Common Questions Home Sellers Ask

How Much is My Home Worth? This is the most important question a Home Sellers can ask.
In Genesee County, MI the median sold home price was $174,900 in April 2022.  However, there are many factors that influence price, and Genesee County has widely varying market values depending on the city you’re in.

A realtor can help you determine your home’s value by running a Comparative Market Analysis which will take into account your home’s location, size, number of rooms, and other features.  It will compare your home to others that have sold recently, and help determine the listing price.

It is also important to use a marketing strategy when listing your home.  Starting too high can discourage potential buyers.  Even though you may think “I can lower the price later”, you’ll miss that vital window for the first couple of weeks of market exposure.  A house that sits on the market too long can be a turn-off to buyers. If a home is priced just right, it will sell very quickly, or in some cases, the price may go up due to multiple offers coming in.

How Long Will It Take to Sell My Home?

In 2021 the average time it took to sell a home in Michigan was 76 days.  That includes 41 days to get an offer, plus a typical 35-day closing period.  2022 in Genesee County is projected to be faster than the statewide statistics, as homes within the county were only on the market for an average of 21 days in May 2022.

One factor that can impact how long your home will take to sell is the time of year.  Houses listed in the winter will take longer to sell than houses posted in the spring or summer.  The best month to sell in Michigan is May, and the worst is January (for both speed and price). How the buyer chooses to pay for the home will also affect selling speeds.  A cash offer can go through much faster than one that needs to be financed since the buyer could choose to waive inspections and appraisals when paying cash.

How Much Needs to Be Done to My House Before Putting It on The Market?

The most essential thing to do is clean and declutter your home before putting it on the market.  It does not have to be completely empty, as staging can help sell a home (on average a staged home sells 88% faster and for 20% more money). It should be easy to move around inside and with a minimum of personal effects on display. Home Sellers should pay attention to the outside as well, are the driveways and walkways clear of snow and debris?  Are the gutters and exterior walls and windows clean?  Let your property make a good first impression.

If there is anything that needs to be repaired or replaced to pass inspection, definitely fix it before listing your house.  Not only will it present the house in a better light, but it will also save time when trying to close since the house will not have to have the repairs done at a later date and then re-inspected.  Some key things to watch for are leaky faucets, lights that don’t work, leaks in the roof, and holes in the walls, and being sure all doors and windows function as intended.

Improvements and upgrades are other things to consider.  Buyers are especially interested in updated kitchens and bathrooms, and having one that does not present as outdated can really help sell your house.  You do not have to go overboard since everyone’s tastes are different, but having modern fixtures and cabinets is definitely a selling point over ones that have been there for 30+ years.

Should I Be Present When Buyers View My House?

The short answer is no.  Having the owner in the house makes buyers uncomfortable.  They do not feel they can talk freely or make comments or ask questions that could be offensive.  The Home Sellers, who have a history and attachment to the house, may respond to comments in an argumentative way due to their attachment and this can turn off buyers and lost offers.

What Is the Agent’s Commission?

Typically the commission is 6% of a home’s sale price, which is shared with the buyer’s agent.  It can vary in certain circumstances and is generally paid by the seller.  It is important to keep in mind that listing agents are not paid by the hour or appointment, instead, they are only paid if the house sells.   For every hour an agent spends with a client, he or she will typically spend nine hours on average working on that client’s behalf doing everything from networking to finding potential buyers to filling out paperwork.  It is recommended that you the Home Sellers interview a few agents prior to selecting one to find the one you feel most comfortable with and trust.