful and legal owner of said property. Most lenders require title insurance, but even if the buyer pays cash, he or she should still purchase title insurance. The good news is that title insurance is a one-time payment, meaning the buyer doesn't have to pay recurring costs to maintain coverage.
What is a Listing Agreement?
In real estate, a listing agreement is a contract between the seller and real estate agent that covers elements such as length of listing, commission for the real estate agent, advertising materials, and the sale price of the home.
Can I Sell My Own Home?
Sure, in fact thousands of people sell their own homes in the U.S. each year. With that said, there are certain advantages to hiring a real estate agent that shouldn't go unnoticed. Real estate agents provide professional, highly effective advertising skills to the table; they'll follow up with prospective buyers; complete all of the necessary paperwork that goes into selling a home; and comply with all federal and local laws regarding the sale.
How Much Should I Sell My Home for?
This is by far the most important question to ask when selling a home. The short answer, however, is to sell it for as much as someone will pay for it. To determine an appropriate sell price, have your home professionally appraised. The appraiser will visit your neighborhood to asses other homes and properties in the area. Known as a "comp," this provides a basic overview of how much you can expect to sell your home for.
This article was brought to you by Premier Island Properties - A full service real estate firm serving Hilton Head Island and Bluffton, South Carolina. For more real estate news, information, and interesting facts about the Lowcountry, please visit our website.
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