Skip to main content

Financial Considerations Before Selling

 If you are one of the many homeowners who have been thinking of taking advantage of the soaring home prices and insane buyer demand, then you might be wondering what that looks like for you. 


While thoughts might immediately jump to taking care of that landscaping project you've been putting off and whether or not you should put a fresh coat of paint on the front door, its important to also take a look at the financial considerations of selling. 


Home Value - Of course, one of the main things you should look into is whether or not you can get as much as you think. Just because 6 months ago the house 3 doors down got $650,000 doesn't mean you can get the same, or higher. If you are counting on the $650,000+ to sell, then you absolutely need to make checking your home's fair market value a top priority. Your trusted real estate agent can take care of creating a Comparative Market Analysis to get you the info you need. 



Cost - Selling a home isn't cheap. Those high sale prices seem pretty enticing but you'll have to remember that you may need to pay for upgrade costs to invest in your property (though Compass Concierge can help here!), moving and packing costs, potential repairs that the seller or lender may require, and of course transfer taxes and brokerage commissions, just to name a few. 


What Now? - The main difficulty for potential sellers now is what happens AFTER they sell. For many sellers, that means they are now back in the Buyer Bucket, where things are tough. Potential sellers need to work through the strategy of what they can afford in their next home but also how they are going to get there. So working with your agent to come up with a Plan A, B, and C is key. For example, maybe Plan A is to find your new place first and carry two mortgages, if possible, for a short period of time (or look into a bridge loan or family gift). Plan B is to sell first and ask for a rent back to give a bit more time to find your next place and Plan C is to find a short term rental to move in to. But all of those have financial considerations! 


Want to look into your own options? Contact me anytime for a no-pressure chat! 

Comments

Popular posts from this blog

Accessibility in Good Design

 I've been impressed lately with some of amount of accessible design features I've seen around as of late. By "accessible design", I mean home decor, renovations and design that is accessible to those with a physical impairment or disability.  First I noticed that back in March, Better Homes and Gardens did a great feature on a home designed with a wheelchaired child in mind.  Yes, it was a rancher and mid-century modern in design so it leant itself to move open-flow and clean line design. But even if this isn't your style, there were some great ideas here!  Check it out here  Then I saw Southern Living did a great home build with "adaptive design" in mind. This was a great feature because it reviewed new construction and slight changes in thinking to make just a welcoming, easy access home for all guests.  As noted in the article,  " If you’re going to be a good host, particularly from the Southern point of view, where we’re all about hospitality,

Philly Designers To Follow - Round 2!

 Two years ago I posted this list, rounding up some of my favorite local designers to follow (or hire!). Honestly, still in love with all of these designers and love seeing their businesses grow!  But I wanted to share a few more local designers to check out in 2022!  Crisco and Frisco  Via I actually just recently came across these two but am really interested in their work. A lot of its very modern and trendy but they seem to add something unexpected in all of their work and I LOVE that. Its so easy to get formulaic when your clients see something and want it, so they seem to have a fresh eye for adding uniqueness to that formula.  (I mean that tile combo!....)  Twelve Chairs Interiors The patterns! Ah! They know how to balance color and pattern with very tailored looks. Love it! I have a special place in my heart for their 1840 Greek Revival project in West Chester (PA)  Bare Root Design  Based in Bucks County, they feel very true to their location, with a key understanding of elev

House(s) of the Week: What It Buys You

This week's House of the Week is actually more than one. In fact, this week, we are looking at 15! Recently, a few people have brought up to me that the $300,000 house doesn't buy you much anymore. And hey, I can't disagree. Pull a search in Center City Philly and you don't have much to look at. The reason home buyers get so bummed about this is a lot of first-time home buyers can't afford more than $400K for a new home (in fact, most are probably cutting that number in half!) yet city living and the walkability it affords are very important to them. So the growing prices can be a let down. Walkable Fairmount So this week I looked at some of the most desirable neighborhoods in the greater Philly region and looked at what you could buy for $200,000-$400,000. I also looked at only walkable areas. So this list is comprised of affordable, generally move-in ready homes in the $200-400K range. So lets see what we found! Center City Philly Obviously Center