If you’re selling a house in Memphis, Tennessee, you are going to have lots of questions about the process. It’s one thing to watch the home-selling from the sidelines and it’s another thing altogether to go into the home-buying process yourself. If you’re thinking of selling a house in Memphis, Tennessee, these are the five biggest questions you need to ask yourself.
5 Questions To Ask Yourself When Selling A House In Memphis, TN
How Much Is My House Worth?
One of the biggest worries any home seller has is knowing how much money they’re able to get for their house. It’s tough to know what the exact number might be until you start receiving offers and begin the negotiation process. However, you can get a sense of how much your house is worth based on what’s happening in the Memphis housing market right now.
You’ll want to know what homes in your neighborhood or area have sold for on the open market in recent days. The best way to get that information is to look at the local multiple listing service (MLS), a database used by local real estate agents to share information about listings and properties. Everything from home prices to property details can be found here. You can also find this information on most online real estate websites, who often license it for their own listings.
Make sure you take into account the many differences between your house and these comparisons. Another home might be very similar to yours, but there are likely to be many differences between them as well. It’s not always apples-to-apples so make sure you keep that in mind. Not all three-bedroom homes are equal.
What Is The Best Time of the Year to Sell My House?
The truth is, while there is a lot of data to suggest that certain times are better than others, you would probably get different answers from 100 people if you asked them this question.
In general, the yearly market starts slowly in January but picks up steam by the time spring rolls around. The summer is traditionally the hottest season for home sales but then things generally dip in the fall and winter. Of course, there are a lot of variables that affect that cycle and cause it to shift and change, especially on a local level.
On average, Memphis follows this general trend as well. Most local data suggests that home sales peak in May, June, and July. Keep in mind that it takes, on average, three months to sell a house. So if you want to take advantage of the peak time of year for sales prices, you probably want to list in March or April. Listing in the fall or winter could still lead to a sale but you’re likely to get less money for your home because of a lack of competition.
How Much Is It Going to Cost to Sell My House?
Home sellers usually only tend to think about real estate agent commissions and closing costs when they consider all of the costs involved in selling a home. What they don’t take into account the many other costs that are involved in the entire process, one that begins before you’ve even listed the house.
Selling a house on the open market that isn’t in good condition is always a risky proposition. There are too many other options out there for buyers to consider instead of yours in need of repairs. Whether you’re dealing with water damage, mold damage, termite damage or anything else, you’ll want to hire someone to fix the problem.
You’ll also want to hire some professionals to help you make your home look as great as it can. You need a professional photographer to take photos that pop, a professional stager to make your home look ideal, and a landscaper to up your curb appeal. Of course, all of this comes with costs.
Once you’ve listed your house and offers have started coming in, you’ll have to start thinking about demands or concessions that will cut into the overall profit you take home from the sale. But you might have to agree to them in order to appease buyers.
When it comes to closing costs, it’s good to know what’s coming. If you’re selling your house for around $200,000, you can expect closing costs to come in around $2,500 and $5,000. Average closing costs in Tennesee come out to approximately 1.25% to 1.9% of the overall cost, which is higher than the national average.
How Long Will It Take to Sell My House?
Honestly, the answer is, it depends. It depends on the condition of the housing market, the condition of the house, and what kind of price you are willing to take. Two-to-three months is the generally accepted amount of time on average it takes to sell a house on the market, but results will always vary.
Depending on who you ask, the average amount of time that a house stays on the market in Memphis is 60-80 days, although the time of year plays a large role in determining that.
What Should I Do if My House Isn’t Selling?
Unfortunately, you could do everything right and still not see any good offers come in for your house. And even if you get good offers, there could be complications in the closing process or financial issues that derail the sale. If that’s the case, it’s good to know you have another option.
You may want to consider selling the house directly to a real estate investment company instead. They work with hard-to-sell houses and can make a quick assessment before making you a cash offer within days. Instead of worrying about all the costs involved in selling on the open market, you can accept their fair offer, get paid in cash, and move forward with your life. If you’re leaving the Memphis area quickly because of relocation, a new job or otherwise, this can come in very handy.