Selling your home is a big decision and can be a massive undertaking. If you are thinking or planning on listing your home in the future, here are five questions to ask yourself before you register your home.
- Should you use a real estate agent?
The first question a homeowner needs to ask themselves before selling their home is, are you going to use a real estate agent. An agent can help and guide you in the process of selling your home, and they can list your home, coordinate photography and showings, market your property to the appropriate house buyers, and walk you through the closing process.
Deciding what to list your home at is hard because you want to get as much money for it as you can, it’s a balancing act you don’t want to price too high or too low. When you work with a real estate agent, they have access to trends and data in the real estate marketing and can help you in pricing your home appropriately for the area you live in.
If you decided to use a real estate agent, be prepared to pay a commission. Also, you should research to find an agent that will work best with you, review there past clients to make sure they deliver on promise, and have a high level of customer service.
- What is the best time of year to sell your home?
There’s lots to think about when deciding to sell your home, you can sell at any time of the year, but there are months and times of the year when homes sell faster and are you can make more profit. Spring and summer are typically the best times for selling your home.
Here’s are some things you will want to consider before listing your house:
- Is it a buyers or seller’s market in your area? A seller’s market means more profitability
- How much has been paid down on the mortgage? The more you’ve paid off on your mortgage, the more you stand to gain
- What is your financial situation? Make sure you have money to cover the costs that come with selling and buying a home
- How much will it cost to sell your home?
Numerous costs come with selling a home. Most of them are not an out-of-pocket payment, and most of the costs come at the end of your sale during closing.
A general rule is to expect to pay 10% of your home’s sales price in fees and expenses, which will include items such as:
- Your real estate agent’s commission (5 to 6%)
- Prepping and staging your home (1%)
- Seller concessions (1 to 2%)
- Repair costs (varies as needed)
- Homeownership and overlap costs (1%)
- Closing costs (1 to 3%)
- Should I make repairs to my house before listing?
You can sell your home as-is, but as-is properties don’t tend to maximize profitability and will sit on the market longer because the majority of homebuyers are looking for move-in-ready properties.
Consider making some small repairs before listing your home on the market, such as cosmetic repairs, or if there are obvious issues, such as a leaking roof or broken AC unit, consider making the repairs, or adjust the price your selling. Buyers aren’t going to pay your list price if there are large maintenance projects that have to be done.
- What do I do if my home isn’t selling?
There could be several reasons your home has been sitting on the market and not selling, from an overpriced listing to it not being a seller’s market. Compare your listing to other listing in the neighborhood to make sure you are on track with the homes selling in the area, and adjust your asking price accordingly.
If you are using a real estate agent and your home has been sitting on the market for a while, you might want to consider switching agents. Other options are staging your home and making appealing cosmetic repairs that home buyers like.