Before putting your own home in Carroll County or Baltimore County up for sale, it’s helpful to begin with some in-depth research. Why is this necessary? The more you know in advance, the greater your chances of successfully selling your home yourself!
Here are the things you want to be sure to know before putting your home up for sale:
-Prices of recently sold homes that are similar to yours (these are the comparables, or “comps” as they are known).
Compare your home to other similar homes that have sold. If you own a rancher, be sure to compare your home to other ranchers that have sold in the past 3-6 months. The same principal applies to split-levels, condos, colonials, townhouses, cape cods, split-foyers, and beyond, Be sure to make adjustments for things such as fireplaces, garage spaces decks, patios, porches, square footage, seller concessions and the other factors that were part of these previous sales. All of these items are key to setting the right list price for your home, and selling it quickly.
-Average days on market for your area
How long is it taking homes to sell in your area? That number that will tell you how long it is taking to sell homes in your area, on the average. Ideally, you want to sell your home faster than that number.
-Compare the original list prices to the sold prices for your area
What percentage of the original list price are sellers receiving on their homes? That percentage will help you learn how much you can anticipate you might get for your home, provided your home is price correctly.
-Where buyers are coming from, so you can market your home to the right areas
Are buyers primarily moving from within the same area as your home? Or are they moving from other counties or states? It’s important to advertise in the areas where they currently live. You will reach more buyers when you research and market to those areas.
-The types of financing your home is eligible for
Does your home qualify for conventional, FHA, USDA and VA financing? Each type of loan has different requirements. It’s important to know if your home meets the standards of these types of financing. If a USDA buyer makes an offer on your home, but your home isn’t eligible for that type of financing, guess what? That buyer will NOT be buying your home. Understanding the different types of loans and the requirements for each are things you should know before you put your Carroll or Baltimore County home up for sale.
-Determine what your closing costs will be.
This approximation will help you determine how much profit you can make on your home. Your portion of the transfer taxes is one component of your closing costs that you will want to know in advance. Other components include your payoff (if you have one), seller concessions, HOA and/or condo fees (if you have them), front-foot benefits, taxes and more.