5 Factors to Consider When You Sell Your Home

Posted On Tuesday, 07 June 2022 20:05

There are plenty of reasons to sell your home in 2022. The market continues to favor sellers, cash offers are at an all-time high, and property values are rising at a steady rate.

That said, it won't be easy for everyone to sell their house fast. Plus, putting up a house for sale isn't typically as simple as throwing together a listing and waiting for buyers to take notice.

What should you consider before you settle on selling your home? We're here to tell you.

Read on for five factors to consider before selling a house.

1. How Much Money You Stand to "Pocket"

How much money will you need to pay off your mortgage? How much will you owe in transfer taxes, agent commission rates, closing costs, and more?

If you're not going to break even, it's not a good time to sell. In an ideal world, you want to "pocket" enough money to set yourself up well in your next living situation. 

2. How Fast You Want to Sell Your Home

Yes, seller's markets can lead to quick sales, but they can also lead to months-long bidding wars and negotiations. Are you looking to sell in a week (in which case your best choice may be working with a "we buy houses" company) or can you afford to sit on a vacant listing for several months? Your timeframe will also impact things like your asking price, which will need to be on the lower end if you're looking for a fast sale.

3. Where You'll Live Next

Do you know where you want to live next? Have you looked at how the seller's market will impact you as a buyer, rather than just a home owner? Before you put your house up for sale, make sure that you know what type of housing you can afford.

4. What Condition Your House Is In

Many sellers choose to do a few upgrades before listing their house so that they can raise their property value. However, it's important to choose the upgrades that have the highest ROI if you want them to be worth your time. The alternative is to sell as-is, which puts your house on the market faster but comes with its own challenges.

5. Whether or Not to Work With an Agent

There are pros and cons to working with a real estate agent. An agent is going to get your listing the attention it needs but is also going to charge a commission. If you're going the traditional route, we recommend working with an agent even if it does cut into the money you'll walk away with.

Take Some Time to Prepare Before You Sell Your Home

Now can seem like the perfect time to sell your home, but that doesn't mean that it will work in every seller's favor. Make sure you consider these five factors before deciding when and how to sell.

Looking for more real estate advice? Take a look around as we talk about what's going on the real estate market today and how to take advantage of these conditions.

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