Whether you're buying or selling a home, asking real estate agents the right questions is imperative for you to get the best deal.
The consumer review website Angie's List asked some highly rated real estate agents which questions home sellers and home buyers should be asking themselves and their agent.
Here's what they found:
QUESTIONS HOME SELLERS SHOULD ASK
- "How are you going to price my home?": A real estate agent should do a comparable market analysis of similar homes in the neighborhood. You might get the high end, the low end, or average based on the condition of the home.
- "What's your marketing plan for my house?": At a minimum, a broker should post a property on a multiple listing service and market it aggressively online. A real estate agent that cannot give a specific plan is likely not going to be as successful. A seller should be able to compare agents by the quality and extent of the marketing plans each agent has.
- "Is my home ready to sell?": Your home's condition is key. Often, sellers don't fully realize the importance of the home being move-in ready. Think about cosmetic improvements that increase curb appeal and fix little things, such as leaky faucets. When people are thinking about a house, they are looking for reasons to rule it out - and little things might make them start thinking about big things that could be wrong.
- "Will this project add value to my home?": If you're thinking about larger remodeling projects to help improve your home's resale value or appeal, first assess your home and your neighborhood. Find out the typical resale price of homes in your area because you don't want to have the most expensive house on the block. In this market, many buyers won't pay more for updates because there are often other homes with comparable improvements and at a lower cost. With a little research, you can see what the average sale price is for homes in your area and determine what your ceiling is for investment.
QUESTIONS HOME BUYERS SHOULD ASK
- "What are my plans for this house?": Do you plan on being in that house for three years, five years, or ten years? If you know what your commitment will be, you'll end up finding a property that meets your needs today and will meet your needs down the road.
- "What can I afford?": You may qualify for a higher amount that you actually want to pay. It's important to not only check with a mortgage agent to get pre-approved, but to know what the payments will be at that amount. Remember to factor in homeowner's insurance, property taxes, utility bills, moving costs, maintenance and any upgrades that you'll need to make.
- "What do I want?": Make a list of what you want and don't want. Search for homes online to get some ideas. Are you looking for a small home or a home where your family can grow? Comparative shopping is key. In order to get the price you want, you have to arm yourself with information.
- "How long has this house been on the market?": The length of time a house has been listed will affect the pricing. The longer the house has been on the market, the more chance the seller will make a larger cut in the price to move the home.
- "What is your sales history and experience level?": A good agent should be able to provide information on comparable sales of homes in the neighborhood, schools and other local services.