Are you or a family member planning to sell the family home? It can be a confusing and complex process, especially in today’s market.
The home sale process is best approached with an organized plan and schedule. An experienced realtor can work with you to create a plan and timetable.
Here are some key questions to consider.
What are my goals in the sale of the home?
Timing: How soon does the home need to be sold in order to your goals? In some cases, a quick sale is desirable to help fund a move to a senior living center. In other cases, the senior is already relocated and the family desires to sell for the highest price.
Finances: Are there mortgage loans, home equity lines, or reverse mortgages that need to be settled in order to close the sale? Are you dependent upon proceeds from the home sale to pay off the loans.
How best can I determine the value of the home in this market?
Determining value is an art. An experienced realtor will prepare a Comparative Market Analysis, based on a study of recent sales in the area. The analysis takes into account the location, size, features and amenities of the home and compares them to recent sales in your neighborhood.
Have your realtor review the Analysis with you, to help you decide on a price that will cause the home to sell, rather than one that causes it to sit on the market month after month. In the current market, accurate pricing is very important. Overpricing from the beginning can result in chasing the market downhill.
Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team