Before you ever put your home on the market, it’s important that you take a few key steps first.
What You Should Do Before Listing Your Property
1. Get Pre-Approved for a Home Loan
A seller might sign the contract to sell their current home, only to realize that they’re not qualified to purchase another one. This may happen for many reasons, including that their income has changed or that their credit score has lowered. So before you sell your current home, make sure you’ll be able to purchase another property
2. Check Your Mortgage Payoff
One of the first steps is to call your lender in order to learn what the payoff for your current home mortgage is. This will help you to calculate your expenses.
3. Determine How Much the House Is Worth
A qualified real estate agent can help you with this. By determining your home’s fair market value, it will enable you to set the right list price for your home, which will in turn help you sell your home quickly.
4. Calculate Your Costs to Sell
There are a number of costs associated with the sale of your home, including:
- Real estate commission
- Attorney fees
- Excise tax for the sale
- Prorated costs for annual expenses, such as property taxes and home owner association fees
- And more
Of course, this figure will initially just be an estimate, but if you include the above items, it should be a fairly accurate estimate.
5. Determine Your Costs to Acquire a New Home
Your lender should be able to help you in determining what this total figure is. These expenses can include: moving expenses, loan costs, down payment, title work, home inspections and more.
6. Determine Your Estimated Proceeds
You can do this by subtracting your mortgage payoff from your home’s fair market value. Then, you’ll want to subtract all the costs associated with the sale of your home. This should give you a good idea of the proceeds you’ll make at closing.
7. Address Any Home Repairs Now
Yes, some home sellers would rather put their home on the market as is and hope that the buyers don’t notice certain glaring issues, but that’s probably not going to happen because many buyers hire inspectors. Thus, go ahead and get the hassle out of the way by addressing the major repair issues in your home. It will make your home more marketable and it will help speed up the home sale process.
8.Prepare Your Home for Showings
It’s just about time to put that For Sale sign in the yard so go ahead and get your home ready to show. This means a thorough cleaning, a decluttering of your home and cleaning up the front yard for curb appeal!
How Can We Assist With The Sale of Your Home?
For more useful tips on how you can have a successful experience, be sure to contact Movementum Realty! We would love to assist you at every stage of the process!