Have you outgrown your home? Or has your home outgrown you and your household? Fewer and fewer families expect to stay in their first or second home for the long haul. Here are some factors to determine if you’re financially and emotionally ready to sell your house:
- 1 – Growing or shrinking household — Are you about to welcome a new baby or take in aging parents? Maybe you’re sending your youngest off to college. In any event, if your living space has become too cramped or grown beyond your needs, it may be time to make a move.
- 2 – Plenty of home equity — Subtract the value of your home from the amount you have left on your loan. What’s left over is the equity — or the amount you’ll have post-sale. After you sell your home, you’ll be a buyer again, so having some funds to put down is key.
- 3- Interest from potential buyers — There is very little inventory available now so buyers are anxiously waiting to find their new home. Our “spring” market has sprung! We are starting to see more homes come on the market now that the days are longer. With such low mortgage interest rates, buyers can’t wait to secure their new home and take advantage of these low rates.
- 4 – Changing circumstances —Location matters. Whether your neighborhood dynamics are changing, you’re unhappy with the schools in your area or a new job significantly increases your commute, your community needs to fit your lifestyle.
- 5- Home improvements —Renovations may be a wise investment, but it’s best to avoid listing your home in the middle of a project. If you plan to sell your home as is, completing some minor home updates such as new paint and fixtures can be a huge selling point.
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