FAQ - Silicon Valley Home Sellers
- How is the market? The Silicon Valley housing market shfits like any other market. It can be a strong seller's market and shift to a buyers market gradually or rapidly depending on curcumstances. The market can also vary quite a bit from one area to another within the county. Also the type of home can make a difference. For example, the single family home market can be a strong sellers market and at the same time the condo market not so much. So updated market conditions are fluent and need to be constantly provided to both buyers and sellers.
- What is the current market value of my home? Homeowners usually have a general idea of the current value of their home is but when they are asking me about value what they are really asking is what do I think it would sell for today. The only way to get the most accurate answer to the value question is to do a thorough updated market analysis followed up with a walkthrough of the property and ideally accompanied with property inspections.
- What should we do to our home to get it ready for the market? A home prep for sale analysis should be done to answer that question accurately. Cosmetic touch ups both inside and outside and small repairs typically provide a good return on investment. When if comes to kitchens, baths, room updating or remodeling a careful analysis must be done to ensure that there will be a positive return on investment and there is adquate time. Bottom line whether it is some cosmetic touch ups or remodeling a home prep for sale anaysis should be done to make sure it makes sense for the seller to do them
- What does it cost to sell my home? Some of the costs include seller closing costs, commissions, home prep for sale costs, transfer taxes, measure taxes, possibly prorations, possible capital gains tax and moving costs if this is your primary home. Your realtor should provide with an estimated seller proceeds sheet fo go over some of these numbers and to see what you will possibly net out of the sale. Capital gains tax numbers should be reviewed with your CPA or financial advisor.
- How long will it take to sell my home? For a typical single family home sale in Silicon Valley during a healthy neutral market it takes approximately 2 weeks to get into contaract and about 30 days to close. Sometimes quicker and sometimes longer. Cash sales can close in a week - 2 weeks if both parties agree. But your sale should have an updated days on market (DOM) report provided to you and an honest conversation about pricing and property condition and market conditions, to discuss an estimated sale time frame.
- Should we professionally stage our home? - Staged homes tend to sell quicker and for money than vacant homes. The question is, is it worth the investment, in Silicon Valley it is usaully worth the investment. The cost to professionally stage a whole single family home in Silicon Valley can vary a lot depending on the size. It can range from $5,000 - $20,000. Owner occupied homes can usually benefit from at least doing some rearrangning and declutering.
- Will I owe capital gains tax? Possibly. You can get a general idea by estimating the sales price minus your cost basis, selling costs, improvements and your tax exclusions. Capital gains tax numbers should be reviewed with your CPA or tax advisor.
- Can I sell my home "as-is"? Yes, you can tell your realtor that you prefer an "as-is" sale and your realtor can relay this information to buyers agents. Having said that you can still receive an offer requesting sellers to repair items. It is up to you to either accept, counter or reject that offer. Sometimes sellers just want to know if they can sell the home in its current condition prior to doing any home prep for sale work. Yes you can but the question is will you sell the home quicker and net more if you were to do some home prep for sale work.
- Do I have to provide home inspections? If you are in possession of inspections that have been previously done on the property then you do need provide those to home buyers requesting disclosures. If there are no previous inspections you are not required to do home inspections unless contractually obligated. But it is highly recommend that you do your own home inspections prior to putting the home on the market and there are numerous benefits to the seller for doing so. By doing the inpections up front you will be able to accurately price your home, it will aid in home prep decisions, increase the odds of receiving an "as-is" offer, increase the odds of receiving more offers, reduce the odds of renogatiaing the purchase agreement after offer acceptance or the buyer backing out.
- What disclosures am I required to provide? Your realtor will be providing you with the mandatory and customary disclosures, reports and advisories that will be needed in the transaction. The 2 commonly used purchase agreements in Silicon Valley will also address what disclosures are required. There are numerous disclosures but it is manageable. Silicon Valley buyers are expecting to see a "full disclosure package" prior to writing an offer. It is not necessary to provide all disclosures up front before negotiating a purchase offer but it is beneficial to both buyers and sellers to do so.
