How To Sell A House You Still Owe Money On – Neazan nean Lee Lisan nean LeeArrow Real Contributing Writer nean Lee writes about mortgages, personal finance, and loves finding ways to screw people up financially. Lee Lee
Edited by Michelle Petri Right Edited by Michelle PetriArrow Editor-in-Chief Michelle Petri is the editor-in-chief who oversees the site’s real estate content. Connect with Michelle Petrie on LinkedIn Connect with Michelle Petrie on LinkedIn.
How To Sell A House You Still Owe Money On
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Most home sellers dream of a stress-free sale to list their home, find a qualified buyer, collect the cash, and hand over the keys. I wish it was that simple! The truth is, selling a home involves a lot of moving parts—some you can control and some you can’t.
For example, geography can affect how long your home stays on the market or how high the list price is. When competition is fierce and inventory is low, you can sell faster and command a higher price. Conversely, in quieter areas of the home market, you’ll need to work harder to attract the right buyer.
The real estate market has changed significantly since the peak of the pandemic. Today, high prices combine with high interest rates to create an affordability problem: the median home price has risen nearly $400,000, and mortgage interest rates recently hit a 22-year high. Most buyers have no choice but to hold off until prices or prices (or both) drop.
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Therefore, it is wise as a seller to be prepared and monitor all possible factors. Things like hiring a real estate agent and improving your home’s online appeal can help you sell better and make more money in the bank. A nine-step guide to successfully selling your home.
Selling a home is a big undertaking that can take months from start to finish, depending on local market conditions. So it makes sense to plan ahead and be organized.
Once you’ve decided to sell your home, look for real estate agents with the right experience for your situation (see step 2). But don’t stop there.
Consider doing a pre-sale home inspection at least two or three months before you plan to list. It’s not mandatory, but it can be helpful to spot trouble spots if you suspect serious problems. Allow enough time to plan the necessary repairs.
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Start deep cleaning your home a month before listing to prepare for posting photos. Minimize clutter and move excess items into storage to show your home in its best light.
The Internet makes it easy to research the expertise of a real estate agent and help you choose the right person to work with. Prospective agents can have an online profile that includes how long they’ve been in the industry, how many sales they’ve closed, and what their nicknames are. Pay attention to how and where they market their listings, as well as how well-crafted their listing photos are.
“The titles they’ve earned are a big plus because it’s a sign that they’ve taken the time to learn a certain area,” said George Guerra, president and CEO of Real Estate Sales and a former global communicator for the National Association of Realtors. . Realtors (NAR).
Some homeowners may try to save on commission fees and sell their home without an agent. This is known as “For Sale By Owner” or FSBO. The amount sellers set aside to save on this fee can be substantial, typically 2.5 percent or 3 percent of the total sales price. For example, a $400,000 home sold at 3% would cost $12,000.
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Remember that as a seller, the buyer must pay the agent’s commission, and the agent does a lot of work to earn his commission. For example, they can market your home to as many potential audiences as possible and negotiate on your behalf to get the best offers. If you’re going it alone, you’ll need to prepare your home, put it on the market, review buyer’s offers, and handle all the negotiations and final details yourself. When working with an agent, remember that real estate fees are often negotiable. Finally, you can relax at the closing table.
Before spending money on expensive upgrades, make sure the changes you make will provide a high return on investment. There is no point in building new granite countertops, for example, if you will only break them and even lose money. Also, these improvements may not be necessary to sell your home for top dollar, especially if your area has low inventory (as many areas do these days). A real estate agent knows what local buyers are looking for and can help you decide what to do and what not to do.
In general, kitchen and bathroom renovations provide the highest return on investment. But even inexpensive DIY projects can go a long way: fresh neutral paint and great landscaping are inexpensive ways to make a great first impression.
A home inspection is also available prior to sale. Not required, but it can be a wise investment, especially in an older home. For a few hundred dollars, you’ll get a detailed inspection report that identifies all critical issues. This alerts buyers to potential problems at a later inspection. A few steps ahead of you
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