Thinking about putting your home up for sale? It’s a tough decision and not one you can make quickly. While the market may not be as hot as it was a year or two ago, home values have remained high mainly because inventory has remained low. If you want to list your house, there will be a market for it and that market will be ready to buy near your asking price, in most cases.
However, one of the mistakes people make during this decision-making process is that they do not ask themselves the essential questions to determine whether or not they should sell their home. There are things you have to consider including where you are going to live, whether it makes sense financially, etc. These questions are essential to ask yourself, especially if you are unsure.
Should You Sell Your Home?
If you are thinking about putting the house up for sale then the reality is you have already committed to the idea. What you really are trying to determine is whether or not it is a good idea. This is different for everyone and the only way to know is by speaking with an experienced realtor. In the meantime, here are some questions you can ask yourself to determine whether it may be a good idea for you right now or not:
- What do you owe? It’s simple and a good place to start. Look at the finances and see what you still owe on your home. Also, take note of your monthly payments and what you are paying for taxes and insurance as well.
- What could you clear? Consider what you would list your home for and then see what you would clear if you got your asking price. If that number encourages you to sell, then you are serious about this option and need to consider more things. When determining the listing price, look at other homes in the area, not only the ones that have been listed, but the ones that have recently sold. Do not just consider the strengths of your home, but the weaknesses so that you can come up with a realistic price.
- Where would you live? It’s something you have to have an idea of before you make a final decision. Would you need to get a place or can you live with someone? What will your monthly costs be if you rent compared to what they are now with your current mortgage? Does it make sense financially?
- Is your home ready to sell? Could you list your home on the market today and get top value? It’s important to consider small but important things you can do to get the value of your home up. One of the things that’s a common and popular example is to simply improve the landscaping. If you want motivated buyers, have a nice yard.
- Is now the right time to sell? Each area is different and it may be a good time for you to sell in your market. You should discuss the local buying trends in the area with your realtor to get an idea of what the buyers are asking for and what the sellers are experiencing.
- What happens if it takes 6 months? Are you financially and mentally prepared to keep this house for another half year? While this may not be an issue, it is something you need to be prepared for, especially if you are in an area where the market is cooling down. The longer you can wait, the better your chances of getting a solid price because buyers will know you can play the long game and will not be rushed.
- When would you want to list? How soon could you be ready if you wanted to sell your house? This is where you need to consult your list of improvements you can make and determine what needs to be done. If you are looking at a couple of weeks of work, consider that with your listing date.
- How soon could you be out? Putting the house up for sale is a challenge but so is moving out. You need to get an idea of when you want to be out of your house and if you can meet that date. Do you want to be out before or after your list?
- What if you cannot buy for a while? Are you considering the fact that you may have to wait years to buy? That’s something a lot of people are not aware of when they sell. You may not find a good option to buy for years. Are you going to be good with that type of wait? Rent may be a bit more expensive which is why you have to know your finances including your expenses and what it will cost to live in an apartment.
- Should you invest more into fixing it up? While your goal is to get the house listed as soon as you can so you can get it sold faster, waiting may be the smart move if you use that time to fix up the house. This will raise the value but it does mean you have to pay for the renovations upfront. You will need to consider if you want to invest that money and time into increasing the value of the property or if it makes sense to sell it as it is. This decision needs to be made after really taking a look at the property as well as others in the area. If you have the nicest home, it will stand out, if things need to be fixed, that will stand out as well. Take your time to review the property so you have a better idea of your options.
Selling a home is not an easy decision. You need to make sure that you are working with an experienced realtor who can guide you and advise you on these options. If you do decide to sell, your realtor will make a huge difference in the process including taking stress and responsibilities off your plate. It’s a tough choice but one that needs to be managed correctly.
