Selling your house can be difficult, especially if there are financial or time limitations. You’ll need creative thinking to maximize your chances of selling your home quickly, whether you are moving for work or personal reasons. It is important to note that if your home remains on the market for more than two weeks, it can indicate that the house may have problems. This could lead to fewer buyers and offers and a lower sales price. You can use some strategies to sell your home and move into a new home quickly.
This guide will cover all aspects of selling your home quickly, including:
-
- Deciding if your house is ready for sale
- How to prepare your mammoth properties for sale
- Create a selling strategy
- Marketing your home and advertising it
- Avoid these mistakes
Decide whether you are ready for your home to be sold.
The prospect of selling your property for top dollar in a strong market may seem too appealing. The market is not the only factor to consider when deciding to sell. It is important to consider your personal needs and financial situation. These are some things to keep in mind.
Are you able to afford the costs of selling your home?
Most people focus on the 6 percent fee for a real estate agent, but the actual cost of selling your house is much higher. Selling your house can cost you close to 10% of the selling price. You may have to pay additional fees for:
- Renovation and repair
- Landscaping and lawn maintenance
- Photos, home staging and cleaning services
- Seller concessions
- Costs of transition and overlap
- Potential tax bill
- Moving costs
It may not be financially prudent to sell your home if you don’t have enough equity. To estimate your equity, subtract the amount you owe on your mortgage from the estimated sale price. You can also use the house sale process calculator to estimate your home is worth. You might also want to check out comparable homes in your area. Make sure you look at similar home and lot sizes and updates.
Are you able to afford a new home?
If your house sells at a premium price, you will likely make a profit. Depending on the amount of profit, you may owe capital gains taxes. Reinvesting in another home can help delay the payment and increase the amount of the tax until you have “realized” the gain. You should consult your accountant before you decide to sell.
Even if you don’t have a tax burden, it is important to consider the costs of moving into your new house. You may be able to find yourself in a high-intensity marketplace where you have to quickly make offers if you decide to purchase a house rather than move into a rental home. Also, you’ll need to consider the closing cost for your new house. These costs are usually three percent of the purchase price.
