Selling a home involves more than just contacting a real estate agent and sitting back to wait for an offer. Before listing your home on the market, you need to gather some information about your home and yourself that you may not have thought about in a long time. Here are some of the important steps to take before putting your home on the market.
Important Steps to Take Before Putting Your Home on the Market: Research the Housing Market
It’s likely been a few years since you’ve bought or sold a house. The real estate market fluctuates based on economic conditions, supply and demand, and other factors. Start by researching national and regional trends in the housing market.
Then, zero in on your community. You can use a home sales app to research the houses that are for sale in your neighborhood and what prices they are listed for. Look for homes similar to yours in size, number of bedrooms, and amenities.
Get an Inspection
A home inspection is typically conducted after an offer has been accepted, during the closing process. That works out in most cases, but it can also put the brakes on the sale in progress. If the inspection detects serious problems, the buyers could demand you make repairs or reduce the selling price.
Getting an inspection before putting the home on the market allows you to make necessary repairs or at least be informed about any defects in the house. You’re responsible for disclosing known issues with your home before selling. The buyer can then enter into the sale knowing the condition of the home.
Important Steps to Take Before Putting Your Home on the Market: Get Your Financials in Order
If you have a mortgage on the home, you will need to know your payoff amount. This may include your original mortgage and any home equity lines of credit (HELOC) you have taken out. Upon closing, you’ll need to pay the total amount to your lender. If you’ve built enough equity in your home, you will receive enough proceeds from the sale to pay off the mortgage and have enough extra for a down payment on a new home or for whatever your plans may be.
If not, you might want to consider waiting to sell, if possible. Before listing your home for sale, it’s important to be well-informed about what to expect. Do your research about the market and take a good look at your financial condition. This can help you decide how much to invest in preparation and what price you might set.
Did you enjoy reading this article? Here’s more to read: How to Reduce the Stress of Selling Your Home
Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.