Selling Your House FAQ

Questions:

• Should I sell my house now?
• Do I need a real estate agent or attorney to sell my house?
• Will I owe taxes when I sell my house?
• When will I meet my prospective home buyers?
• What will I need to leave behind in the house after it's sold?
• How much should I fix up the house before selling it?

Answer:

Should I sell my house now?

If you can choose when to sell, it's best to wait until your local real estate market is "hot," or a "sellers' market." This can occur on a very local basis, regardless of what's common across the United States. The heat of a market can usually be gauged numerically, because the number of available homes drops well below the number of buyers wanting them. Here are some other indicators that the market is good for sellers:

• Mortgage interest rates are low, allowing buyers to finance larger mortgages.
• The economic climate of your region is healthy, and people feel confident about the future.
• There's a jump in house buying activity, as often occurs in the spring.
• Your area is considered especially attractive -- because of the schools, low crime rate, weather, affordability of starter homes, proximity to a major city, or other factors such as employment opportunities.

Of course, not everyone gets to choose when to sell. If the market is down and you have to move immediately -- for example, because of financial reasons, a divorce, a job move, or an imperative health concern -- and you don't have any of the advantages listed above, you may have to settle for a lower price in order to make a quick sale.