Six Essential Questions To Ask Yourself Before You Sell Your Home

Selling a house ranks right up there with proposing to your partner and making a major career change in your 40s. It’s emotional, has a major impact on your finances, and it’s unpredictable. Therefore, it's not something you should jump into without a little reflection and preparation.

Before selling, determine the main reason you want to move, whether it’s relocation, downsizing, or financial struggles. Make sure you’re financially ready to sell, assess the market, and talk to a professional. Ask yourself if your home is ready to list and if you’re ready to let go and move on to something new.

Overall, before you sell your home, it’s essential to be realistic about the timing, your motivation for selling, and your financial readiness. Taking the time to reflect before you move forward can save you from potential regret later.

1. Why Do You Want To Sell Your Home?

The most important question to consider before selling is why you want to do it. Do you have good reasons, or are you just eager for a change? Are you running out of space, or do you just need to declutter?

Moving is a stressful and expensive event, so it’s certainly not something to take lightly. Plus, you don’t want to move too fast. Selling without any time to think things through could lead to some regrets. You might realize too late that you preferred your old neighborhood, or the property taxes on your new house are ridiculously high.

Therefore, whether you’re upsizing, downsizing, trying to lower your mortgage, or relocating for a new job, explore your motivation to sell. Primarily, ask yourself if your reasons are practical or emotional. Most of the time, if your only reasons for selling are in the emotion category, you may want to hold off and give yourself some more time.

In some cases, the things you’re trying to achieve might be possible to get without selling. For example, are you tired of your kitchen but love your neighborhood? Remodeling might make more sense than a complete move.

2. Do You Have The Money You Need To Sell Your House?

A lot of people assume that you need money to buy a house, and when you sell, you get money. Unfortunately, that’s not entirely the true picture. When you sell your home, be prepared to spend some money.

You’ll owe agent commissions, closing costs, and potential staging fees and other expenses to prepare your home for sale. There may be things you need to repair before you can list your house. Plus, you’re likely to have moving expenses and possible costs associated with furnishing or fixing up your next home.

It’s also important to consider if you have the finances necessary to get into your new place, whether you’re renting or buying. If you’re relying on the proceeds from selling your home, what happens if it doesn’t sell as fast as you hoped? Do you have a backup fund to do what you need to do while you wait for it to sell?

Are you aware of how much equity you have in your home? What about tax implications? Are you subject to capital gains if you sell? Should you wait another year or two before selling to avoid hefty taxes?

3. Is It A Good Time To Sell Your Home?

In some cases, you may have little choice about when you can sell. For example, if you’re about to move across the country for a new job, then you may need to sell as soon as possible. However, unless you have an honest reason for selling at a specific time, assess the market.

Talk to a professional agent, check out updated real estate trends, and see how fast homes are selling in your neighborhood (and for how much). Is it a buyer’s market or a seller’s market where you live? How are interest rates? (Lower interest rates may encourage more buyers to come out of hiding.)

Consider your personal schedule, too. Think about things like school schedules, job dates, and important life events like an upcoming wedding or graduation. Ideally, you don’t want to list your house for sale during a stressful time of life or when things are super hectic.

4. You’re Ready To Sell, But Is Your House Ready?

Okay, you’ve asked all the other questions and still come to a resounding yes, it’s time to sell. But what about your house? Is it ready to go on the market?

How does your home look? You’re used to living in it every day, so you may have become a bit blind to a few problems. Does your house need repairs? Are things extremely outdated? Do you need to get rid of clutter, depersonalize, and deep clean?

Consider all the things you need to do to prepare your home for sale. How’s the curb appeal? Do you need to stage any of the rooms? If so, these things should happen before you list your home.

You want to make sure your house stands out (in a good way). You may also want to have a pre-home inspection, so you can address any possible issues before a buyer does.

5. Do You Have A Plan?

If you’re confident that you’re going to sell your house, before you list it, you need a strategy. Ask yourself if you’ll sell by-owner or use an agent. What price are you hoping to sell your home for, and is it realistic?

When do you need to close on the deal? Is there any flexibility in case a buyer needs another week or asks for a later closing date? Do you have any extra funds on hand in case an inspector finds something surprising and buyers ask you to fix it?

What will you do if your home sits on the market longer than you expected? Are you okay with lowering the price? Taking it off the market and relisting at a later date? Do you have a list of agents to interview? These are all things to ask yourself (and answer) before listing your home.

6. Can You Check Your Emotions At The Door When Selling Your House?

A lot of people get very emotional about their homes. If someone says they don’t like your curtains, you take it personally. But when you’re selling your house, you need to set these feelings aside.

People are going to assess and critique your home, how you designed it, how it looks, and feels. Can you detach yourself enough to hear the criticism and make changes?

Are you ready to paint over your baby’s nursery mural? Are you emotionally prepared to negotiate when buyers come with an offer that’s lower than you expected?

If you don’t think you’re ready to move on, but for practical reasons you must, it’s critical to work through these feelings. Try to adjust your mindset about your home, so the process isn’t as stressful and emotionally draining for you. List out all the positives about moving to a new place and selling, and try to focus on these as much as possible.

What Do You Think? Are You Ready To Sell Your Home?

You might think you’re ready to sell your home, but don’t decide until you’ve answered the right questions. Be honest about why you’re selling, and if the reasons are all emotional, it might be wise to rethink your plan.

Slow down and ask yourself if you’re financially and emotionally ready to sell your home. Is your home ready to go on the market? Is the timing right? If you decide it’s time to sell, question your strategy.

It’s important to go into the process with a clear plan, so you’re not floundering with no goal or direction. The more preparation and reflection you do before you list your home, the smoother the outcome.

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• When Should Seniors Consider Selling Their Home?
• Are You Making These Mistakes When Selling Your House?
• Home Fixes You Must Complete Before Selling