The prospect of selling your home can be exciting and overwhelming at the same time. Whether you’ re relocating for work, welcoming a new addition, or are just ready for a change, you’ re probably eager to get your house on the market as soon as possible. Before you post a For Sale sign in your front yard, consider these important factors to make sure you’ re ready.
In recent years, it’s become much more difficult to secure financing for a new home, even if you have spotless credit. Before you even think of selling your home, be sure you’ll be able to afford a new one. Even if you had no trouble getting a home loan last time around, getting pre-approved for a home loan now will give you peace of mind as you move forward.
As you get ready to sell, look at the housing market in your area. Ideally, you’d sell your home when the market is booming, but in some circumstances, that simply isn’t possible. To get a general idea of how much you can expect for your home, compare it with similar houses on your street and in your neighborhood that have recently been sold. For a more specific idea of how much your home is worth, you can get a Competitive Market Analysis (CMA) or an appraisal to help you set a realistic asking price.
You’ll also be faced with a number of upfront costs when you put your home on the market. From minor renovations and advertising costs to lawyers’ fees, property taxes, and more, there are a range of expenses for which you’ll need to plan. You’ll also need additional funds for after your home is sold, when you’ll be faced with moving costs, rent, a down payment on your new home, and other necessities throughout your transition.
You may not have complete control over when or how you sell your home, but preparation will make the process easier under all circumstances. Plan ahead, and when the time is right, you can post your For Sale sign with confidence.
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