The Mississippi Gulf Coast’s current real estate market is expected to remain strong for the rest of 2021. Demand for homes is high and home values are rising. As a result, the idea of selling often comes up among homeowners.
Selling your home is a decision you can’t make lightly. Since listing your home prematurely can affect the success of your sale, ask yourself these questions to check if selling now is your best way forward.
Why am I selling?
The first step to figuring out if you’re ready to sell is to pinpoint your true motivations.
Are you selling because your financial situation has drastically changed? Is it time to move to a larger (or smaller) home? Or do you want to take advantage of the current market and your home’s appreciated value?
Answering the “why” behind your decision to sell sets clear boundaries for your expectations and informs your approach to the sale — from how long you want to list on the market to how much you want to price your home.
How is the local market?
Because local trends heavily influence housing markets, it’s important to be aware of what’s happening (or about to happen) in your neighborhood and area. Note that the construction of a commercial center several blocks away indirectly influences your home’s value.
On a larger level, Coastal Mississippi has always attracted buyers who want to mix living close to the water with affordability and a friendly atmosphere. As the pandemic progressed, buyers added space and proximity to nature to their list of reasons for settling in the area.
Increased buyer demand, coupled with rising home prices due to the limited inventory, has created an ideal market for sellers. By staying updated on these local developments, you can more effectively plan your listing and even sell your house fast.
Will I be selling at a profit?
Every homeowner dreams of receiving sizable proceeds from the sale of their home. Make sure you will get proceeds by first calculating how much home equity you currently have. Subtract the balance on your mortgage from your home’s current market price to arrive at the dollar amount. Home equity can also be expressed in percentages. If you have 50% equity on a $200,000 home, you have $100,000 in equity and are halfway through paying off your mortgage.
Don’t forget to factor in various selling expenses into your expected net proceeds from the sale. Agent commissions, home repairs, taxes, title insurance, mortgage payoff, and moving are standard expenses to anticipate when selling a home. In general, you can expect these expenses to amount to about 10% of the final sale price.
Bonus tip: Postpone your sale if you still owe more than what your home is currently worth. Selling when you have negative equity is highly risky and will overburden your finances.
Should I stage my home?
It wouldn’t hurt to. Buyers tend to receive a staged home more positively, primarily because it shows that the seller went through the extra effort to make the home presentable and inviting.
You don’t even have to hire a professional to get good results. Asking your agent for input is enough to get you started. Since they know which amenities and features appeal to buyers in the neighborhood, they can personalize their suggestions on how you can declutter and redecorate your home for maximum impact.
If you aren’t constricted by time, consider tackling minor repairs before your listing. The following improvements increase your home’s value and have remarkable returns on investment:
- Minor kitchen remodeling
- Outdoor deck addition
- Entry door replacement
- Landscaping
Do I need a real estate agent?
In most cases, yes. Hiring a real estate agent may cost you a 5% to 6% commission, but they have the network, experience, and insider knowledge to help you sell above the average home price in Mississippi.
Your agent will have ready access to the most recent comparables for your home. This information minimizes the guesswork when setting the right listing price, thus increasing your chances of motivating buyers to make an offer and close quickly. As your representative, your agent will also do most of the heavy lifting. They will market your home, show around buyers, sort paperwork, and negotiate the fine print.
If thinking about these questions confirms that now is the best time to sell your home, get a selling agent whose breadth of experience and dedication you can trust. Contact us, the Owen and Co., LLC Real Estate team, at (228) 822-9870 or info(at)owenandco(dotted)com, and let’s discuss the best approach for selling your home at a profit.
