Your Complete Guide to Selling Your Home and Purchasing Your Dream Home
Moving. It can be the start of new opportunities for you, but you can also be left with the burden of selling your home.
Preparing to sell your home is not always an easy task, but a lot of Americans are tasked with this every year. In 2019, 31 million Americans moved.
So, you might be left wondering what tips you need to know. Do you need to sell your home fast? Do you need to pay more attention to the buyer’s aspect of the market?
This is your guide.
Study the Market
This applies to both sides of the market. You need to know how much you can sell your house for AND what houses you can buy.
Studying the market allows you to not only get the price that you deserve on your old house, but you will also have an idea of how much money you will have to buy your new home.
Say you think your old house is worth $300,000. With that, you decide that your budget for a new house will be $400,000. But, doing your research on your current house may get you to realize that your old house is actually worth $350,000.
This can make you realize that you have extra money to spend on your new home or at least money that you can save. However, this situation can of course work the other way, where your house may not be worth as much as you thought in a rough market.
There are other times where the market may just surprise you. Looking somewhere like URB Chicago, you could get a house for a better deal than you may have expected.
Study the market and determine if selling and then buying is still your best course of action.
Know the Tricks
If you are selling your home, you are going to get an idea of what it takes to get an offer at the price that you want. When buying a house right after selling, you should remember the entire process you took to sell your house, and pick up on tricks that you had to use.
For example, let’s say you took photos of your house at certain angles in your rooms. These photos may have hidden clutter or a very small hole in your wall. Other photos may have made your room look bigger than it really is.
Regardless of what you did, you should remember every step of the process of what it took to sell your old home. If you do that, you can know what actually is a legitimate request for your new home, and you may potentially be able to discover when you are getting ripped off.
Some people choose to do their own research on the market. However, sometimes, you need a professional to evaluate the property.
This can be done in one of two ways. The first is a CMA (Comparative Market Analysis). This is when a real estate agent does a deeper dive into nearby houses that are either sold in your area or houses near the one that you wish to buy.
A CMA allows more factors to be considered, such as if a nearby house had interior renovations, how modern the house was, and what kind of repairs were left to fix with the house as is.
The second way to do this is to get an appraisal. This is the more unbiased way to do it, and it is recognized as a true third party.
Why? Because of the fact that a real estate agent is usually hoping to do a CMA in order to be able to lock you in as a client of theirs.
So, a real estate agent or an appraiser are more professional options to be able to give you the most accurate assessment of what your house is worth.
However, you need to keep in mind why a real estate agent might be doing it, and you need to keep in mind that an appraiser is going to be another expense that will go on your bill for trying to close a house.
You need the right timing when you are planning to make a move like this when your budget is a real concern.
Of course, you can choose to ignore this, but it may cost you tens of thousands of dollars. Timing is everything with this type of transition.
When it comes to buying before selling, you will want to try to avoid buying too soon because then you will not only be responsible for two mortgages but also for two sets of bills that keep both houses up and running.
Then, there is selling too soon. The obvious reason to avoid this is not being in a favorable position to negotiate your new home.
Another reason is that it takes away your safety net if the new home you are considering doesn’t work. You lose the option of being able to go back and re-group.
Timing is something very difficult to nail perfectly in this process, but you must try to be as close to perfect as possible to keep your options open for a new home and never to put the roof over your head in jeopardy.
Start Selling Your Home
If you are reading this, you have probably contemplated whether this is the right time to start selling your home.
No need to fear. With these tips, you will be able to make that process of changing to your dream home as smooth as possible.
For more home tips, check out our Home & Living articles.