5 Signs It's Time to Sell Your House
Knowing the right time to sell your house can be difficult. It is an important decision that can have ramifications for years to come. Don’t fret though: many have faced this same dilemma and have turned it into a positive. You can too! Take a look at our suggestions about knowing when to sell your house.
You need and can afford to move soon
Due to life circumstances out of your control, you may need to move and sell your house. If you can afford the moving costs and it is an emergency situation, it is the right time to sell your house. This is going to make the buying and selling process happen fast so you better have the right realtor who will understand your goal. Whether it is to free up money or move to help a loved one, the right realtor can help you get the best deal. Don’t be hesitant to try and sell quickly as most houses don’t stay on the market for very long.
You have built up equity
You don’t want to have negative equity in your home. That means you would owe more money on the house than what it is worth. When you try to sell your home with negative equity, you’ll end up short or possibly breaking even, which doesn’t help you gain any financial benefit. Make sure to sell only after you will be able to turn a substantial profit on it. You gain equity by paying off your mortgage faster or making more mortgage payments in a year than is required. Even if you don’t sell your home, you are still gaining something in return. When you eventually do sell your home you’ll have more negotiating power and put your profits from the home on your dream home. Make sure you are ready to sell your home by checking how much equity you have tied into the home. Have a realtor run a competitive market analysis (CMA) to find out how much you could possibly get for your home in the current market. Subtract your remaining mortgage balance from the CMA total and that’s about how much equity you will have to work with.
You have completed renovations
One of the best times to sell your home is after completing renovations. Renovations can increase the value of the home depending on which projects you choose to tackle. This can increase your asking price when you sell your home. Home renovations can be cheap, but usually, you will have to do the work yourself. If you have already completed some home renovations, consider selling your home. Invest in small renovations that pay for themselves very quickly. You can also focus on any renovations that make your house more functional or provide basic necessities. Don’t go too overboard, though. When you sell your home you want buyers to see it as a blank canvas, it makes it easier for you to sell your home.
Your house doesn’t fit you anymore
The first house you buy will not always fit your needs. Your family could grow or you can have an empty nest. Eventually, you may find yourself in a house you don’t want or need. We highly recommend that you sell your home if you are downsizing. You can free up money for retirement or pay in cash for another home. Some people even use that money to buy rental properties. If your family is growing and your home is in good financial shape, you can also set yourself up for success. You can sell your home and put down a large down payment on another home. Make sure to contact a realtor who understands your goals and how you plan to use your home.
It’s the right market at the right time
Housing markets fluctuate constantly, but that doesn’t mean you should avoid them. If your community is growing and property values are increasing, now is the time to sell. In a highly competitive market for buyers, you can sell your home for an increased price. It also gives you negotiating power when it comes to paying for fees for the home. A great time of year to sell your home is either in the spring or winter months. Time your listing just right and you can even better deals!
Thinking about selling your home? MWT Realty is committed to fulfilling your needs where you are. Contact us today and let’s plan how you can sell your home.
