What You Need to Know About Selling Your Northern Virginia Home
Whether you are selling your first home or have done so several times, you may still have questions about the process in Northern Virginia. It is in your best interest to get your questions answered by an experienced professional that knows the industry inside and out. Even in a seller’s market, you want to be prepared. Here are a few commonly asked questions we get about selling a home in Northern Virginia:
How do I price my home?
Before using Zillow or Trulia, know that these websites do not always paint an accurate picture of home sale prices. To determine how much your home is actually worth, you will need to work with a real estate professional who can prepare a comparative market analysis. After using this tool, your realtor will help you list your home at that “sweet spot” that can better your chances in a bidding war and help you secure a faster sale.
How much does it cost to sell?
There is a lot of time, energy, and people involved in selling a home. Apart from any renovations or repairs, you make to prepare the home, you will need to consider closing costs. There are real estate agents, the licensed escrow attorney, and government agencies that have an essential role in facilitating this process. In general, sellers can expect to pay around 9% of the home’s total sales price in closing costs.
What closing costs does the seller pay for?
In most cases, there are designated fees that are paid by the seller and by the buyer. Some things may be negotiated in the contract, but as the seller, you can generally expect to pay for the following items at closing:
Transfer taxes - For every $1,000 of the sales price, there is a $1.00 grantor tax in addition to a transfer tax of $.25 for every $1.00 of the sales price. There may be additional county or city tax fees.
Recording fees - After closing, the settlement agent will file the deed at the county. Each county has its own set of recording fees.
Realtor commissions - The commission for both the sales and listing agent is included in the property’s sales price. Expect to pay around 6% of the sales price in agent commission.
Attorney fees - In Virginia, a licensed attorney must be present at closing. These fees typically range from $500-$1,250
Outstanding liens - If there are any unpaid liens on the property, they will be paid off at closing with your proceeds. This includes your mortgage payoff.
Buyer’s owner policy - Frequently, the seller will pay for the buyer’s title insurance, also called the owner’s policy.
Estoppel letter / HOA fees - If your home belongs to a homeowners association, you may need to pay for an estoppel letter that shows the dues and fees and potentially any transfer fees.
How can I prepare for a home showing?
The bottom line with home showings is that first impressions are everything. From the moment potential buyers pull up to the property, you want to do everything you can to make your home look as appealing as possible. This means deep cleaning, getting rid of clutter, putting away personal items, brightening up the space, tidying the yard, and doing everything you can to make your home feel clean and new.
Do I really need a real estate agent?
If you want the input of an industry professional who can guide you through a potentially complicated process and help you strategize to sell your home for more, then the answer is yes. Just because you have sold a home before does not mean you understand the ins and outs of a real estate transaction. An experienced real estate agent is a trained professional who knows how to advise you on the best methods to market your home. They will help you make the best decisions for your situation and avoid any sticky legal problems. The right agent can mean the difference between successfully selling your home or not.
Michelle Williams can help you sell
As a broker for the past nine years and realtor and property manager for the past nineteen years, Michelle Williams knows how to guide you through the closing process and get your home sold for more. Her company is built on the belief that every client deserves personalized service to fit their needs. Whether you are looking to sell your only home of 30 years or a seasoned seller, she will provide you with real and honest service. Michelle comes from a military family and feels especially passionate about serving our hometown heroes. She is a certified Military Relocation and knows how to help our military members take advantage of the several benefits available to them. If you are looking for a real estate agent who is committed to going the extra mile for you, contact Michelle today. Together, you can make your real estate dreams a reality.
To learn more about Michelle Williams Living and MMK Realty visit our About Us page. For more tips and information feel free to contact me and follow me on social media on Facebook @mmkrealtyllc, Twitter @MMKRealtyLLC, and Instagram @mmkrealty.