Before you sell your property, you need to answer several questions:
1. Is this really the best time for me to sell?
Timing can be everything. When you put your home on the market impacts the price you get. If inventories are low and there are buyers in the market for your type and price of home, you can get more than if you were competing with five similar houses in a slowing market. The time of year may impact property values as well. For example, real estate usually slows in December because no one wants to be in the market during the holidays. People usually buy in December because they have to, not because they want to, and inventories are generally lower. So sometimes December is one of the best months to get the highest price for a house.
Because every situation is different, the sale of a home has to be evaluated at the time the house goes on the market, not using market conditions that are six, three, or even one month old.
Do you really need to sell? Should you sell or keep your place and rent it? You need to carefully analyze your particular situation, and you need to explore all your options before you decide to sell.
2. What are the current market conditions in Pinehurst and the surrounding area?
You need to know what is happening in the market right at the time you plan to sell. News media is always saying this and that about the real estate market, but this is often far from what is actually happening. You may have heard how bad the real estate market is across the country, but you need to know what it's like where you are selling.
I still see the occasional multiple offer. However, that is the exception and not the rule. Inventories have increased and average marketing times have increased, but there are still buyers in the market ready to buy good homes that are priced correctly.
3. What is my house actually worth?
Determining the market value for properties in the city is different than for the suburbs. In the suburbs, in a housing development, size and condition largely determine price. You look at the last three months of sales of homes in the development and adjust for condition and amenities. In the city, pricing becomes more of an art than a science because no two homes are alike. You need to look at what homes sold for in similar neighborhoods, but adjustments for size, style, and upgrades become increasingly subjective depending on the property.
You must take great care in setting a price, because if a house is priced too high it will generally end up selling for less than it would have if it were priced correctly at the start. For a much more detailed look at home pricing, please contact Gloria Sectish.
4. How long will it take to sell?
Today the average DOM (days on market) time is about 30 to 90 days, but if you over price your home it could stay on the market much longer. If your home is correctly priced (and isn't particularly unusual), you should expect to have it sold within about 30 to 60 days, and another 30 days for closing.
5. Should I sell my home myself?
Some people are very successful at selling their home themselves. However, it does require work. When people tell me that they are going to sell themselves because they want to save the commission, the fact is they actually are going to earn the commission they expect to save. But not all of it.
Many FSBO (for sale by owners) end up paying the buyer's agents some commission, usually 3 percent.One of the biggest problems with a FSBO is the difficulty in showing the home because the owner works. Another complication: it is always better if the owner is not present when a prospective buyer sees the home, but if you're the agent too, you need to be there, and typically at the buyer's convenience. Another potential concern is having a perfect stranger knocking on your door wanting to see your home. Real estate agents sell most homes, so a FSBO needs to market the home to all the other agents for the best chance of selling it. Even in the hottest of hot markets not all FSBO's sell, you have to price your home correctly, make it easily available to show, and market it effectively. And don't get overly emotional or take the negotiations too personally.
6. How much will it cost me to sell my home?
If you list your home or condo with a Realtor and they sell it, the rule of thumb is that your closing costs will be about 9 percent of the purchase price. Typically, 6 percent is real estate commission and 1.78 percent is state excise tax. Title insurance and escrow fees make up the rest. In addition, other fees can arise for attorneys, pest inspections, and the like, but these can typically be avoided with good planning and preparation.
7. What do I have to do to get ready to sell?
This depends on the market and your competition, but generally, home sellers believe they have to do more to their property than they really do. The first impression of a home is when you drive up to it and when you reach the front door. Those areas should be cleaned up to look in good order.
Once inside, you should let in as much natural light as possible, and rooms should not be cluttered. Kitchens, particularly, should be free of clutter, and basements should be clean and bright (use 100 watt light bulbs) and have the windows cleaned. Typically, you don't need to paint or put in new carpet. If your carpets are very dirty, you might want to have them cleaned. Spend as little money as possible and don't get carried away. The people who buy your home will get carried away and repaint, put in new carpet, or tear out the old carpet and refinish the hardwood floors, and so on.
Ready to sell your home? Start with Gloria's selling tips below. It's filled with helpful information and lots of food for thought. Then take a look at homes have recently sold for in the Pinehurst area (to get a sense of the market in the area), or check out the MLS search to see homes for sale across the Moore County Area.
View homes recently sold in the Moore County area homes. This will give you helpful and invaluable insight on the current Moore County area market.
In order for you to sell your property quickly and at the right price, there are several things that you, the seller, should know before you begin the selling process. Read the tips below for more information.
Your Home for Buying & Selling Pinehurst Real Estate and Pinehurst Homes NC for Sale
Search the Moore County Multiple Listing Service (MLS). This will give you a sense of what the houses are currently listed for in the Pinehurst area. Keep in mind the house are MLS are currently for sale - and listing price vs. sale price may change.