When it comes to selling your home, there are plenty of questions to be asked. Selling your home is emotional, and complicated. With the many responsibilities and often confusing tasks involved with selling your home, home sellers are left scratching their heads. Dow Realty Group has compiled a list of frequently asked questions for home sellers.
The Most Common Questions From Home Sellers, Answered:
Q: Can I Afford a Mortgage Now?
Buying a home is likely to be your largest investment, so deciding if you can afford a mortgage on a new home is crucial before you look into selling your current property. Be realistic with your income and expenses, and be sure to leave room in your budget for unexpected costs and emergencies.
A general rule that is suggested by financial advisers and those in the real estate industry is the 28/36 rule. This rule suggests that a household should not spend more than 28% of their total monthly income on housing expenses, and no more than 36% on total debts owed. Use this rule to calculate your own expenses and determine the amount you’re able to spend on housing every month. This will give you a rough estimate of how much house you can afford.
Q: How Much Work Needs To Be Done To My Home Before Selling?
The answer to this question varies by the size of your home, the number of personal items you have, and the turnaround time to when you want to list your home on the market. A general sense is that assuming your home is relatively clean and not overly crowded, there is less work to be done than many people think.
In anticipation of putting your home on the market, will want to clean up your home from any mess or clutter. If there are any outstanding construction projects or repairs that need to be made, these should be completed prior to hitting the market. Remember that the more work you put into your home looking its best, the better an impact you will have on potential home buyers as they see the property.
Q: How Much Is My House Worth?
Home value is the amount of money your home would likely sell for if it were to be listed today. The current market value of your home is based on many varying factors including its size, number of bedrooms and bathrooms, amenities, condition, location, and the current market conditions. You can gauge the current market by using comparative market analysis, or “comps.” By looking at recently sold listings in your area that are similar to your home, the selling price will be a good reference for what homes like yours are selling for.
Q: What Can I Do To Support Small Businesses Near Me?
When selling your home, there are many people involved in the process. This creates many chances for you to support local businesses by having them be part of the process! Hire your town’s cleaning service to help declutter and clean your home before it hits the market. Hire a local staging company to help make your home look its best during open houses or for virtual tours. Contract a freelance photographer to capture images of your home to use as promotional material. There are plenty of ways you can support local small businesses as you prepare your home for sale.