Selling one’s house is never an easy task. An emotional rollercoaster, for sure, but also a rational headache. From the fear of underselling to the anxiety check of not having enough savings.
Giving in to the FOMO and selling one’s house is easy, however, it is not a sound decision. Likewise, timing the market and selling one’s house at the perfect time is difficult.
To make things easy, here is a list of questions to ask before selling one’s house.
Why am I moving?
A simple question, but a harsh reality check for many.
Is your current house not capable of accommodating your family?
Or is your house needlessly big for your family?
The first scenario is associated with new people joining the family. By this, the family has outgrown the house.
The second scenario is when few people leave the house. This makes the house too much to maintain for the remaining people.
For example: When the children leave to settle abroad, the old parents find the home purposeless. This is the time for them to sell the house and look for a smaller home.
What is my current equity position?
Understanding one’s equity position is ideal before planning the sale of the house. Owning your house completely means you have 100% equity. However, not all owners have this autonomy. Many owners borrow money and build debt against the purchase of their house. The owners build on their equity position by paying off the debt with interest.
In multiple housing crises over the years, owners have been left with negative equity. This essentially means that the owners owe more than what they can sell their houses for. Unless one is desperate to avoid bankruptcy, selling with negative equity is a bad deal.
Now, grab your mortgage report and look at the current mortgage balance. Then, know your home’s current value with the help of real estate companies in Corpus Christi.
The difference between the current value and mortgage balance is your home equity. To answer how much equity is required before making the sale, lots of factors need to be considered. Consulting with a real estate firm would be ideal for this move.
What does my future plan look like?
Having a plan is important before planning to sell your house. Not only does this mean having a place to move into, but this also covers a lot of ‘what-if’ situations.
From ‘what if I don’t find a buyer?’ to ‘what if the inspection report divulges errors?’.
Any owner needs to be prepared for all these scenarios. Likewise, one should also consider his/her housing future. Looking for a future home is a tough ask. Shortlisting homes, sorting one’s finances, planning the move — all need special attention.
For any owner, having his/her future housing sorted helps in pacing the sale process. It also helps in analyzing the market trends, the current prices, and other intricacies involved.
Ideally, having a realtor is any owner’s best bet to efficiently plan the future. Several real estate companies in Corpus Christi offer similar services. Leveraging them shall reduce one’s efforts and help foolproof the future.
How do my finances stack up?
Buying or selling a house is a financial nightmare. The consultation fees, hidden costs, taxes are all hassles. While selling one’s house, there is a clear need to be smart with finances.
If there are any unpaid debts against the house, paying them off is a top priority. Likewise, having an emergency fund for at least the next 5-6 months is recommended.
Apart from these, one needs to have sufficient cash flow to finance the selling process. It includes the hiring of movers, contractors, stagers, attorneys, etc. Costs like inspection, agent commissions, closing costs tend to accumulate quickly.
Not recognizing these costs within your future housing plan shall hurt you multifold.
Simple steps to better finances:
- Plan your cash flows.
- Put off the selling process till you are financially stable.
- Build your credit score.
- Have an emergency fund.
How is the real estate in Corpus Christi Texas behaving?
The real estate market is not too different from the stock market. The highs, the lows, selling, and buying trends are all too similar.
Though investing in the real estate market is better than the stock market, learning the details can be beneficial.
Understanding the real estate market and its behavior is crucial. This decides the value of your house and gives you a fair estimate of its selling price. Also, you can determine the time needed to sell the house amidst the current buying trends.
Furthermore, consider the changes in home value after repair or painting. If the values are lucrative, appraise the costs and try to increase the home value.
Metrics like interest rates, appreciation, unemployment, disposable incomes have their influence on the market. A fair understanding of all these factors is needed to time the sale of your house. For the best prices, consulting real estate companies in Corpus Christi is your best bet.
Do I have a realtor?
Having a realtor during the selling process of one’s house can make a huge difference. You have complete autonomy in the selling process without a realtor. You also save hundreds of dollars in fees and commissions. On the flip side, from paperwork to negotiations, a realtor shall work to the best of your interests.
Without a realtor, you are open to losing a lot of leverage. The lack of local knowledge might cost you more than the fees you would be likely to pay.
To avail the best, CLA Realtors is your one-stop solution. 77 years of experience culminate to ease your selling process. And at affordable charges, your wait for the best realtor ends here.