The decision to purchase or sell your home is a crucial financial decision that will impact your financial freedom journey. Home equity is still the largest asset in the personal net worth of many Americans. The U.S. homeownership rate is currently just below 64 percent. Potential sellers will be pleased to know that October saw an increase of 5.9 percent in home sales compared with the previous year.

This was a good surprise for the housing market. According to the National Association of Realtors (NAR), there was a slight decrease in housing inventory. This would be good news for potential sellers, as this trend tends to drive prices higher. However, this news was dampened by rising interest rates which could have an impact on future sales and buying power for potential buyers.

It's important not to try to predict the stock market's future, but it's equally difficult to forecast the housing market's future. Millions of homeowners who bought real estate before the housing bubble created evidence of the inherent difficulties of forecasting future housing prices and economic conditions. No matter how confident you are in the housing market at present, there may be many reasons to decide to sell your home or invest property.

How to Buy a House in 35 Years

You can move for work, to a better neighborhood, to make room for your growing family or to downsize. But you must take steps to ensure that your house sells. Spring is the peak season to sell a house in most national housing markets. There are strategies you can use to sell your home, regardless of economic conditions or season. These are some suggestions and tips to help you sell your investment property or home.

Find out more about the local housing market.

You will most likely know the average housing price in your area and current economic conditions if you've lived in your home for at least two years. You should still do your homework and investigate the housing market in your local area

Find out how many houses have been on the market in your neighborhood and how long it has taken them to list. To get an idea of the competition, it's a good idea to check out comparable homes in your area. Similar features are common in a "comp" or comparable home, which is often located close to your own home. When looking for comparable properties, it is important to look at the number of bedrooms, bathrooms and lot size. Open houses are a great way to see comparable properties and search for real estate websites that post on the Multiple Listing Service.

Establish a reasonable asking cost. It is important to price your home accurately from the beginning. Don't make emotional decisions and don't anchor your listing price to the property's past value.

If you are in a hot market, there will be more buyers than sellers. Prices are likely to rise because of this demand. As long as your price range is reasonable, you can price your house aggressively. Buyers are more selective in a cold market. To attract an offer, your house must be priced at or slightly below the market value.

Interview potential agents and other team members. If you are considering hiring a real estate agent, do your research. To ensure you hire the best realtor possible, it is a good idea to interview at least two potential candidates. This guide will help you to identify the right questions to ask a real-estate agent.

Your professional team could also include a home inspector, photographer and handyman. You should be familiar with the laws in your state regarding real estate sales if you choose to DIY. Some states require sellers of property to submit disclosure forms. This obligates you to report any facts regarding the property that could impact its value or desirability for purchase.

Enhance the curb appeal of your home. First impressions are crucial when buying a house. Although significant landscaping changes are unlikely to be a factor in a buyer’s decision-making process, it is important to avoid any negative first impressions.

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Clear out clutter. This includes getting rid of personal photos, memorabilia, or other clutter. It is often helpful to have an objective, impartial assessment of what should be kept and what should go during staging. Although major renovations are not usually required, a fresh coat or minor repairs can make a great first impression. To give buyers a visual representation of how different spaces can be used to suit their lifestyle and needs, it is helpful to have different photos and different furniture layouts.

Social media is a great way to get your home noticed. Realtor.com, Trulia and Zillow are just a few of the real estate websites that can help you expose your home to potential buyers. Social media platforms can also be a great way to get the word out about your home for sale. Many realtors use YouTube videos and Pinterest groups to find potential buyers and market their services. Facebook is another site that can help you get the word out about the sale.

Calculate the profit or loss potential. Before you review a purchase offer, it is important to evaluate the potential gains and losses within your price range. These items will reduce the selling price:

• Real estate sales commissions
• Closer fees
• Title fees
• Transfer charges and government recording
• Additional settlement fees
• Repayment of existing mortgages will result in debt obligations
• You can include home repairs in your sales contract, or you can have the work done before you put your house up for sale.
• Preparation work for getting your house ready to market, such as landscaping and painting.

Learn current tax laws. The sale of a house is a taxable event. The good news? The IRS offers tax breaks to homeowners. You must generally have lived in the house for at least 2 years as your primary residence. For single taxpayers, the current exclusion amount for capital gains is $250,000 and for married couples filing jointly, it's $500,000

Capital gains are calculated based on the selling price of your home after deducting any closing costs and selling costs. The cost basis for a primary residence is the original purchase amount plus any associated purchase expenses. Add in capital improvements, and subtract depreciation, casualty losses and insurance payments. HomeGain offers a calculator for capital gains to calculate your profits. IRS Publication 551 contains additional information about determining the asset's cost basis.

It doesn't matter if you plan to sell your house Fast Dearborn Heights, or if you are simply looking at your options. Your home could be the place where you have many memories, good and bad. Avoid letting emotions dictate your selling decisions. Instead, incorporate strategies into your financial plan to help you sell your house on your terms.