Do you remember the good old days, when anyone could sell their home at any time and make thousands…perhaps tens of thousands in profit?
Maybe you do or don’t. But I do. Even though today’s financing programs make it easier than ever to buy a home, times have changed. Buyers are more sophisticated. They’re more discriminating in what they buy. And they’re more skeptical.
Today, they have information sources available…like the Internet…that simply weren’t available five or 10 years ago.
No question about it…the “easy sell” days are over.
If You’re Trying To Sell Your Home Today… With Or Without A Real Estate Agent… You Could Lose Thousands Of Dollars, And Take An Enormous Amount Of Time If You Don’t Know What You’re Doing
Every day I see home sellers lose money, and waste precious time because they make critical mistakes they didn’t have to make. Here are just a few…
You’ve probably already considered your personal reasons for selling. Now you need to take into account the other factors involved, such as market conditions, your property’s value and tax implications. Unless you’re locked into selling your home (e.g., you’ve already accepted a job offer in another city), it’s a good idea to look at the whole picture before deciding to sell.
Assessing Market Conditions
There’s a rule of thumb to keep in mind when deciding to sell your home:
Tax Implications of Selling
There are many dynamics that can affect your tax liability upon selling your home. These issues include whether you purchased the home or inherited it, if you used your home for business or rental purposes, costs associated with selling your home, and any home improvements and additions that you’ve undertaken.
Beyond these general rules, it’s wise to discuss your home’s sale with a tax professional who can advise you on tax benefits in more detail.
Timing Your Decision to Sell
Because most sellers finance a new home purchase with the sale of their present home, they usually put their homes on the market before they begin their search for a new home. Learning the price you can expect from the sale often sets the pricing parameters for your new home search.
Obviously, it’s not wise to wait until the sale on your property closes completely before beginning to look for your new home. Timing your search properly with the buyers’ transaction can make the difference between having the available funds to buy a new home and cutting down on the interim period between homes.