HOW DO YOU KNOW WHEN IT’S TIME TO SELL YOUR HOUSE?
Is it time to sell your house? Or should you wait and see if home values continue to climb? Knowing when it’s time to sell your house can be tricky. But we have some tips to help. Here are the best indicators that it’s time to sell.
You've built equity in the house.
The most important factor in deciding when it’s time to sell your house is your home equity. How much money would you be able to keep from the sale of your house after you pay off any remaining mortgage loan and your closing costs?
If your sale price is high enough to break even on those costs, you’re clear to sell. But if you can keep enough money from the sale to put 20 percent down on your next house, you’re golden! That amount of equity is a great indicator that now is the time to sell your house.
Your local market is hot.
Trying to time the market perfectly is a fool’s errand. But it’s certainly better to sell your house when your market’s hot. In a hot market, you have more buyers than listings. So the buyers compete for the limited housing inventory, which means higher home prices. That’s great news for sellers.
Thanks to low mortgage interest rates and a well-recovered national economy, there are hot markets all over the country. You local Realtors® can explain your current market conditions and provide insight as to how hot your local market is.
You’re emotionally ready for the next phase of your life
Market conditions mean nothing if you’re not emotionally ready to sell.
Are you ready to move onto the next phase of your life? So ready that you’re willing to invest the time and effort in preparing the house for sale, scheduling your week around showings, working through the sales paperwork, and actually moving?
These short-term inconveniences lead to a reinvigorating fresh start. Are you ready to take that big step?
What about the season of the year?
Traditional wisdom is that spring and summer are the best time of year to list your house for sale. Buyers are looking to make a move while the kids are out of school, there are more hours of daylight to spend house-hunting, and the weather is conducive to touring properties, moving, and even tackling move-in renovations.
But if you’re in a geographic area that doesn’t experience all four seasons, time of year will have a much lower impact on your ability to find qualified buyers. You could even experience a surplus of buyers motivated to get settled in their new home before the holidays!
If you’re on the fence about selling, talk to us. We can explain local market trends to help you decide, with certainty, if now’s the time to sell your house.
This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of Realty Executives International. This post was written by Michelle Clardie.