In today’s market, is it better to sell your house or hold on to it?
Home prices are still rising, and buyers can get very low mortgage interest rates, so selling can look pretty attractive. But then, you’ll need to figure out where to go yourself!
Selling your home can be an exciting process, but it’s also stressful. You’ll have property maintenance tasks to address, such as fixing a leaky faucet or cleaning windows, and you will have to find a new place to live for yourself and your family.
But if you’re getting motivated by all the great sales in your area – home prices are still rising, and buyers can get very low mortgage interest rates – selling looks pretty attractive at the moment. Taking a look at the pros and cons of selling first can help you decide whether it’s a good time for you.
If you do decide to sell your house, you then need to decide whether hiring an agent is right for you. It might seem like your home can sell itself with so much demand out there. But consider the logistics involved with sorting through offers with a litany of different terms, and having an agent involved with specific expertise in understanding how to evaluate offers will be worth every penny.
To help you out, then, here are 5 questions to ask yourself before hiring an agent in Boston to sell your home.
1. Am I Able to Set My Emotions Aside?
Selling your house is a purely business transaction, so you first need to ask yourself whether you will be able to set your emotions aside and handle things objectively.
If you’re selling your first home, it’s far too easy to have a strong emotional attachment to it, which could hurt your chances of selling your home a good price. It is, after all, the place where you’ve lived for many years and raised your family. And that means it may be difficult for you to say good-bye.
Once you decide to sell your home, start thinking of yourself as a businessperson and salesperson rather than just the homeowner. In fact, forget altogether that you’re the homeowner. By looking at the transaction from a purely financial perspective, you’ll distance yourself from the emotional aspects of selling the property.
Since selling your house is a purely business transaction, you first need to ask yourself whether you will be able to set your emotions aside and handle things objectively. If that won’t be the case – if you find yourself getting upset, worried, or nervous about what might happen and how the process will play out – then it’s probably best if someone else (like your real estate agent) leads the selling duties.
A good real estate agent can help you achieve the necessary emotional distance so that you can evaluate offers objectively. To discover more about this, just call (617) 657-9811.
2. Do I Really Know How to Price My House to Sell?
Pricing to sell is one of the key elements in marketing and a quick sale. If you can’t answer this question in the affirmative, you’re likely better off hiring an agent in Boston.
Getting the right asking price is key. Remember the comparative market analysis you or your agent did when you bought your home to determine a fair offering price? Buyers will do this for your home, too, so as a seller you should be one step ahead of them. You may think your home is worth more, but remember to set a realistic price based on comparable homes in the area.
The right asking price will give you the best chance to sell; you’ll at least get a couple of offers to choose from and be able to negotiate from a position of strength. The wrong asking price can lead to the nightmare scenario of your home sitting on the market – and even falling in value – while you wait for an offer. Even in a red-hot real estate market, it’s possible to price yourself too high and be left having to make price concessions, which will cause potential buyers to wonder what is wrong with your property.
According to surveys, 70% of real estate agents say that overpricing is the number-one mistake that sellers make. But underpricing can be just as bad because potential buyers will automatically assume that there is an underlying problem that they will be inheriting if they purchase your home. (You also might find yourself in a situation wondering if you are leaving money on the table if you priced too low and received a number of over-asking offers immediately after listing).
Again, the best course is to rely on your Boston agent to help you price to sell.
3. Is It the Right Time for Me to Sell?
You also need to determine whether it’s really the right time for you to sell. Yes, everyone wants to sell for the most money possible, but it can be counterproductive to just hold and wait for prices to keep going up. This is one area where hiring an agent in Boston can really pay off.
Consider these timing factors that your agent can help you assess:
- Job Relocation – Have you accepted a job offer that’s several hours away? You may be forced into selling your house, especially if you want to buy another and don’t want to deal with having to pay two mortgages. There’s no reason to pay two mortgages in hopes of getting more cash.
- Your Credit – Having a credit score of 720+ is generally recommended if you want to shop for a mortgage for your next home. This will give you access to better rates, saving you thousands on the cost of interest over the life of your mortgage loan. It’s smart to hold off on house hunting until your credit score is in better shape.
- Amount of Equity – Being underwater on your mortgage is never a good thing, and it will make it harder to sell your home and qualify for another mortgage. If this is the case, you shouldn’t consider selling until you’ve built up at least 20% equity in your home.
- Family Size – It may be time to hire an agent and sell if your home has become too crowded.
- Moving Expenses – Your ability to afford the not-inconsiderable moving expenses will also play a part in whether or not it’s the right time for you to sell.
4. How Much Will It Cost to Sell My House?
Typically, you’ll wind up paying a percentage of the sale price in various transaction-related fees and expenses. These include:
- Agent commission (Typically 4-6% of the sale price)
- Repair and upgrade costs
- Prepping and staging
- Closing costs
You can, of course, reduce these costs by not hiring an agent in Boston. But more often than not, your agent will negotiate a better price for you, so hiring an agent can ultimately mean more money in your pocket.
5. Is Hiring a Boston Agent Really Worth It?
The final question to ask yourself before hiring an agent in Boston is whether it’s really worth it. And the answer is almost always a resounding “Yes!” Here’s why:
A good agent generally has your best interests at heart. They will help you set a fair and competitive selling price for your home, increasing your odds of a quick sale. An agent can also help tone down the emotion of the process by interacting with potential buyers.
Your agent will also have more experience negotiating home sales, helping you get more money than you could on your own. And if any problems crop up during the process – and they commonly do – an experienced professional will be there to handle them for you.
Have you made the decision to sell? If so, contact us at NextHome Titletown Real Estate today at (617) 657-9811 to discover even more of the benefits of hiring an agent in Boston.
Boston and Beyond – Just Hit the Market!
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