5.34 million existing homes and 682,000 new homes were sold in 2019. When so many homes are getting bought you want to ensure your home is one of them.
However, selling your house can be a lot of work. It takes more than just putting your house on the market to sell it.
Below we’ll go over some questions you may have if you’re thinking about selling your home.
What Is the Worth of Your Home?
If you’re a property owner, a great way to know what your house would sell for is to talk to a real estate agent. They’ll know what prices similar houses in your area are selling for. If someone else in your neighborhood is selling a house, how competitive does your price have to be?
When considering the worth of your home you need to factor in the current market for your type of house. How high are the demands for a house like yours? Will you get a lot of offers or only one or two?
You also need to evaluate the condition of your home. Does it need a lot of work, is anything broken or outdated?
On the other hand, have you remodeled the house increasing its value? Do people want those new additions?
Another aspect that plays a role is the location of your home. If your home is in an ideal location, you may get more buyers. For example, if you’re selling a house on a beach during the spring or summer there might be more demand for it.
Moreover, you need to think about the square footage of your home, as well as how much property you own. Do people want a bigger or smaller house, and how much yard space do they want?
Furthermore, take time to consider how much the next house you want to buy will cost. How much money do you need for your next home?
Finally, review your property tax bill and find out your state’s assessment rate. This can help give you a ballpark price on what your house might be worth.
Should You Hire a Real Estate Agent?
You may think you’re saving money by not hiring a real estate agent, but they can help add value to your home. They can increase how much you would sell your home for. They’ll let you know what you need to fix and how you should showcase your house.
A real estate agent will help you sell your house by advertising, finding buyers, handling the paperwork, pricing, and acting as a liaison. They’ll be able to talk to the potential buyers in a way that highlights your home’s best features. They’ll have an easier time communicating effectively with buyers as they won’t have any personal attachment to the house.
What Should You Disclose to Potential Home Buyers?
No house is perfect, there are bound to be one or two issues. Some issues buyers might be able to see for themselves, but others might be hidden. The regulations on what you need to tell buyers differ from state to state.
For example, in Florida you need to disclose anything that impacts the value or appeal of your home that a potential buyer wouldn’t easily see. You also need to show potential buyers the property tax disclosure summary.
To be on the safe side, you should showcase any receipts and/or warranties for your house, permits, property surveys and the title, loan documents, the most recent utility bill, and of course the property tax bill.
Do You Need to Make Repairs?
If anything is broken, worn down, or unpleasant to look at, the value of your home could decrease leading to fewer potential buyers. Younger buyers don’t want to purchase a home that needs a lot of work.
If you can’t afford to fix bigger issues you may need to decrease the asking price for your home. Fixing bulbs or latches or putting on a new coat of paint on your walls can go a long way in getting potential buyers.
Finally, check to make sure your home smells alright. You don’t want any unpleasant odors around when someone comes to check out your house.
Should You Hire a Home Inspector?
Before you put your home on the market you may want to hire a home inspector to take a look around. This will give you time to fix any potential issues.
However, the potential buyer could end up hiring an inspector. They might find different issues, meaning you could lose money.
How Long Will It Take for Your House to Sell?
Depending on when you choose to sell your house can play a factor in how long it can take to sell it. Pay attention to when the optimal time to sell your home is. Generally, spring and summer are the best times to sell.
Typically, a home is on the market for around 62 days.
Where you live plays a huge role in whether people are looking for homes. For example, if new jobs are coming into your area there might be a higher demand for your house.
The condition of your home and your asking price can play a part as well.
Can You Afford to Sell Your House?
You might be making money, but you’ll also be losing money when you sell your house. There are quite a few fees that add up while you’re trying to sell your home and once you do sell it.
Costs can include:
- Real estate agent commission
- Staging costs
- Professional photograph costs
- Landscaping fees
- Repair costs
- Homeownership and overlap fees
- Buyer’s title insurance policy
- Transfer taxes and recording fees
- Closing fees
Do You Need to Spruce up the Place?
When people are coming to view your home, you want them to see a home they could live in.
If the house is cluttered/messy or has a lot of personal items around it can be hard for potential buyers to see the house as they would envision it. The house should look neat and tidy.
Any personal items (e.g. photographs, souvenirs, religious items, gun/weapon collections, or hobby related items) should be stored until after the potential buyers leave.
Are You Thinking About Selling Your Home?
Hopefully, if you’re thinking about selling your home this guide has helped you. Selling your home will take a considerable amount of time and effort. It’s better to do it right the first time, that way it makes the process smoother and easier.
Reach out to us today if you have any questions or are looking to sell your house.