6 Questions To Ask Before Selling Your Home In 2024

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Caroline Soriano
January 24, 2024
7 minutes, 14 seconds
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The conditions of your life, as well as your financial situation, such as the quantity of equity you have in your house, your ability to finance a new home, and all of the fees associated with selling your home, should be taken on what to consider when selling a home. 

It is also essential that you have a concrete knowledge of the local housing market and how its seasonal changes can have an effect on your objectives. 

If you are wondering "what to consider when selling a home," the following are some essential questions to ask before actually putting your property on the market. 

Interesting Reads:

What To Consider When Selling A Home?

Below are a few critical questions to ask before selling your home, and answers that might help you:

1. How Much Do You Think Your Home Is Worth?

Most real estate agents evaluate recently sold properties in your area that are comparable to yours to determine the worth of your home. It's common to refer to these comparable properties as "comps." By comparing the sales prices of various comparable properties, you can get an idea of the price range that potential buyers of your property may be willing to spend.

When looking for comparable properties, examine the number of rooms, baths, square footage, and unique features. No two properties are the same; thus, you must alter each element individually, which is difficult for each comp. Luckily, computers are excellent tools to use for this task. Utilize the home's value tool to determine value using recent comparable house market data.

Want to know the value of your home? Click this.

2. Is Your Home's Equity Sufficient For A Sale?

Home equity should cover your mortgage, selling, and relocation expenditures. Many people wait to sell until they have enough equity for a down payment on a new house.

Note: You have negative equity if you owe more than the home is worth. Being "underwater" on your mortgage is frequent. Selling your property for far less than you purchased is usually a last resort. 

If you want to sell your property, what you need to do first is to calculate your equity. Once you know "how much of your home you own," you can assess if your equity will cover selling charges.

3. What Is The Price To Sell Your House?

Many property sellers focus on the 5-6 percent agent commission. However, selling a property can cost 10% of the transaction price. Additional costs include seller concessions, closing fees, repair costs, and property overlap pricing if you can't sell and buy. On top of that, you have to consider the time you'll spend and the amount of stress you might undergo.

Understanding your monthly income vs debt payments is crucial to qualifying for a loan. Many lenders follow the 28/36 guideline, which limits housing expenses to 28% of gross income and total indebtedness to 36%.

4. How Much Time Will It Take To Sell Your House?

Check your relocation timetable and how it will affect your aims to decide if you should sell. In case you didn't know, sales delays can cost money. It might delay a project, cost storage or temporary accommodation, and require home maintenance.

One of the best indicators of property sale time is Days On Market (DOM). This statistic records how long a home is on the market, from listing to contract. Understanding market factors like interest rates, home sales, and home price appreciation might affect your goals and timetable.

man repairing the ceiling fan

5. Should You Start By Repairing Everything?

As a seller, you must disclose house issues to buyers. No repairs are required, but you may need to price your home depending on the cost of essential repairs or offer a concession to the buyer to perform them themselves. 

Large renovations may raise your home's worth before selling, but not all will. Home improvements and upgrades have different effects depending on the market and house value.

6. What Is The Best Way To Sell Your Home?

Selling your home traditionally is an active process, meaning you have to do a lot of things. This includes preparing your property for sale, working with an agent, making repairs and changes, showing your home, and negotiating with purchasers. You don't know when or if a good deal will close.

There are many ways to sell your property and to choose which one suits you, you have to consider your time, resources, and energy to decide your readiness. 

In traditional sales, a real estate agent guides you. Besides marketing the home, a real estate agent can communicate with the buyer's agent and handle sale paperwork.

Conclusion

These are just some of the questions you should ask yourself before marketing your property, and surely there will be more as you continue your home-selling journey.

If you need a guide or expert advice on how to do this easier and quicker, our team at RE/MAX Advanced Realty is here to help!

Call us at 317-316-8224 or visit our website today!

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