A: Well, it largely depends on market conditions. In today's market it would typically take one to five weeks to get a firm sale on your home. There are many factors involved.
Q: Is painting in the home important?
A: Painting is very important, in fact painting and flooring are the two most important things you could do to your home to receive the maximum return.
Q: What's the best time of year to sell?
A: A lot has been written about the best time to sell your home.
The bottom line is this: I think the best time to sell your home is when there are the fewest homes on the market. Generally speaking, if there is very little inventory of homes like yours on the market, it becomes a sellers market, meaning that buyers will not have a lot of homes to look at and you could possibly get more for your home than you thought.
Q: Should I sell before I buy?
A: This, indeed, is the $1-million question. I've had clients approach this in two different ways. If you sell first with a long closing date, then you have lots of time to purchase. And you can then buy with a firm offer, which could be very advantageous to you.
On the other hand, some sellers want to know what exactly they will be purchasing before they sell their own home. That can add some stress to the whole situation. You find the perfect home, you buy it, and then you have to sell. What will your strategy be to make sure your home sells? We can talk about that when we meet. I can fill you in from my own personal experience.
Q: I repaired a water problem in my basement. Do I need to disclose that to a prospective buyer?
A: Opinions on this matter will vary, and my opinion is just that – my opinion.
If you fixed the problem, I don’t think you need to go over the history. It’s just like replacing a damaged door, or a furnace.
Q: What's bridge financing?
A: If you sell your home with a closing date of – let’s say March 30 – and you buy a home with a closing date of February 28, you would require bridge financing. You wouldn’t have enough money to purchase your home on February 28 because you would not have collected your funds from the sale of your home, therefore you would ask your lender to give you financing on the new home for 30 days. In effect, you will own two homes for 30 days.
Q: I want the most I can get for my home. Is it okay to raise the bar on the asking price? I can always reduce it.
A: This is very dangerous, pricing is very important. I've had situations where sellers have asked for more than I recommended and, even though we reduced the property several times, 60 days later it was still for sale. I would not recommend listing higher than the market dictates.
Q: I have an old roof. Do I need to replace it before I sell?
A: You definitely need to invest in your roof before you sell your home. Every purchase will notice that you need a new roof and they will want to significantly reduce their purchase price to offset the cost of the new roof. Some buyers might be scared off completely.