There are a lot of websites these days that will generate an ‘approximate  value’, which in fact can be done on our website by clicking on “Home Value”.  Most online estimates are not real accurate as they typically only have vague information such as square footage, number of bedrooms and baths and age of home.  To determine a more accurate valuation, factors such as, condition, recent updates (age of hvac, roof, bathroom and kitchen remodels, flooring, windows, etc), lot characteristics (wooded lot, pond lot, backs up to busy road or powerlines, all play a very critical role.  In addition to specific buyer demand in the subject properties community.   To request a personalized Home Value Analysis, click on Home Value to get automated report and then request a full analysis when you get the automated value response.   

Here is the truth about the when to sell your home, from an experienced agent selling since 2000.   It is not what typical agents may tell you, “sell in the spring, that’s the hottest market.”  Yes, the ‘spring real estate market”, which begins in late February and runs through mid May, has the most buyer activity.  However, sellers know this and the market is flooded with homes hitting the market as the weather warms up.   Here is the best answer.  If you have a gorgeous home, that has been well maintained, has been updated, has excellent curb appeal, so you expect it to compete well with any neighbor’s house that will hit the market, then the spring market is your time frame.   So, if you feel you are the “beauty queen” of the market, list when the buyers are out in plenty.   If you are the “bridesmaid” and may not be the most attractive on the block, lacking updates or curb appeal, you may not compete well with all the inventory of homes that hit the market in the spring.  You may be better suited to sell in the middle of summer, fall or even winter, when there is less competition for buyers to choose from.   Other factors to consider are the direction of interest rates, if rates are going up, this could cool the market, list and sell before rates go up.  Major employers entering or exiting the market could shift demand.  Other economic indicators like inflation or unemployment levels could be considered.  If they are heading into a direction that softens the market, the sooner the better to sell.  If they are improving (ie, unemployment going down), perhaps waiting to let the market improve.

The big 7 are a must. 

1. Declutter (it will look empty because you are used to all your junk everywhere, but significantly declutter the home). 

2. Deep clean (have home professionally deep cleaned). 

3. Curb appeal (fresh mulch, trim bushes, keep yard mowed, plant colorful flowers). 

4. Make minor repairs around home. 

5. Paint.  Freshly painting the home will remove all the years of knicks and scuff.  We are currently recommending an off white color, like Sherwin Williams Alabaster.

6. De-personalize the home.  Remove personal and family photos.  You want the buyer focusing on the features of the home, not who lives in it.  And psychologically, you want the buyer feeling like they are walking through their new home, not someone else’s home 

7. Minor Updates.   We recommend updating simple items in the home such as lighting, kitchen cabinet hardware and flooring (carpet and Luxury Vinyl Plank – LVP).  We typically want the lights to match and in most price points we use brushed nickel for lights and hardware and a neutral light cream/beige color carpet with a natural wood LVP look.

This varies on two major factors.  Where the home is located.  Real estate market is hyper local.. even within the same real estate city, each neighborhood can have drastically different results.  Some communities being very much sought after may have less than 2 weeks average on the market and then just down the street in a community that is less desirable, homes can sit on the market for months.   Seek out an experienced real estate agent that can share the market analysis details of your area.

Seller fees when selling home typically consist of:  Real Estate Commission (which are always negotiable), title company fees, mortgage payoff, HOA dues, prorated taxes, and other closing costs like concessions to buyer, home warranty, repairs, etc. 

Depending on market conditions, sellers are sometimes offering to pay buyers closing costs and even buy down the buyers mortgage rate so the buyer can afford the home.    

If a seller can’t qualify to buy their new home without selling their existing home, then you have the answer, sell first.  In some scenarios, the seller can negotiate extended possession to remain in the home while they search and buy their next home.  If the seller can qualify to buy without selling, then it depends on the level of risk tolerance the person is willing to accept.  Making an offer that is not contingent on their home selling will always be a more attractive offer, thus resulting in the best possible terms.  In that scenario, the buyer could always ask for an extended closing date, giving them time to list and sell their current home, while they are going through the pending (escrow) process on their new home.  However, there is the uncertainty of how long their home will take to sell.  The Gutting Group / Keller Williams Realty offers a Guaranteed Buyout Program in these scenarios, where we will guarantee the sale of their existing home at a predetermined price, so our clients can move forward with peace and comfort knowing their home will be sold.  To learn more about our guaranteed buyout program, please call 317 846-4888.

