Unless you are a professional real estate agent or have one in the family, you are probably like most people selling homes in Pennsylvania and have more questions than answers when it comes to selling your home. When you start asking your friends and co-workers, many people will be glad to give you opinions about your questions, but how do know the difference between opinions and real answers?
Top 5 Questions People Have When Selling A Home in Philadelphia
As professional home buyers, we work with home sellers every day of the week. We will discuss answers to the top questions we hear on a regular basis. If we do not address your particular question, please feel free to reach out to us here and ask your specific question. We will offer our best answer based on industry best practices.
1. What time of year is ideal for selling a home?
Although you may sell your house at any time of the year, there are undoubtedly some months (and even particular days) when it will go more quickly, smoothly, and profitably. The best times of year to buy a property are often spring and summer, with fall and winter seeing a decline in sales.
According to Lending Tree in an article citing a survey by ATTOM Data, the best months to sell your home are June, May, or July if you want to maximize your profit. The average price of a home sold in June is around 9.2% more than the average price of a home sold in May. Additionally, statistics indicate that the day you advertise your house matters. In an article on Cision Newswire, Redfin claims that properties advertised on Thursdays sell more quickly and for more money than those listed on other days of the week.
However, because the real estate market is so specific, the optimum timing to sell truly relies on your local market and your particular circumstances as a homeowner. You should consider these things:
- How popular is real estate in my neighborhood? Is it a buyer’s or a seller’s market? If you put your house on the market in a seller’s market, you’ll make the most money and spend the least amount of time doing so.
- How much of my mortgage debt have I already paid off? The more debt you’ve paid off, the more money you’ll make.
- How financially secure am I? Both buying a new home (if that’s on the agenda) and selling an existing property incur costs. Make sure you have the money to pay the expenses associated with your selling.
- How are things on the local market? Before opting to offer your house, you might think about evaluating regional market trends like the quantity of active listings or the median sale price.
2. How Long Will It Take For My House To Sell?
The length of time for your property to sell depends a lot on where you are and how the local home market is doing in your town, community, and even within your particular neighborhood. Your home’s condition, your listing price, and your (or your agent’s) marketing and staging skills may all affect the sale of your house as well.
However, statistics from the National Association of Realtors reveal that the typical home spends 62 days on the market. State-by-state variations are obvious. For instance, the typical home in Vermont spends 186 days on the market. It is only 37 in Washington. Once more, it’s crucial to comprehend how rapidly your house might sell in your particular market. According to Redfin, house stay on the market in Philadelphia for an average of about 36 days.
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3. What Is The Value Of My Home Or How Much Can I Sell My House For?
Your home’s condition and the level of demand for properties similar to it are the two key determinants of its value. Your best chance is to look at similar transactions to get an idea of what your house would sell for on the open market. Make sure their size and condition are comparable to yours.
These are what a real estate agent would use to calculate the right price for your home. They are also known as “comps.” A cash buyer like 717 Home Buyers, who can purchase your home without you having to advertise it, will also be able to make you an offer.
4. What Is It Going To Cost Me In Fees, Commissions, And Closing Costs To Sell My Home?
Selling a home involves a lot of expenses. Thankfully, the majority of them do not demand a direct out-of-pocket expense. Many instead come from the closing revenues of your transactions.
Typically, fees and charges amount to roughly 10% of the sale price of your home. These include items such as:
- The commission paid to your real estate agent (5 to 6%)
- Getting ready and staging your home (1%).
- Concessions from the seller (1–2%)
- Repair expenses (which vary)
- Costs of homeownership and overlaps (1%).
- Closing expenses (1–3%)
By avoiding the real estate agent, selling your property to a professional home buyer like 717 Home Buyers or selling your house as-is, you can reduce some of these fees (without any repairs or staging). But remember that houses that need numerous repairs will usually take longer to sell (and sell for less cash).
5. Should I Fix My Home Up Before I List It In Philadelphia?
A “move-in ready” home is one that doesn’t need a lot of preparation work before a buyer can move in. A move-in-ready home is a need, according to 76% of younger purchasers, who are more likely to purchase a property.
Because of this, you might want to think about making some repairs before listing your house for sale. Making little cosmetic improvements can help you increase the marketability of your house (and more valuable). You have two choices when it comes to larger, more well-known problems, such as a leaky roof or a malfunctioning air conditioner: either do the repairs yourself and pay the cost or reduce your price. If buyers are aware that significant, pricey projects are in the works, they are less likely to pay top cash.
Consider a seller’s inspection if you want to start the repairs sooner. A home inspector can assess your house for any flaws and problems for a few hundred dollars. Then, you can utilize their report to direct the pre-listing maintenance work you do. By doing this, you can increase your home’s marketability and avoid future delays due to time-consuming inspections. Remember that your state can compel you to disclose particular problems that the inspection might uncover.
If you find that the repairs and upgrades needed to sell your property are too expensive or time consuming for your circumstances, professional home buyers like 717 Home Buyers can offer you cash for your property in Philadelphia as-is. You can simply accept the offer and walk away from the closing table with your cash. No inspections, no repairs, no hassle.
More Questions and More Answers From 717 Home Buyers (And A Cash Offer For Your Property)
There are many other questions home sellers in Philadelphia have such as do I need a realtor, how to find the best realtor, what about an auction sale. We would be happy to discuss these questions with you and give you honest professional answers based on our experience.
If you feel that a cash offer may be right for you and your Philadelphia property, we would be glad to make you a no-pressure cash offer. Remember that there are never any fees or obligations when you work with 717 Home Buyers.
You can learn more about how we operate at 717 Home Buyers by clicking here. Please consider reading our Google reviews here or watching some videos of satisfied customers here. If you feel that we can be of help and would like a no-obligation offer within about 24 hours, give us a call today at 717-639-2164.