Should I use a realtor? How much should I expect to pay a realtor to put my house on the market?

Asked by Kirk, Christiansburg, VA Sat Jul 21, 2012

I'm looking to sell my home near yellow sulfur road. I have a potentially interested buyer... The previous owner. I have compared what I paid back in '04 with median home cost and with the rate of inflation, to come up with a price that I think will make me happy. What would be the advantages of using a realtor in this situation? If the buyer is not interested in my price what should I expect to pay a realtor to market and sell my house for me? What other factors should I consider in pricing my home for today's market?

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5
Anne-Collins…, Agent, Blacksburg, VA
Tue Nov 27, 2012
First and foremost, a professional realtor could assist you in determining the fair market value of your home which is not related to median home prices or the rate of inflation. Home value is dictated by the market. And the best way to valuate a home is by identifying recent comparable sales in your area (preferably your neighborhood if possible) and then making adjustments to these comparables to determine a fair market value. Why is it important for the former owner to pay fair market value? Unless the former owner is paying with cash, he or she will need to finance their purchase. Lenders will order an appraisal which will ulitimately determine how much money they will lend the buyer to make the purchase. If the appraisal comes in below the purchase price, the buyer is left to pay the difference in cash. Most buyers do not want to pay above fair market value for a house or do not have the extra cash on hand to move forward. Ultimately, these deals fall apart. Secondly, using a Realtor to market your home on the MLS exposes your home to more than one buyer which ultimately benefits you, the seller. You only pay the listing agent when the home sells. The commission rate is negotiated at the time you sign the listing agreement and varies widely among brokerages.
0 votes
Michael Huff…, Agent, Englewood, CO
Sat Jul 21, 2012
The first thing to understand is the difference between price and value. The criteria you mention, the price you paid and the inflation rate, don't mater when determining value. The price your home ends up selling for will be determined by current market conditions that include demand and inventory. It sounds like you need a Realtor to help determine what your homes current values is.
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Sony Kim, Agent, Haymarket, VA
Sat Jul 21, 2012
You should interview 3 real estate professionals. Ask each of them what they know about the market in your area. The analysis of the area should give you a fair idea of how much your house is worth. I would get an inspector to give you an estimate of what and how much needs to be done prior to putting the house on the market to give you an idea of what costs are needed.

You definitely need an agent to advise you on the above and also to market the property professionally. Depending on your market, it can take anyway from 3 months to 6 months or more... (Some realtors would be willing to pay you on the inspection of the house after closing... ) if that helps.

Sony Kim
Associate Broker
Keller Williams
6820 Elm St
McLean, VA 22101
703 244 3997 cell
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sat Jul 21, 2012
You won't pay anything to put a house on the market - $ZERO - FREE - NO CHARGE.

If it sells you will owe a commission that is negotiable.
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Debra (Debbi…, Agent, Livingston, NJ
Sat Jul 21, 2012
Based on your question and the information you provided....quite frankly, hiring an agent for you is not just an "advantage".......it's a NEED!!

I don't usually jump on the bandwagon and tell people they must use an agent.........but.....with all do respect, based on what you shared.......you have absolutely no idea how to price your home!!

All your calculations and comparisons to '04 prices and rates of inflation mean nothing......nada........you need real comps (ie: closed sales), average days on market, and lists of current listings (ie - competitors)..........and someone with the ability to compare and contrast what all that means.......you need to understand the nuances that go into pricing a home correctly for this market.

Now, you can always pay an appraiser to give you their professional opinion - that's one option, but I am going to bet you have no idea how the home selling process works.....for that reason you either need (at the very least) a crash course to get an overview of what to expect.....or.............you need to hire an agent.

Interview several....they will discuss their fee (a percentage of the sale price, which they don't get unless your home actually sells).......ask them for a written marketing plan so you can see exactly what they will be doing on your behalf.

Best wishes..........
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