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Selling A House In Tennessee – Bankrate.com

If you own a home in Tennessee, chances are you can find someone who wants to buy it. The state welcomed more than 55,000 new residents between July 2020 and July 2021, according to data from the U.S. Census Bureau. As more people f…….

If you own a home in Tennessee, chances are you can find someone who wants to buy it. The state welcomed more than 55,000 new residents between July 2020 and July 2021, according to data from the U.S. Census Bureau. As more people flock to the Volunteer State, they’re willing to spend plenty of cash to plant permanent roots. According to a Tennessee Realtors report, the median sale price in the state hit $357,000 in May 2022, a 23 percent increase over the same time last year. However, there are also signals of a slowdown in the housing market: Redfin data indicates that the number of listings with price drops is on the rise.

So, is it time for you to cash in on your home’s value? Or, if the market really is cooling off, would it be better to wait it out? Read on for a complete guide to selling a house in Tennessee.

Are you ready to sell?

Just because your home is worth more than you bought it for doesn’t mean you have to rush to list it. If you’re buying another house while you’re selling your current one, you’ll need to think about timing. If your current home sells before you’ve found a new one, are you OK with paying for a short-term rental? If you’re moving to a new city, have you done the math to figure out how the cost of living compares to your current town’s? And finally, what do your finances look like? Mortgage rates have been surging. If you need to borrow a lot of money for your next home, what will your monthly payments be? Once your bank account is ready to move forward with a sale, it’s time to get your property prepared, too.

Preparing to sell

First impressions are important in real estate. Before you think about putting a “for sale” sign in front of your house, consider these three questions to make sure it’s ready for prime time viewing.

1. Is it worth upgrading your home before you sell?

It’s tempting to think that a major renovation — a new kitchen, for example — will dramatically increase the sale price of your home. But the reality is that most big projects don’t recoup their full costs at resale. So, instead of investing tens of thousands of dollars for a remodel that may or may not pay off, consider these cheaper ways to boost your property value.

2. What should you repair before selling your home?

To fix or not to fix? That is the question that so many homeowners have as they get …….

Source: https://www.bankrate.com/real-estate/selling-a-house-in-tennessee/

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