Below is part one of this three part series of 12 steps to sell your home faster and for more money:
- Determine your bottom line. Determine how much you could sell your home through looking online for nearby homes, which were recently sold that are similar to your home. Go to a few open houses too. Once you get the ballpark amount, deduct the agent’s fees of 6% to 9%, closing costs, taxes and the amount left to pay off your mortgage balance. Now, can you sell your home enough to cover all those expenses?
- Renting vs. Selling. You have the option to rent your home, as long as you don’t mind being a landlord. This way, you don’t need to sell your home. To determine the amount your home could get every month, you can look into the Craigslist rentals in your area. According to most lenders, rents should be at least 25% higher than your mortgage payment to make enough money to cover the vacancy, taxes as well as any repairs. Multiply the monthly rent by 15 years’ worth of rent or 180 and make a comparison to the amount you could get for your house. If the result shows that you can get a higher price if you sell instead of renting, then it’s usually a better option to simply sell your home.Businessman with Coat and Tie Holding House.
- Select an agent. Remember, do not hire the real estate agent that promises to give you the highest price for your home. Instead, before making your choice, assess two-to-three agents. During your evaluation, ask the agent about the homes they have sold in your area, the way they’ll market your house, their fees or charges and the amount of time they gave to the last 10 listings they sold. You should also read customer reviews about the agent. Be careful with real estate agents that lock you in for half a year with a listing contract. An ideal real estate agent is someone who will fight to get the best deal for you, not just the one that’s easiest for them.
- Determine the right time to sell. A conventional thought is that the best time to list a home is during the spring and summer. However, listing a home during the winter can actually pay off. Just like homes listed during other seasons, particularly those listed from December to March, actually sold one week faster and slightly more than the average price.
Stay tuned for part two of 12 steps to sell your home faster and for more money!