5 Questions to Ask Before Selling Your Home

Now the kids are back in school is actually a great time to consider selling your home. Once the stress of back to school has settled and the dust has cleared, you might consider selling if you haven't tried to do it already throughout the summer or in the spring. Here are five questions to ask yourself before listing and selling your property.

#1. What is the balance on my primary mortgage and are there any other loans that need to be paid off?

You have to determine how much you need to pay off your existing mortgage and any liens or second mortgages you might have. Then consider any other payments that you'll want to cover such as paying off car loans, credit card debt or student loans. Check on the pay off balance of your existing loan to make sure that you're not underwater once you sell.

#2. What are you trying to accomplish by selling?

Do you need to move? Do you need to downsize or increase the size of your home? Are you in a financially better place or are you financially strapped and need to sell? Understanding why you need to sell can help put you in a better position overall.

#3. How much work is needed to make the home sellable?

Chances are a few of those eyesores you've been ignoring for years will need to be addressed before listing the property. Is it just a leaky faucet or something more serious with the plumbing? You'll need to attend to all small repairs and issues as well as stage your home in preparation for the listing. You might consider having an inspection done prior to listing the home so that you've covered all of your bases and won't be surprised when buyers uncover something.

Read More: The 5 BEST Home Staging Tips

#4. Is at the right market and time to sell the house?

Timing in the market is everything and while April, May, and June maybe some of the peak seasons to list a property, people are buying and selling year-round. If you need to sell, you need to sell and the same goes with buyers, so don't be too concerned about the time of year. However, the market will play a huge factor in how quickly the home will sell and at what price. Talk to your agent about whether we are in a buyers market or a seller's market and how to advertise appropriately.

#5. What are your future plans?

You need to know where you're going before you sell your property. Are you buying a new home? Are you considering renting? Are you moving to a new location, city, or even state? Should you purchase a new home first or wait until your current home was under contract? Having a plan moving forward will put you in a better position overall and help with the stress of the move.

More: Tips to Close on a Home FAST

If you think you're ready to sell and would like to find out how much your Colorado Springs home is currently worth please contact one of our agents or click on the above link.