Hey everyone, today I have a real treat. I was recently contacted by Zillow about a partnership opportunity. One part of the opportunity would be that they would produce a high quality post for me to share with my readers. Today, that post is available. The information below was provided by Zillow and written by Diana Fishlock.
Selling a house is a big decision with far-reaching implications. Sellers must consider where they’ll move, which friends they’ll lose touch with and how much they’ll pay in income taxes. It’s important that sellers feel comfortable with their decisions before finalizing their home sales. Nobody wants to be plagued by years of regret over lost money or bad choices.
Here are four suggestions for avoiding seller’s remorse.
Research the Market
Homeowners considering selling their homes should learn the basics of the housing market and the value of their communities to make informed decisions. Maybe local elementary schools are expanding because many young families are flocking to the region, or residents are fleeing one town for lower taxes in the next. Real estate is all about supply and demand. The seller who understands current events can make an educated guess about whether it’s time for them to sell.
Potential sellers can contact agents for estimates on their home’s value in the current market. Knowing whether a house can bring in $100,000 or $400,000 could tip the decision one way or the other. Sellers can also research price by finding homes of similar age, size, quality and location on real estate websites like Zillow. They should speak with friends or coworkers who’ve recently bought or sold homes to better understand what to expect.
After gathering information, potential sellers should weigh the pluses and minuses of selling their properties before placing their homes on the market. What do they hope to gain by selling? What might they miss about their homes or communities?
Find the Right Agent
Each seller needs to feel confident with their agent. If the seller doesn’t trust their agent, the seller should get a second opinion on the selling price of the house. Some agents might recommend starting out with a slightly higher asking price to see whether buyers are willing to pay. Or, they might price the home competitively for a quick sale. Sellers should understand and approve the strategy before proceeding.
Sellers should ask agents what buyers in the region want and how to make their home more attractive to the market. Maybe a coat of paint or a new screen door would give visitors a much better impression of the house. It’s better to address these upgrade details before a house goes on the market so the competitive and early shoppers view the home in its best condition.
Whether sellers are thinking about selling to buy a different type of house in the same area, move to another city or transfer into a retirement community, it’s smart to examine and fix finances before embarking on major transactions.
Many home sellers buy different homes around the same time. Therefore, lenders will be examining the sellers’ credit histories, debts and savings. Sellers should get their credit reports ahead of time to fix any inaccuracies or pay debts on long-forgotten credit cards. Calculate the true cost of buying a home and open a savings account to start saving money for the future move. Sellers should ask their accountants how a home sale would affect their income taxes so they can budget wisely, especially with a home purchase on the horizon.
Form a Plan
Sellers should mentally prepare themselves for the back-and-forth of negotiations with potential buyers. Serious bidders typically insist on a home inspection and then use that information to lower the cost of the house or ask for the seller to make repairs. Sellers should talk to agents about what to expect, what areas of the house might present problems and how much money current deficiencies might ultimately cost them. Consider hiring an inspector to identify troublesome areas and make upgrades before placing the house on the market. If sellers decide against making upgrades, they should discuss potential concessions they’re comfortable making during negotiations.
In competitive markets, sellers must prepare for their homes to sell quickly. Make living and storage arrangements so buyers aren’t limited by extended move-in dates.
Selling a home can be a stressful but rewarding experience. As long as sellers feel comfortable with the sale prices of their homes, they’re less likely to feel remorseful after the move. Understanding the market, personal priorities and the home buying process also prevent seller’s regret. Firming up finances helps the process move more smoothly. Ultimately, sellers need to weigh the pros and cons and decide for themselves whether they want to sell and when they’re ready to make the move.