Selling your home is a time-consuming and emotionally challenging task, especially for first-time sellers. With no experience and a complex, emotional transaction on your hands, it’s easy to make mistakes.
Here are five essential questions to consider before you decide to put your home on the market.
There is no definitive answer to this question, as the value of a home depends on several factors, including location, amenities, and size. However, some general guidelines can help you get an estimate:
Consult with an Appraiser: A professional appraiser can evaluate your home based on its specific features and property values in .
Use Online Tools: Utilize online calculators to estimate your home's value based on previous insurance, property tax, utility bills, and other associated fees.
Understand Assessment Rates: Knowing ’s assessment rate (usually between 80 and 90 percent) can help you estimate fair market value by dividing your tax-assessed value by the assessment rate.
Preparing to sell your home typically takes some work, whether that’s your sweat equity or professional improvements. After all, you want buyers to fall in love with your home, as you did when you first bought it. So spend some time getting your home move-in ready in a way that will appeal to the broadest range of potential buyers. For example, eliminating clutter, washing windows and walls, and installing better lighting can increase the appeal of your home. In addition, home renovations typically yield more substantial increases in sales price.
There is no definitive answer to this question. It depends on various factors, including the current market conditions and personal goals for selling your home. First, wait until the market has stabilized or recovered from a crash. Next, make sure you have completed all necessary repairs or renovations. This will give potential buyers confidence in what they’re buying and increase its value over time. Finally, list your home early in the morning when traffic is the lightest, and MLS listings are updated frequently.
The time your home spends on the market depends on several factors, including location, how competitively your home is priced, and how aggressively your home is marketed. Statistics show that an offer should come in within the first 12 showings if a home is correctly priced. If you want to speed up the sales process, don’t underestimate the value of staging. Research shows that well-staged homes can sell up to 32 percent faster than homes that aren’t staged.
A real estate agent can help with all aspects of the selling process, provide insights into the local market, and recommend appropriate pricing strategies for your home. An agent will negotiate on your behalf to secure the best price – and quickest sale – possible. In addition, an agent can act as a liaison between you and the buyer(s) – helping to smooth any bumps along the way.
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