Why Are You Selling?
Before diving into the complex and sometimes lengthy process of selling your home, it's crucial to clearly identify your motivations. Understanding your "why" will help you make informed decisions throughout the selling process and determine if you're truly ready to commit.
Common Reasons for Selling
Upsizing or Downsizing
Family changes requiring more or less space
Job Relocation
Career opportunities in a new city or state
Financial Reasons
Accessing equity or reducing housing costs
Lifestyle Change
Different neighborhood or home features desired
School Districts
Moving for better educational opportunities
Health Considerations
Accessibility needs or proximity to care
Assess Your Financial Readiness
Selling a home involves significant financial considerations. Take time to evaluate your current situation and understand the costs involved.
Calculate Your Home Equity
Your equity represents the money you'll walk away with after paying off your mortgage and selling costs.
Understand Selling Costs
- Agent Commission: Typically 5-6% of sale price
- Closing Costs: 1-3% of sale price
- Repairs & Staging: $2,000-$15,000+
- Moving Expenses: $1,000-$5,000+
- Capital Gains Tax: If applicable
Set Your Non-Negotiables
Establish clear parameters for your sale to guide decision-making throughout the process.
Timeline Considerations
Financial Goals
The lowest offer you'd consider accepting
Your ideal selling price based on market research
Amount needed after all costs for your next purchase
Questions to Consider
Are you emotionally ready to sell?
Selling a home can be stressful and emotional. Consider if you're prepared for the process.
Do you have a backup plan?
What happens if your home doesn't sell quickly or for your target price?
Where will you live next?
Have you secured your next housing situation or have a clear plan?
Is now the right time?
Consider market conditions, personal circumstances, and seasonal factors.