Six questions to ask before selling your home

Key insights:

• Understand the difference and benefit of partnering with a REALTOR® — and not just a real estate agent.
• Work with your REALTOR to discuss how a strategic listing price can result in a successful and profitable home sale.
• Consider what you’re looking for in your next home before selling your current property — what comes next for you?

Whether you’re hoping to sell your current home and merge households or downsize — or move into a new property that you’ve set your sights on, use these six questions to guide you as you move forward in selling your home.

1. Who can help me sell my home?

When it comes to selling your home, you have a few options. You can list your home for sale by owner (FSBO), you can consider using an iBuyer like QuickBuy, or you can choose to work with a REALTOR®.

A REALTOR is educated, trained, and committed to helping facilitate all aspects of buying and selling a home. In order to become a REALTOR, a licensed real estate agent must pledge to follow a code of ethics from the National Association of REALTORS.

While it may just sound like an easy task to check off, the REALTOR’S pledge is a key credential that sets REALTORS apart from other real estate agents. The pledge is a strict commitment to put the needs of the client above the financial or personal interests of the REALTOR, which is extremely important when selling your home.

When searching for the right REALTOR, look for someone who understands the local market area and who can help you stand out in a crowd of for-sale houses — and get the best offer on your home. You may want to ask close friends and family for referrals, or pay attention to who your neighbor is using for a local specialist.

Keep in mind, Edina Realty takes pride in requiring all our agents to be REALTORS and to work according to the Code of Ethics.

2. How much is my home worth?

There are a number of factors that go into determining your home’s market value, which will inform how to price your home for sale. You don’t want to price your home too high, as this might discourage buyers and increase your home’s time on the market. And, you don’t want to list your property too low and risk leaving money on the table.

To get an idea of your home’s general price range, you can visit EdinaRealty.com and view comparable homes that have sold in your area–simply select “Sold” under status in your search. You can also consider your home’s tax-assessed value, but keep in mind that this is often not reflective of a property’s current market value. Ultimately, your REALTOR will help you determine the price by providing a comparative market analysis, or CMA.

Request a free, no-obligation CMA today.

3. What repairs or upgrades should I make to my house?

You may want to complete some interior and exterior home projects prior to listing your home for sale. Although investing money in your home before selling may seem counterintuitive, there are notable advantages to listing your home after completing necessary repairs or upgrades, especially when you complete home improvements with a higher return on your investment:

• Fiberglass grand entrance
• HVAC conversion to electric
• Manufactured stone veneer
• Siding replacement (vinyl)
• Minor, mid-range kitchen remodel

Or, take note of these simple, yet impressive home projects to win buyers over:

• Installing a new ceiling fan
• Creating a dedicated laundry space
• Adding custom garage storage

Avoid these low ROI updates::

• Upscale owner’s suite addition
• Upscale bathroom addition
• Midrange bathroom addition

When selling, you’ll also want to pay attention to the details in your yard. Implement these beginner landscaping tips to get your front lawn in prime selling condition.

4. How much will it cost to sell my home?

Between necessary repairs, closing costs, hiring a REALTOR, and staging your home for sale, it can cost you money to sell your home.

But, keep in mind that these costs may also help you earn more at closing. For example, staging a home can encourage more buyer activity and even attract multiple offers by helping potential buyers visualize themselves in the home.

5. Should I sell first, then buy?

There is no set answer to the common seller question, “Should I sell first, then buy?” or vice versa. Instead, when determining whether it’s best to buy or sell your home first, you must think about your unique situation. Then, determine the order of operations that will work best for you and your family.

For example, selling your home first may be a smart option if you have a “plan B” housing arrangement, like living with family or renting a nearby apartment until you find your next property. Or, you might unexpectedly come across the home of your dreams and choose to buy a new house, then sell your existing home.

If this is the case, you have a few options on how to proceed. You can:

• Include language in your offer stating that the home purchase is contingent on the sale of your existing property.
• Contact a mortgage consultant about bridge loan options.
• Set aside extra money to pay for both mortgages until you’re able to sell your former property.

6. Where will I move next?

Currently, we are in a market that favors sellers — especially those with homes in good condition. It’s important to be prepared in the event that your home sells quickly by having a place in mind for where you want to go next. Whether you’re interested in a condo, upsizing to a new construction, dreaming of a lake home, or downsizing, now is the time to do your research on your desired property style and location.

Do you have more questions about selling?

For nearly 70 years, Edina Realty has been a one-stop shop for home sellers and buyers. We offer expertise throughout the home selling process to help you move forward.

If you have more questions about selling your house, reach out to Edina Realty or one of our agents.