Selling your home? Have a plan in place.

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Selling your home - Have a plan in placeSelling your home? Have a plan in place.

It takes as much energy to wish as it does to plan.” –Eleanor Roosevelt

We as human beings tend to act on impulse. We throw caution to the wind and go for it. It can make life worth living and instill a sense of thrill into the every day normal grind. We need to realize though, that there is a time and place for such a nonchalant attitude. The home selling process is not one of these times. You need to be focused and have a selling plan in place before you make any moves with your real estate. Put a plan into action where you set forth conditions that you will follow prior to listing your home for sale.

Know why you want to sell your home first. Is it because you want to buy another house? If so, then research the neighborhoods where you have interest and compare the homes with yours. Are they older? Do they cost more? Is the neighborhood as pleasing as your current location? Be serious with your decision. Don’t just have a wild idea to sell one day and run with it. Make a list of pros and cons for moving and then see what your options are.

If selling your home still sounds like the thing to do after you’ve deliberated for a time, meet with listing agents in your area. Interview a few and see how they plan to help you sell your property. Like you, your agent also needs a plan. They should be able to sit down and inform you exactly how they will sell your home while answering any questions you might have. A good listing agent will be able to tell you what repairs are a priority, how you can make your home more “buyer friendly”, and what is a reasonable asking price. Don’t get caught up in agent bidding wars to represent you and sell your home. Houses that are priced too high will sit for longer periods of time and eventually sell for less than their market worth. The price that you ask for your home isn’t necessarily going to be what you get.  Have a number in mind that is the absolute lowest you would take on your home. Contact your current lender to find out what your payoff amount is and stay comfortably above this figure.

Every home buyer needs a preapproval letter from a reputable lender. Be aware of current interest rates, lender fees, and loan types. Arm yourself with the knowledge you need to make informed decisions. Also, be sure to sell your current home before you try to enter into a contract on a new home. Having patience will save you a lot of headache in the long run.