Sometimes I have to ask this question to potential sellers to gage their actual motivation. Some offer the answer to this question on their own. It is important to have a good idea and feel before taking a listing on a property. After all making the decision to sell ones home can be a serious emotional matter.
For some it may be 20 to 25 years living in the same neighborhood and home. Getting married and raising a family of 4 or 5 kids.Then seeing all the little birdies leave the nest and start families and lives of their own. After a time hubby and wife begin to look around their 5 bed room 3 and 1/2 bath home and realize they have only used the kitchen , family room and one bath room for the last 3 or 4 years.
Also realizing the utility bills and unused space is beginning to cost more and collect dust in places that used to be active and full of life from the kids. Realizing that all the college expenses are managed and they are sitting on tons of excess equity. Thinking it has been a couple of years since they have been on a real nice vacation. The light bulb comes on and the thought of down grading to a smaller more manageable home comes to mind. From there the thought process of selling the property begins.
That brings forward the idea of using equity to upgrade. Some younger home owners may have started out smart and acquired a smaller home that has suited their needs for a time. But as the family grows they realize they need an extra bed room or additional bath. Then it comes time to think about an upgrade. If things have gone well for them over a period of 6 to 7 years and they have made their payments on time. They may have enough available equity to net at sale and have the need funds to upgrade. Condition of the property and location can play a big part it net profit.
On the down side of why sell, are the hard times of home ownership. Some may not have faired well and due to situations beyond their control they may not have done well with payments and expenses. They could see the hand writing on the wall and begin the traumatizing period of collections. If they have enough awareness and know they can not make it. They may need to sell quickly to avoid the start of pre foreclosure. Pricing the property to net if possible but to make sure the principle balance and mortgage can be cleared completely which will ultimately save thier credit score and credit. Surviving to try again. Selling and paying off is a much better alternative of foreclosure and having ones credit destroyed.
Many of the establish home owners may realize the value in buying and then reselling the property they live in. Purchasing a fixer upper. Doing the needed repairs and living in it for a year or so then reselling it for profit. Repeating the process making a profit and or avoiding tax liabilities with tax free exchange process. Cashing in on the accumulated wealth at a later time.
There can be several other reasons to sell beyond the scope of this short article. My experience has shown me one of the primary factors that can be a hindrance is emotional attachment to a particular property. Not actually knowing what the true value of a property is. Or having to high a expectation for a particular property because of its condition and or location.
In all cases it is best to seek the counsel of a professional real estate practitioner before moving forward. Most will give free information and advise. Asking for a comparable market analysis and getting it for no charge is not uncommon. Allow the hour or so to listen to a pre listing presentation and a review of a extimated post sale net profit sheet. Even if you don't use a professional and try it on your own. The information you get will be invaluable.
I use all the power of the internet. You can view my prelisting presentation by clicking the link below.
Click Here to View the Presentation
Best viewed with a computer on a high speed connection or DSL. Sound speakers and plenty of memory.
Many try to go it alone. More fail than succeed. Statistics don't lie. Those that use a professional to sell, net more at the closing table than these that go it alone.
Some that read this may think..... get out of my head!! But don't fear, I am a professional. As a marketing listing specialist it is my job to understand every aspect of the selling process.This enables me to provide the best service for my clients.
Are you thinking about selling???
Need a bit of advise or a second opinion?
Just call or email me!
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