Selling your home is something that most homeowners encounter at one point or another. Today’s buyer purchases an average of three homes in their lifetime. Some sales are done out of necessity while others are done for monetary gain. Deciding the right time to sell can be a difficult and stressful decision. If you are on the fence as to when to sell your home there are a few things you should consider.
“Why are you selling?” Seems obvious enough but too many homeowners run for this question. Are you selling out of necessity or are you selling because you want to? When selling to avoid foreclosure or because of a work transfer your cards are played for you. If you are selling to downsize or to reduce your payment there may be other options. Before you do anything you should consider why are thinking about putting your house on the market. This isn’t a decision that should be taken lightly. You should get as much information as you can and put everything on the table. Selling may be the best move in the right situation but you could have options you didn’t know about.
“Where will I live?” Selling and cashing in on your equity may be your plan but you still need somewhere to live. Before you decide to sell you need to think about future housing. Even if you plan on putting a chuck of your equity to another house you should speak with a loan representative first. Getting approved may not be an issue but the new monthly payment could be a hurdle. It is a good idea to get preapproved before you do anything with your current residence.
“Am I trying to time the market?” With many housing markets fully on the rise now may be a good time to sell. Trying to time to market and sell at the exact highest point is extremely difficult. There are market indicators and comparable sales but the housing market often has a mind of its own. A lot can change in just a couple of months in either direction. The best advice is to be satisfied with where your current market is whenever you sell. If you wait to get a higher price you run the chance that they could go lower. If you sell and the market takes off in three years you can regret that too. Even the brightest real estate minds don’t fully know where the market is headed. Trying to time it and sell at the highest point is never easy to do.
“What would I change with my house?” Are you selling to change certain items in your existing residence? Perhaps you are sick of the layout or the tiles in the bathroom. Before you think about selling explore the option of making improvements to your home. Besides location almost everything in a property can be changed. If you have equity you may be able to tap into it to make the modifications you always wanted. Figure out what you like and don’t like about your house and see how realistic it is to change them. Moving just for a change of scenery could leave you with regret.
Most homeowners know when the right time to sell is but are reluctant to act on it. Ask yourself these questions if you are still on the fence. How you answer them will give you an idea if you are ready to sell.