Minnesota real estate, specializing in Elk River, Big Lake, Coon Rapids and surrounding communities...

When is the best time to sell a house?

As soon as you decide to sell it. Waiting until the last minute to sell gives you no time to prepare the house for sale and to consider more options if the market is slow or initial interest is low.

Are their any peak seasons to the market?

Late spring and early fall are the prime listing seasons because the houses tend to “show” better in those months than they do in the heat of summer or the cold of winter. People like to dot their house shopping when the weather is pleasant. But keep in mind that there are also more houses on the market during the prime seasons, so you’ll have more competition.

How long should it take to sell?

Many things play into effect of this including market conditions, price, terms condition, location, and exposure, On average it takes 30 to 180 days.

How flexible should I be about the asking price?

Most buyers leave room for negotiation when they make an offer. Thus, a certain degree of flexibility is usually called for on the part of both the buyer and the seller.

I have heard of the phrase “curb appeal.” What does that mean?

Curb appeal is what your property looks like from the curb. Seeing this is the first thing potential buyers see, curb appeal deserves top priority.

What can I do to improve my property's curb appeal?

First of all, walk out to the curb and look, not just as the home owner, but detach yourself from your property. Buyers don’t have an attachment to the house and will not overlook many flaws you might. Now ask yourself these questions: Is the yard clean? Does it need mowing? Leaves need to be raked? Weeds need to be pulled in landscaping? How about the driveway? Need to be swept? Need to be shoveled? Need to be recoated? How about the house, any damage to repair? Does the siding need to be presser washed? Windows look clean?

Besides maintenance, is there anything I can add to improve curb appeal?

Low voltage lighting is one of the easiest and inexpensive additions you can add to greatly improve curb appeal.

I really want my property to look good, and I have a little bit more left in my budget. What can I do?

Fresh paint job does wonders for a house. A more attractive front door, or even just replacing the plain doorknob hardware with something more attractive can improve looks.

The front of my property looks good now, is that all I have to worry about?

Buyers doing a drive by will try to do their best to see your backyard. It may be visible from another street or someone’s driveway. It should be considered as important as your front yard.

How about inside?

Tidy up all the rooms. A mess, even though you will be taking it with you when you move is a turn off to buyers. Keep countertops clean, floors vacuumed, the bathroom spotless. Try to remove any stains from carpeting. Skylights should be crystal-clear. Repaint walls that are scuffed and patch holes. Clean out cobwebs in those corners. Organize closets. Kill any offensive odors. Remove items that maybe a turn off to buyers like deer heads and certain artwork. Remove furniture that looks bad. Replace all burned out light bulbs.

Why do I need a realtor?

There are many reasons it is best to sell your home with a realtor. First, without a realtor, you are limiting your exposure to potential buyers, as much as 90% less exposure. With less exposure, a property can be on the market longer, which makes buyers think something is wrong with the property, lowering it’s value. Agents also knows how to overcome buyers remorse, a very common occurrence, and can encourage a purchase you may not be able to. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and avoid FSBO (for sale by owner) properties. And without the experience that an agent has, you may be leading yourself into a lawsuit. If you do sell on your own with a lawyer, lawyer fees will be considerably higher than an agents.

What is a listing agreement?

This is the agreement made with the real estate agent. It covers such items as: Length of time the agreement covers, commission to be paid to the agent, advertising or other promotional materials the agent will provide, and sales price of the home.

What information must I reveal about the house on the disclosure statement?

The disclosure statement covers material or major defects that the owner has knowledge of, including: appliances, structural defects and modifications, possible easements, neighborhood problems, and other facts that may affect the potential purchaser’s decision.

What should we expect from an open house?

Another critical part of the marketing process, the open house offers prospective buyers the chance to view houses in a low-pressure, "browsing" atmosphere. With that in mind, you shouldn't expect it to generate a sale, at least not directly. What you should look for is traffic, and calls to for private showings in the days following the open house. Open houses are always valuable, even if very few people show up. Such a situation can indicate that the price is too high; it may also lead you to look for ways to improve curb appeal.

Do I have to accept an offer made on my home?

No, but if the offer exactly mirrors the conditions of the listing agreement under which you have offered your home for sale, you may be obligated to the real estate agent for the commission.

What does “contingent on home inspection” mean?

A home inspection is an objective visual examination of the physical structure and systems of a home, from the roof to the foundation. Having a home inspected is like giving it a physical checkup. If problems or symptoms are found, the inspector may recommend further evaluation to the buyer. Being a home is a major investment, the buyer may want to have this done. If they are not satisfied with the results, they may request the seller to make recommended corrections or back out from the sale.

What does “contingent on financing” mean?

If listed in the purchasing agreement or not, it’s Minnesota’s law that all contracts for a property are contingent on financing. If the buyer can not get the loan, even if they were pre approved, they can not buy the property. This allows them to back out of the sale. Your real estate agent works with the buyer’s agent to verify the buyer has the greatest chance that they can obtain the loan so the possibility of this happening is slim. 

The purchaser asked for an extension to secure financing. Do I have to agree?

No. The terms of the purchase agreement should reference any contingencies with regard to financing. If there is not a reference to obtaining financing, you may force the sale and take the buyer’s earnest money if he can’t come up with financing in time for the closing.

I think I can get a higher price for my home than the offer I accepted. Can I back out of the deal?

No, not without potential consequences. Exactly what you can do and how much it will cost you will depend on how the contract is worded and the laws of your state. You might not be able to get out of it at all. If you break the contract, in many states the buyer can sue to force you to sell him the property at the price specified in the contract, unless the contract provides for specified damages in case of a breach.

Can I stay in the house longer than the date stated on the purchase agreement?

Not without reaching an agreement, in writing, with the buyer to postpone or change the closing date or allow you to remain in the home past the closing date. The buyers are under no obligation to accommodate your request and can force the closing to proceed as scheduled, with you vacating the property as noted in the purchase agreement. Should they agree to your request, you should anticipate paying extra for both the accommodation as well as the extra time in the home.

I’ve decided I want to take some items in the house that were originally to be left with the house. Can I change my mind?

Not without reaching an agreement, in writing, with the buyer. If you’re taking additional items from the home, reducing the value of the home, expect a reduction in the purchase price of the home by an equal, or possibly greater amount, than the value of the item. The buyer isn’t obligated to accommodate your request.