Deciding whether or not to a sell property ranks as one of most important decisions a homeowner will make. If you’re thinking about selling your home, here are five key questions to ask and answer.
1. What are current market conditions?
Before you decide to sell your home, an important step is to research current market conditions. One thing you’ll want to learn is whether your local real estate market is a seller’s market, buyer’s market, or a balanced market.
Investopedia defines a seller’s market as when demand for homes outstrips the available supply, resulting in higher prices.
A buyer’s market is the result of having more properties for sale than there are buyers to purchase them.
In a balanced market, housing supply is meeting demand.
Months of inventory is another way to describe a real estate market. The National Association of REALTORS® defines months of inventory as the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.
Real estate industry experts say that a balanced market typically equates to between 6 to 7 months of supply, while a buyer’s market equates to 7 months’ supply and above. A seller’s market equates to 6 months’ supply and under.
Your Jack Conway agent is an excellent source of information on current market conditions. They’ll help you gauge the local market to assist you in reaching your real estate goals, whether buying or selling.
2. Do you need to sell your current home first?
Determining whether you need to sell your current home first before buying your next home is a decision typically based on your current financial circumstances and current market conditions in your area.
Buying a new home is traditionally contingent on selling your existing home. Jack Conway offers a Bridge Solutions selling option for sellers who want to buy and move into their new home first, and sell their existing property afterward. Learn more about Conway’s Bridge Solutions and our other selling options by exploring our Sales Solutions for a Modern Market.
3. What’s your timeline?
When do you want to sell your home? How much time will you need to prepare your home for the market?
Depending on the specific property, preparing a home for the market typically involves making home repairs, cleaning, decluttering, and improving curb appeal.
Sellers also have to allow time for packing and moving out.
Seasonality could impact a seller’s timeline. Moving companies may be busier during warmer weather, for example. Necessary home repairs may be easier to complete once the snow melts, although contractors and home improvement services may be harder to book once spring starts.
4. Do you need a home inspection?
Most homebuyers arrange for a home inspection as part of the buying process. But having your home professionally inspected can help you get your house in the best possible condition before you put it on the market.
Your Jack Conway agent is a key resource for answering this question. We found some resources that also might help inform you.
- From Nolo.com: When Should Home Seller Hire Inspector Before Marketing the House?
- From Realtor.com: Doing This One Thing Before Putting Your Home on the Market Can Help Sell It Faster
5. What listing agent will you use?
A listing agent, also known a seller’s agent, represents the seller in a real estate transaction. Their job is to price the property, list it on the market, and present to prospective buyers.
A seller’s agent represents the seller. According to the Massachusetts Board of Registration of Real Estate Brokers and Salespersons, which licenses real estate professionals, a seller’s agent owes the seller undivided loyalty, confidentiality and accountability and must put seller’s interests first when negotiating price and terms of a home sale.
Jack Conway has an extensive team of real estate agents fully qualified to act as listing agents across offices that range from the North Shore to Cape Cod, including Metrowest Boston, the South Shore, and the Massachusetts South Coast.
Contact our experienced professionals to get started on selling your home. We’re ready to help you anytime.
