Zachary Petrocca, Hudson Valley Real Estate Salesperson, Petrocca Properties Team at Keller Williams Capital District

This frequently asked question cannot be answered with a simple or general answer. Every real estate market is different, therefore, the best time to sell a home will be different from real estate community to real estate community. In most cases, the spring months are the best time to be selling a home. Since every home sellers situation is different, you should discuss the timing of your home sale with your Realtor. In some cases, selling a home during the fall and winter months actually may be better than waiting until the spring real estate market. This is due to a combination of many factors including lower competition and that serious buyer’s are always looking for a home, just to mention a couple factors. In the end, your needs and goals are top of mind when working with me. No matter the season, we can discuss an effective strategy to obtain your real estate goals.

When buying a home, the excitement level is extremely high. It’s important to understand that the closing date in the purchase offer is a target and not a guarantee. Before you hire the movers and take time off from work, know that the closing date in the contract isn’t necessarily the date you will own your new home. Many buyers will ask their Realtor this question, however, it isn’t up to the Realtors when a closing will be. The attorneys are the ones who have to set the closing date and time.

As a buyer, you have the option to perform a final walk-through. Is a final walk through a requirement? NO. Is a final walk through recommended? YES. Generally when buying a home several weeks go by between when you last walked through your home. Lots of things can change during that time. When doing a final walk through a few things you should check is that furnace is working, the toilets are flushing properly, all the lights work, that there is hot water, and (if applicable) any previous inspection requests was completed.

In addition to your down payment, you will need to pay closing costs the day of closing. Average closing costs for a home buyer can run (about) 2% and 5% of the loan amount . That means, on a $300,000 home purchase, you would pay from $6,000 to $15,000 in closing costs. Your mortgage professional and Realtor can help in determining how much in closing costs you will pay. It’s important to note, that closings costs vary on the home itself, location, time of year, down payment amount, lender, attorney, etc. Before closing on your new home, you will receive an “Initial Closing Statement” from your lender that will breakdown your closing costs in an itemized list.

Congratulations! Your offer was accepted, now what? Between offer acceptance and the closing date, there are many things that need to be completed. In a nutshell, after an offer is accepted, generally any inspections will be completed. After the inspections, you complete a formal contract and mortgage application. Then last but not least, the title, abstract, survey, and any miscellaneous paperwork is completed. When buying a home, finding the perfect home is only one part of actually becoming a homeowner. Throughout the mortgage process, you should expect the bank to require documentation, letters, and other items from you to satisfy the bank conditions, so don’t be upset or surprised when this happens.

When buying a home, you have the option to perform several types of inspections. The purchase offer you write can be contingent upon a satisfactory home inspection, pest inspection, chimney inspection, radon test, and many other inspections. In most cases, it’s recommended that when buying a home, you at the bare minimum have a home inspection. There are home inspection findings that are more common than others, however, no two homes are the same so it’s a great idea to get the home inspected. It is also important to expect the home inspector to find things during their inspection. Depending on the price point, there can be certain items that come up in an inspection that are expected. It’s best to speak with your Realtor to determine expectations and whether or not you plan on requesting the seller to remedy the items identified in the inspection report, request a concession, or accept the report in full.

When a purchase offer is submitted to the seller there are generally four possible responses. The first is an accepted offer, the second is a counter offer, the third is a rejected offer, and the final is an offer that is not responded to. If your offer is rejected, meaning the seller says no and doesn’t counter, you have the right to place another offer. It’s not very common an offer is rejected or not responded to, unless a seller is offended by a low-ball offer.

There is not a standard answer to this question. A purchase offer will have a “life.” The “life of the offer” can vary from 12 hours to 3 or 4 days. There are many circumstances that can effect the length of the “life of the offer.” Your Realtor should know how long of a “life” to give to your offer. If you’re looking to purchase a home that is newly listed and the possibility of multiple offers exists, a shorter life is recommended. If the home you’re looking to purchase has been on the market for 3 months and the seller is located out of town, a 2-3 day “life” maybe necessary and/or recommended. It’s important to know that unless stated, the sellers can take their time in responding to your offer.

Some buyer’s decide when buying a home that they would like to find a suitable property before selling their existing home. A sale contingency means that the potential buyer of a home must sell their existing home, before being able to purchase the “new” home. Inspection and mortgage contingencies are other common contingencies that buyers write in their purchase offers. If the inspection report comes back and for some reason you do not want to proceed with the sale or if you are unable to obtain the mortgage for the home or sell your current one to purchase the new home, a contingency provides you with an “out” and allows you to back out of the deal and receive your deposit back.

