When should I sell my house?
Some of the best indicators of a good time to sell a home include:
When the economy is doing well
When interest rates are low
When people are more likely to move, traditionally in the spring
Do I really need a real estate agent?
Only a few states require you to hire a real estate agent but the entire process can be long and complicated and we want to help you navigate that. If you are the one stuck doing all of the paper work and showing the house, it can be like taking on a second job.
How is the market right now?
One of the most important indicators on market conditions is average days on the market. The average days on market can indicate to a seller how quickly homes are selling when listed for sale. Other market condition indicators that a top producing Realtor will provide a home seller before listing their home include market absorption rates, number of closed transactions year-over-year for a given month, average sale prices, and average list price to sale price ratios.
Should I do anything to my house before I sell it?
The answer is almost always yes. But how much is case by case. That is just one of the things we can help you with. We will work with you to understand your goals and we will let you know what we believe needs to be done to achieve those goals, whether it be major repairs, small updates, new flooring, or painting.
What should I disclose to potential buyers?
If you’re aware of defects with a roof, appliance, or home in general, you’re always going to be better off being honest and upfront. If you’re aware of defects, whenever possible, fixing them before going on the market is best. This can avoid potential issues and/or lawsuits once your home is under contract, after inspections, and even after you have sold your home.
How do I determine how much to sell my house for?
We can give you local sales figures and appropriate comps to give you a good estimate on your house’s worth. We will take into consideration every aspect of your home and what is happening in the market. We do want to warn you, many internet sites will allow you to see what houses in your neighborhood have sold for lately. This can help you determine a value on your own, but 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.
What are the tax consequences of selling my house?
The sale of your house generates “capital gains” as defined by the IRS which is normally taxable. However, since the Taxpayer Relief Act of 1997, individuals can exclude up to $250,000 in capital gains for individuals, and married couples can exclude up to $500,000 in capital gains. To see how this works in practice, imagine you bought your house for $100,000, and then sold it for $300,000. That sale would generate $200,000 in capital gains, all of which could be excluded since individuals can exclude up to $250,000 and married couples could exclude up to $500,000. Accordingly, you wouldn’t owe any taxes on the capital gains from the sale of your home.