The last two years have seen an unprecedented increase in property sales, and forecasters predict prices will rise by another 5% during 2022.
Thanks to rising interest rates and low inventory, sales of both existing homes and new builds are finally slowing down, though. So, if you’re still considering selling your home, you should move fast.
These are the things to keep in mind if you’re wondering how to sell your house before the bubble bursts.
1. FSBO or Hire an Agent
When you sell your home on your own, you don’t need to pay any commission to an agent. However, working with a real estate agent means you’ll benefit from their experience, expertise, and marketing prowess.
If you have a buyer lined up, and you’re working with a real estate lawyer, you can profit more by selling your home on your own. However, hiring a real estate agent is the safest bet for most home sellers.
2. Reasons for Selling Your Home
There are many good reasons to sell your current home. These include:
- Upgrading due to an improved financial situation
- Moving to another city due to work
- Space constraints
In today’s market, finding a new home fast might prove to be a challenge, especially if you sell your home quickly. Real estate prices are still high, so make sure you can afford to pay the mortgage for a larger home.
3. How Much Is Your House Worth?
When you work with an experienced real estate agent, they’ll evaluate your house appropriately and help you get the best price.
If you’re selling your home on your own, one of the best home selling tips is to look up prices online for similar homes in your area. You could easily lose out if you’re not aware of the value of your home from the outset.
4. How Will You Prepare Your House for Sale?
Major improvements like replacing your roof or garage door can have a big impact on the price you get for your home. However, there are many small fixes you can make that could help it sell quicker.
For instance, a coat of paint, small repairs, and hiring a home stager can all make your home more appealing to buyers.
5. Are You Aware of the Financial Ins and Outs
You’ll need to do some complicated math when you decide to sell your home in favor of a new one. For instance, how much will you make from the sale when you’ve taken the following into account:
- The outstanding amount on your mortgage
- The cost of repairs
- Real estate agent’s commission
- Capital gains tax
Have you considered where you’ll live if you sell your home before you find a suitable replacement?
You must research these issues very carefully before you commit to selling your home. A miscalculation could have dire consequences.
Have You Considered All Your Options?
Selling your home is a major decision, especially amid rising interest rates and the ongoing housing shortage. Unless you have to move to another location, it’s often a better idea to improve the home you have rather than sell it.
Would you like some more guidance, either way? Browse my blog for all the best advice regarding real estate and home improvements.