Want To Sell My House But Owe More Than Worth – Written by Jane Lee Written by Jane Lee Arrow Correct Contributing Writer Jane Lee writes about mortgages, personal finance, and loves finding ways to empower people with their finances. Jan Lee
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Want To Sell My House But Owe More Than Worth
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Most home sellers dream of a stress-free sale, where they simply list their home, quickly find a qualified buyer, raise the cash, and turn over the keys. If only it were that simple! In fact, selling a home involves a lot of moving parts, some of which you can control and some of which are beyond your control.
For example, geography can affect how long your home stays on the market or how high a list price you can get. In places where there is high competition and low inventory, you are likely to sell faster and get a higher price. Conversely, in areas where home sales have declined, you will likely have to work harder to attract the right buyer.
The real estate market has changed dramatically since the height of the pandemic. Today, high prices and high interest rates combine to create serious affordability problems: the median home price has risen to nearly $400,000, and mortgage rates recently reached their highest levels in 22 years. No wonder many buyers have no choice but to sit on the sidelines until prices or rates (or both) fall.
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So, it is wise as a seller to be prepared and control all possible factors. Things like hiring a great Realtor and increasing your home’s online appeal can lead to a smoother sale — and more money in the bank. Here’s a nine-step guide to successfully selling your home.
Selling a home is a large undertaking that can take months from start to finish — or much longer, depending on market conditions in each location. That’s why it makes sense to plan ahead and stay organized.
Once you decide to sell your home, start researching real estate agents immediately to find someone with the right experience for your situation (see Step 2). But don’t stop there.
At least two or three months before you plan to list, consider having a pre-sale home inspection. It’s not mandatory, but it can be helpful in identifying problem areas, especially if you suspect serious problems. Give yourself enough time to schedule the necessary repairs.
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About a month before you list your home, start working on a deep clean to prepare for the shoot. Keep clutter to a minimum and consider moving excess items into storage to show your home at its best.
The Internet makes it easy to immerse yourself in the professional expertise of real estate agents and helps you choose the right person to work with. Search agents’ profiles online to see how long they’ve been in the industry, how many sales they’ve made, and what designations they may have earned. Pay attention to how and where their listings are marketed and how professional their photos are.
“Any rating they get is a big plus because it’s a sign that they’ve taken the time to learn about a niche field,” says Jorge Guerra, National’s former president and CEO of real estate and international communications. Association of Realtors (NAR).
Some homeowners may be tempted to save on paying the commission and instead sell their home themselves, without an agent. This is known as “For Sale By Owner” or FSBO. The amount sellers can save on these fees can be significant, typically 2.5 percent or 3 percent of the total sales price. For example, when selling a $400,000 home, 3 percent is $12,000.
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But remember, as a seller, you still have to pay a commission to your buyer’s agent — and that agent does a lot to earn their commission. For example, they can showcase your home to the widest possible audience and negotiate on your behalf to get the best deals. If you go it alone, you must personally manage the staging of your home, market it, review buyers’ offers, and handle all negotiations and contracts. When working with a broker, keep in mind that real estate commissions are often negotiable. As a result, you can relax at the end table.
Before spending money on expensive upgrades, make sure that the changes you make will yield a high return on investment. There’s no point in installing new granite countertops, for example, if you’ll only break them or even lose money. Additionally, these improvements may not be necessary to sell your home for top dollar, especially if inventory in your area is low (as is the case in most areas these days). A good Realtor will know what local buyers expect and can help you decide what to do and what not to do.
In general, kitchen and bathroom upgrades provide the highest return on investment. But even inexpensive DIY projects can go a long way: A fresh coat of neutral paint and decorative landscaping are inexpensive ways to make a great first impression.
There is also the option to have a home inspection done before selling. It’s not required, but it can be a wise initial investment, especially on an older home. For a few hundred dollars, you can get a detailed inspection report listing any major issues. This gives you early warning of issues buyers are likely to point out when they do their own inspection later in the process. By being a few steps ahead
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