What time of the year should I sell my home?

This question can only be answered by you, as it is directly linked with your goals. You should take into consideration your current situation, your future planned situation, economic factors and current housing market trends and values.

However, you can pick the time of year that is the most advantageous to sell. The marketplace tends to be more active in the summer because parents want to enroll children in classes at the beginning of the school year (usually August). The summer is also typically when most homes are likely to be available.

Generally speaking, markets tend to have some balance between buyers and sellers year-round. In a given community, for example, there may be fewer buyers in late December, but there are also likely to be fewer homes available for purchase. So, home prices tend to rise or fall because of general demand patterns rather than the time of the year.

Finding the right REALTOR

Listing your home with a qualified REALTOR can make all the difference in the world when it comes to selling your home more quickly and for a favorable price. We strongly advise finding a REALTOR with a solid marketing plan. As the real estate market changes, it is becoming more important to have a strong, creative marketing plan. You want as many people as possible to see your home. This increases the chance of your home selling for top dollar. Pick a realtor that does more than put your home on the MLS and put a sign out front. At Lincoln Pacific Realty, we have an extremely strong and creative marketing plan that delivers success.

How much does a realtor cost?

There are two agents that are associated with your transaction - your listing agent and the buyers' agent. The sellers are responsible for the commissions for both agents, who usually split it 50/50. Commissions however, are negotiable.

How do I decide what my home is worth?

Your REALTOR will guide you through this process, although the decision is yours to decide what you will list your home for. The "market" value of your home will be close to what similar homes in your area have sold for in the past couple of months.

How long will it take my home to sell?

Nobody knows how long it will take for your home to sell. However, you can get an idea by seeing how long it took similar homes in your area to sell. If two homes like yours recently sold in 30 days and 75 days, you may want to do some research as to why one sold more quickly. Your REALTOR can give you advice on how to increase the chance of a quicker sale. Remember, the first impression is very important. In our experience, if two homes are similar or even exactly the same, the buyer will almost always buy the property that smells better, is cleaner, has less clutter, sometimes even if it is more expensive. Similarly, a buyer may buy a home with a less desirable layout than their perfect or ideal home, just because of the first impression. Currently in San Diego, it is not uncommon for a home to be on the market more than 60 days.

How do I sell my home fast?

There are many ways to increase the desirability of your home…we have many ideas which we can go over in person. Just remember, there is no such thing as a home that won't sell, only a home that won't sell AT A CERTAIN PRICE! If you want to sell your home more quickly, lowering your price certainly helps!

What is earnest money?

Earnest money is money that the buyer will put towards the transaction in good faith, so you (the sellers) know they are serious about taking your home off the market. Remember, if your home is in escrow, for the most part it is off the market! If the buyer removes all of their contingencies, and later decides to pull out of the contract unjustly, you may be entitled to keep the earnest money. Usually, earnest money is 1-3% of the cost of the home, but it is always negotiable. If the deal goes through, the buyer can put the money towards any of THEIR costs.

What is escrow?

Escrow is a neutral 3rd party that holds all of the money during the transaction, and disperses the money at the end of the transaction. Escrow cannot do anything without the consent of both parties (the buyers & sellers). The buyer and the seller share the cost of escrow.

How long is escrow involved?

The escrow period is a negotiable time period. The beginning of escrow starts when you accept the buyers offer. The end of escrow is when the buyer's loan funds and the money is dispersed appropriately to all parties involved. Your name is also taken off title and the buyer(s) name is recorded with the county as the new owner of the property.

What is a contingency period?

A contingency period is an amount of time that you give the buyer to do their "due diligence." Because they are buying the property, they are given time to do some homework to see if the home meets their expectations. They can do any number of inspections, including a roof inspection, a pest inspection, a geological inspection, a mold inspection, or a general inspection. There are many more inspections they can choose to perform…and the buyer pays for them all. Contingency periods are usually about 17 days, and the buyer should remove their contingencies after this time.

What is a home inspection?

This is generally the first inspection the buyer will do. An inspector will come out and look at the home in great detail, and note all the things that should be fixed immediately or in the near future. He will also point out the things which appear to be fine. Based on his recommendation, the buyer may choose to get other inspections. For instance, if he says the roof looks really old and he sees signs of a leak, he will recommend getting a roof inspector to come out for a more detailed inspection. Once the inspector gives the buyer his recommendations, the buyer will ask you to make some repairs. You are under no obligation to fix anything except what is required by law. If you will not fix what the buyer wants, they can cancel the contract and exit the deal with their entire earnest money deposit. If they want the home anyway, they will have to just take the home "as is." Your REALTOR will help you negotiate this part of the deal. The cost of the inspection is covered by the buyer.

What is s "disclosure" and why is it such a big deal?

Disclosure is just that, disclosing (or making aware) to the buyer anything that may materially affect the value of the home in a negative way. This is where a LARGE NUMBER of lawsuits occur. You need to let the buyers know of anything you are aware of that may be of concern to a buyer. The sloping balcony, the leak in the bathroom, the mold in the basement, the moisture in the attic, the cracked foundation…everything you can think of. You also have to disclose any repairs that have been made and any permits that you know about that are applicable. Many sellers don't want to list all the negative things about their home because it might kill the deal. The reality is, if a buyer has picked out your home and gone this far, they most likely won't even blink at these disclosures. It is way better to disclose now, because if you don't, you may have to go to court in a few months!

How do I buy by next home when my current home hasn't sold yet?

When you are selling your home, your REALTOR will make sure you are selling it contingent on finding suitable housing. When you find a home to purchase, your realtor will make sure you are buying it contingent on selling your current home. Our advice is, hire a good REALTOR, as the timelines can get complicated.