The Chiero Team - Selling Resources

Selling your Home

Frequently Asked Questions: Here are some of the most frequently asked questions we receive on selling a home. If you don’t see your question here, or you want more specific information on these topics – click on our “Ask Your Own Question” link on our home page and we will respond promptly with answers to your question(s).

I want to sell my house in a few months. What should I be doing now?
I think my house is worth more than the price for which my neighbors are listing theirs. Do Realtors under price houses to get them sold and make a commission?
How can I reach the Buyer most likely to buy my home?
WOW! I thought Open Houses would be a great source of Buyers. This isn’t true?
How much does it cost to sell a home?
6% is a lot of money to pay a Realtor. What am I paying for?
What should I expect from my Realtor?
I have been disappointed in the past by Realtors who make promises across my kitchen table and then I never hear from them again. What am I doing wrong?

Q: I want to sell my house in a few months. What should I be doing now?

You are wise to plan ahead. At this point you need an objective “eye” to look at your home the way a Buyer will. As homeowners we develop “house blindness” – we no longer see our homes the way a person will who is seeing it for the first time. Ask a Realtor to come assess your home for its marketability. This will help you focus your efforts on what may be real hindrances to the sale of your home and not waste time and money on things which don’t matter. This is also a good time to ask your Realtor for a “CMA” or Comparable Market Analysis to see what your home is worth on today’s market.

Q: I think my house is worth more than the price for which my neighbors are listing theirs. Do Realtors under price houses to get them sold and make a commission?

No. A home is worth only what a willing and able Buyer will pay for it. Our best gauge for what a Buyer will pay for your home is what a Buyer paid for a similar home in your neighborhood within the last 12 months. Your home may have upgrades and amenities, which make it worth more than your neighbors, but ultimately the Buyer will decide if your home is the best value for the price. A Realtor can provide you with a specific cost comparison of your home to those recently sold in your neighborhood.

Q: How can I reach the Buyer most likely to buy my home?

Exposure. There is a 61% chance that the Buyer who buys your home will be introduced to your home by another Realtor using the MLS system. This is why it is so difficult to successfully execute a For Sale By Owner sale of your home. 12% of Buyers come from seeing ads in real estate sales publications. 9% Come from seeing the sign in your yard. 8% will first see your home on the internet. 8% come from friends or family members of your neighbors, coworkers, or acquaintances who find out your home is on the market, and 2% come from Open Houses or other sources.

Q: WOW! I thought Open Houses would be a great source of Buyers. This isn’t true?

No. Open Houses are a great source of business for Realtors in the houses, but only rarely does a home sell directly off of an Open House. This is because the Open House “buyer” is more often an Open House “browser” – thinking of buying a home six months from now or just curious about what your home looks like. A Realtor generates business off of this person but, unfortunately for you the business is usually selling the customer a home other than yours six months from now.

Q: How much does it cost to sell a home?

On the average it costs about 7.5% of the price of your home to sell it. This includes a 6% Realtors commission, taxes due, inspections, attorney’s fees, and title/closing fees. If you would like a specific breakdown of costs on your home with a “net proceeds” estimate, go to the “Ask Your Own Question” link on our Home Page and we will provide you with a computerized line-item listing of closing costs for your home.

Q: 6% is a lot of money to pay a Realtor. What am I paying for?

You are paying for the knowledge necessary to price your home competitively, show your home most effectively, market your home aggressively, and to negotiate the maximum sales price for your home to a financially qualified Buyer. You are also buying exposure on the MLS system – where over 60% of Buyers are introduced to their next home.

Q: What should I expect from my Realtor?

You should expect experience in the marketplace: How long has your Realtor sold houses? How many? Referrals from past customers? Awards? You should expect aggressive marketing: Full-color brochures or fact sheets, MLS exposure with full color multiple photos, ads in local real estate magazines, and internet exposure with multiple photos and virtual tours. You should expect regular communication: Prompt response to phone calls, e-mails, and answers to questions and concerns. You should expect superior negotiating skills: the ability to protect your interests and investment while bringing the Buyer to agreement on terms to sell your home.

Q: I have been disappointed in the past by Realtors who make promises across my kitchen table and then I never hear from them again. What am I doing wrong?

You are choosing the wrong Realtor. You should expect regular communication with your Realtor. Unless there are extenuating circumstances, your Realtor should respond within one business day to your phone calls or e-mail. Click on our “About Us” link on our Home Page for our communication promises.