Wednesday, November 06, 2019 / by Ariadne Gold
If you’ve been thinking about selling your home, you may be wondering “Where do I even start???” The process can be confusing if you don’t have a professional helping to guide you. Or, if you haven’t decided whether or not to sell yet, you may be unsure of how to even make that decision!
Before you decide whether to sell your home, you’ll want to have a Comparative Market Analysis done by a Realtor. You may even want to have several done, if you don’t already have a Realtor who you know and trust. This will give you an idea of how much your home could sell for, and will help you decide if it’s a good decision financially.
One of the main factors will be WHY you are thinking of selling. Whether you’re relocating for work or some other reason, downsizing, or upsizing, you have a couple of different options. You can sell your home, or rent it out. Renting may be a good choice if you want to gain some more equity in the home, but there’s a lot of risk involved in having someone you don’t know living in your home. There is no guarantee that they will treat your home as you would, or even that they will continue to pay their rent. It also means that you won’t be able to cash out the equity that you currently have, unless you take out a second mortgage. If you sell your home, you would be able to cash out the equity that you have and use that to buy a new home (or travel, my personal preference!)
The second factor that you’ll want to think about is the price that you can sell your home for. If you need to sell your home for a certain price to be able to move, and its not worth that amount yet, you’ll need to either wait until prices go up, or do some updates if possible to raise the value. Some things that you can do to add value are kitchen updates (countertop, flooring, cabinets), bathroom updates (vanities, flooring), flooring updates throughout the home, and paint.
The third thing to consider is the time of year. The ideal time to sell is Feb-April; this is when you will have the least amount of competition. You will have much more competition in the summer, and less buyers looking in the winter (November through January.) I wrote a blog about the best time of year to sell your home, take a look for more information!
If you’ve considered those three things and decided that you’d like to list your home, the first thing you’ll want to do is find a Real Estate Agent to hire. Many people use the agent who helped them buy their home, or a family member, but don’t be afraid to interview other agents! Having a great agent is essential to selling your home. You may find someone who’s a better fit with your personality type, and has a great marketing plan to get your home sold fast and for the highest net. You wouldn’t let a hairdresser give you a bad haircut just because they were a friend or family, and it shouldn’t be any different with your Realtor!
As always, I’m here to help if you have any questions. (509) 217-7172