Should I Sell My House? Advice for First-Time Home Sellers
Selling a home for the first time can feel just as daunting as going through the initial home-buying process. You may not be sure how to price it, what needs fixing beforehand, and what other tasks are necessary to get your home sold for a worthwhile profit. If you’ve found yourself wondering, “should I sell my house”? It’s time to check out some of the best advice from Offercity.
Determine Your Home’s Worth
You can’t just set an arbitrary selling price. You need to look at the housing market in your area, consider the costs of similar homes, and get an accurate determination of your home’s potential worth.
Having an accurate selling price can help you sell your home more quickly than if you had a cost set far beyond what anyone would be willing to pay. You may even consider paying for an appraisal to help you determine the best price to set.
You can check out real estate sites to get some of this information. Find homes recently sold in your neighborhood or within the same city. Make sure the number of bedrooms and bathrooms match and find similarities with amenities and unique offerings, such as a pool if you have one. The more similar the listings, the more likely you are to find a suitable number.
Learn About Equity
If your home has no equity, you aren’t going to make a profit. You need to learn about your home’s equity to determine if it’s a good time to sell. Home equity is the remaining value after taking away what is owed to your mortgage lender. If your entire sale price needs to go toward your remaining mortgage payments, you’ll have no money left to settle closing costs or put a down payment on your next home.
The best advice is to be sure you have enough equity to cover the remaining mortgage and any closing costs and a 20% down payment for your next home purchase. Without this, it may be difficult to purchase your next place. Most people do not have enough equity in their home until they’ve lived there and paid into their mortgage for five years or more.
To determine your potential equity, take your remaining mortgage amount and subtract it from your home’s worth (or potential selling price). If you hope to buy a larger house, the number will need to be substantial. You won’t need as high of a number if you’re looking to downsize.
Discover the Cost of Selling
Selling your home isn’t free. There are always costs involved with everything you do, and selling your home is no different. The repairs you need to make, to make the home livable and worthwhile to a potential buyer can add up quickly. You also need to consider what final closing costs you’ll have to cover or if you can get the buyer to handle them.
Set Your Sale Timeline
On average, sellers see their homes sold within just two months since they put them on the market. However, this number can vary widely. It all depends on how quickly you can get things in order and how quickly you are willing to be out of there. You can set your sale timeline if you need more time to make repairs, get your belongings out of the home, and find your next place to live.
The timeline also starts a little sooner for most than the day of listing. Many people take a good couple of months to make the changes necessary and have their staging photos taken. This prep time should also be accounted for when you’re considering selling. The more time and money you can spend on getting the home updated and in proper order, the more you may be able to list it for when it comes time.
Decide on Your Method of Selling
If you’re also struggling with the question of “how should I sell my house,” it’s wise to consider the choices. Working with a real estate agent is the most common method of selling a home. The real estate agent has the experience and knowledge to get you through the process easily. However, there are three other options for selling a house without the need for a real estate agent at all. These methods are:
- Putting the home as “For Sale By Owner”
- Marketing to property investors
- Choosing an iBuyer
Selling your home with the help of a real estate agent to interested parties in the area can help you earn a worthwhile profit. However, you’ll also need to pay extra fees that aren’t involved with the other options. Selling by owner allows you to take the lead, but it puts all the work on your shoulders.
Selling to property investors or an iBuyer are valid solutions if you’re looking to make a fast sale and avoid the staging photos and strangers traipsing in and out of your place while still living there. Overall, though, the solution you choose needs to be what is the most beneficial to you. Everyone will choose differently.
Offercity Can Help Answer ‘Should I Sell My House’
Offercity is a great option for homeowners looking to sell their homes quickly and for the best price. Sellers don’t have to worry about decluttering, making costly repairs, home inspections, or paying fees or commissions. We work on behalf of sellers by marketing homes directly to local investors. Investors bid on these homes, therefore, guaranteeing the best possible as-is cash offer for the seller. Contact us to get started.
