Am I Ready to Sell My House?

The decision to sell your house should not be made in haste. It is only natural to wonder whether it is the right time to sell your home or not. Great timing can result in substantial financial gains, while poor planning can lead to unnecessary stress and a missed opportunity to profit on your investment.

Before putting your house on the market, ask yourself some key questions so you can say with confidence, “Now is a great time to sell my house!”

Are Financial Conditions Right?

The biggest purchase you will ever make — that’s how people often think of home buying. Yet, selling your home is an even bigger financial decision. Avoid losing a fortune by evaluating if later would be better.

Ask yourself:

• Will I merely break even on the sale? Is it a short sale? If so, you should only sell if you absolutely must liquidate. You don’t want to leave money on the table, and a short sale can also hurt your credit.
• Do I have enough equity to make the down payment on my next property? If not, you should consider waiting to sell until you have made additional mortgage payments.
• Is my local market looking up? Talk to a knowledgeable real estate agent about local market conditions. Ask about relocation services that can smooth the transition until the timing improves.

Does My House Need Repairs or Updates?

Fixer uppers tend to receive lowball offers. Home improvements can be costly, but vital for receiving the fair market value of your home. Buyers don't want to pay asking price if they perceive additional expenses and effort will be required after the sale.

Crucial repairs and updates to attract buyers and offers:

• Functional issues like a leaky roof or HVAC problems.
• Curb appeal issues, such as a damaged front door or garage door.
• Significantly outdated major appliances.
• Carpet that is more than a few years old.

At the same time, you don’t want to “over-improve” your home. The National Association of REALTORS® likes to remind sellers that people look for “the least expensive home in the best neighborhood they can afford.” You should be able to say, I can sell my house to the people who would be interested in living in my neighborhood.

Translation: you don’t want to be the most expensive house on the street. Ask neighbors and your Realtor for guidance on which improvements will be most sought-after and appropriate.

Are You Ready for the Logistics of Selling?

Is your family in the right position to go through the process of selling your house? Your real estate agent can take care of the hardest parts, but you have to do more than simply say, “sell my house, please”. Cleaning, re-organizing, and staging your home presents a challenge, and you must be prepared to keep the house show-ready until it sells.

More importantly, home sellers must be ready for the emotional challenge of selling your home. Take a deep breath, talk it out with your family, and know what you really want.

Contact RE/MAX DFW Associates to Sell Your House

RE/MAX DFW Associates can help you determine if it is the right time to sell. If you’re wondering, “Is it time to sell my house?” and want more information about the process, contact us today — we’re here to help!