Top 8 Things To Consider When Thinking of Selling Your Home
Are you a homeowner and wondering whether or not it’s the right time for you to sell your home? Knowing when and where to start can be a challenge. You’ve invested a lot of time, money, energy, or emotion into making your house a true home. It’s not a decision to approach lightly.
Based on our work with thousands of homeowners, here are the top 8 most important things to consider when you’re thinking of selling your home.
Not sure if the time is right for you to sell your home? Take this Quiz to find out or keep reading.
1. Who is involved with the sale?
This is the first and one of the most important questions to consider. It can either make or break your ability to sell your home in the first place!
Is there a spouse or significant other on the deed with you? What about an investor, friend, or family member? Is everyone ready to sell or move?
Make sure everybody’s on the same page when selling a property and be sure to consider those that are directly affected by a decision to sell. It’s easier for people and children especially to prepare for and accept change when they believe their opinion and feelings are being considered.
2. Why are you selling and what else do you need to consider?
Everyone has their own reasons for wanting to make a move. None of the reasons are superior or more important, but you do want to be clear on what they are beforehand so you’re setting yourself up for the best experience possible.
Are you selling because of job relocation, or perhaps you want a different neighborhood or school for your children?
Maybe you’ve outgrown your current home, need more garage space, or really wish you had a pool for the summer.
Do you want to be close to the restaurants where you hang out? Are you looking to cash out on an investment property?
There are a million potential reasons to sell or make a move. What’s yours?
3. Where are you moving to and when do you want to be there?
This goes along with the previous question of “why are you selling”?
Some areas have seasonal markets where the selection of homes changes. What time of year is best for the area where you’re considering moving from or to?
If you have kids, it’s important to evaluate the schedule of their current school year and that of the schools in the area you’re considering. How do the schools compare? Will they be changing schools, districts, or grade levels? Do you want them to be in the same school district or different one?
4. How much is your home worth?
Do you have equity in your home? If so, how much equity? Is it enough to make the move you want to make?
But really, when someone asks us how much their home is worth what they really want to know is how much money they’re going to have in their pocket when they sell. Having this information helps them determine how to move forward. The right agent will be comfortable providing you with an estimated cost sheet so you know what you can expect.
What’s the best way to find out how much your home is worth? The most accurate way is to have a real estate agent, an expert, come out and provide a consultation. This meeting with an expert includes determining what your home is really worth in today’s market.
If you’re not quite ready to meet with an agent you can always get a free home estimate right here.
5. What makes your home desirable?
What are some of the great things about your home? What is it that other people will like about your home, your neighborhood, the amenities, the features that your home has? Is it your backyard – Do you have a backyard oasis that you and your family enjoy?
Is it that extra loft, game room, or office? What about the area where your kids study, watch TV, and play games so you can have peace and quiet while you work from your home office?
Those are some of the important things. Do you love your floor plan? Do you like that your island kitchen is open to the family room and while you’re preparing meals you’re with the rest of the family while they’re watching TV?
Ultimately, it comes down to getting really clear on what sets your home apart and what’s special about it.
6. What’s your comfort level and experience in selling a home in Arizona?
When was the last time you sold a home in Arizona? The contracts are constantly changing. Are you aware of the most recent changes in the residential purchase contract and addenda? Do you know how they affect you?
Maybe you’ve been living in the same house for 20 years and were experienced back then but the requirements change on a regular basis.
What’s your real estate IQ when selling a home? Do you know all the right questions to ask an agent to be sure you hire the right one? What should be in the contract to keep you safe?
7. What’s needed to prepare your home for sale?
Both you and the property need to be prepared for sale. There are always things that need to be addressed before selling. How you live in your home today may be different than how you want your home to look when presenting it for sale.
Are you emotionally ready to sell? Have you decided this is what you’re going to do, are you vested in making a move? You want top value, are you willing to do what it takes? Keeping your residence show ready can become a little bit more work than most people are used to, but the reward can be worth it.
8. What are your biggest fears?
One of the most common fears is being homeless. What is reasonable to expect when selling and purchasing simultaneously?
How does my family, the market, and my future goals coincide with this move? When selling investment property how are existing leases and tenants handled? How do I sell and defer paying taxes on the profit inevitably? What other fears and questions need to be addressed to safely move forward with confidence?
That’s why it’s so important to work with a REALTOR you trust. The right agent will help you navigate past all of your fears and worries throughout the entire selling process.