- SELLING RESOURCES -
Know your financials
RESOURCES FOR:
Knowing your remaining mortgage amount, the closing costs you'll face, and the cost of any repairs will help determine how much you can safely sell your home for.
- FINANCIALS -
HOW MUCH IS OWED ON YOUR MORTGAGE?
Determine the remaining amount on your mortgage. This figure will influence your profit margin after the sale and help you budget for any necessary improvements or your next property purchase.
CLOSING COSTS
Sellers typically cover closing costs, which are deducted from the sale proceeds (this means you don't need to take money out of your bank account to pay it). However, the sale price must be above the amount due on your mortgage or the costs WILL come out of your pocket.
YELLOW SAYS...
The average seller has closing costs of 8-12% of the home's sale price.
YELLOW removes 6% of those fees by eliminating agent commissions (3% goes to the listing agent, 3% to the buyer's agent), but that still leaves 2-6% going to closing costs.
COMMON CLOSING COSTS FOR SELLERS
ADDITIONAL RESOURCES
CALCULATE YOUR PROFIT/LOSS
It's easy to estimate your potential profit on the sale.
We've created an Excel spreadsheet to help sellers calculate their profit or loss while offline:
A good online calculator can be found below. It has all the costs listed and their price range:
- OTHER SELLING CONSIDERATIONS -
PREPARE YOUR PAPERWORK
Gather essential documents, including:
ENSURE CLEAN TITLE
Verify your right to sell the property by conducting a thorough title search. Address any potential encumbrances, such as liens or legal disputes, to ensure a smooth transaction.
TIME YOUR SALE
Consider the optimal time to list your home.
According to Zillow research, the best time of year to sell your home is the first half of May. Homes listed for sale in this window sold almost two weeks faster than average and for $2,500 more.
Strategically timing your listing can maximize your returns and minimize time on the market.
ESTABLISH DEAL BREAKERS
Define non-negotiables, such as minimum sale price, timeline for moving, and other conditions. Setting these boundaries in advance can streamline negotiations and prevent compromises that may not align with your goals.