An earnest money deposit is also frequently referred to as a good faith deposit. When a buyer purchases a home, they provide the seller’s real estate company a deposit to hold in their escrow account. The primary purpose of this deposit is to show a seller you are serious about purchasing their home. The amount that is deposited is subtracted from the final figure that a buyer pays at the closing table. Sellers generally look for a well qualified buyer when reviewing purchase offers. In most cases, the larger the deposit, the stronger a purchase offer looks to a seller.

When buying a home, you are the only one who can determine how much you should offer a seller. Certainly it’s suggested you ask for your Realtors advice and thoughts, but ultimately you are the only person who can determine how much you should offer. What I offer as a Pricing Strategy Advisor is insight on what a fair market value range would be on the prospective home. This can provide great value so you that way you are aware if you are overpaying for the property or not.

This question is often asked and is a simple answer. The answer is, there is no specific number of homes you should look at before buying a home. Don’t feel that if you were to purchase the first home you look at that you’re making a mistake. Same can be said if it takes you looking at 25 homes. Generally speaking, the average home buyer knows if they are interested in purchasing a home within the first 15 seconds of walking into the home. If it feels like home, it may be the one!

When buying a home, it’s important to know what additional costs will be in addition to the monthly mortgage payment. Utility bills are just one of the additional costs to consider when buying a home. Utility bills can be obtained from the home owner and in some cases, from the local utility company, who can provide averages over the past 12 months. Keep in mind, everyone prefers to have their home temperature different, so the average bill could be different if you were to purchase the home.

This is another question that Realtors should tread very lightly with. There is no doubt that schools impact property values. Just like tips for selecting a neighborhoods, a top Realtor should be able to provide you with names or websites where you can find information on the local schools so that you can determine whether or not the schools are acceptable to you or not.

When buying a home, a common question home buyers have is regarding the neighborhood/area. As a real estate professional, there are rules against steering and providing personal insight into specific areas and neighborhoods. This doesn’t mean that your Realtor cannot provide you with tips to help you choose the right neighborhood when buying a home. Many buyers wonder about the growth of the local economy, crime statistics, taxes, and local amenities. If you have a top Realtor when buying a home, you should be able to receive all of the pertinent information to allow you to make an educated decision on areas and neighborhoods.

Believe it or not, foreclosures can actually be a smoother transaction than a short sale. A foreclosure, sometimes referred to as a REO, is a property that is owned by a lender. If you’re considering the purchase of a foreclosure, it’s important to understand that most are sold “as-is.” Foreclosures, if not purchased by an owner occupant, are often purchased by investors, fixed up, “flipped,” and sold to a owner occupant.

Before getting involved with a short-sale, it’s important you understand exactly what it is and what to expect from a short sale. The easiest way to understand a short sale is the sale of a home in which the proceeds from the sale are less than the balance of debts secured by liens against the property and the home owner cannot afford to pay the liens in full. Before purchasing a short sale, you should consider things such as the time it can take for a short sale response, the fact that a foreclosure is still possible, and that many short sale properties are in disarray. Short sales are not impossible to buy but you must be patient and be in no immediate rush to move.

One reason why buyers ask the question about the need of having a Realtor when buying a home is because they don’t understand who pays the Realtor fees when buying a home. There are no guarantees, however, in most cases the seller pays the Realtor fees for both the buyers agent and sellers agent. There may be a scenario where this is not the case and sellers/sellers agent is only providing a certain percentage of compensation to a buyers agent. It is important to discuss commission in your initial consultation with your Realtor so you are aware of their commission requirements.

Buying a home can be a very solid investment. This being said, renting can also be a better option for some, depending on the circumstances. The current interest rates are incredible. A 30-year FHA mortgage can be locked in at a rate of around 3.5%. Since the interest rates are so low, it actually can be cheaper to pay a mortgage right now than paying rent. There are questions that you should ask yourself before deciding to buy a home. One of the most important things to consider is the length you plan on staying in a home, if you were to purchase. If the answer is only a couple of years, it’s likely the better decision is to continue renting. Another question to ask yourself is whether you are ready to take on the additional “responsibilities” of owning a home. When owning a home there will be general home maintenance that should be done, are you ready for that? Buying a home is a great option in many cases, but not always. I am happy to have an open discussion with you.

There is truly no concrete “correct” answer to this question. There are pro’s and con’s to buying a home before selling your current home and the same can be said about selling your current home before buying another. For more information feel free to contact me directly!

Easy question to answer – no! There are many reasons why sellers should not be present during showings. The primary reason why you should not be present at showings of your home is potential buyer’s can feel uncomfortable to talk open and freely with their Realtor about your home. They do not want to say something that could offend you, the seller. The best idea is to leave shortly before the scheduled showing and come back once you are certain the buyer and their Realtor have left your home.

A home that is well prepared for home showings will likely sell faster than it’s competition. Making sure a home is cleaned, de-cluttered, bright, and that no foul odors are present are just a few things that sellers must do to prepare their home for showings.

