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Selling a house is a complicated operation and often full of surprises. In fact, in most cases, you have never had to deal with the real estate market and your home represents an important asset – you can't go wrong.
We spoke with our customers, collected their doubts and decided to answer all the questions, trying to help those who have to sell their home.
What is the best time of year to sell a house?
It is difficult to give a precise answer to this question, because the real estate market is not as tied to specific periods as in other sectors. Certainly the month of August, as with almost all activities in Italy, is characterized by a low number of sales. In fact, even if buyers were to submit their offers, it would be difficult to set the date of the deed at the notary or retrieve the documentation – most of the professionals involved in the sale are on holiday during this period.
Given the return of schools in September, many families prefer to move into a new home in the first half of the summer, thus completing the sale in the spring months.
But it's not just the demand for properties that defines the most suitable time of year to sell. In fact, we must consider various elements, such as the interest rates on mortgages, the economic condition of the city and, above all, your needs as a seller. Sometimes, in fact, you can't afford to wait and you need to sell your house as soon as possible.
How much is my house worth?
The best way to determine the value of your home is to analyze the property value similar to yours sold in your area recently. This is the method we also use at Casavo, cross-referencing data from thousands of real transactions: the more information you use, the more precise you can be! There are several websites that allow you to make these comparisons by accessing their databases, but you can also do it directly on the Casavo website, for free.
Always remember, when analyzing the value of homes similar to yours, that even small differences must be taken into account. An extra bathroom, for example, doesn't simply add value in proportion to the number of square meters pictures you add. An extra bathroom is a functional feature of the property that could significantly impact its market value.
How much does it cost me to sell a house?
Selling a house isn't just about collecting the proceeds of the transaction. Selling a house also means incurring various expenses, which can significantly impact the transaction. However, being aware of all these costs allows you to take them into account when negotiating the sale of your home.
Here are the main costs that you may find yourself having to bear:
- Total agency commissions (which average around 6%)
- Home staging and home preparation costs
- Renovation/maintenance costs
- Taxation and documentation costs
- Notary costs
Adding up all these elements, you can expect an average cost that is between 8% and 10% of the selling price of your home property.
Should I renovate my house before selling it?
It may seem counterintuitive to have to renovate or redecorate your house before selling and moving to a new property. In some cases, however, carrying out some maintenance work can help you get more from the sale. Some small interventions can significantly improve the aesthetic appearance of the property, helping to raise the purchase offer for it.
Remember, in any case, to inform the buyer of any necessary renovation work. If you're not responsible for carrying them out, you'll have to factor them in when determining the value of your property.
How long does it take to sell a house?
Bank of Italy, in its latest report, confirmed that the average time to sell a house in Italy is around 7.2 months – a decidedly long wait. However, you must take into account that this timeframe can vary depending on the type of property and the geographical area in which it is located.
The same report shows that in large cities the waiting time is slightly shorter, dropping to 6.5 months, and that it increases in non-urban areas up to 7.6 months.
You must also take into account the type of home you are putting up for sale: the most sought-after properties are those with small square footage (studios and one-bedroom apartments), reducing the time it takes to sell.
Should I rely on a real estate agent for the sale? How can I choose a reliable agency?
The support of a real estate agency – or an intermediary – can be useful if the real estate market in your area is slow, or if you don't have the time and experience to follow the entire sales process. A good real estate agent will allow you to establish the value of your home (knowing the local market well), will take care of the promotion, finding a buyer, and negotiating the final price. With their experience, they will allow you to dedicate less time and stress to selling your home.
To find a reliable agency, research information on agencies in your area – either through acquaintances or friends who have already sold homes, or on online portals. Remember that being part of a franchise isn't always a guarantee of quality, just like having completed numerous sales in the past.
What matters is your home and how the sale is handled in your unique case.
What agency commissions will I pay?
In Italy, there are no regulations for the commissions to be paid to real estate agencies. In fact, each agency proposes the commissions it intends to receive when the sales mandate is signed. It is very common for the seller to be offered the option of sharing the commissions with the buyer. On average, the commissions you will have to pay, as a seller, will be around 2%-3% of the final price. The buyer, on average, will pay 3%-4% of the final price.
Remember, however, that the cost of the buyer's commissions is passed on to you, in the form of lost earnings. Let's imagine that a buyer has a budget of 100 for the purchase of a new home. If they didn't have to spend 3-4% on costs and commissions related to the purchase, they could pay 100 for the new property, instead of 96. This translates into lost earnings for the seller! Essentially, the seller pays all the commissions.
How does the technical appraisal work?
The appraisal is the step that follows your acceptance of an offer, but takes place before the signing of the notary deed. In fact, the appraisal serves to assure the buyer that the property is in the condition they expect and to highlight any problems that have not previously emerged.
The appraisal will be carried out by a third party, chosen by the buyer, who will then present all the documentation to confirm the condition of the property. Your only task will be to allow the appraiser to access the house, who will stay for a couple of hours at most.
When do I have to leave the house once it's sold?
This item also It can vary in each case and depends on the specific agreements made with the buyer. It is therefore an important element to take into consideration, to avoid having to pay rent for a temporary solution while waiting to move into a new home – which is often not easy to find.
My house has been on the market for several months, but I still haven't found a buyer. What should I do?
One of the most common reasons for failing to sell a house is related to the price. In fact, properties are usually put up for sale at a higher price than the market price and remain unsold for several months. You should therefore make sure you have carefully analyzed the sales of houses similar to yours and, if necessary, review the price. Keep in mind that, on average, the final sale price is 10% lower than the seller's initial asking price (link).
Once you've confirmed the sale price, make sure you've marketed the property appropriately. You may need to redo your photos, property descriptions, or choose a more appropriate listing portal – you need to ensure maximum visibility for your home.
Are you thinking of selling a house?
Choose Casavo: smart service, real estate experts at your disposal side, at every step.