The market is hot for today’s homeowners — houses are selling faster and for higher prices than in past years. Many homeowners are feeling the call to move, but are wondering if they’ll regret moving based on financial factors.
If you’re thinking it’s time to sell, but have concerns surrounding the decision, here are some insights you can use to make the right move.
- Is selling now the right choice for you? Be sure to assess your options when deciding to list your home.
- Stay focused on your strategy and goals; know how and when to make a closing deal.
- Involve others. Although the sale is about your home, outside advice can be helpful.
Why should you sell? What are the benefits and downsides of selling?
When considering whether or not to sell, start by brainstorming the pros and cons. By preparing a list of what you could potentially gain or lose from a sale, you may be able to uncover your inner motivations for selling and ultimately make a decision.
If you are selling to take advantage of a competitive sellers’ market that you fear won’t come again, but aren’t sure where you’ll move after the closing, be sure to voice your concerns to your REALTOR®. Your agent will be able to guide you through the entire process and can help you make a plan B in case you don't find a new home to buy prior to your house's closing.
Get your head in the game
If the final sales price of your home will be a motivating factor, it’s important to know what comparable homes in the market have sold for — and how quickly they are selling.
To do so, create a sold search on edinarealty.com where you can learn more about the market in your area. Being “in” your local market can help to provide reasonable expectations and to set up a practical mindset around your home’s selling price and the local demand for houses like yours.
How to create a sold search:
- Go to the edinarealty.com home search.
- Enter the criteria that matches your home — your city, number of bedrooms and baths, etc.
- Change the Status field to “Sold.”
- Be sure to click “Save search” after the search populates the recently sold homes that are similar to your home.
- When prompted, create an account (if you don’t already have one).
After the sold search is created and you have made an account, you’ll receive listing updates via email. These emails will automatically include properties that match your unique search. Peruse the photos and listing price to get a good idea for how much you could list for, and how long these homes tend to stay on the market before selling.
Make a plan that works for YOU
Remember, it’s your house, your rules, your timeline. Develop a pricing and sales plan that you feel comfortable with and excited about. Your agent will provide expert advice regarding the sale plan, and help you determine a final:
- Listing price
- Hopeful selling price (which may be the same as your listing price)
- Absolute lowest accepted price
Because market demand is high in many areas, it is possible that you will receive multiple offers on your property. Take advantage of this opportunity to capitalize on your sale by reviewing multiple offers tips for sellers with your Realtor, should they come up.
Spread the news
Finalizing a home sale is exciting! When your plan is set, share it with trusted family members and friends who will help you as you move into your next chapter. Although it’s ultimately your decision, you will want to have support as you list and sell your home.
Sometimes, changing homes can lead to difficult, emotional discussions. If you’re a parent selling your house after your adult children have moved out, be sure to prepare yourself for their reactions.
There are many ways to navigate the emotional sides of downsizing and to ensure everyone has a chance to say goodbye to their childhood room or to keep aged, but significant, momentos. While you can provide the backdrop for these final moments in the home that meant so much to you, remaining firm in your decision will make it easiest on everyone in the long run.
Ready to take the next steps to sell your home? Congratulations! Contact Edina Realty’s customer care team to get matched with a local selling expert seven days a week.
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