There are several factors to consider when deciding to sell your home. In some cases, you may need to sell due to a change in your circumstances, such as a job transfer or other life-changing event.
If selling is not a requirement, then the following items are things to consider if now is a good time to sell.
One of the most important factors to consider when selling a home is how much equity you have in the property. If you took on a mortgage when you purchased your home, then you’ll need to pay back that loan with the sale of the property.
Not only will you want to sell for enough to pay back any outstanding loan,
Most homeowners can count on higher annual equity increases. Some housing markets look at about 2% equity improvements. Other opportunistic homeowners look for higher chances of increasing equity.
Even if you have positive equity in your home, you may want to look for ways to improve it before putting your home up for sale to get a larger return on your investment.
There are various ways you may be able to improve your home’s equity such as enhancements to the kitchen and bathrooms, reconfiguring the home to include more bedrooms or making other significant upgrades.
It’s important to note that not all renovations will increase the value of your home, so be sure to check with a seasoned realtor that can help you navigate your options.
💰 Your Finances
A critical factor of whether it may be a good time to sell a house is your overall financial situation. When you have occupied your home for some years, you may have equity that can be used as a down payment on a new home, as well as help with the costs that accompany moving.
Your financial circumstances will play a role in whether or not it is a good time to sell. In some cases, your financial situation may make it a better idea to rent out your property, rather than sell it.
🤷🏼♂️ Change in Family or Life Situations
A change in your family or life situation may play a role in whether it is a good time to sell. Your existing home may not serve your current needs, such as the addition of a new family member, or maybe your kids have gone off to college.
Some may be looking for additional space to accommodate a home office or other workspace. In some
In real estate, there are typically certain times of year that may see more buyers looking for homes, therefore increasing the value based on supply and demand.
Typically there are certain months or quarters of the year that are better than others, although there are many factors that play a role in seasonality, such as overall market conditions, economical impacts, etc.
You will want to talk to a seasoned agent who can help you better understand the current trends.
📉 Other Housing Market Factors
As suggested above regarding seasonal factors, the overall number of properties for sale that match your home’s specifications will have a large impact on the current value of your home.
When there are fewer homes available on the market, this is considered a “seller’s market,” indicating your home may currently be worth more than when it’s a “buyer’s market,” and more homes are available to interested buyers.
Mortgage interest rates will also play a role in the value of your home. When interest rates go higher, this may mean that buyers needing financing will be able to afford “less house” and make buying a home less desirable.
This may contribute to more homes staying on the market longer, and therefore decreasing the value of your property. On the other side, if interest rates are low, it as seen as a better time to buy and therefore more buyers are looking, which may increase the value of your home.
Is this a good time to sell? As you can see, there are many factors that play a role in selling your home, and it’s important to work with a seasoned agent that can help guide you through the many factors.
Are you looking for your highest return on investment? Are you in need of a new space due to family situations? Is there a prediction in the market that makes the value of your home significantly different?
Each individual is different in their desire to sell, and your specific circumstances will ultimately play a role in whether it’s a good time to sell.
Start with getting an instant home value to see what your current home may be worth, then be sure to reach out to us for