Whether or not to sell your house is a personal decision that depends on your individual circumstances. The first thing you need to do is assess if you're truly prepared to sell. We'll cover a few things to consider when making that decision. Then, we'll show you the first step to get started on your home-selling journey.
Why You Should Sell
The decision to sell your house and move should be based on what is best for your family and goals. It may be helpful to speak with a financial advisor or real estate agent to get a better understanding of your options, before deciding if it's the right time to sell. Here's what to consider.
Your Current Financial Situation
Are you struggling to keep up with your mortgage payments or are you in a comfortable financial position? Do you have the resources to move, including money for a down payment on a new home, moving expenses, and any necessary repairs or updates to your new home? If your personal finance is in a strong position, or if getting a cash offer for your home will actually improve your situation, then it's probably time to sell. (NOTE: It's important to remember that closing costs can add up; be sure to factor these into your math when you calculate the expenses of the selling process).
Your Long-Term Goals
Do you have long-term goals that would be better served by selling your current home and moving to a new location? For example, do you want to be closer to a new job, family, or amenities that are not available in your current location? Quality of life absolutely matters. If you're not happy where you live, then why shouldn't you sell quickly and move to where you can have the lifestyle you want? If your household composition is growing (or shrinking, for you empty nesters), then it makes sense for your next home to have more appropriate space to match your evolving family needs.
The Condition of Your Home
Is your current home in good condition, or are there significant repairs or updates that need to be made? If there are significant repairs or updates needed, you may want to consider whether it is worth investing in these repairs or whether it would be more cost-effective to sell your home and move to a new property. The flipside to this though is that potential buyers would be put off by your home's curb appeal or significant renovation work. If your property requires more than a deep cleaning or a fresh coat of paint, then the realistic price it will command is minimized.
The Real Estate Market
What is the local market conditions in your area? If there is high demand for homes in your area and you are able to sell your home at a good price, it may be a good time to consider moving. If you've reached this point in your thought process, where you're weighing up your home's sales price and the ins and outs of the transaction, you're definitely ready to take the next step.
How to Start
There are so many complexities and nuances (and pitfalls) to navigate during home sales, no one homeowner can be expected to become proficient in every aspect and sell their house fast. So where to begin? The answer is simple. One fantastic real estate agent will handle everything else for you.
What Do Real Estate Agents Do?
The short answer is everything. A top, professional real estate agent will handle every aspect moving forward to make sure you have a stress free sale, and move your house fast!
The first thing they'll do is leverage their years of experience and valuation modeling to triangulate your true home value. This is a tricky science that involves scouring recently sold properties and their characteristics in order to benchmark your house against comparable sales.
Then they will outline your selling options: what time frame and logistical parameters you should expect to align with your expectations. They'll be able to anticipate if they can induce a cash offer or if the buyer will require involvement from a mortgage lender to get the deal done -- they will see all the contingencies coming before they happen.
Then your agent will market your home aggressively and appropriately. They might host open houses or put your home on the MLS (multiple listing service); they might use social media or other channels to source home buyers.
Finally, they'll be able to lead you through the transaction and escrow process of your home sale, all while keeping closing costs at a minimum. They might even be able to lend their service toward your next home purchase!
How Much Do They Cost?
For home sellers, the good news is you never need to pay a real estate agent up front for their services. (...Unless you want to, in which case you are welcome to negotiate a flat fee regardless of your home's value). Most agents work on commission; meaning, they will take a percentage of the home's sale price -- what the buyer pays you.
The average commission for the seller's agent is between 1-3%; the class of home and the common practices in your area usually determine the exact amount. You can find excellent data via NAR (the National Association of Realtors) if you're curious. That said, you can always negotiate with agents on this point. In fact, we encourage it!
Sounds Great! Where Do I Find Them?
In the old days, the only way to find an agent was from your personal network. Luckily, we aren't in the dark ages anymore, and we don't have to settle for whoever we can find -- nor do we have to worry about the awkwardness of straining relationships with business.
Now, the only way to identify the absolute premier agents in your neighborhood is through TrueParity. We built the first platform entirely for homeowners. On TrueParity, owners can privately post their home and the best local agents literally compete to win your listing agreement. These pros will research comparable homes and send you detailed proposals for how they'll sell your home.
We only give established professionals -- all hand verified by us -- access so the amateurs have been weeded out. You can see clear terms upfront and understand exactly how your home will be sold. If you want to sell your house fast, and for the highest price, you need the best platform in real estate.
~~~~
Know people that need to sell fast? Send them this blog post so they can discreetly post their homes online and find their rockstar agent -- and a cash offer.
Need expert help on anything regarding your home sale? Try TrueParity and get guidance on everything from pricing your home to securing a personal loan to understanding home equity.