- What documents do I need to provide? It depends on the type of sale (trust,LLC, divorce, etc..). For example if it is a home held in a revocable trust and you are the trustees, you will need a copy of the trust. Your realtor and the title company will request from you the necessary documents depending on the type of sale.
- Should I sell my home with tenants in the home? The tenants can remain while you sell the home but homes typically sell quicker and for more money if there were to be no tenants. Keep in mind that there are tenant rights that need to be followed like termination of tenancy rules and notification of buyer showings. Properties tend to show better without tenants and have more showings without tenants. Also, on occassion some buyers are hesitant to write an offer on tenant occupied properties.
- As sellers what are we required to do? There are what they call point of sale requirements (like smoke and carbon detectors, water heater strapping) that must be done by the seller before the close of escrow. Point of sale items required can be different in different areas of the south bay area. There are also certain disclosures, advisories and reports that will be required to be provided. Your realtor will go over state and local required reports, point of sale items and review the agreed up purchase agreement with you for other requirements.
- What should I do first? I always recommend that you first request a free pre-listing report followed up with a consultation so that you get the information you need for a successful transaction if you decide that selling makes sense. The following is something that you may consider doing at the start that may be of help to you. Do a walkthrough of the home and property and make a list of non functioning items, personal property items that you wish to get rid of and also a list of positive selling points of the property and local area. The lists will aid in your consultation with your realtor and your planning.
Have further questions? Click the following link to request answers to your questions?
https://forms.gle/fAk6ApbCxaRM9QWr9
Request your free no obligation pre-listing report. Click the following link.
https://forms.gle/x1jobvao2rL6Se8u8
South Bay Area Service Areas:
Los Altos, Los Altos Hills, Los Gatos, Saratoga, Monte Sereno, San Jose, Campbell, Sunnyvale, Cupertino, Morgan Hill, Gilroy, Santa Cruz, Santa Clara
- How is the market? The Silicon Valley housing market shfits like any other market. It can be a strong seller's market and shift to a buyers market gradually or rapidly depending on curcumstances. The market can also vary quite a bit from one area to another within the county. Also the type of home can make a difference. For example, the single family home market can be a strong sellers market and at the same time the condo market not so much. So updated market conditions are fluent and need to be constantly provided to both buyers and sellers.
- What is the current market value of my home? Homeowners usually have a general idea of the current value of their home is but when they are asking me about value what they are really asking is what do I think it would sell for today. The only way to get the most accurate answer to the value question is to do a thorough updated market analysis followed up with a walkthrough of the property and ideally accompanied with property inspections.
- What should we do to our home to get it ready for the market? A home prep for sale analysis should be done to answer that question accurately. Cosmetic touch ups both inside and outside and small repairs typically provide a good return on investment. When if comes to kitchens, baths, room updating or remodeling a careful analysis must be done to ensure that there will be a positive return on investment and there is adquate time. Bottom line whether it is some cosmetic touch ups or remodeling a home prep for sale anaysis should be done to make sure it makes sense for the seller to do them
- What does it cost to sell my home? Some of the costs include seller closing costs, commissions, home prep for sale costs, transfer taxes, measure taxes, possibly prorations, possible capital gains tax and moving costs if this is your primary home. Your realtor should provide with an estimated seller proceeds sheet fo go over some of these numbers and to see what you will possibly net out of the sale. Capital gains tax numbers should be reviewed with your CPA or financial advisor.
- How long will it take to sell my home? For a typical single family home sale in Silicon Valley during a healthy neutral market it takes approximately 2 weeks to get into contaract and about 30 days to close. Sometimes quicker and sometimes longer. Cash sales can close in a week - 2 weeks if both parties agree. But your sale should have an updated days on market (DOM) report provided to you and an honest conversation about pricing and property condition and market conditions, to discuss an estimated sale time frame.
- Should we professionally stage our home? - Staged homes tend to sell quicker and for money than vacant homes. The question is, is it worth the investment, in Silicon Valley it is usaully worth the investment. The cost to professionally stage a whole single family home in Silicon Valley can vary a lot depending on the size. It can range from $5,000 - $20,000. Owner occupied homes can usually benefit from at least doing some rearrangning and declutering.
