3 steps to take before selling your home this year

While 2021 can be a tough time to buy a home, now is a great time to sell one. Low mortgage rates have led to increased demand from buyers, and many people are crying out for buying a home. Add to that the fact that property values ​​have skyrocketed and you may be in a prime position to ask a soft price for your home.

Before you prepare to list your home, there are some steps worth taking. Here are some essentials to cover.

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1. See how much competition there is in your neighborhood

One of the main reasons sellers get so high on their homes is that there aren’t many properties on the market to choose from. In fact, nationally, the US real estate market is short of more than 5 million homes to meet buyer demand.

But just because there isn’t a lot of competition in general doesn’t mean it reflects your particular neighborhood. If there are a number of comparable homes for sale within a mile of where you live, you may want to delay listing your home a bit. The less competition you have, the easier it will be to not only sell your home, but also get the price you want.

2. Fix minor cosmetic issues before you sell your home

Emptying your kitchen or finishing your basement may not make sense if you are about to sell your home. Of course, these renovations can get you a higher selling price, but they are also quite expensive and time consuming.

But if there is a step it is Is paying before you sell your home means cosmetic touch-ups so buyers get a good impression of your space. It could mean steam cleaning some carpets, re-coating your rooms, or fixing nails or other innocent horrors.

3. Make sure it is financially reasonable to sell your home

Once you’ve sold your house, you’ll need a place to live. It could mean finding a rental and waiting to buy until house prices drop. Or it could mean expanding a larger home, downsizing to a smaller home, or finding a comparable-sized home in a different neighborhood.

Either way, calculate the numbers to make sure your plans make financial sense. If your goal in selling this year is to make a big profit, you don’t want to wipe out that profit by moving to an area where you have to pay too much for a house yourself.

At the same time, if you are buying a new home at the same time as you are selling your own, make sure you are in a good position to qualify for a mortgage. Having a down payment on the proceeds from the sale of your home will not guarantee you a home loan. If your credit rating is bad and you have a lot of existing debt, you may be turned down for a mortgage despite having enough cash at closing. Check your credit score as well as your credit report and address any other financial red flags that could cause a lender to deny your home loan application. Don’t be afraid to shop around for the best mortgage lenders.

It’s fair to say that now is the time to sell your home. Just be sure to check these items off before continuing.

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