Q. How do I determine what my home is worth?

A. Let a TNT Properties REALTOR® complete a Market Valuation for your home. Our Market Valuation includes an analysis of MLS data for similar properties in your immediate area/neighborhood within the last 3 to 6 months. The analysis considers “active” (for sale) property listings, “contingent” & “conditional” (see Q/As below) property listings, “pending” (under contract) property listings, and “sold” property listings to determine a recommended listing price for your home. Our Market Valuation also considers area/neighborhood trends in determining the recommended listing price. Local tax assessors data, which may reflect property sales excluded from the MLS data, are also useful in establishing the recommended listing price of your home. See also How To Price Your Home for additional information.

Q. How do I prepare my home for sale?

A. For maximum buyer appeal, your home should look like a model home. There should be no "clutter". What may be collections or memoirs to you may look like clutter to potential buyers. See our Tips on Staging Your Home to make your home more appealing to potential buyers.

Q. Why shouldn't I price my house a little high, since I can always drop the price later?

A. That strategy that sounds good; but in fact, it is more likely to result in a lower price. Here's why. The first few weeks a house is on the market is generally when it will have the most viewing activity. If a house is overpriced, it has to compete with houses at that higher price point, which are usually larger or have more features. Subsequently, the overpriced home is unlikely to attract an offer. In addition, real estate agents preview houses the first few market weeks. If the house is overpriced, they may not bother to preview it or show it to their potential buyers. Eventually, the seller will drop the price; and may end up with an even lower selling price because potential buyers will wonder why the house has been on the market so long and may factor that into their offer.

Q. What is meant by "contingency" status or “contingent” contract?

A. Contingent status indicates that a listing is under contract subject to the sale of the Buyer’s property (as with the “Contingent Sale Addendum”). The listing remains on contingent status until it is reported as pending, sold, back-on-market or withdrawn. Contingent status indicates the listing is available for showing and offers are being taken.

Q. What is meant by "conditional" status or “conditional” contract?

A. Conditional status indicates that a listing is under contract with other contingencies or conditions (except for a contingency subject to the “Contingent Sale Addendum). Such contingencies or conditions, i.e. financing, cost of repairs, etc. can be reported to the MLS as conditional status until the listing is reported as pending, sold, back-on-market or withdrawn. Conditional status indicates the listing is available for showing and back-up offers are being taken.

Q. Should I replace my dated carpet? Old tile? Worn-out counter tops?

A. There is no simple answer. Many times, your taste and the taste of a potential buyer will not be the same, so why spend thousands of dollars when you may be eliminating as many people as you are impressing? Other times, the dated entry tile may be an immediate turn-off and a potential buyer just cannot get beyond that first step. Discuss your options with your TNT Properties REALTOR®. This is the time to talk and think before you act and an experienced agent is the best place to start.

Q. Should I be present so I can assist my agent or REALTOR® with showing my property?

A. Most potential buyers are not comfortable opening closet doors or looking in kitchen cabinets if the homeowner is present. Buyers may also be hesitant to make comments or ask questions because they do not want to risk offending the homeowner. They tend to look and leave. If it's a couple looking to buy, they may want to discuss where their furniture would fit and what paint color they would put on the walls. No matter how good your intentions, little (if any) good can come from your presence. Keep your house clean, uncluttered, smelling good and if at all possible, make yourself (and your pets) invisible.

Q. If my house sells quickly, doesn't that mean it was under-priced?

A. Not necessarily! A house that sells quickly could well mean that it was marketed and staged properly and price correctly.

Q. Which sells quicker - a vacant or an occupied house?

A. It depends; how clean is your home? Is it cluttered? What types of smells are lingering in the air? These and other factors impact the sale of a home. It is usually easier for a potential buyer to imagine their furniture in an empty house, versus one that is already occupied. If it is occupied, cleanliness and an uncluttered look must be a daily priority. If a buyer wants to make an appointment to see your home and you don't want anyone there until the next day after you have a chance to clean, they may not bother coming back. Timing is important!

Q. What are the tax implications of my sale?

A. Per current IRS rules, if you have been living in your primary residence for 2 of the previous 5 years, you are tax exempt on $250,000 of the “gain” or profit from the sale. For married couples filing jointly, the exemption is $500,000. Unmarried couples who own property in common and meet certain criteria can also each take a $250,000 exemption. Gains in excess of the tax exempt amounts are taxed at the long-term capital gains rate (if property has been held for more than one year).

To determine your gain, subtract your tax “basis” from your sale proceeds. Your tax “basis” is the price you paid for the home + any qualifying closing costs + any capital improvements you’ve made on the home. Capital improvements are items that add value to the home (renovations, additions, replacements of systems). Additional rule may apply. See IRS Publication 523, Selling Your Home and/or consult your tax advisor.

Q. I don’t even know what questions to ask! May I sit down with you to learn more about the home selling process?

A. Absolutely! A TNT Properties REALTOR® will gladly sit down with you to discuss the details and timelines involved with selling your home. Give us a call today.