- Will I owe capital gains tax? Possibly. You can get a general idea by estimating the sales price minus your cost basis, selling costs, improvements and your tax exclusions. Capital gains tax numbers should be reviewed with your CPA or tax advisor.
- Can I sell my home "as-is"? Yes, you can tell your realtor that you prefer an "as-is" sale and your realtor can relay this information to buyers agents. Having said that you can still receive an offer requesting sellers to repair items. It is up to you to either accept, counter or reject that offer. Sometimes sellers just want to know if they can sell the home in its current condition prior to doing any home prep for sale work. Yes you can but the question is will you sell the home quicker and net more if you were to do some home prep for sale work.
- Do I have to provide home inspections? If you are in possession of inspections that have been previously done on the property then you do need provide those to home buyers requesting disclosures. If there are no previous inspections you are not required to do home inspections unless contractually obligated. But it is highly recommend that you do your own home inspections prior to putting the home on the market and there are numerous benefits to the seller for doing so. By doing the inpections up front you will be able to accurately price your home, it will aid in home prep decisions, increase the odds of receiving an "as-is" offer, increase the odds of receiving more offers, reduce the odds of renogatiaing the purchase agreement after offer acceptance or the buyer backing out.
- What disclosures am I required to provide? Your realtor will be providing you with the mandatory and customary disclosures, reports and advisories that will be needed in the transaction. The 2 commonly used purchase agreements in Silicon Valley will also address what disclosures are required. There are numerous disclosures but it is manageable. Silicon Valley buyers are expecting to see a "full disclosure package" prior to writing an offer. It is not necessary to provide all disclosures up front before negotiating a purchase offer but it is beneficial to both buyers and sellers to do so.
- What documents do I need to provide? It depends on the type of sale (trust,LLC, divorce, etc..). For example if it is a home held in a revocable trust and you are the trustees, you will need a copy of the trust. Your realtor and the title company will request from you the necessary documents depending on the type of sale.
- Should I sell my home with tenants in the home? The tenants can remain while you sell the home but homes typically sell quicker and for more money if there were to be no tenants. Keep in mind that there are tenant rights that need to be followed like termination of tenancy rules and notification of buyer showings. Properties tend to show better without tenants and have more showings without tenants. Also, on occassion some buyers are hesitant to write an offer on tenant occupied properties.
- As sellers what are we required to do? There are what they call point of sale requirements (like smoke and carbon detectors, water heater strapping) that must be done by the seller before the close of escrow. Point of sale items required can be different in different areas of the south bay area. There are also certain disclosures, advisories and reports that will be required to be provided. Your realtor will go over state and local required reports, point of sale items and review the agreed up purchase agreement with you for other requirements.
- What should I do first? I always recommend that you first request a free pre-listing report followed up with a consultation so that you get the information you need for a successful transaction if you decide that selling makes sense. The following is something that you may consider doing at the start that may be of help to you. Do a walkthrough of the home and property and make a list of non functioning items, personal property items that you wish to get rid of and also a list of positive selling points of the property and local area. The lists will aid in your consultation with your realtor and your planning.
Have further questions? Click the following link to request answers to your questions?
https://forms.gle/fAk6ApbCxaRM9QWr9
Request your free no obligation pre-listing report. Click the following link.
https://forms.gle/x1jobvao2rL6Se8u8
South Bay Area Service Areas:
Los Altos, Los Altos Hills, Los Gatos, Saratoga, Monte Sereno, San Jose, Campbell, Sunnyvale, Cupertino, Morgan Hill, Gilroy, Santa Cruz, Santa Clara
Contact
Rene David Martinez
Licensed Real Estate Broker / Realtor
License #01250176
Compass
408-410-6645 (cell phone)
rene.martinez@compass.com
Licensed Real Estate Broker / Realtor
License #01250176
Compass
408-410-6645 (cell phone)
rene.martinez@compass.com
Silicon Valley Office
DRE#
750 University Ave. Suite 150
Los Gatos, CA 95032
