At Urban Huts, I have worked really hard to research the home-selling process in detail and find out what can help you to take less risk, make more money and sell your homes a bit faster!
Here’s what I came up with:
1.What’s your bottom line
Do a bit of snooping around and get feel for what your home could sell for; look online at recent sales of similar homes that are nearby. Is there an open house in your area? Good! be there. Use the Urban Hut Home valuation to see what your home is worth or ask us for a free, no-obligation consultation on your home’s value.
Once you have an approximate price, deduct 6% to 9% for agent fees, closing costs, and taxes, and you will come up with what’s left to pay off your mortgage balance. Do you think that will cover it all?
Want a better Estimate? Get In Touch…
2. Thou shall rent or sell?
What if you can buy a new home without selling your old one. How do you feel about renting and being a landlord? (You’ve got to admit, The word Landlord sure got a nice ring to it!)
Pick up your computer and let’s go online again, (That’s where you are right now anyways, aren’t you?) Check out Craigslist or other rental websites in your area to get a feel for the rents for similar homes. Most of the lenders usually say that rents have to be at least 25% higher than your mortgage payment for you to make money. (because of vacancy, taxes, and repairs etc). Multiply this monthly rent by 180 — 15 years worth of rent — and compare it to the price you could get for your home. If the sale price is higher than what you can make in rent, it usually makes sense to sell.
3. Find a Realtor
When its time to choose an agent, don’t just go for the first one you talk to or the one who promises the highest price (Remember, the home has to sell at a good price, merely listing it at the highest price is not enough) Evaluate two or three agents. What’s most important is an agent who will strive to get the best deal for YOU, not just the one that’s easiest for him/her.
Thinking about selling your home? Let’s do it…
4. So you have made up your mind to sell, now what’s the best time?
Research shows that listing your home in spring gives you the best chance of selling your home quickly and fetches the best price. According to a study that analyzed more than 7 million homes in 2010 through 2014, 39% of homes listed in the spring sold within 30 days and 15% of them sold for more than list price. Winter came close at a second place, followed by summer, then fall.