The American people are on the move. For those of you who are looking to sell your home, it's important to interview a real estate agent and ask the right questions to ensure that you are getting the best representation and the most value for your home.
Here are five questions you should ask your real estate agent before selling your home.
1. Is It a Seller’s Market?
Market conditions favor the seller in the past year. This is due to the fact that there are a record-low number of houses on the market. When a new listing hits the market, buyer demand is strong. The majority of sellers are receiving multiple offers within days of listing it. In some cases, the end result is a bidding war that results in the seller receiving more than their original asking price.
In spite of the favorable conditions, many homeowners fear putting their home on the market, as they are unsure they will be able to find another home once their house is sold. This has further contributed to the inventory shortage.
2. How Fast Can I Sell?
In the current conditions, homes on the market are selling quickly. Both Fairfield County and Westchester County are seeing historically low numbers for average days on market. It is increasingly common to receive multiple offers within the first week. Some sellers are accepting offers on the first day that they list it.
However, how quickly you sell depends on a number of different factors. At the top of the list is always a competitive list price. Even with elevated prices in the suburbs, an excessive asking price is going to extend the home’s listing time. It’s important to talk with your agent about listing your home at the right price to ensure that you attract the most buyers.
3. What is a Good Pricing Strategy?
There is a big debate in the real estate industry about pricing. With buyer demand so strong, should you price the home for more than its value?
A fairly priced home is likely to draw stronger interest and prompt more buyers to make competitive offers. But there is no one-size-fits-all answer to the question of pricing. The pricing decision needs to be tailored to each seller’s needs and the specific property and location. With Compass, our curated pricing strategy will help you understand your home’s sale potential in today's market and help demystify the current real estate landscape.
4. What is the Real Estate Agent's Commission
It is important that real estate agents are transparent with how they earn money on your sale. When listing a property, their earnings come as a percentage of your sale price.
In New York and Connecticut, the standard real estate commission on a house sale is 5%. The commission is typically split evenly between the buyer’s and seller’s agent.
While you might think you can save money by listing the home by yourself, a real estate agent brings expertise and experience to price your home correctly and market it to its full potential, giving you a greater chance at getting the asking price for your home.
5. Where Should I Move?
If you are looking to leave NYC, there are many great options in Westchester County, New York and Fairfield County, Connecticut. If you’re unsure which neighborhood best suits you, you can use our Steps to Suburbia program to find one that meets your needs and fits your personality.
If you're looking to move beyond the local area, our strong network of Compass agents can guide you to your next home anywhere across the nation. We will work with you to connect you to an agent that fits your needs.
What Questions to Ask Your Real Estate Agent?
The questions on this list should give you a good starting point for selecting a real estate agent. If you would like to discuss these questions or any others, contact us today.