Many individuals think selling their home will be a simple and speedy process – you hire a listing agent, market your home, and then get a check. However, there are many other factors that can greatly influence the process, including your own readiness to sell.
Reflecting on your personal motivations and goals regarding selling your home is key to a smooth transition. Below we outlined some questions you should ask yourself before entering the selling process, and we identified how an honest assessment of your answers affects the sale of your home.
What is my motivation to sell?
Why are you selling your home? Are you getting a divorce and looking to split ways with your ex? Did you lose a loved one and you are selling an inherited home? Are you taking advantage of the market? Are you looking to transition into a home better suited for your family size?
Assessing your motivation to sell can provide you with insight on whether or not you will sell your home. If you do not have a clear understanding of WHY you are selling your home, you may be hesitant to close. We have found that many buyers are resistant to offers that are below their expectations (even if they meet market comparisons) or get cold-feet when closing time arrives if they do not have a clear reason for selling. Ensuring that you are indeed ready to sell your home is the first step to selling successfully.
How much time and energy to do I want to put into preparing and showing my home?
Is your home ready to sell or does it need some improvements? Many realtors will suggest that you make minor repairs and upgrades before listing your home to maximize your return. There are buyers that are looking for move in ready homes and who don’t want the hassle of fixing the home – therefore, they are typically willing to pay more if the home is ready at move in.
So, it comes down what you are truly prepared and willing to do in order to sell your home for the best value – are you ready to commit the time and energy into fixing your home, then showing it to potential buyers? Additionally, are you financially prepared to invest in the renovations? If the answer is no, just remember that it may limit your buyers pool or reduce your profit. However, it is still possible to sell.
How much is my home worth?
Get your home assessed and understand what the true value of your home is – not your estimated value.
We have found that multiple sellers tend to believe that their home is worth more than the market supports, which is typically due to their emotional connection to the home. However, an individual’s emotional connection has no impact on the home’s value. What determines the home’s value is the market, the quality of the home, the amenities that the home has to offer, the neighborhood, and other comparable qualities. Therefore, it is necessary to have your home valued before you put it on the market. This way, you can determine what your needed price is to sell, and decide whether or not you will be able to obtain an offer that will meet your expectations.
What is my ideal closing time frame?
Let’s circle back to – what is your motivation to sell? Do you need to sell quickly, or do you have time to market the home to get the highest offer? Allowing enough time for renovations and marketing can offer you a larger buying pool; however, if you are looking to sell quickly, this may affect your selling point.
Thinking About Selling?
These are just the first questions we recommend you reflect on to help determine if you are ready to sell. There are alternative options that can help expedite the process as well, reducing your need for investing financially and spending the time while the home is marketed.
What is this alternative? Selling to an all cash buyer. If you are considering selling, you should contact us. To get started, we will discuss with you your motivation and help you understand if and why this it is a good time to sell. From a market perspective, it is – however, we always want to ensure that before we buy from a client, they are ready to make the move. If we both agree that this is the time, we can provide you with a home evaluation, offer a quick close, and buy as-is, removing all hassle in the process for you.