So you’ve been living at your home for a couple years. You’ve thought about selling it but, aren’t sure when is the right time to sell it.
Selling your home isn’t rocket science. There isn’t a set formula to when to list a home. Yet, there are some things that can point you in the right direction.
Don’t know what we’re talking about? The key is knowing when is the right time. We’re going to give you some tips on when to sell your house.
Ready to learn more? Keep reading!
When To Sell Your House?
Selling your home can be challenging. Many people say that you’ve to anticipate the market. Yet, that isn’t true.
When you decide to sell your home, you’ve to cover your bases before you list your property. Here are 10 tips you should follow to know when is the best time to sell a house:
1. You’ve Equity on Your Home
If you’re in a lot of debt, it might be tempting to sell your home. But, this doesn’t mean it’s the right time to do so. That’s why before selling you should check if you’ve equity on your property.
Equity is what’s left after subtracting your mortgage balance to the value of your property. If your property is worth $400,000 and your mortgage balance is $300,000, you would’ve $100,000 in equity.
2. You Got Rid Of Your Debt
Everyone has debts they’ve to pay. This isn’t news. But, being able to get rid of your debt and still have money in the bank is a win-win situation.
It’s recommended that you have an emergency fund of at least 3 to 6 months of expenses. Having this amount of money in the bank gives you the financial security needed to buy another home.
3. Your Home Doesn’t Fit You Anymore
As you grow up, you start leaving your toys behind. The same happens with a home. We outgrow our house.
Maybe your lifestyle has changed or you’ve more kids, these are signs that you need to move. If you need to move, it’s the right time to sell.
4. You Can Afford To Move To Another Home
Yes, you read that right. To move to a new home, you’ve to be able to afford it. You’ll have to worry about more than the closing costs on the new mortgage.
If you list your home, you’ll have to pay the realtor a commission. Most of the time it is 6% of the property value.
Also, you know how much it costs you to move everything to another house. So before deciding to sell ask yourself, can you afford everything that comes with the new move?
5. You Know Your Neighborhood Is a Sale Hot Spot
Have there been home sales in your neighborhood? Is there a high demand for homes in your area? These are some of the questions that can tell you if your home is in a high demand area.
If there’s a demand, it means that home prices might be rising. Before deciding to sell, we recommend you check the home sales in your area.
Are prices increasing? If so, this might be as good as any time to sell your home.
6. You’ve Done All The Remodeling in Your Home
So you bought your home and, it was a diamond in the rough. You began to remodel. You had kids and expenses began to increase, so you stopped your remodeling projects.
Before listing your home, you should make sure you’ve finished all your home improvement projects. If you list your home without finishing them, a buyer might ask for a lower price because they’ve to work on the house. So if you want to get the best offer, finish all your home improvement projects to sell at the right time.
7. You Don’t Have Rush To Sell Your Home
Many people don’t prepare themselves to sell their home. Getting the best offer for your property can be difficult if you can’t wait for the right buyer. An example is if you got a job offer and, have to sell in the next 2 months.
If the buyer hears about this, they might make you a lower offer because they know you’ve to sell. So you should try to list your home when you aren’t in a rush to sell.
8. The Job Market Keeps Growing
If your property is in a job market that keeps growing, it might be the right time to sell. When you live in an active job market, every day tons of people keep moving to your area. This means that homes are in high demand which will translate into a better offer for your property.
9. Low Mortgage Interest Rates Are Hitting The Market
When mortgage interest rates are low, it means more business in the real estate market. Low rates motivate buyers to take the step toward homeownership. So when you see mortgage interest rates going down, it’s time to ask yourself if you’re ready for selling your home.
10. You’re Listing Your Home During The Best Time Of The Year
Some people say that there’s a right time in the year to sell a home. But, that’s far from the truth. Yes, there are seasons in the year when people prefer to move.
Most people will tell you it’s better to prepare your house during the winter to sell it in spring. Yet, you need more than listing during the right season. The market has to be in the right condition for you to list.
You should do your research and find out if it’s a buyer or seller market. You should always aim to list your home in a seller’s market. This happens when there are more buyers than properties available.
Is It The Right Time For You To Sell Your Home?
There isn’t a set time to sell your home. But, our tips can give you a better idea of when to sell your house. Remember that first, you should get all your ducks in a row.
You should’ve your finances are all set and list your property during a seller’s market. If you do this and your home is in a hot market, you’ll be listing your home at the right time. You’ll get the right offer and find the best new home for you and your family.
So you’re going to sell your home and move to a new house. Have you thought about getting a foreclosed home?
Check our blog post to learn how to get the best deal on a foreclosed home.