In today’s market, is it better to sell your house or hold on to it? Home prices are still rising, and buyers can get very low mortgage interest rates, so selling can look pretty attractive. Still, there are numerous other factors that figure into the answer to that question. But if you do decide to sell your house, you then need to decide whether hiring an agent is right for you. To help you out, then, here are 5 questions to ask yourself before hiring an agent in Los Angeles.
1. Am I Able to Set My Emotions Aside?
Selling your house is a purely business transaction, so you first need to ask yourself whether you will be able to set your emotions aside and handle things objectively.
If, for instance, you’re selling your first home, it’s much too easy to have too strong an emotional attachment to it, which could hurt your chances of selling at a good price. It is, after all, the place where you’ve lived for many years and raised your family. And that means it may be difficult for you to say good-bye.
Here’s what industry pros recommend, especially when it comes to the benefits of hiring an agent in Los Angeles: “Once you decide to sell your home, start thinking of yourself as a businessperson and salesperson rather than just the homeowner. In fact, forget altogether that you’re the homeowner. By looking at the transaction from a purely financial perspective, you’ll distance yourself from the emotional aspects of selling the property.”
A good Los Angeles agent can help you achieve the necessary emotional distance so that you can evaluate offers objectively. To discover more about this, just call (805) 257-5780.
2. Do I Really Know How to Price My House to Sell?
Pricing to sell is one of the key elements in marketing and a quick sale. If you can’t answer this question in the affirmative, you’re likely better off hiring an agent in Los Angeles.
“Getting the right asking price is key. Remember the comparative market analysis you or your agent did when you bought your home to determine a fair offering price? Buyers will do this for your home, too, so as a seller you should be one step ahead of them. You may think your home is worth more, but remember to set a realistic price based on comparable homes in the area.”
According to surveys, 70% of real estate agents say that “overpricing is the number-one mistake that sellers make.” But underpricing can be just as bad because potential buyers will automatically assume something is wrong with your home and pass your listing right up. Again, the best course is to rely on your Los Angeles agent to help you price to sell.
3. Is It the Right Time for Me to Sell?
You also need to determine whether it’s really the right time for you to sell. Yes, everyone wants to sell for the most money possible, but it can be counterproductive to just hold and wait for prices to keep going up. This is one area where hiring an agent in Los Angeles can really pay off.
Consider these timing factors that your agent can help you assess:
- Job Relocation – “Have you accepted a job offer that’s several hours away? You may be forced into selling your house, especially if you want to buy another and don’t want to deal with having to pay two mortgages. . . .There’s no reason to pay two mortgages in hopes of getting more cash.”
- Amount of Equity – “Being underwater on your mortgage is never a good thing, and it will make it harder to sell your home and qualify for another mortgage. If this is the case, you shouldn’t consider selling until you’ve built up at least 20% equity in your home.”
- Your Credit – “Having a credit score of around 720+ is generally recommended if you want to shop for a mortgage for your next home. This will give you access to better rates, saving you thousands on the cost of interest over the life of your mortgage loan. It’s smart to hold off on house hunting until your credit score is in better shape.”
- Family Size – It may be time to hire an agent and sell if your home has become too crowded.
- Moving Expenses – Your ability to afford the not-inconsiderable moving expenses will also play a part in whether or not it’s the right time for you to sell.
4. How Much Will It Cost to Sell My House?
In addition, selling your house won’t be all profit. There will be some pretty hefty expenses involved, including the cost of hiring an agent in Los Angeles.
Typically, you’ll wind up paying around 10% of the sale price in various transaction-related fees and expenses. These include:
- Agent commission
- Repair and upgrade costs
- Prepping and staging
- Closing costs
You can, of course, reduce these costs by not hiring an agent in Los Angeles. But more often than not, your agent will negotiate a better price for you, so hiring an agent can ultimately mean more money in your pocket.
5. Is Hiring a Los Angeles Agent Really Worth It?
The final question to ask yourself before hiring an agent in Los Angeles is whether it’s really worth it. And the answer is almost always a resounding “Yes!” Here’s why. . .
“A good agent generally has your best interests at heart. They will help you set a fair and competitive selling price for your home, increasing your odds of a quick sale. An agent can also help tone down the emotion of the process by interacting with potential buyers. . . Your agent will also have more experience negotiating home sales, helping you get more money than you could on your own. And if any problems crop up during the process – and they commonly do – an experienced professional will be there to handle them for you.”
Have you made the decision to sell? If so, contact us today at (805) 257-5780 to discover even more of the benefits of hiring an agent in Los Angeles.