The idea of selling your home may be exciting, and we can give as many tips as possible, but there’s a crucial list of questions you must ask yourself before even engaging a real estate agent or consultant. Especially if you’ve never sold a property before, it’s important to understand how the selling process works so you’ll know the order of events. Here are the top 7 questions to ask before selling your home.
When is the best time of year to sell a house?
You can sell your home at any time of the year, but there are some months (and even specific days) when selling is easier, faster, and more profitable. Festive periods like Christmas or new year are usually accustomed to a lot of excitement but if you are considering putting your house on the market during one of the festive seasons, it is quite advisable to wait a while so you can enter the real estate market when you are going to get the maximum amount of attention from potential buyers because the market tends to be flooded with many buyers during the festive period. You can read more about this here.
Still, real estate is a very localised industry, and the best time to sell depends on your market, as well as your unique situation as a homeowner. You’ll want to think about:
- How in-demand is real estate in my area? Is it a buyer’s market or a seller’s?
- What are local market conditions?
- What season are we in?
- What’s the economical situation of the clime?
How long will it take to sell my house?
The time to sell depends on where you’re located and the conditions of your local housing market. Your listing price, the condition of your home, and your (or your agent’s) marketing and staging prowess can also play a role.
How much is my house worth?
Many factors determine how much your home is worth: location, size and layout of the house, crime rates and security of the surroundings, flood risk, current listings, amongst many other factors.
A foolproof method could be to ask the pros for their opinions. Real estate agents in Nigeria will be able to help you determine the price of your property as they don’t pull stale information from the shelf. They will be able to compare your property with recent deals and current listings; also an experienced agent will know how to weigh in all the factors and the condition of your home to determine a competitive price for your home.
How much does it cost to sell my house?
There are a few costs that could come with selling your house, like repair costs, your real estate agent’s commission, and closing costs, which could include electricity bills, etc. Many costs are involved in selling a house. Fortunately, most of them don’t require an out-of-pocket payment, per se. Instead, many come from the sales proceeds at closing.
Should I make repairs before listing the house?
Many times, homebuyers want a “move-in ready” property—one that doesn’t require much work and elbow grease before moving in. This is especially true of younger buyers, who want a move-in ready home. It is a must.
For this reason, you may want to consider making some repairs before putting your home on the market. Smaller, cosmetic repairs can be a good idea to make your home more marketable (and more valuable). On bigger, known issues, like a damaged roof or a broken AC unit, you have two options: make the repairs and foot the bill yourself, or adjust your price accordingly. Most buyers won’t pay top bucks if they know there are big, expensive projects waiting in the wings.
Should I use a real estate agent?
There are pros and cons to using a real estate agent. First and foremost, an agent can guide you in your home sale. They can list the home, coordinate photography and showings, market the property, and walk you through closing. They’ll also have access to local market data that can help you price and market your home appropriately.
If you do choose to use an agent, make sure you vet them thoroughly. Interview multiple candidates, and get referrals from family, friends, and coworkers. You should also check out past client reviews and make sure they offer the level of customer service you’d prefer.
What can I do if my house isn’t selling?
There’s a chance your home won’t sell as quickly as you’d like. If this happens, your home might be overpriced for the market it’s in. You should compare your listing price to recent sales of comparable parties and adjust the number accordingly. You may also want to stage your home or make any repairs that could be holding buyers back from purchasing it.
If it’s been a long time, you may be able to switch real estate agents or sell a different way. Be sure you choose an agent with plenty of marketing know-how and local connections. This will help increase your home’s visibility and its chance of a profitable sale. You could also take the home off the market until local conditions change.
Did we leave out any questions to ask before selling your home? Let us know in the comments.