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Selling Your House During a Downsize

Selling Your House During Tax Season

Tax season is often when people decide to sell their homes in order to avoid paying the high tax rates placed on homes and property. Unfortunately, this decision can be tough for those who have owned their property for decades with sentimental value attached. With a home sale, there is no way to make full payment on the tax bill without selling the residence. Here are some tips for selling your home during tax season:

Setting a Price

It is essential to determine the price at which your home can be sold. This price should be determined based on market value; for instance, if you purchased the house for $100,000 years ago and have since made improvements that increase its value, then set a selling price that reflects current market value.

One way to determine market value is to contact real estate brokerages in your area and see what homes in your neighborhood are listed for sale. Additionally, research nearby properties that may give an indication of how much yours could sell for. Find out about our market segmentation by clicking here:

Categorize Repairs

If you plan to sell the home, it is essential to address any problems that could cost you money if not addressed. Clean and make repairs around the house for a higher asking price than if it’s in disarray. Additionally, take care of any current tax responsibilities related to the residence such as back taxes or unpaid property taxes.

Wait For The Right Season

Tax season can be a hectic time of year, so you may want to consider selling at another time of the year. Even if you decide to list your house during tax season, there’s still time to prepare before potential buyers arrive. Be aware of when tax season begins and ends as that can be an important period for potential home buyers.

Make Sure You Have the Money to Sell

Although it may be a great time to sell your house, you may not have enough funds to make payments on anything. Make sure your bank is aware of your decision so money can be transferred promptly and accurately. Taking care of all finances before selling the home helps guarantee there are no issues with making payments later on.