Tips & Advice
7 Important Questions to Answer Before You Sell
The decision to sell your house is really a group of several decisions. Answering each of the 7 questions below will help you determine if selling is right for you, if it’s right for you now, and how you might want to approach it. You can click on any of the questions in this list for a more detailed explanation or keep it simple and read through this summary.
Answering the question of your home’s value takes a little more time than typing your address into google, but it’s not a secret formula. We have to determine the size and quality of your house and the lot it sits on, and then compare your property to others like it, that sold recently and aren’t too far from yours. You can read more details here [insert a link to “How Much is My Home Worth” Blog].
Like most things, the answer here is, “it depends.” What are your plans for your home, and who do you want to buy it? The buyer you want to find determines the kind of process you’ll need to sell. What is most important to you? Are you looking to sell your house to another individual or family to live in it long-term? Or is your primary goal to sell fast and save money?
Most home sellers expect to pay 5-6% in commission to the realtors involved, but the actual cost to sell a house today is closer to 10-14%. If you’re selling your home to another individual or family, you should budget for repairs after the inspection, seller closing costs like the buyer's title insurance policy (sellers buy this for the buyer, and it is paid at closing), staging your home to sell, and moving to your next house. You can read more and see an example with real numbers here [insert a link to “How Much Does it Cost to Sell” Blog].
If you have a mortgage (or any other debts against your home), these will need to be paid off when you sell. Some of your equity will cover the cost of selling your home. The title company will pay off any debts including your closing costs and your existing mortgage.
The money left after the sale minus these costs are your net proceeds, and this is the portion of your equity actually paid to you in the end. You can read more [Link to Equity Blog #4] here to walk through a more detailed explanation and example calculating home equity.
Looking at pre-pandemic numbers, from April to August of 2019, the average home sale included 3.5 showings per week on the market with an average time on the market of 60-90 days. Nationally, home sellers and realtors said it took an average of 24 showings from the day their houses went on the market until closing.
You do have options to move out temporarily or adjust your schedule to accommodate these showings. Continue reading here [Insert Link to Do I have Energy Blog] to understand more about the number of showing and options available to you.
Like everything in the economy, the housing market fluctuates. During the pandemic, we hit an extreme seller’s market, and properties were receiving multiple offers in a day or two of hitting the market.
This extreme was very unusual, and in late 2022, the market is getting back to normal. Pre-pandemic normal meant houses would sell in around 60-90 days. Data from September 2022 shows the average approaching that mark at 50 days on market. You can read more here [insert link to How Long Blog Post # 6] to look at trends in house sales and normal time frames.
When you sell your home to another individual or family planning to live in it, they are going to get an inspection by a licensed home inspector. The inspector will list things you know and things you haven’t thought about since you bought the house, including the age and condition of the hot water heater, furnace, air conditioner, and electrical panel.
Having items show up on an inspection report doesn’t make you a bad homeowner…it means you’re normal. Most buyers ask sellers to make some of the repairs before they close. If you want to know more about home repairs during a sale, you can read this post [insert link for Will I have to make repairs] \
The decisions around selling your home can feel overwhelming, but they don’t have to be. Sometimes we just need a little more information or a place to talk things through. If you’re trying to decide whether or not to sell your home or where to start the process, we’re here to help. We’ve created several informational posts that you can read on your own.
And, if you still have questions or want to talk through options with a real person, we have folks ready to help. Forget the robots and message apps, it’s as easy as picking up the phone.
