You might have to change your mind more than once before you finally get that sign-up in your yard. Before you contact an agent, you should consider a few things. Is it financially logical to sell your home? What is your equity? Do you live in a buyer or seller’s market? Even the time of year can affect market conditions.
When is a good time to sell your home?
Timing is everything. It’s only second to a location in real estate. It’s ideal to have both of these factors aligned when deciding to sell your house. Even if this isn’t feasible, it’s still important to be aware of what you may face.
Do some research to evaluate the market. Do houses in your area tend to sell quickly or are they lingering on the market? Are sellers receiving the price they requested, or do homes sell below (or over) their asking price? There are many homes available in your area, or only a few? You can determine whether you are in a seller or buyer market by asking these questions. In a seller’s market, the conditions are favorable to the seller – low prices, lots of inventory and plenty of room for negotiation. In a sellers’ market, it is the opposite. The sellers have the upper hand with low inventories, higher prices, and multiple offers, often above list price, or even bidding wars. Market conditions vary greatly depending on the housing inventory available and where you live.
Consider the time of year. You may have heard of the “magic window” for selling your home. Many agents believe that the magic selling window is between March to May. This is when you can sell your home at its best. Many home buyers prefer to move during the summer. Home buyers, particularly those with children, will want the closing to be scheduled as early as possible so that they can move in and settle before school begins in September. In order to meet this deadline, the home buyer will need to start looking for a house in the months before summer.
There are always exceptions to every rule. If you live in an area that is tropical or along the coast, you might want to consider selling during winter. Winter is a good time to sell if you live in a tropical or coastal region. There are fewer tourists and the weather can be pleasant. Buyers may want to settle before summer when tourism and beach fun will heat up. It’s especially important if your area is one where many homes are purchased to be used as vacation rentals.
Your real estate agent will have suggestions on how to attract home buyers, no matter what time of year you decide to sell your home in Myrtle Beach. Your agent knows how to locate them, regardless of the time of year.
Examine Your Financial Situation
Selling your home may be the end goal, but you will need to invest money in things that you might not have thought about. You’ll need to do some initial cleaning and repairs to prepare your home for sale. Marketing costs may include having your house professionally staged and photographed. You may want to store your personal belongings in a storage facility while you are showing your house. The buyer of your home may ask for additional repairs after the inspection. These costs, while usually small, can be expensive if you’re not prepared.
You may encounter additional costs at closing depending on your circumstances. The seller may agree to share or pay closing costs if the buyer is a first-time buyer, or has a lot of credit, but little cash. You will also have to pay the agent’s fee, which is normally six percent. (Your agent will split this commission with the buyer agent).
There will also be fees if you pay your mortgage in part through the sale of your house. You may have to pay interest for the remainder of your mortgage if you pay off your mortgage early.
These costs may include attorney fees, HOA dues, utility bills, property taxes, and transfer tax. You’ll be better prepared for these costs if you review your finances.
Find out the value of your home
Your home’s worth will be assessed several times during the selling process for various reasons. You can prepare yourself by doing some research before the estimates begin to arrive. Compare houses similar to yours, with the same square footage, number of bathrooms and bedrooms, and constructed around the same period. You will get a good idea of the value of your home. You should be wary of websites that claim to know the value of your home. This number is based on many factors that change often. After you find an agent, he or she will use comparables and other resources to determine the value of your home. This is the most accurate information.
Appraisals are conducted during closing. You might want to get an appraisal done before listing your home if you are worried that the house will not appraise for what you intend to ask.
Why Should I have my home appraised?
Some sellers hire an appraiser to ensure that their house is priced correctly. You could lose money if you undervalue your home. You may not attract buyers if you price your home too high. This could cause it to sit on the market for far too long. When a home has been on sale for a long time, the seller might have to accept less money than they would if the house had been priced correctly.
You may decide to skip an appraisal early because it can end up costing money and not providing a satisfactory outcome. Whether you have an appraisal or not, the buyer’s lender will still need one. Because there is no fixed home value, different appraisers may arrive at different conclusions based on the same house. Your appraisal will not matter to the loan company because they have their own appraisers that they trust.
Your agent can help you determine the value of your home without needing an appraisal. Your agent will perform a Competitive Market Analysis (CMA), which is the most current information. CMA is a list of all properties that have sold or are currently for sale in a particular area. This information, along with the knowledge they have of the local market, will be used by your real estate agent to help determine the price you should set for your house.
Home equity vs. home value
You’ll need to determine the equity of your house once you have determined its value. Equity is the difference between what your house is worth and how much you owe. This number will tell you whether you can make a profit before you put your home on the market. You might want to wait before selling if you owe more on the home than the price you’re able to get.
Look at your most recent mortgage statement to find out the amount you owe. Subtract this amount from the current market value of the property. Equity is the difference between these two amounts. Consider staying in your house and paying off your mortgage more before you sell if you do not have enough equity.
You’ll need to hire a real estate agent if you’ve done your research on the market, your finances, and your home value, and decided that now is a good time to sell. Call Full Potential Real Estate, LLC now and let us help.
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Full Potential Real Estate, LLC
PO Box 571
Conway, SC 29526
(843) 251-3794
http://fullpotentialrealestate.com
We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook
