Questions To Ask Before Selling

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We all know you’ve heard the saying “buying a home is one of the biggest decisions you will make in your lifetime,” well it turns out that selling is a pretty big decision too. Before you jump in headfirst, relax and ask yourself these questions:


What is your motivation?  Everyone has their reasons for wanting to sell their home. It could be something as easy as needing more room for a growing family or more complicated reasons like wanting to live in a better neighborhood. Whether the reasons are personal, technical, complicated, or simple, it’s important to take the time to consider why you want to sell your home. A good start to deciding whether selling is a good idea is to write down the pros and cons.


Where would I want to move?  Most people sell a home in order to buy another. Therefore, you need to figure out where you would like to move to. Are you looking to upsize or downsize? What neighborhoods do you like?  Do you want a garage? A newer home vs. an older home?  It’s important to do your homework to narrow down your must haves and be realistic in your expectations.  Remember that homes with similar features can have drastic price differences depending on the area.  Be sure to consult a mortgage lender to get pre-qualified so you know what you can afford.


Can I afford to sell? When selling a home, it’s easy to get caught up in how much profit you stand to make and forget that there are costs associated with selling. Just because you sell for $300,000 on a home you paid $200,000 for doesn’t mean you pocket $100,000. Make a budget for costs such as repairs, staging, landscaping, inspections, and any other improvements that can help sell the home.  Additional costs to plan for include movers, realtors fees, closings costs, and potential capital gains taxes.  You’ll want to make sure you have enough to put down for your next home too.


What’s the market like?  Being realistic is the key here. Is it a buyer’s market or a seller’s market? Do I need to move quickly or can I wait?  Is my home a fixer upper? See what other homes are currently selling for but only compare homes in similar condition and neighborhoods as yours. A budget can be more easily achieved if you can determine what your home can sell for and these questions will help you understand the market for your home. A Realtor can help with a lot of these questions.


Should I hire an Agent?  The idea of pocketing the entire profit from the sale of your home is tempting but when you consider the time and effort involved it usually pays more in the long run to hire an agent.  Using an agent can make the process faster, safer, easier, and with less headache.  If you decide to use an agent, make sure they have a clear plan for the pricing, marketing, promoting, negotiating, and selling of your home. Selling a home on your own isn’t for everyone so just make the best decision for YOU.


Being prepared and having the information to make informed decisions will ultimately make the process of selling your home easier and more enjoyable.  After all, it should be exciting to move into a new home and many times you have to sell one home in order to move into a new one.

If you are thinking of selling your home contact the professionals at Living TN by calling 615-933-100 or send us an email today.

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