Did you know that 5.64 million homes were sold in the United States in 2020?
If you are one of those people thinking about selling a home, you may not know where to begin. For most, this is probably the first time you are in the home selling process.
So, the big thing you have to go in knowing is what questions to ask when selling a house? Well, here are some things to keep in mind.
1. What Is Your Home Equity?
As a seller, this is something you should keep in mind because this will greatly impact how much of the money you will see from a home sale. This could depend on what amount of a mortgage you still had to pay, or what part of a loan against your house you had left to pay.
So, say you sold your home for $250,000. If the bank still owns 50% of your house, you will only see about $125,000. And, that is not even factoring in costs you have to pay to sell your home.
Keep this in mind when selling your home, especially if you are relying on the sale money to pay for your next location.
2. What Should You Look For in a Buyer?
Homebuyers do not come equal. Several factors might make one buyer more attractive to sell to than another, but the main ones are usually credit reports, income, and how much cash they can put down.
Ideally, you might be saying, “sell my property for cash” to get the most guarantees. Getting a cash offer on your house will generally give you the most reassurance that a buyer is qualified to afford the house.
3. What Is a Good Offer?
The list price and the sales price of your house can be very different things. There is usually room for negotiation, but most sellers end up getting 99% of the listing price from buyers.
Talking with your real estate agent and doing your own research on the local housing market can give you a good idea of how much money you can expect for your house.
4. How Long Are Houses on the Market?
Choosing which real estate agent to work with is essential. You should have a good idea of how long the real estate agent expects it to take to sell your house.
The national average is about three weeks, but that can vary depending on your specific location and the quality of the house. This is also important because you may need the money from the house sale ASAP, so having a delay could affect the entire plan.
5. What Costs Are There to Sell Your Home?
Finally, the costs of selling your home can sneak up on you. There are expenses like real estate commission, fees to prepare documents, renovation costs, closing costs, and even tax if your house is worth more than your new property.
These are costs you need to be aware of before you begin the process because they can add up to tens of thousands of dollars.
Find More Questions to Ask When Selling a House
Do you want more home selling tips? Do you have more questions to ask when selling a house?
Read more of our articles to discover the ins and outs of houses and get a better idea of what you need to know when selling your house.