Selling your home is a big decision. The unstable housing market has made home sellers apprehensive about putting their home on the market. Rightfully so, selling your house involves research, preparation, and especially patience. On the bright side, this is the best time to buy a home. Houses are at historical lows and now could be the perfect time to sell your home. Let’s decide if you’re ready to enter the housing market.
DO YOUR HOMEWORK: If you are thinking about putting your home on the market, research what home’s are for sale, and have sold within a set radius distance from your home. The radius from your home is based on if you live in an urban or rural area. In urban areas, there are more comparable homes in a smaller distance and conversely in rural areas. Research homes which are similar in size, age, and amenities as your own home. This step will help you get realistic about your decision in selling your home.
HIRE AN APPRAISER: The purpose of an appraiser is to professionally analyze your home, and compare it to the recent sales and the current competition. This step is important in deciding if you’re ready to sell your home. The price figure that the appraiser assesses your home at should be the amount that you now use for your planning. Although appraising can be subjective to the professional, banks will use this to determine financing limits. Therefore, the appraiser’s report should be considered heavily.
WEIGH THE PROS AND CONS: Selling your home is a personal decision. After you have the professional appraiser’s price, determine if this is realistic for your situation. Is the time and money that you spent in your home worth the amount that you may lose or gain in selling it? Remember, your asking price should be thought through carefully. Ultimately, the home buyer can still offer a different amount, and you will need to decide if you’re ready for the give and take of home selling.
PATIENCE: Home selling requires the endurance and patience to go through the process. Several offers could be made on your home; this doesn’t always mean they are reasonable for your situation. There isn’t any guarantee that you will sell your home for what you ask for it. Conversely, if you live in a highly sought after neighborhood, or area of town, you may receive more than your asking price! Be patient, the market has quite a few properties. This means the offers you receive may ‘lowball’ you – meaning, offering much less than your asking price. Consider all offers carefully, if you are in a desperate situation the low offers may be your only way out. If you don’t have a strict timeline, be patient and the right offer for your home will eventually come.
Your home may be the most expensive possession you’ll ever own. Your family and where you live can also be the most important decision for the happiness of your family. Determine if you are ready to sell your home now, or if you need to wait. Whichever you decide, arm yourself with information and if it feels overwhelming, seek guidance from a Realtor. Their job is to help you through the home selling process from beginning to end.
Workingholiday Canada reader’s do you have any suggestions for determining the right time to sell your home in today’s real estate market? We would love to hear your comments