If you’ve been in your home for decades, selling can feel like a monumental task. The real estate market has evolved significantly, but with the right guidance, the process can be smooth and even exciting. Whether you’re downsizing, relocating closer to family or transitioning to a senior living community like Edgewood Summit, here’s a comprehensive refresher on what you need to know to sell your home today.
Understand the Tax Implications
One of the most important steps when selling your home is understanding the tax rules that might apply. Here’s what you need to know:
- Capital Gains Tax Exclusion: If your home has been your primary residence for at least two of the last five years, you could qualify for a capital gains tax exclusion. This means you won’t owe taxes on up to $250,000 of profit if you’re single, or $500,000 if you’re married filing jointly.
- Property Tax Transfers: In some states, seniors may transfer their current property tax rate to a new home, potentially saving them money.
- Consult a Professional: Tax laws can be complex, and they’ve likely changed since you last sold a home. Speak with a tax professional or financial advisor to ensure you’re prepared.
How Selling a Home Has Changed Over Time
There used to be a time when curb appeal was king and sprucing up the front yard and lighting a welcoming candle might have been enough to impress buyers. Today, selling a home is often more visual from more angles, especially in the digital age. Here’s some of what’s changed:
- Decluttering is Key: Buyers want to see the potential of the home without distractions. Removing personal items, excess furniture and knick-knacks allows them to imagine their own lives in the space. Here are some great charities to consider when you start your decluttering process.
- Professional Staging Matters: Staging has become a vital part of selling a home. Stagers design the space to appeal to modern tastes and maximize its appeal, both in person and in photos. Check out some additional tips on staging here.
- High-Quality Photos and Videos: Most buyers start their search online. Professional photography and even virtual tours can make or break a listing.
- Seasonal Staging: Tailoring your home to the season can make a big impact. For instance, during spring, fresh flowers, light, airy decor and a tidy garden can enhance your home’s charm.
Additional Home Selling Advice
To get the best price and minimize stress, follow these additional tips:
- Hire a Real Estate Agent You Trust: Look for an agent who specializes in working with senior homeowners. They’ll understand your unique needs and can guide you through the process step-by-step.
- Price It Right: Overpricing can discourage buyers while underpricing leaves money on the table. Your agent can help determine a competitive, market-driven price.
- Address Repairs and Updates: Fix minor issues like leaky faucets, squeaky doors or outdated lighting. If your home needs bigger updates (like a fresh coat of paint or new carpeting), these investments can often yield a higher selling price.
- Be Prepared for Inspections: Many buyers will request a home inspection. Knowing your home’s condition in advance can prevent surprises and strengthen your negotiating position.
Why Spring is the Best Time to Sell
Traditionally, spring – especially late May to early June – has been a prime time to list your home. With more daylight, blooming flowers and pleasant weather, your home will naturally shine during showings. Plus, buyers are motivated to close deals so they can settle in before fall.
Selling your home after decades of memories can be emotional, but it’s also an opportunity for a fresh chapter. If you’re considering downsizing or transitioning to a senior living community like Edgewood Summit, our team is here to support you every step of the way. Whatever you like to do, you can do it here. You’ll love living at Edgewood Summit, from well-appointed senior apartment homes and superb dining to the daily glee of hassle-free, maintenance-free living. Contact us today to schedule a tour.
