What to Consider Before Entering the Market
Americans are constantly on the move. In fact, according to Quartz, almost 46% of Americans will change their residence within five years, placing our moving rate at third in the world.
Selling your home and moving on literally and figuratively are both huge steps in life. There are many reasons to do so and no one path is the same. Unlike a simple supermarket purchase or a fun night of Amazon shopping, the process of this transaction is lengthy and can be complicated.
Before you jump headfirst into the market, here are some important issues to consider when listing your home.
Finding Your Why
When deciding to sell your home, it is important to consider what your ultimate motivation is for selling. There are many reasons to list your home ranging a plethora of topics, from new job opportunities to school districts for kids to moving closer to family members.
Clearly defining your motivation is a key step in this process.
Financially, emotionally, and mentally, selling your home is quite an undertaking that will require a logical strategy and a bit of patience. Speak with your household before deciding and do some soul-searching of what the benefits and reasons for listing your home are.
Can You Sell Your Home?
Once the decision has been made, and the course has been plotted, it is important to look at your home and family’s financial situation.
Many homeowners will regard their home in the highest of honors due to their pride in care taking and the nostalgic memories that will last a lifetime. Being accurate and realistic about your home’s worth can help you avoid heartache and plan accordingly.
An example of this would be a homeowner who has bought a home a year or two ago in a market that has not seen an enhanced amount of value added. The lack of equity in their home may financially hinder their ability to move as the listing price will be unable to cover paying off their mortgage or any closing costs associated with the transaction.
Homes that are inaccurately priced, particularly in a competitive market, run the risk of sitting on the market rather than selling. Any homes that are priced too high also run the risk of having the deal fall apart at closing due to a financial institution’s refusal to back a loan for the buyer based on inflated home value. Having an expert perform a Comparative Market Analysis (CMA) is a great way to have your home’s value evaluated and start formulating a game plan to make your move a reality.
Preparing Your Home
The preparation of your home is important because it will help set up what prospective buyers perceive about your home from their point of view. When selling your home, you’ll want to have a great looking product to compete against homes with similar features in your market. Clearing your residence of excess clutter and maintaining a clean appearance will go a long way when listing your home
It is important to note that in most cases, less is more during this step. Do repaint the kids’ room with scratches and crayon marking. Don’t install a custom pizza oven to “add value” to your home’s kitchen. Major renovations rarely, if ever, add actual value and can hurt your pocketbook, and features that are too customized can also ward off possible buyers.
Knowing Your Where
As we’ve mentioned, knowing your “why” is extremely important, but so is knowing your “where”. Avoid seller’s remorse by doing your due diligence on your prospective new residence. Using Internet tools such as Walkscore.com, Crimereports.com, and Greatschools.org can help you make an informed decision on where your family’s next chapter will begin.
A Helpful Hand Along the Way
Moving can be great for any family, but even in this small snapshot, it can be easily seen that it is not the easiest task.
Having an expert there to help you and your family during this time can be critical to the success of not only the sale of your home but your sanity as well. If you are looking to enter the market, trust the qualified professional Realtors of CA Modern Realty to provide you with peace of mind no matter the situation. Our team is equipped to assist you through the entire process of listing your current home and finding your new one. So give us a call today!