Like many of the answers to these frequently asked questions, the frequency and methods of communication will vary from seller preference. At a bare minimum, you should expect to hear from me at least once a week when selling your home. The methods in I communicate with my clients is tailored to each individual seller. If a home owner prefers communication via e-mail, I will communicate via e-mail. The same can be said about text messaging, phone conversations, or face-to-face interaction.

No matter what industry, top professionals enjoy working with top professionals. This is no different in real estate. A am able to provide high quality mortgage professionals, attorneys, contractors, movers, or other services needed throughout the home selling process.

This frequently asked question can be a fairly complex answer. In most cases however, the reason your home is not being looked at by potential buyer’s is due to the price. Buyer’s who feel a home is priced to high will choose to look at other homes before yours, likely finding one before they reach yours. Other possible reasons your home is not being looked at could include a poor curb appeal, a poor location, or lackluster marketing efforts from your Realtor.

While almost every Upstate NY Real Estate agency will post your home on an assortment of websites, there can be a drastic contrast in the appearance of that posting. Listings appear in an assortment of ways based on advertising customizations and strategies made to the posting. These factors place a huge influence on whether your listing is upfront in a search, right where every buyer can see it, or buried so deep no one will ever find it. We’ve thoroughly developed a marketing plan that gets every potential eye on your listing and presents it in an appealing way. We give buyers exactly what they want – from high quality hd video tours to neighborhood information. Our marketing program has made us #1 in sales in Ulster County and Greene County*.

In many cases, the appliances in one home will not fit or look right in another. The decision whether to include appliances or make them negotiable is ultimately up to the seller.

Another popular frequently asked question from home sellers is how much it will cost to sell a home. There are expenses that the buyer will have that the seller will not and vice versa. Typical closing expenses for home sellers include the abstract and title search, instrument survey, real estate commissions, and transfer taxes which also are known as revenue stamps. Closing costs for a seller can amount to roughly 6% to 10% of the sale price. On the bright side, unless you have very little home equity, the closing costs will simply be deducted from the proceeds from the sale of the home. You’re still spending the money, but since it never hits your bank account in the first place, losing it can hurt a little less. Both you and the buyer will receive a closing disclosure three days prior to the actual closing. This will lay out all the details of the sale with real numbers, so you’ll know what everything costs — and have the chance to get any errors corrected.

Inspections are another common contingency that buyer’s make their purchase offers subject to. There are many different types of inspections and tests that a buyer has the right to perform. In almost all cases, inspections are at the expense of the buyer. They have a specified number of days to complete the inspections and also a specified number of days to either remove the inspection contingencies or request the seller address findings from the inspections.

In addition to ensuring there are no safety hazards at a home, the bank appraiser is also making sure that the home value is at least what a buyer and seller agree too. This isn’t always possible though. If an appraiser determines the value of the subject property is lower than the agreed purchase amount, there are a couple different scenarios. -Seller Makes Concession -Buyer Comes Up With Difference -The Transaction is Cancelled -Challenge Appraisal

If a home buyer is obtaining financing from bank, the bank will complete an appraisal. When performing an appraisal, the appraiser is looking for potential safety hazards or concerns. The buyer will determine in their purchase offer a dollar amount in which a seller is responsible to cover for bank required repairs. Some common bank required repairs include missing handrails, broken windows, peeling paint, missing electrical covers, and roofs that are in very poor condition.

Depending on what type of financing the potential purchaser is obtaining, the option to receive seller concessions may or may not exist. There are many home buyer’s in the marketplace with impeccable credit scores and solid jobs but are short on the money required to purchase a home. Seller concessions allow a home owner to contribute a percentage or dollar amount towards a buyer’s closing costs and/or pre-paid items. For example, a buyer who qualifies for an FHA mortgage can receive up to 6% of the purchase price towards their closing costs. This can be a significant amount of money and can be the difference of a buyer being able to afford a home or not or the seller being able to sell their home!

When selling a home, it’s best to think of any decision as a business decision rather than an emotional one. Low ball offers still happen, unfortunately. Dealing with low ball offers can sometimes lead to the sale of a home, if handled properly. The worse decision you can make if you receive a low ball offer is not responding. Some home owners are so upset they decide they do not want to respond to a low ball offer, which ultimately ends any potential chance for a deal. A counter offer, even if it’s close to or at the list price, is better than letting a potential buyer walk!

Every municipality is different, but in general, when making an improvement or change to a piece of property or land, a certificate of compliance (and/or permit) is required. When selling a home, potential buyer’s have the right to ask for certificates of compliance for any improvements, such as decks, patios, or sheds. Some buyer’s may not ask for any permits and some may. Technically, you do not need to provide any permits or certificates of compliance, however, you could lose a potential buyer over a simple fence permit.

