Selling your home for the first time is often just as stressful as buying your first house. You need to know the tricks of the market, the ins and outs of selling. It often feels overwhelming at first.
Fortunately, experts help make the process a little less daunting by banding their knowledge together. They offer good tips and suggestions that you can use to make the selling process an easier one.
When to sell?
The Balance examines important steps in the home selling process. This includes answering important frequently asked questions. For one, you may wonder when the right time to sell is. An expert will say you should wait until it’s a “seller’s market”. In short, there are more people looking for houses than there are houses to buy. You can also look out for a time when interest rates are low, when the economy is flourishing and when people are likely to move.
Getting the right professional aid
Next, know that you should hire a professional home inspector to appraise your house before you sell. The buyers almost certainly will, and it can give you an edge to know what they will find. This lets you address problems before selling, like leaks or issues with the foundation. It also boosts your credibility as a seller.
Understand the tax consequences of selling your home. Selling a house generates capital gain, which the IRS classifies as taxable income. But you can exclude up to $250,000 in capital gains (or $500,000 for couples).
Finally, many experts will suggest hiring a legal expert to help. While it is mandatory in only a few states, the benefits of having a professional on your side are numerous. They can help you work through any snags you run into and smooth out the entire selling process.