Selling your home is a big step. Yet, it’s necessary for most homeowners who want to move on to bigger and better things.
Most people can’t afford two mortgages. They might also lack the credit to get qualified for a second mortgage, even if they could afford it or had plans to rent their first home out to tenants.
In most cases, however, people don’t want to hold onto their home if they have plans to move into a new house or to another location. The main question, then, is “What do you need to know about selling your house?”
We are here to help you answer this multi-faceted question. Keep reading for a complete house selling guide on what to consider during the process.
The Condition of Your Home
The first thing you need to consider when selling your home is what condition it’s in. The condition of your home will play a large role in its appeal to buyers, its value, and the method you should use to sell it. Your home’s condition might also dictate what repairs you need to make, which will affect your home selling costs.
An official home inspection should uncover any and all notable issues or damages. Based on the results of this inspection, you can choose to make repairs and complete the necessary updates. However, if you don’t have the time or money to invest in these types of renovations, you can also sell your house as-is.
However, it’s important to note that selling your home as-is will significantly limit buyer appeal. It’s possible that your house could spend a long time on the market. You’ll also need to accept that selling your house as-is means lowering the asking price.
The Value of Your Home
Speaking of home values, let’s talk about yours. The value of your home is based on a wide variety of factors. For example:
- The condition of your home
- The age of your home
- The location of your home
- Your home’s features and amenities
- Outdoor structures and features
- The number of rooms
- The number of bathrooms
- Property size
- The square footage of your home
- And more
To find an accurate value of your home, there are several steps you can take. First, you can use an online valuation tool offered by real estate listing sites. However, these lack depth since the figures provided are based solely on the basic details of your home and the current real estate market.
If you’re working with a real estate agent, they can also conduct a comparative market analysis. Comps look at homes in your neighborhood that have sold recently to get an estimate of your home’s current market value.
Finally, many buyers will request an official home appraisal. In many cases, this will be required for selling your home. The buyer’s lender won’t back a house until its value has been officially confirmed.
Your House Selling Limitations
One of the most important house selling tips is knowing your limitations. For example, the average home seller spends over $21,000 making preparations to get their house ready for the market. If you don’t possess the financial means to make expensive repairs and renovations, selling your house as-is might be your only option.
Conversely, you might be facing a situation that’s extremely time-sensitive. Spending several weeks or months preparing your home might not be plausible.
In either case, you need to know what your home selling options are.
Your House Selling Options
Selling your home can be accomplished in a number of ways. You can sell your house traditionally using a real estate agent or on your own (FSBO). However, this method takes time and is not guaranteed.
Alternatively, you can sell your house to a cash home buyer. This method is by far the fastest option. It’s also a guaranteed sale.
Let’s take a quick look at the pros and cons of each method.
The Traditional House Selling Method
Selling your property traditionally (with or without a realtor) means preparing your house for the market, listing your house, and giving tours to prospective buyers. If you have the time and money to invest in preparations, this method can yield the greatest financial rewards.
These preparations typically include:
- Making repairs and updates
- Professionally cleaning the home
- Professionally staging the home
- Hiring a real estate agent
- Preparing the home for tours and open houses
- And more
While selling your home traditionally can lead to more money earned, it also takes a lot longer. Getting your house ready for the market can take weeks or longer. It can also take several weeks or months to get a legitimate offer.
Once you agree to terms with a buyer, you enter into the closing process. The closing process, assuming it isn’t interrupted, takes 30-45 days on average. It’s important to understand, however, that a house sale can fall through even one day before the closing date.
Selling to a Cash Home Buyer
Now, let’s talk about selling your home to a cash buyer. This process is quite a bit different from the traditional home selling method and comes with a lot of attractive benefits.
You don’t need to make repairs or updates, nor do you need to spend time cleaning and staging the house. Most cash home buyers will buy properties in any condition, under any circumstances.
Furthermore, this method of selling your house is incredibly fast. From the time you request a cash offer until the time you close on the house, everything can be completed within two weeks. Just as importantly, the closing process is guaranteed.
For this reason, selling to a cash home buyer is ideal for homeowners who are facing foreclosure, have inherited a home they don’t want, are going through a divorce, have a distressed home, etc.
Ready to Talk About Selling Your Home?
We hope our house selling guide provides you with the information you need to sell your home on your terms. Remember, there is more than one option. Selling your home the right way might mean selling to a cash buyer.
For more house selling advice, be sure to check out some of our other articles. And if you’re ready to get your free cash offer, reach out to us today. We will buy your home, no matter what condition it’s in.