Frequently asked questions

Question about selling

When It’s A Buyer’s Market, Should I Wait To Sell My House?

Not necessarily. A home’s value is more than just a function of average costs set by market trends. Potential buyers are always in the market for new homes. During a buyer’s market, the economy might be weaker. Credit might be harder to get, and interest rates may be higher. This might make it more difficult for a seller to get competitive purchase bids. But some properties are always in demand. Some neighborhoods are always demanding top dollar. Most importantly, the future is uncertain, and you never know if things could get worse. There is never a perfect time to sell your house. Ultimately, you have to do what makes the most financial sense in your circumstances. If you need the money now or you need to move soon, then waiting might not be a good idea, even in a slow market.

How Do I Determine How Much to Sell My House For?

The easiest way to determine your house’s value is to get a professional appraisal. A professional appraisal will compare your home to similar houses in your area (called a “comp”) and give you a good idea of how much you should sell your house for. When evaluating a comp, it is important not only to find similar houses in the area but also to look at how recently those homes sold. Sales closer in time are a more accurate guideline when setting the price on your home. Many websites allow you to see what houses in your neighborhood have sold for lately. This can help you determine a value on your own. Still, you should be careful when looking at this data since it doesn’t take into account any special features of your home, such as a unique location or recent remodeling efforts.

Should I List My House for More Than It’s Worth?

Be careful in setting your list price. If you overprice your house, most potential buyers will simply ignore you. Your home could sit on the housing market for a very long time. The longer a house sits on the local market, the more likely other buyers are to think there’s something wrong with the house and avoid it. Real estate agents will have local sales figures and can give you a good estimate of your house’s market value. Be aware that many listing agents may overvalue your house slightly in the hope that you will list your house with them. If you have a real estate agent determine a value for your home, ask to see the data on similar houses and see for yourself whether it makes sense. You can also order an appraisal to have your home valued by a professional. They have market analysis tools, such as property comparison reports, that can accurately price property.

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