Not sure if the time is right or if you are ready to take the plunge? Get INSIDER TIPS and the answers to the six main questions you need to have answers to before you put up that For Sale sign!
1. HOME VALUE AND SALE PRICE
Question one: What is your home worth and what could you list it for?
To start researching this yourself, you can easily look up your home on a search engine to see the estimated listing price. An important thing to note is what other homes in your areas have sold for. These are called the “comps” and will help set a precedent for your own listing price. This is question number one because it will give you a baseline for all the other decisions. That being said, there are many variables that could affect pricing that most online sites don’t account for. So, be sure to use a trusted professional to assist you in determining the ideal price/value.
2. EQUITY
Question two: How much equity do you have in your home?
Home equity is the amount of your home that you (as opposed to the bank) actually own. You can look at the market value of your home minus the balance of your home loan to calculate your equity. First off, your equity must be positive. Secondly, the equity you have will help you understand how much money you have available to put toward moving and a new home.
3. COST OF SELLING
Question three: How much will it cost to sell your home?
This is a question many hopeful sellers don’t consider… but it’s important! Many people spend as much as 10% of the sale price on selling their homes. This includes costs like… repair costs, housing overlap costs, closing costs, seller concessions, REALTOR commission, and more. Knowing how much all this could total out at the end will help you understand if you have the budget and willingness to list.
4. TIMELINE
Question four: How long would it take to sell your home?
Similar to sale price, this could be informed by comps. The metric is called “Days on Market” or DOM. DOM will track the average amount of time homes in your area spend on the market. While you can’t nail this down entirely, you should look at when you want to move and how long, realistically, it could take to sell your home.
5. HOME IMPROVEMENTS
Question five: What needs to be done to your home before you sell it?
You probably already know that things like renovations are lengthy and costly. However, even cosmetic things (like paint or flooring) can take time and money, BUT can increase the sale price of your home. This is almost always a worthwhile tradeoff for home sellers. But of course, it also takes time and money. Wrapping your mind around what could be done to enhance the value of your home may impact your timeline and listing date.
6. HOW TO SELL
Question six: How are you going to sell your home?
Most people use real estate professionals, and a few people take on the arduous task of trying to sell their home themselves. Perhaps you should first determine the way you’ll market and present your home to buyers in a virtual context. You’ll need to consider virtual tours, professional photographs, live-streamed open houses, and of course e-marketing. All of these are becoming increasingly common and may make all the difference in getting the offer and interest you want.
Think you may have enough answers on the positive side, and are ready to get going? Well then, I can help! I can help you best determine questions 1-6. I’ve worked with homeowners throughout Hilton Head, Bluffton, and The Lowcountry for over 22 years, helping them list and sell their properties. Simply contact me, and we can get the ball rolling!
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