FAQs About Selling a House

When you sell your home, it can be a difficult time both emotionally and because of the stress and confusion. Instead of panicking, do a little research prior to selling your home, so you are knowledgeable about what to expect.

Q: When is the best time to sell?

A: People prefer to move during warmer months like in spring. Look at loan interest rates, because when the rates are low, a greater amount of people are willing to take out loans. Evaluate the current economy. When the economy is in a grim place, people are either financially unstable, so they do not take huge risks, or they do not have the money to do so.

Q: Do I need a real estate agent?

A: No, you do not need a real estate agent. But, you may want to consider hiring one, since he or she will take a lot of the burden off of you, such as finding potential buyers and doing all the paperwork.

Q: Do I need an attorney?

A: It depends on your state's laws. A few states require you to hire a real estate lawyer.

Q: What happens with taxes?

A: If you are married and file together, you may earn a profit of up to $500,000 without having to file taxes on it. However, for someone who is single or files separately from his or her spouse, then this person may only earn a profit of $200,000 without having to claim it.

Q: Do I need to have my house inspected?

A: There is not a law stating that you must, although it is a strongly recommended.

Q: What upgrades should I make before I sell?

A: You do not need to make any upgrades, but do know that certain upgrades will increase the value of your home. Do make sure the house is clean when you show it and uncluttered.

Q: How do I establish a price?

A: Look at other properties in the neighborhood and see how much these houses are going for. Use this as a base figure and take into consideration any upgrades you have made.

Q: Should I get a professional appraisal?

A: Yes, only a trained professional may give you the actual value of your home.