This frequently asked question is not one sellers like to ask when selling a home, however, it can come up frequently. The hope when selling a home is a quick sale and top dollar. This isn’t always the case though. Generally speaking, if you decide to cancel the listing agreement, you could possibly be responsible for any expenses incurred by the real estate agent and their brokerage.

“You get what you pay for,” often is true when it comes to real estate. If a Realtor offers a lower commission, do you think they will negotiate aggressively on your behalf when it comes to the price? Also, if you were working for a reduced hourly wage from your “normal,” would you work as hard as you normally would? The answer is likely not. Choosing a Realtor based solely on the fact they offer the lowest commission amount is a top mistake made by home sellers when choosing a Realtor to sell their home.

Most of the frequently asked questions that relate to exclusive right to sell contracts are not able to be answered with a universal answer. When it comes to the length of a listing agreement, my standard is a minimum of 6 months. One thing to keep in mind when asking about the length of a listing agreement is the average days on the market. If the average days on the market in your local real estate market are 75-100, a 90-120 day listing agreement may not be enough.

This frequently asked question often leads to a common pricing mistake that sellers make. Many sellers believe they should price their home $5,000-$25,000 higher than what a top Realtor suggests to leave room for negotiations and low-ball offers. A well priced home will sell quickly and will sell for close to the listing price. There is no need to leave room for negotiations, as today’s home buyers are very well educated. A seller who prices their home high to leave room for negotiations can actually be costing themselves more money than if they price it to reflect the suggested market value.

The answer to this frequently asked question is NO! Anyone who has bought a home, sold a home, or just looked at homes, has heard of websites such as Zillow and Trulia. These are also commonly referred to as third party real estate websites. Third party real estate websites are not local to every real estate market. These third party real estate websites provide estimates of home values for practically any home in the United States. How is it possible that a third party website that is headquartered in California or Florida can provide an accurate home value for a home located in Hudson Valley, NY? It’s not! These third party websites, such as Zillow and Trulia, use computer generated home values based on calculations and formulas. These websites providing inaccurate estimates (or “Zestimates”) can create a false sense of hope and lead to frustration.

There are a handful of methods that I use to determine the value of a home. The most common method to determining the value of a home is by completing a comparative market analysis. A comparative market analysis is an in-depth evaluation of recently sold “comparable” homes in the past 6-12 months. A comparative market analysis, also known as a “CMA,” isn’t a crystal ball that determines what a home will sell for, however, it should greatly narrow the sale price range. A professionally completed “CMA” will take into account many features of not only a home, but also the local area and neighborhood. Considerations that a professionally completed “CMA” include, but is not limited too: Square footage Number of bedrooms Number of bathrooms Upgrades to kitchen Window quality Roof age Lot features Location; primary or neighborhood street? Style of residence Flooring type

This frequently asked question can be answered very easily. The list price is the price a home is currently listed for sale at. The sale price is the price a home is sold at. A top Realtor should be able to suggest a list price that ends up being very close to the final sale price.

Assessed value is not the same as market value or appraised value. There are many homes that could be sold for significantly more than an assessed value and others that maybe sold for significantly less. The assessed value of a home is used for the purpose of taxes in your local municipality. The assessed value of a home is multiplied by the local tax rate to determine what your yearly taxes are. The assessed value has no impact on how much your home is worth to a potential buyer in the marketplace. Unfortunately, there are many home buyer’s who believe that a home that is listed higher than the assessed value is overpriced. This is the furthest from the truth. Home buyer’s also question if something is wrong with a home if the list price is much less than the assessed value. The bottom line is the assessed value has no impact on how much your home is worth.

Most home owners want to know how much their home is worth. This frequently asked question is another one that cannot be answered with a generalized answer. One of the best perks to owning a home is the ability to make it your own and improve it how you’d like. Finding out how much your home is worth is not something that should be done without asking a top local Realtor. Reach out to me today to schedule a home evaluation meeting.

When selling a home, it’s important you disclose to potential buyers anything you are aware of in your home. Nobody likes “getting the raw end of a deal” when it comes to buying a home, car, or anything for that matter. If you’re aware of defects with a roof, appliance, or home in general, you’re always going to be better off being honest and upfront. If you’re aware of defects, whenever possible, fixing them before going on the market is best. This can avoid potential issues and/or lawsuits once your home is under contract, after inspections, and even years after you have sold your home. Getting a pre-listing home inspection can be beneficial to you by knowing what items will come up during the purchasers home inspection.

A frequently asked question from home sellers before listing their home for sale is related to the local real estate market. There are many market indicators that I can share with you and explain the condition of the local real estate market. One of the most important indicators on market conditions is average days on the market. The average days on market can indicate to a seller how quickly homes are selling when listed for sale. Other examples of market condition indicators include market absorption rates, number of closed transactions year-over-year for a given month, average sale prices, and average list price to sale price ratios.