Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

Ascent-logo

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of April 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of April 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for April 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of April 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for April 2021.

Get Started!

Loans

Top Picks
  • Best Loans of April 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of April 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • These States Are Making It Harder to Stay on Unemployment

    Personal Finance

    These States Are Making It Harder to Stay on Unemployment
  • The Easiest Way to Afford the Home of Your Dreams

    Mortgages

    The Easiest Way to Afford the Home of Your Dreams
  • Current Mortgage Refinance Rates -- April 14, 2021: Rates Are Mixed

    Mortgages

    Current Mortgage Refinance Rates -- April 14, 2021: Rates Are Mixed
  • Stimulus Check Update: Have Questions About Your Veteran Stimulus Money or Plus-Up Payments? We Have Answers.

    Personal Finance

    Stimulus Check Update: Have Questions About Your Veteran Stimulus Money or Plus-Up Payments? We Have Answers.
  • The Ascent
  • Knowledge
  • Mortgages

Do These Things Before You Sell Your Home This Year

by Maurie Backman | March 3, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

A man and woman sitting next to each other and looking at a house listing on their laptop.

Image source: Getty Images

Thinking of listing your home? Check these items off your list before you do.

You may have heard that now's a pretty good time to put a home up for sale, and there's a lot of truth to that. Mortgage rates are sitting near historic lows and buyers are clamoring to purchase homes. That means that if you list yours, there's a good chance you'll walk away with a nice amount of money for it. But before you sell your home, make sure to do these important things.

1. Price out a replacement home

If you're going to sell your home, you'll still need a place to live. But just as you're likely to command top dollar for your property in today's market, so too might the people you're buying from. As such, you'll need to make sure you can afford a replacement home before you put yours on the market. Let's say you're selling a starter home in the hopes of upsizing. You do some research and realize you can't afford a larger property in your target neighborhood. At that point, you may not want to list your home after all.

2. Decide if you need a real estate agent given buyer demand

There's a very low inventory of homes on the market right now, which, combined with low mortgage rates, is driving buyer demand. As such, you may find that your home sells easily -- so easily that you don't need to hire a real estate agent to help you.

The upside of working with an agent is that you'll get an expert who knows the process inside and out and can market your home well to potentially get you a higher sale price. The downside of working with a real estate agent is you'll have to pay that person a commission. This could amount to 4% to 6% of what your home sells for. In other words, if you sell your home for $400,000, your real estate agent could get $16,000 to $24,000 of your proceeds. That's money that could otherwise go toward a down payment on a new home or other moving expenses. So think about whether it pays to hire an agent or sell your home solo.

Get $150 off closing costs with Better Mortgage

Get $150 off closing costs with Better Mortgage

This is one of the top lenders we've used personally to secure big savings. No commissions, no origination fee, low rates. Get a loan estimate instantly and $150 off closing costs.

Learn More

3. Make sure you'll qualify for a mortgage

Chances are, you'll need to finance your new home. To that end, you'll want to make certain you can qualify for a mortgage before you list your existing home. Mortgage eligibility usually hinges on these factors:

  • A minimum credit score of 620, though some mortgage lenders may impose higher standards
  • A reasonable debt-to-income ratio
  • A steady job
  • A high enough income to support your loan amount
  • Funds for a down payment

The latter item may not be an issue if you're selling your current home at a profit. But make sure you're all set with the others before you move forward.

In today's housing market, sellers seem to have the upper hand. But that doesn't mean you should rush to list your home. Instead, tackle these items so you can be certain you're making a smart choice.

A historic opportunity to potentially save thousands on your mortgage

Chances are, interest rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new home purchase. 

The Ascent's in-house mortgages expert recommends this company to find a low rate - and in fact he used them himself to refi (twice!). Click here to learn more and see your rate. While it doesn't influence our opinions of products, we do receive compensation from partners whose offers appear here. We're on your side, always. See The Ascent's full advertiser disclosure here.

About the Author

Maurie Backman
Maurie Backman icon-button-linkedin-2x

Maurie Backman is a personal finance writer who covers everything from savings to retirement to healthcare. Her articles have appeared broadly on major outlets such as CNBC, MSN, and Yahoo.

Share This Page
Facebook Icon This icon shares the page you are on via Facebook
Blue Twitter Icon Share this website with Twitter
LinkedIn Icon This image links to share the page over LinkedIn.
Email Icon Share this website with email

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Related Articles

"Rates" on a stick note on a house image for Find the Best Mortgage Rates

Find the Best Mortgage Rates

Cardboard cutout house on a desk image for Best Mortgage Lenders for 2021

Best Mortgage Lenders for 2021

Money bags and a model house sit on a balance beam image for Best Mortgage Refinance Lenders for 2021

Best Mortgage Refinance Lenders for 2021

Change on a desk image for Mortgage Payment Calculator

Mortgage Payment Calculator

Featured Articles

Find the Best Mortgage Rates

Best Mortgage Lenders for 2021

Best Mortgage Refinance Lenders for 2021

Mortgage Payment Calculator


The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool