To know when to sell your property isn’t an easy decision to come to. While some Real estate experts say it’s a great time to take advantage of the next stage in the property cycle, others think that we are yet to feel the full force of Covid on the market.
Of course, no-one wants to purchase a new property, to see it decrease in value and then have to wait for prices to rise again.
However, it’s important to know that every market is different – while some markets boom, others fall or stay stagnant.
But if you were on the fence about selling, you need to consider a range of things that will affect you. From current market conditions to your own financial circumstances and more.
Wondering if it’s the right time for you to make a move and sell your house ?
Here are 6 signs that it’s time to sell.
1. You’ve built positive equity
If you’ve been paying your house off for five years or more, you may have built up a tidy sum of positive equity. Having built equity is one of the best financial factors in deciding whether you’re ready to sell up.
2.No Need For Any Remodeling or Big Repairs
The important thing is that your home doesn’t need some type of major overhaul that sends buyers running for the hills – something like a leaky roof or cracked foundation. Barring any such severe flaws, just double check with your real estate agent to make sure there aren’t any renovations that would significantly raise your home’s value. If there aren’t, then you should consider your home ready to hit the market.
3.You’re financially ready to move
Not only have you got equity on your side, you have extra savings up your sleeve. The costs stack up quickly when selling a house. Try not to rely solely on your equity — it’s best to reserve that for your new dream abode.
When asking yourself, “Should I sell my house?”, consider the costs of moving, minor (or large) repairs that need to be done before you list your house on the market, and whether your new mortgage will be heftier.
4. You’re emotionally ready to move
Selling a home can be an emotional and stressful process, and emotions can cloud judgement at the best of times. You need to prepare the house for sale and be ready for any negative feedback you may receive from realtors, home stagers, or potential buyers.
This doesn’t mean you shouldn’t sell! Give yourself time to mentally prepare for all the steps it will take.
5.You Know the Market is Strong
You should have an idea of housing prices in your area if you’ve been in your home for at least a couple years. Look at the average number of days that homes have been on the market. Has that number been decreasing?
At the same time, has the price per square foot of homes in your neighborhood been rising? If the answers are yes and yes, those are indicators of a strong market. Of course, you can always look at homes like yours that have sold in your neighborhood recently, too. If you’d be happy with the price that comparable homes are selling for, now could be the right time to list your home.
6.You’ve got an agent in mind
You’ve checked off a bunch of concerns on your list and you’re ready to talk with real estate agents. If you’re serious about selling you’ve probably started doing your research.
A good real estate agent will listen to you and be able to advise you of the best outcome you can achieve. They will be able to help you put together a plan for selling and outline all the steps you need to take to get your house listed.
