Life changes, and the house that met your needs when you bought it may not tick your boxes now. Should you stay, or should you go? Ask yourself:
Are buyers out there?
Ideally, a homeowner should list their home for sale when conditions warrant a “seller’s market,” meaning there are more buyers looking to buy homes than there are sellers selling them. Generally, when demand exceeds supply, a seller can expect their home to sell quickly, and, in really tight markets, for more than its asking price. More buyers, essentially, equal more money for sellers.
Keep in mind a real estate professional is a valuable ally to have, whether you’re in a seller’s market or not. He or she can keep you abreast of market dynamics, offer insight into pricing, provide an upper hand in negotiations, and more.
Do I need the space I have now? Do I need more?
Your home was the perfect fit while your children were growing up—an ample yard, enough bedrooms, and a play room that you could close the doors on. A family-sized home when most of its members have left, though, can be costly and taxing to maintain. Simply put: Is your house too roomy now that the kids have moved out?
What about the opposite? Maybe your home isn’t spacious enough. You need an extra bedroom to accommodate guests and relatives, or plan to add to your family in the future, or want more in the way of entertainment or recreation. Is your current house bursting at the seams?
Where do I stand?
One of the key differentiators between renting a home and owning one is the ability to build equity, or the amount you owe on your mortgage versus the current value of your home. A homeowner with substantial equity may be in a better position to sell than one without. A real estate professional with knowledge of present market conditions can help you determine your stake—it can be financially advantageous to place your home on the market if the figures are in your favor.
Is now the right time to sell your home? Contact me to discuss your options.
Source: realtor.com®
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