Should I Sell My House or Keep it?
4 Questions To Ask Yourself Before Selling Your Home
Selling your house can be a huge undertaking, so it’s important to consider all of your options before making a potentially huge life change. Here are some questions to ask yourself before you decide to sell your house:
1. Am I at an Advantage in the Market?
Before you decide to sell your house or keep it, it’s important to understand the landscape of the real estate market. If you’re in a market where the supply of houses outweighs the demand for them, you might not be able to sell your house for a very attractive price. If this is the case, it might be better to hold on to your house as an asset and sell it later when you can get a better deal.
If you live in a market where demand outweighs the supply, things might be looking up for you. A demand heavy market, also known as a “seller’s market,” gives sellers the most negotiating power when it comes to selling a house.
Because of economic turmoil caused by the COVID-19 pandemic, interest rates have stayed low, which means more people than ever are looking to buy a home. This is especially true in the Dallas-Fort Worth metroplex, where home sale prices are up by nearly sixteen percent, according to the Dallas Business Journal.
2. How Much is My House Worth?
So, in terms of the market, it’s a better time than ever to sell your house instead of keeping it. But it’s still important to have an understanding of how much your house is worth so you can set accurate expectations and goals. There are several ways to figure out how much your house is worth, some of which you can do by yourself!
The first way is to compare recently sold homes in your neighborhood that are similar to yours. The homes which you can effectively compare to your own are often referred to as “comps”. By comparing the sale price of different comps, you can get a rough idea of how much a homebuyer might pay for your home. When searching for comps, consider things like the number of bedrooms and bathrooms, the size of the home, and any distinct features. No two homes are precisely the same, so you’ll need to make some educated guesses about the value of your house.
The trouble with doing the legwork yourself is that it’s time consuming and difficult, and if you measure incorrectly, you may accidentally set goals for yourself that are needlessly difficult to reach. If you’re looking for a way to quickly understand how much your home is worth (or have decided you’re ready to sell!), contact us at Win-Win Property Group and our real estate experts will make you an offer on your home.
3. Do I Need to Make Repairs?
One of the most stressful parts of the home sale process is the cleaning, repair, and even renovation that needs to be done for house showings. While you don’t technically need to make any repairs to your home before you list it, you will be required to disclose any problems to buyers. You’ll need to price your home based on the costs of needed repairs or offer a concession to the buyer so they can make repairs themselves after purchasing. Important or expensive projects in need of completion such as HVAC or pool repair can be a deal breaker for buyers looking for a home that’s move-in ready.
Before selling, you may think it’s a good idea to start large renovation projects in order to improve your home value, but not all projects will significantly increase it. It’s generally a better idea to take up small projects in crucial areas such as the bathroom or kitchen rather than making large, risky renovations.
If all that sounds like a hassle, you aren’t wrong. Trying to get your home into good shape for showings is one of the most stressful parts about selling a house. Luckily, there are ways to sell a house without worrying about repairs. Win-Win buys homes in any condition, as-is. We understand how difficult the repair and renovation process can be and want to help out how we can.
4. What Other Expenses Are There?
Repairs aren’t the only costs that might spring up on the path to selling your home. If you decide to work with an agent (as most home sellers do), you will have to spend additional money on commissions and fees.
Real Estate Agents charge an average fee of six percent, meaning that percentage of your home’s value will go to the agent. However, when closing costs and other fees are factored in, you might end up spending ten to twelve percent! That might not seem like a lot, but the little costs add up! If your house is worth $180,000, anywhere from $18,000 to $22,000 would go to your agent. Normally, this fee might be worth it if an agent is the only way you can get a sale. However, in a market where demand for houses is absurdly high (like in DFW right now) it’s not very difficult to find a buyer for your home if you know where to look.
Using an agent isn’t the only way to sell a home, though. Real estate investors or companies are also an option when seeking out homebuyers. Many companies, including Win-Win, will send you a cash offer immediately rather than haggle for a price. Because these companies have deeper pockets than the average homebuyer, they can afford to send an offer and close a deal quickly without worrying so much about the details.
In conclusion, you have plenty of options right now when it comes to selling a home. It’s probably a better time than ever to do so, so don’t miss out on the opportunity while it’s still there.
If you have any questions or concerns about selling your home that weren’t answered here, contact us at Win-Win Property Group—we would love to talk real estate with you.