Questions to Ask When Selling a House

If you’re contemplating selling your Lubbock home, there are many factors you’ll need to consider before you decide to list it for sale. From determining what your house is worth to figuring out the best time to list your home, asking yourself these critical questions — along with a few others — will help you navigate the selling process as smoothly as possible.

Continue reading for an overview of the questions everyone should ask when they’re selling a house.

What’s My Motivation for Selling?

First and foremost, ask yourself why you want to sell your house. Is it because you need a change of scenery? Do you need a larger living space for a growing family? Are you behind on your mortgage and want to avoid foreclosure? Perhaps something else entirely?

Be honest with yourself when answering this question because your answer will help you determine the best way to sell your home. If you need to sell your house fast — for whatever reason that may be — selling on the open market may not be in your best interest as you never know how long the process will take.

What Is My Home Worth?

Before you put your house up for sale, you should have at least a ballpark estimate of its market value. There are a few different ways you can get an estimated figure, including:

• Asking a real estate agent for a comparative market analysis.
• Using an online tool that estimates the value of your home.
• Checking your local auditor’s website to find your property’s assessed tax value.
• Hiring a professional appraiser to perform a thorough valuation (this is the most reliable option as you’ll get a highly accurate figure, not just an estimate).
• Request a no-obligation offer from a cash home buyer (this will give you the fair market value of your home in as-is condition).

How Much Equity Do I Have?

How much of your home do you actually own? Because if you’re still paying the mortgage, you don’t own all of it. The bank owns a percentage of your property, and so do you, and the amount you truly own is the amount of equity you have in your house.

Asking yourself this particular question is crucial because the amount of equity you hold will help determine just how much you’ll profit from the sale or whether you’ll profit at all. If you currently owe more on your mortgage than your house is worth, it may not be in your best interest to sell quite yet, as your proceeds from the sale won’t be sufficient to pay off the remainder of your loan.

When Is the Right Time to List My House?

It’s in your best interest to look at what the real estate market is doing before you decide to sell your home. Ideally, you’ll want to list your house in a seller’s market, which means there are more interested buyers than available houses.

In this scenario, your house will be more likely to sell quickly. Perhaps more importantly, you’ll also be more likely to receive higher offers since bidding wars are more common when the market is hot.

How Do I Want to Sell My House?

Hiring a realtor is certainly the most traditional way to sell a home, but it’s not the only way, and in some cases, working with an agent isn’t ideal. While a realtor can provide you with in-depth market and pricing knowledge, as well as high-level marketing of your house, these services and expertise don’t come cheap.

When you work with a realtor, you should expect to pay approximately 10%–12% of the sale price of your home in commissions, closing costs, and other selling fees. So if your house is worth $160,000, you’ll likely end up paying $16,000–$19,200 in fees.

Another option is to sell your house for sale by owner (FSBO), but the amount of work that this type of sale requires can be overwhelming. And if you’re unfamiliar with selling real estate or don’t know how to market your home effectively, your for sale sign could end up languishing in your front yard for months.

Selling your house to a cash home buyer is yet another option. These buyers are cash ready and purchase houses in any condition, whether they’re nearly new or on the verge of falling apart. They have the capital on hand to pay up front and in cash, which means you won’t need to wait for a mortgage to get approved. You’ll also avoid dealing with flaky prospective buyers who walk away from the deal at the last second. 

Cash buyers can typically close on home sales in a matter of days, and they can make offers within 24 hours of viewing a home. If you need to sell your house fast, partnering with a cash home buyer may be your best option.

Does My House Need Any Work Before I List It?

How’s your roof looking? Any minor damage or leaks? How about your foundation? Any cracks or shifting? What about your HVAC system? Does your house have any degree of mold?

If there are any major issues with your home, you’ll likely need to get them fixed before you can sell on the open market. Most traditional buyers aren’t interested in dealing with a house that needs repairs, so you may have a tough time selling if you don’t take care of the necessary work.

Need to Sell Your Lubbock House? We Buy Houses in Any Condition

If you’re considering selling your home in Lubbock, TX, or the surrounding areas, reach out to our team at We Buy Houses Lubbock to get an offer! We buy houses in any condition and will pay you fair market value for your as-is home. To learn more about our process and how we work, give us a call today or contact us online, and we’ll get in touch.