If you’re ready to sell your home and if you want to get top dollar and not have it set on the market for months on end, knowledge and preparation are key. You need a fairly good understanding of the whole complicated process. The best way to begin, as Aristotle said long ago, is to ask the right questions. To help you out here are the top 10 Cincinnati and Northern Kentucky home seller questions answered.
1. When is the best time to sell?
Typically, in most areas, spring and early summer are the best times to sell, but in a few other areas, winter is the best time. So be sure to ask an agent with knowledge of your area.
In the Northern Kentucky and Cincinnati area, this especially shows to be true. We can have long, brutal winters wich can make moving in the colder months extremely unappealing.
2. What is the market like right now?
Of all the Cincinnati and Northern Kentucky home seller questions, this one may be the toughest to answer because there are so many variables involved. Local real estate markets vary from region to region and even from neighborhood to neighborhood. An agent with local, niche expertise can give you a good idea of the average days on market as an indication of your market’s health.
Coming out of COVID-19, Cincinnati and Northern Kentucky has landed in a seller’s market. The real estate market is booming and homes are selling fast. If you are looking to sell fast and for top dollar, now is the perfect time to do so.
3. What improvements do I need to make?
At a minimum, you should make all the basic repairs and improvements you find a need for – for example, fixing leaking faucets, replacing old light fixtures, raking and mowing, and performing light landscaping. Before taking on larger and costlier improvements and upgrades, you need to determine whether you can realize a good return on your investment at sale time.
4. Should I sell before buying another home?
This is one of the Cincinnati and Northern Kentucky home seller questions that sellers should probably ask more often than they do. The two important considerations here are: 1) are you financially capable of carrying two mortgages and maintaining two homes, and 2) is your lender willing to loan you the money to do so?
Usually, Team Sztanyo recommends meeting with a lender before meeting with an agent. That way you and the agent will be clear on your budget as well if you buying a home is contingent on you first selling your home.
5. Is a vacant home easier to sell?
Realtors are pretty much agreed on the answer to this one of the 10 Cincinnati and Northern Kentucky home seller questions: No. A vacant home conveys the impression of a desperate need to sell and so detracts from your negotiating leverage.
6. Do I need to hold an open house?
Again this is another of the top 10 Cincinnati and Northern Kentucky home seller questions that aren’t asked but should be. An open house seems like a good idea and everyone seems to recommend it because you get people into the home you have for sale. But, it rarely produces a sale because these people are usually just tire kickers.
7. How much should I disclose?
The answer to this one of our Cincinnati and Northern Kentucky home seller questions is easy. And that answer is . . . you should disclose everything you can think of. It is, after all, a legal requirement.
8. Should I offer a home warranty?
The general consensus here is that if your home is at least 10 years old, then, yes, you probably should provide a home warranty.
9. Who pays closing costs?
As the seller, you aren’t obligated to pay closing costs. It’s a good move, though, to offer to pay at least a portion of closing costs to sweeten the deal for the buyer.
However, this also depends on the market. When in a seller’s market, it is usually unnecessary for the seller to offer closing costs as the buyers are the ones competing for a deal to be made.
10. Should I sell myself (FSBO) or hire an agent?
Although this is among the top 10 Cincinnati and Northern Kentucky home seller questions that are frequently asked, the answer given is often too facile. The best answer is: “It depends . . .”
But here are two things to be aware of. On average, it takes longer to sell a home yourself. And if you hire an agent, you increase your chances of not only getting a quicker sale but a better price as well.
Hopefully, these Cincinnati and Northern Kentucky home seller questions answered will be beneficial and move you toward your goal. Knowing the answers can, in fact, have a significant impact on the sale price and prevent you from making costly mistakes.