6 Crucial Questions To Ask Before Selling Your Home
May 4, 2021
Although the thought of selling your property may be thrilling, there are some key questions you must answer before even considering it.
There are important choices you have to make, such as when is the best time to sell, which strategy will allow you to sell your house fast, and how to perfectly prepare the house for selling. If you’re planning on putting your property on the market soon, don't forget to ask these critical questions first.
Which Season Is The Best For Selling A House?
Although you can list your property at any time of the year, there are several months or certain weeks when the sale is quicker, more convenient, and more economical. In particular, the spring and summer months are the most active house buying times of every year, whereas fall and winter see a decline in transactions.
Also, real estate is a highly localized business, and the optimal period to sell is highly dependent on the demand and your special circumstances as a seller. Before attempting to sell your house, you might want to check local market patterns such as the number of active properties or the average selling price.
2. How Much Is The House Worth?
There are two primary variables that affect the value of your home: the quality of the property and the rate of competition for similar homes. To determine a home's value, the best option is to examine comparative offers in the market. Ascertain if they’re comparable in scale and quality to yours.
A more accurate approach to determine the value of your house is to look at your most current tax bill. Property taxes vary according to the valuation of your house. But if you compare your property taxes from the previous year to your state's appraisal rate, you’ll get a better idea of the amount.
3. How Long Will The House Be On The Market?
The length of time your house will stay on the market varies by location and the state of the property market. However, your selling price, the quality of your house, and your advertising and staging abilities can all be factors.
Properties whose prices are reduced just to lure potential customers would stay on the market much longer than houses that are valued right from the beginning. It's necessary to list the original asking price correctly if you want your house to be purchased quickly.
4. How Much Does It Cost To Sell The House?
There are several expenses associated with selling a home. Luckily, the majority of them may not need to be paid upfront. More of them can be deducted from the closing proceeds as well. Commonly, payments and taxes can account for approximately 10% of the selling price of your house.
Any of these expenses can be reduced by avoiding the services of a real estate company and selling your home as is, with no renovations. But remember that properties in need of extensive repairs would likely take longer to sell, and you might even get less money for them.
5. Do I Need A Real Estate Agent?
Hiring a real estate agent has advantages and disadvantages alike. Among the advantages are the following:
The downside is that agents usually charge a fee of 5-6%. Whether you're short of cash or have a couple of moving bills coming up, that’s a huge amount to deal with.
If you should decide to hire an agent, see to it that you screen them carefully. Interview some candidates and ask families, colleagues, and peers for recommendations. You can also read previous client feedback to ensure they can provide the support you need.
6. How Does The Selling Process Work?
Selling a home may be intimidating, but breaking things down into phases can help you realize what needs to be done. Here are some crucial stages in selling a property:
Research - Once you've determined that the time has come to sell, you'll have to do a bit of studying. Begin by looking at an internet listing of your neighborhood to determine which houses are currently for sale and which assets have been recently sold.
Valuation - Consider contacting an independent appraisal service to provide you with a reliable estimate of the value of your property.
Marketing - The property should also be advertised through different media to attract potential buyers.
Open homes and auctions - This is where potential buyers will inspect your property and make an offer.
Exchange and settlement - After you consider an offer, you and the buyer can now agree on the conditions. Your house will be legally transferred after the settlement time.
While answering these questions may take some effort, doing so may result in a profitable sale that will allow you to take the next big step in your life. What’s more, the actual process of selling could be much easier for you if you already have all the information you need.
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