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For some homeowners, knowing when to sell is simple. Their offer has been accepted on a new home, or they’re starting a job in a new location. In other cases, you may have much more freedom and flexibility around the decision. So, if there are no external forces pressuring you to sell your home, how can you determine when you’re ready to list it? Here are some essential questions to ask yourself to help you arrive at an answer:
Have You Found an Agent?
If you don’t have a listing agent you trust, this is an important place for many sellers to start their process. Finding an agent isn’t as simple as picking the first name you come across online. This person will play a significant role in your home-selling process, so it’s important you hire someone who can deliver high-quality service. Take some time to seek out referrals, or read up on an agent’s reviews and testimonials. Look into their marketing skills and online presence. Don’t feel like your first conversation has to mean you’ve decided to work them. Interviewing a few agents can help you make the best choice.
Have You Researched the Market?
While an agent can definitely be helpful with this, it’s good for sellers to be informed themselves as well. Do your research to find out what other similar homes in the neighborhood are selling for. Find out if you’re in more of a buyer’s market or a seller’s market. Getting and staying informed will help keep your expectations in line with reality.
Do You Have Equity?
While not everyone’s decision to sell will rest on the answer to this question, it is something worth considering. Perhaps the property value has gone up, or you’ve paid down your mortgage. Making sure that you’re clear on your current status as a homeowner can give you important financial information to help you make the right decision.
Do You Have a Timeframe in Mind?
Selling a home can be a lengthy process, so sellers should look ahead to map out a general time frame. You can research the best season to sell in your area if you’re completely flexible. Other sellers will want to consider things like school schedules, vacations, and anticipated moving dates. Outlining a timeframe can also help communicate your expectations to your agent who can let you know if they look realistic or not.
What Do You Want in Your Next Home?
Why are you selling? Are there certain needs your current home isn’t meeting. You probably don’t want to put yourself in a position where you have to rush through the house-hunting process, so it’s wise to take some time in advance to think about what you’re looking for in your next place. The more specific get can get, the easier it will be to filter down your options.
Have You Taken Time to Reflect?
Selling your home can be an emotional process. Make sure you take some time to consider that. You don’t want to arrive at the end of the process feeling regret. Beyond reflecting on your own view of the situation, it’s also essential to discuss it with your partner if you’ll be making these decisions together. Talking about the process, your expectations, what you want in the future, and any concerns can help keep you both on the same page.
Thinking of selling your Chicago home? These are some of the most important questions to ask yourself. Preparation is key in all aspects of the home-selling and home-buying processes, and the more prepared you are, the smoother the process is likely to go. Are there any other questions you think are important to consider before selling? Please share them.