Selling a house is a big deal. And if sellers want to ease the process while also maximizing the profit, then planning is key.
If you are thinking about selling your home in the near future, enlisted below are a few questions you must ask yourself before moving forward.
Question 1 – When is the best time to sell?
Timing your sale is important. Of course, you can sell your home at any time of the year, but there are some months when the real estate market is profitable, meaning home selling is faster and easier. Real estate agents say that townhouses for sale in Mississauga, generally sell faster in spring and summer, while sales are comparatively low in winter and fall.
That being said, the hottest buying seasons of the year vary from area to area. Since real estate is a localized industry, the best time to sell properties depends on the market.
When deciding the right time to sell, you’ll want to think about:
- Whether it’s a buyer or a seller market? You will be able to make more profit if you list it in a seller’s market.
- How well off you are, financially? Selling a home is not a cakewalk; neither does it come free. So make sure you have the money to cover the costs your sale comes with.
- What are the market conditions? We are talking about the local market here. It’s only wise to analyze the market trends before you decide to list your home.
Question 2 – How long will the home selling process take?
Again, the time of the home selling process depends on where you are located and the local market conditions. The condition of the home, the asking price, and the marketing skills also play an essential role.
Question 3 – What’s the value of my house?
Various factors determine the value of your home. Two of the most important factors are – the condition and the market demand of homes like yours.
To determine and improve the condition of your home, opt for a professional home inspection. To gauge how much your home is worth, look at comparable sales, “comps.” These are what the estate agents use to determine the appropriate pricing for a property.
Question 4 – How much does it cost to sell the house?
When listing any property on sale, let’s say; condos for sale in Mississauga, it is vital to determine the costs involved in selling it.
Usually, these costs come out of your sales proceeds at closing and don’t require an out of pocket payment. This mainly includes your real estate agent’s commission, home inspection cost, repair costs, seller concessions, and closing costs.
If you think that you can minimize the costs by skipping home inspection or getting the repairs made, keep in mind that homes that require a lot of repair work take longer to sell.
Question 5 – Should I hire a real estate agent?
There are only pros, no cons of hiring a real estate agent.
First and foremost, a real estate agent is familiar with the market trends and has years of experience in the real estate industry. Second, they are experts at guiding people during the home buying process.
Third, they list properties, market them, get prospective buyers, and walk the seller through the closing. Fourth, they help home sellers price their properties appropriately.
TIP – When choosing a real estate agent, make sure you vet them thoroughly. Get referrals from friends and family, and interview them. Check their reviews and make sure they are trustworthy.
Question 6 – What can I do if my home isn’t selling?
There is a possibility that your property might not sell as fast as you’d imagined it would. If this happens, it could either be because your home is overpriced for the market it is in, or because it needs certain repairs that are holding buyers from purchasing it.
You may consider making the repairs required, comparing the listing price with “comps,” and adjusting it accordingly. If it still doesn’t sell, you must consider changing your marketing strategy altogether. You could also take your listing off until the market becomes better.