First things first.
1. Detach yourself emotionally from the house! Putting an overpriced emotional price on your house is the first way to set yourself up for a long haul trying to sell.
We understand you think your house is valued more than your neighbor down the street, because they never cut the yard. Yes, you added granite counter tops, updated the bathrooms, and even threw in a pool. Those upgrades help in selling your house faster, but may not necessarily translate into dollar signs.
2. Allow a professional Real Estate Agent to perform a Comparable Market Analysis or CMA on your home to determine the current market price. <<< NEVER EVER PAY A DIME FOR THIS!!
* This part is very important!* >>> Have the agent explain in detail how they came up with that price. If they are a professional that should not be a problem and they should answer with no hesitation. If they start hemming and hawing around the question. Show them the door.
FYI- Home values are based on houses sold in your surrounding area. Hence, the reason home prices have been so low. There has been a large market of foreclosures, which are sold well below market value. So, although your home is worth more if your neighbor sells cheap it ultimately affects how much you can list your house for sale. Luckily, the Texas real estate market is seeing a significant rise in home prices this year.
3. Find out how much you owe on your house!
You have to pay the loan back first and left overs go to you. Which brings me to #4
4. Determine how much you are trying to net after expenses.
It does cost money to sell your house, so keep this in mind. Common charges would be:
A. Real estate agent commission
B. Buyers closing cost (It is common for the sellers to help with closing cost. Though not required it helps close the deal.) So, decide how much you are willing to contribute to their closing cost if anything. FYI- Closing cost can be approximately 4% of the price of the home on the buyer side.
C. Taxes, title fees, repairs, insurance…
and a lot of other fees a real estate agent can run down for you.
Last but not least.
5. How much time do you need to move out of your house?
The Dallas TX real estate market has picked up tremendously and we are moving into a possible sellers market(FYI- a sellers market means there are more buyers than there are sellers. Which is why we are seeing a rise in home prices and homes being sold faster.)
So, you have to ask yourself if I listed my house today and had a buyer come in next week who wants to close in 30 days, can I make that happen. If so, where are you going and how much time do you have to get there.
If not? Figure it out before listing that house. You could lose out if you are not prepared.
These are a few of tips I seen in my experience people don’t consider or do before selling their house. Hope this helps!
Let me know what you think!