If you’re thinking about selling your home, it’s important to understand the finances involved in the process. Establishing financial goals while managing expectations will make for a smoother experience for all involved, and set you up for success with your next home purchase.
Here are the top three questions to get you started:
1.) Am I Underwater in My Home?
In real estate, “underwater” refers to when a homeowner owes more on their home than the home is actually worth. If you are unsure of whether you are underwater, you can usually contact the financial agency responsible for handling your mortgage.
2.) What are the Current Housing Market Conditions?
Generally speaking, when available inventory is low it is a seller’s market. This means that there are more buyers than available houses and you can likely get a better deal for your home. When inventory is abundant, it is a buyer’s market. There are more houses than buyers, and in this instance you may need to price your home lower than expected
3.) How Much Can I Reasonably Sell My Home For?
Knowing the current market conditions is only a part of the answer. Here are a few other factors to consider:
- What have comparable homes sold for?
- What are competing homes currently selling for?
- What is the home’s location?
- Does the home need repairs?
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