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As a real estate agent, I am not just a salesperson but also an advisor. I try to meet up with my clients and discuss the market periodically. If you’re a homeowner, it’s important to have a yearly consultation with a professional to discuss your goals and keep you appraised of how your city and neighborhood are performing within the housing market, and how the economy is affecting it. Most homeowners share the big question: should I sell now? When should I sell? In this post I want to share some of my favorite 5 questions to ask sellers during a consultation.
Can You Foresee Any Life Changes in the Next 3-5 Years That Will Make You Want to Sell?
Consider this question – the answer is almost always yes. Your family may grow, or your kids may move out; in 3-5 years you may need to upsize or downsize. Perhaps your job location will change, forcing you to move closer. Or maybe, as the pandemic showed us, remote work will mean you can finally move somewhere else. Your financial situation may change (for the better I hope!) and spur a desire to move to a higher-value apartment. Many things can happen in the span of a few years, and this can put you and your agent on a realistic timeline for sale.
What Does Your Dream Home Look Like?
This is an important one because, did you know? Most people can actually afford their dream home! When I ask people in my market, the Upper East Side, this question, they don’t quote me at a $20 million dollar home! They often say something that’s anywhere between $1.5 to $5M. From here, it’s my job to get them there and outline the path towards getting that dream home.
Do You Have Any Repairs or Updates to Your Home in the Near Future, and Do You Have Any Questions About How They Can Impact the Value of Your Home?
As an owner, it’s important for you to have a realistic picture of what you have on your hands, and to understand the relationship between spending on updates, which could net you a higher sale price, or selling as-is, which may draw attention from buyers who don’t shy away from a renovation but may also bring your final sale price down. I try to give a realistic financial picture, so my clients know where they stand.
What Do You Think Your Home Is Worth?
Homeowners are often sentimental about their home, or they get their market updates from a large publication that gives national data, and it’s important to present current, localized information to adjust a seller’s expectations. I often bring a comparative market analysis for the neighborhood, with just a price range, so the homeowner can see how the local market is behaving right now. I put the news into context – NYC is a great example for a market that has been consistently behaving OPPOSITE to the rest of the nation, and I try to paint the most realistic picture, so the homeowner understands what the true value of their home is TODAY.
What Is Your Current Mortgage Rate, and Have You Refinanced Lately?
If you have a rate of 5% and good credit but did not refinance when the rates were at 3%, this may be an indication you’re more ready to sell than you think.
Giving a housing market consultation is something my team and I do entirely for free. It’s an important conversation, just like a yearly checkup at the doctor’s office. You own an asset, and you should always have your finger on the pulse and know where that asset stands.
Are you ready to schedule a consultation with me? Do you know anyone who’s thinking about buying or selling this year who would benefit from one? Contact me and let’s schedule!