Things to Consider Before Selling a House
Selling a house is not an easy task. Whether you’ve sold your house before or selling for the first time, there are things you need to consider. Many home sellers think selling a house is an easy process and doesn’t require much preparation. It can create inconveniences, stress, and anxiety, and to minimize these feelings you need proper preparation.
There are several things to be considered while listing your home for sale. Here are some top things you need to know before selling your home:
Hiring a Realtor
When you’re selling a house for the first time, it’s very important to hire a great real estate agent for good advice. Make sure you’re choosing the right real estate agent if possible. Interview 2-3 realtors.
You should have high expectations of the real estate agent while selling a house. The other professional team includes a home inspector, photographer, landscaper, painter, home stager, and attorney.
Research the Local Housing Market Prices
You should have a general idea of the housing prices in your local area and local economic conditions. It’s additional homework to research the housing activity in your area.
How many houses are currently available for sale in your area? What is the average number of days that have been listed? These are the things you should find out in your neighborhood. This can help you to look at comparable homes in the area and gives a general idea of competition level in your area. Homes have similar features when located within proximity. You need to examine the no. of bedrooms, bathrooms, lot size, and other important features that seek to sell a comparable house.
Set a Reasonable Price
Pricing your home correctly from the beginning is highly recommended. Avoid emotional decision making, as it can affect your house pricing.
If your current location is in the “hot” market (demand area) the price will be driven up, as the number of buyers are more than sellers. But the price increase should stick to a reasonable price limit. In a “cold” market, buyers become more selective, and a slightly below market price is more attractive.
Give Your Home Social Media Exposure as Much as Possible
Expose your home to potential buyers by using real estate websites. You can also find benefits from several people by using social media sites as well. Many real estate agents use YouTube videos, Pinterest, and blogs to attract potential buyers online and market their services. Facebook is another site where you can get a wide exposure in your process of selling.
Estimate the Potential Profit (or loss)
Before reviewing a purchase offer, evaluate the potential gains or losses within your acceptable market prices. Your selling price can be reduced by the following:
- Real estate sales commissions
- Fees paid at closing
- Government recording and transfer charges
- Additional settlement charges
- Debt obligations related to paying off any existing mortgages
- Home repairs included in the sales contract
- Preparing your house ready for the market such as painting, landscape, etc.
Current tax laws
Selling a home is taxable, and the IRS provides tax breaks for homeowners. Your capital gain is based on subtraction of any deductible closing price, selling price, and tax basis on your property. The HomeGain app can provide you to calculate your capital gains profit.
