For first time sellers, knowing when to sell can be especially challenging. We know it’s a tricky time for new sellers to maneuver. We put together this list that will help you in your decision making process. We’ve been in the real estate industry for a while now, and we think we have a few protips that might help. Each situation and point is different. At the heart of the matter we’ve learned this; knowledge and time are the two necessary pieces to your home selling process. There’s no need to make great leaps and bounds forward without knowledge, or time on your side.
1. When you have time to move slow and steady
Maybe you’ve already figured out that you’re about ready to sell your home (more on that below), you’re just not feeling a sense of urgency to get the next steps rolling. That’s great; now is the best time for you to take your next appraisals steps! When time is on your side, the entire process is relieved of potential hiccups, mistakes and burdens that could impede on your sales (and moving) hopes and dreams. Use the time you have as an asset, instead of al luxury.
2. When you have equity
First off, let’s make sure we all understand what home equity means. When your home sale price pays off any remaining mortgage you have on your house, that amount is known as your equity. If your property is worth $350,000 and your mortgage balance is $200,000, then your equity is $150,000. If you still have to pay mortgage on your home after selling it due to its value, it might be best to wait until your house is of higher value, or until more of your mortgage is paid.
3. When the market is in your favor
Speaking of value, what is your home worth? Bring an appraiser on the scene to find out what your home is worth. After learning your home value, you’ll need to spend a little time with Google, and find out if there are homebuyers for your house. If both of these factors are in your favor, it might be time to sell.
4. When your house doesn’t match your life anymore
On a more personal note, have you noticed that your housing situation isn’t fitting in with your day-to-day, goals, or preferences? Whether it’s a commute that you find unsustainable, or a storage issue, or a question of location, you may be finding that you’ve almost outgrown your home. If so, now is a good time to prepare to sell.
If you’d like more help deciding how to proceed with your home sale process, check out our archive, or give us a call. We’re here to support and help you.