Selling your house in the year 2024 can be frightening. High current interest rates and the potential for cuts by the Fed later this year create uncertainty. If you are selling your house for the first time — or need to brush up on how to do so — you’ve come to the right place. Here are some tips that will guide you through the process of selling your house smoothly (note that some of these tips are updated as of April 2024).
Know When the Best Time Is to Sell Your House:
The COVID-19 pandemic has made selling a home tricky due to the surge in interest rates. In 2023, June was the sweet spot to sell due to a mortgage rate dip. This is expected this year as well. The estimated 30-year fixed interest rates are as follows:
6.6% (current rate)
6.1% (Mortgage Bankers Association’s projection for the end of 2024)
5.75% (Bankrate prediction for the end of 2024)
Buyers will be eager to bid on homes as rates decrease. Depending on your situation, June once again looks to be a month when selling your house may be easier.
Know What the Best Way Is to Sell Your House:
Having a great realtor that will walk you through every step of the selling process will make your life much easier. They will tell you everything, from what upgrades you should make to the house to listing the home for you.
According to the National Association of Realtors, those who sold houses without the help of an agent sold for $95,000 less on average than if they were to have assistance from an agent.
With everything said, you will have to reserve some of the money you got from selling the house for the realtor. Usually, this number is between 5 and 6% of the total price, but even that number is uncertain due to a recent ruling.
If you want to go the FSBO (for sale by owner) avenue, you will have to be responsible for advertising, pricing, and staging. If you know of someone ready to buy your property, then you won’t need to hire an agent because most of the work is already taken care of.
Make Any Necessary Upgrades or Repairs for Your House:
Before listing your house, you need to make sure that it is in great condition. Look for any issues that would turn off potential buyers. These turn-offs can be anything from dirty carpets to stained ceilings. You want to put yourself in the buyer’s shoes. Ask yourself if you would buy this home in the condition that it is in.
This also applies not just to the interior of your home, but also to the exterior. This is called curb appeal, which is how your house looks if you are looking at it from across the street. 97% of realtors believe that this is very important when it comes to attracting a buyer. So, whether there are any trees or bushes in the way, or the paint looks worn out, making sure that your house looks nice from the outside is a very important factor in selling your house.
Just like buying, selling your house can seem like a daunting task. If you keep these tips in mind, selling will be less stressful. We hope that you find these tips helpful.
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