Selling a home can be exciting and stressful. That's why I always ask my clients these 6 questions before we sell!
Selling a home can be exciting and stressful. If you're selling a home, it's important that you understand what needs to happen in order for your sale to go smoothly. Here are six questions I always ask my clients before we put their
DO YOU REALLY WANT TO SELL?
One of the first questions you should ask yourself is:
Do I really want to sell my house? If not, then don't. It's that simple.
One of the most important things a homeowner can do when considering selling their home is to think about what might motivate someone else to buy it. What do they want out of it? What will make them choose your place over all the other houses on the market? You may have an idea of why you're putting your house on sale, but if there are no buyers clamoring for homes like yours or in your neighborhood, then there's probably no point in trying to sell now—or at least not without making some changes first.
WHICH IS MORE IMPORTANT: THE PRICE OR THE TIMING?
It's a tricky thing to assess because your situation will be different from someone else's. But generally speaking, timing is more important than price, so you should start by asking yourself this question: If I'm not able to sell my house within X months and have to wait another year or two, will it matter? If the answer is no—if there are no pressing needs for the money
—then go ahead and take whatever price you can get today.
WHAT DO YOU NEED TO GET OUT OF THE HOME?
The first step to selling your home is knowing what you want out of the sale. Do you need to sell because you’re moving somewhere else, or do you simply need the money? If it’s the latter, then how quickly can you move? Is there a market for your property type in your area? For instance, if it’s an older house with lots of charm but not as much curb appeal as its newer neighbors might have, then buyers may be hesitant to pay top dollar.
HOW MUCH WORK NEEDS TO BE DONE ON YOUR HOME?
If you're planning to sell your home, it's important to consider the cost of repairs and renovations that might need to be done before listing it. How much will these costs be? How long will it take you to complete them?
Will they affect the value of your home, or are there ways around them (like opting for a quick cosmetic fix)?
If these questions are keeping you up at night, don't worry—we can help!
HOW MUCH EQUITY IS IN YOUR HOME?
IFirst, let's talk about what equity is. Equity is the difference between your home's market value and its mortgage balance. If you bought your house for $200,000 with a 5% down payment of $10,000, and now it's worth $300,000 (and you still owe the same
amount), you have $90,000 in home equity. This is important to know when you determine the minimum amount you are willing to sell for!
IS THERE A RUSH TO SELL?
When you're thinking about selling your home, you should ask yourself whether there's a rush to sell. You may want to sell
before you move, so that you can move into another house quickly. Or if you're having a baby, or getting married and starting a new job or wanting to retire early, then selling could be beneficial to your timeline. If there isn't an urgent reason for selling right now, then it might make sense to wait until after the holidays are over before putting up the "for sale" sign in front of your house.
