If you’ve been reading the headlines about the surge in housing prices, you might be considering whether you should sell your house in Michigan. Home values have indeed surged in the Great Lakes State, notching a 10.6 increase in average sales price so far in 2022 versus 2021, according to Michigan Realtors data. However, it’s not the same story in every part of the state. For example, while home prices are up by a whopping 38 percent in Hillsdale County, they have jumped only 5.6 percent in St. Clair County.
And while thinking about putting your home on the market may have you adding up your potential profits, don’t move so fast: There are plenty of costs associated with selling your house. Read on to understand how to get your home in Michigan ready to sell, when to list it and what to expect from the entire process.
Are you ready to sell?
Should you sell your house now, or should you wait? There isn’t a one-size-fits-all answer to the question of timing. But if you’re waiting because you think housing prices will continue to soar, think again. Goldman Sachs economists recently predicted that housing prices will remain flat in 2023, so don’t expect another huge bump in average home prices in Michigan.
Make sure you’re prepared, though. If you’re trying to sell your house while buying another, have a plan in place in case things don’t go perfectly (which they rarely do in real estate). What if your home takes longer to sell than you expect? What if you can’t find another place to buy? Are you willing to potentially deal with the cost of a short-term rental?
Additionally, if you’re selling your home in Michigan with plans to move to another state, you need to consider the cost of living in your new destination. Bankrate’s cost of living calculator can help you understand what you can afford in different cities. For example, if you want to flee the winter cold of Grand Rapids for the sunny skies of Fort Lauderdale, get ready for your cost of living to increase by 30 percent.
Preparing to sell
If you’re ready to sell, you’ll need to get your place ready to wow any buyer that walks through the door. Consider these three key questions:
1. Is it worth upgrading your home before you sell?
Making major upgrades, like remodeling your kitchen or finishing your basement, might sound like they will help your home bring in a hefty sum. However, the reality is that even the best home improvements don’t normally manage to recoup their …….