Frequently Asked Questions
“How long will it take to sell my property?”
The answer is it depends on the price that you, as the Seller, set for the property! If you are asking the current market price, then the time will be fairly short and dependent on the market. If you are below the current market price, then your property will sell immediately, However, IF you are ABOVE the market price then the time on market could be extensive. The higher the price above market value, the longer the period on the market.
“How long is the typical escrow period?”
There is no ‘typical’ escrow period. This is something that is negotiated at the time of sale between the Buyer and Seller.
“What is a selling agent?”
This is the agent or company that represents the Buyer.
“What is a ‘contingency’?”
In Real Estate terms, this is a ‘condition’ of sale. Usually a Buyer’s condition of sale, BUT can also be a Seller’s condition of sale. For example, the ability to get financing of/on the property or, the approval of the Buyer’s inspection findings, or numerous other conditions that the Buyer and/or Seller have agreed to in the contract at the time of the sale.
There is a consensus that the summer months are a ‘better’ time to sell one’s property. This is due to the fact that many Buyers are out seeking a new property and are not burdened by a) winter weather ( depending on your area of the country, HOWEVER this is NOT a factor in S.California) b) school is out, so the summer months are when families have more time to seek that move-up/larger property, c) Job movement in the summer months is more prevalent, d) tax time is over and e) more daylight hours for Buyer’s to view property. However, IF a home is on the market in the “off-season” there is still an excellent chance that it will sell. ( The correct marketing will assure this in any season).
If you are buying or selling a home, choosing the right agent will make all the difference. Here are some tips for finding the right real estate agent.
1) Find someone reputable. You should speak with at least three agents before choosing one. Make sure to ask these questions: How long have you been in the business? How many escrows did you close last year? What areas do you cover? Real estate is a local business. You should have someone who is an expert in your area. That said, just because an agent is successful in your area does not mean he or she is a match for you.
How quickly will you respond to my communications and how will you respond? Real estate is a 24/7 business and you want someone who is readily available.
(If you are a Seller)– How will my home be marketed and how will you get my home in front of target buyers? Have agents present examples of past ads and fliers from listings, and ask if they market online as well as in print. ( If you are a Seller)– What is the plan for open houses? How many will you have?
2) Getting along. Your interactions with an agent should feel good from day one. You want a relationship with an agent where you are upholding a mutual vision and you are heard and respected. Don’t work with someone you feel pressured or railroaded by.
3) Negotiation Skills. An agent’s job is to close a sale, and that means you want an agent who is detail oriented and a skilled negotiator. Asking agents how many deals they closed last year might give you insight into how capable they are.
Here’s a list of what to watch out for in your search.
** Agents who say they can get an exceptional price, above market value, for your home. They may overstate your house’s value to win your listing and try to persuade you to cut the asking price later on. This is called “buying a listing”.
** Agents who work in real estate part time. If you are a buyer, choose an agent who actively follows the market every day and can show you listings or bid on them immediately. If you are a seller, get an agent who is always available to show your home to prospective buyers, not someone who considers real estate a second job.