Here are the expense you can expect when buying a home. 

-Down Payment:  This can be as little as ZERO (like first time buyer programs, USDA loans, VA loans, etc.  Yes, there are several NO MONEY down loans.  

-Earnest money:  Typically a buyer will need to put down earnest money on a real estate transaction. This varies by state and by type of purchase.  In Indiana, we typically require appx 1% of purchase price for earnest money on resales.  New Construction could be up to 10%.  Typically these funds are given to a real estate broker or title company within 2 or 3 days (as negotiated in contract) after acceptance.  This is a credit back to buyer at time of closing.

-Inspection: Buyer will typically do an inspection with fees ranging from $250 to $700 for standard inspections.

-Appraisal:  Most lenders will require an appraisal, although there are situations appraisal waivers may occur, which is typically when a borrower puts 20% down or more and with excellent credit.  Typical appraisal cost is $400 to $600. 

-Lender fees:  Vary with each lender.  Can range from $1500 to $5000 or more depending on size of loan. 

-Title company fees:  Title company will charge both buyer and seller fees for their closing services.  On average, a ball park figure for a buyer is $300 to $700

-Prepaid taxes / Insurance:  Most lenders will require the borrower to put money into their escrow account for property taxes as well as insurance.  This will vary depend on property taxes of property.  Typically lenders will collect appx 3 to 4 months of property taxes to set up the escrow account.  Homeowners insurance can either be paid prior to closing or paid at the closing typically.

Offer is accepted.. yikes, now what?  Stress level is on overload.  Ahh.. relax, now you know the steps.

Step 1.  Pay the earnest money as negotiated in the contract.  Most of the time this is done through an online portal now, but check can usually still be given. 
Step 2.  Make sure lender has the fully executed purchase agreement.  They will continue their underwriting process to obtain your final approval, including ordering appraisal.
Step 3.  Get inspections ordered asap.  Your real estate agent should be able to give you recommendations on 2 or 3 inspectors.  Find out their availability, cost of services and any other questions you may have.
Step 4.  After inspections are complete, seller and buyer will negotiate inspection repairs as deemed necessary.  This is one of the two biggest reasons deals fall apart.  Buyers should know that inspections are to discover any previously undisclosed significant/major defects. This is typically defined as a defect that effects the value of the home, the longevity of the home, or the health and safety of the home.   It is NOT for cosmetic concerns.  
Step 5. Realtor will work closely with title company to be sure the property being purchased is free of any liens, defects or encumbrances, so that the buyer will obtain a clear title to the home.
Step 6. Buyer should respond promptly to any question or request for documentation by the lender to ensure the lending process moves smoothly.  This is 2^nd biggest reason real estate transactions are delayed or fall through.
Step 7. Once inspections complete, title has provided a clear and insurable title and the lender has final approval, more commonly referred to as “Clear to Close”, then signing (closing) is the last step.
Step 8. Closing.  Buyers will need to WIRE their down payment and cash owed at closing, as long as it is over $10,000.  This is a federal requirement.  Typically buyers will wire their funds a day or two before closing.  Very important to note due to so much fraud.  Buyers should never rely on wiring instructions via email.  Buyers should ALWAYS reach out to closing office (title or attorneys office) to obtain their wiring instructions.  Don’t call a number on an email.. find the number of the title company by doing their own research and call them directly to obtain wire instructions.  Buyers should review their closing statement prior to closing which recaps all of the numbers and will show the purchase price and all the closing costs associated with the transaction.  Buyers will typically attend a closing at a title company or attorneys office.  This varies by state to state.  Typically buyers and sellers are both present at closing, again, varies state to state.   Buyers should review all closing documents carefully. 
Step 9.  Celebrate!  You are a homeowner!!

Yes.  When a buyer finds a home, it will be imperative that a preapproval letter is sent along with the purchase agreement.  This shows the seller the buyer is serious and can qualify to buy the home.   Most agents will not work with a buyer unless they have been preapproved.   The first step a buyer should always take is to meet with a lender and get an understanding of what they can qualify for in terms of payment, which will determine the ideal price point of the homes to be looking at and ensure they have the down payment (cash to close).

Yes.  This became law in July 2024 in Indiana.  In general, most real estate professionals are required to have a written buyer agreement before touring a home, in which the agreement outlines the services provided and how the agent will be compensated.   Buyer Agent Commission is always negotiable.