Back HomeQuestions to ask yourself before putting your house on the market
Selling a home is a huge decision, one that requires careful thought. There are various factors that may influence your decision to sell your house, and it’s important to take the time to look at these before moving forward.
If you’re thinking of putting your home on the market, ask yourself these questions first:
Will moving be better for me?
First and foremost, ask yourself whether moving is worth it. Take stock of your current needs and how your current home is or isn’t meeting those needs. While moving is certainly no easy task, once you’ve weighed the pros and cons, it will be the right step to take if it improves your quality of life.
Also start considering the features that you would like your new home and neighborhood to have. Will you be needing space for a home office? Do you need to be close to certain amenities? In addition to finding the right location, you also want to make sure you have the budget for a home that meets your requirements and preferences.
When should I sell?
Just like any other commodity, home prices are affected by supply and demand.
If you’re not in a hurry, you can time your sale when there’s high demand for homes in your area, also known as a seller’s market. This will give you more advantages during negotiations and makes it more likely for you to walk away with more profit. An experienced realtor will provide expert insights into the latest market trends, so you can time your sale strategically. Also consider the length of time it takes to sell, as it can greatly vary depending on the area and the current market.
How much is my house worth?
If you don’t think you’ll be able to make a considerable profit from selling, it might be best to reconsider your decision, at least for the time being.
Assess the market prices and forecasts in your area, and have your home value appraised by a professional. This will allow you to maximize your profit and estimate how much you can get from the sale.
How much will it cost to sell my home?
You’ll need to consider various costs associated with selling a home. The good news is most of these aren’t out-of-pocket expenses and can be taken from your sales proceeds during closing.
Typical costs involved in a home sale include:
- Repairs
- Home preparation and staging costs
- Real estate agent commissions
- Seller concessions
- Home ownership and overlap costs
- Closing costs
Expect these costs to make up around 10% of your home’s sales price. While you can reduce these by foregoing repairs and staging, keep in mind that a home that needs a lot of work tends to stay longer on the market and sell for less.
Do I need to do repairs?
While you can sell your home as is, completing repairs can help attract more potential buyers and also improve your home’s value.
Oftentimes, homebuyers prefer properties that don’t require much work before they can move in. Doing cosmetic repairs such as repainting walls and fixing minor issues such as loose doorknobs won’t cost a lot, but will make your home more marketable. For major issues like a damaged roof or faulty HVAC systems, you can either spend to repair or replace, or adjust your home’s price accordingly.
If you want a more comprehensive assessment on which repairs need to be done, consider getting a seller’s inspection, which will evaluate your home and give you an estimate of how much you need to shell out for any repairs. In addition to identifying repairs that will make your home more marketable, getting an inspection will also help you prevent delays in the future.
Should I hire a real estate agent?
Selling your home all by yourself means that you get 100% of the profit. But while it’s tempting to sell your home on your own, hiring a real estate agent can be favorable in more ways than one.
An agent saves you the headache of processing all the paperwork and technicalities of selling a property. With their wealth of experience and knowledge in marketing and negotiating, working with an agent also helps you land a better deal and get top dollar for your home. Agents are professionals that can efficiently handle the sale process while saving you the emotional involvement as you part from your home.
For more tips for selling your home, check out this blog and call the agents at Berkshire Hathaway HomeServices Caliber Realty. With more than 40 years of experience, the team knows how to make your home stand out among Texas real estate listings and help get it off the market for top dollar. Schedule a consultation with an agent today by calling 979.694.8844 or by sending an email.
