Being a homeowner is more than just owning a home. It is laying a foundation for building generational wealth and family & financial security. You can touch it, see it, build on it, enhance it and manage it as a business. Also maintaining ownership is a strong counter to fight the latest threats of “gentrification” or displacement.
Before you decide to sell, consider ways to keep it in the family. Transfer ownership, sell it to a family member or add a family member to the title. If you can’t keep it in the family, consider ways to find another African American owner. Word of mouth among trusted friends and confidents can potentially find a buyer. Maintaining wealth for the African American community is vital and also keeps your community stronger when there are common goals and interest.
- Seek out financial programs to save your house if it is a financial issue that is causing your decision to sell. But don’t wait too late.
- Don’t bow to the pressure of people contacting you to buy your house. These buyers will ALWAYS offer you a price that is below what you should get for it. No matter your personal financial status, you can always get more. In fact, if someone wants your house, that means it has value to them – so, it also has value to YOU.
- Be an educated seller. Even if you use a realtor, have some realistic idea of the range your property could sell for. Some neighborhoods and blocks are in demand. If you don’t know that, you will list your house with a realtor for too low of a price (note: this makes it easy for them to sell but does not benefit you) and you will take less than what you could really get.
- Check your tax-assessed value. You should receive a statement every year with your tax bill but you can also go online – phila.gov to find out your assessed value. Note: This Is Not Market Value. In most cases, it is lower than your actual market value, but at a least you would know not to sell below your assessed value.
- Go online and see what other properties have sold for, or are listed for, with similar conditions. Most listings have pictures. You will easily find a comparable with or without updates to help you determine a value for your house. Check websites such as: Zillow.com, Redfin.com, Realtor.com, etc. These sites also show estimated or actual sale and rent values for your property and other neighboring properties.
- Although the condition of your property does matter, what the buyer intends to do with the property is not your concern. Don’t let their plan affect your sales price.
- Cash deals are not always the better deal. Someone getting a mortgage, that has been pre-qualified for that purchase price, is just as good as a cash deal. Don’t settle for a lower offer, just because it is a cash offer.