Selling Your Home
Selling your home is a big decision. You probably spent more than a couple of years there, and your family will have created many memories and neighborhood friends. Maybe you expected to stay, but circumstances have changed. It is always a little unsettling to pack, pull up roots, allow potential buyers to scrutinize your home, and manage all of the details of the transaction while still providing for your family financially and emotionally.
Is this the right time to sell my house?
There are several factors to consider when deciding whether or not to sell your home. There are times when you may need to sell, such as when your job location or lifestyle changes, or you have serious money problems.
You may have outgrown your current home or are now able to afford a larger place and are ready to move up. When the economic forecast is good, you may want to sell and take advantage of the strong market.
Additionally, if you have inherited a house, it wouldn’t make sense to continue making payments it if will be empty.
What is the most important factor in deciding to sell?
Be certain! If you are not sure you want to sell, you won’t put forth the required effort or negotiate in good faith. Beyond being a waste of time, in certain instances a buyer can force you to honor a signed contract even if you change your mind. Save yourself the trouble.
How do I determine the sales potential of my home?
The basic influencing factors include location, appearance of house and neighborhood, size, condition, view, percentage of owners to renters in your neighborhood (owners tend to have a pride in ownership) and crime rate.
What are the steps once I’ve decided to sell?
First, choose your Carolina Living Real Estate REALTOR® and ask for a comparative market analysis. This will help you determine a fair asking price – high enough that you get what your home is worth and realistic enough so that you interest buyers. Secondly, look into the current mortgage interest rates. It will affect what potential buyers can afford, and what you can afford if you move up.
How can I best work with my REALTOR®?
Ask about and understand what marketing steps he or she will take and when they will occur. Define your expectations of the transaction and communicate them. Disclose problems, keep your house in good condition and let your Carolina Living REALTOR® take the lead with buyers. Keep your house clean, the yard neat, and be ready at any time. Let the real estate agent show the house, but if you are home during a showing, stay inconspicuous. You probably have less experience, may make buyers uncomfortable, and may want to avoid hearing any negative comments buyers may have. Finally, you must allow inspections, fix anything necessary, and follow through on the closing. What should I do to get my home ready for showing? Start by taking a look from the street. This is the first impression potential buyers will get. Remember what you liked when you first saw the house. Have you improved on it or let anything go? Next, walk slowly through the interior. Eliminate odors, especially pet and smoke. Clean the windows and pull back the drapes to maximize
light, bright rooms.
We’ve found a great house at a good price. Should we buy?
You have three basic options.
• You can wait until you sell your current home. With this option, you risk losing the new home to another buyer, but you may find one later you like even more.
• Secondly, you can add a contingency clause to your offer, stating that you must sell your current house before closing on the new one. Sometimes sellers do not want to sign this type of offer, because it isn’t a strong one.
• Thirdly, if you are having trouble selling your current house, you may consider renting it out or refinancing it for cash to help you buy. The problems associated with this third option including finding and managing tenants, trying to sell the house while it is tenant-occupied, and paying closing costs and higher mortgage payments incurred with a refinance.
What are the important factors when considering an offer?
Consider all of the following: price, terms, clauses, personal property requests, and the amount of the earnest money, if applicable.
What can I do to help get potential buyers financed?
If the buyers have adequate income but are a little short on cash, you may pay the non-recurring closing costs at the closing.
Are there any special considerations when selling a condo?
The most obvious difference is the maintenance fees. You may want to remind buyers that maintenance fees can often work out to be less money than single-family home maintenance costs because condo fees are shared by all owners of the condo association.
Source: 2007 National Association of Realtors®
