Are you thinking about selling your home? Maybe you have thought “Should I sell my house now”? How do you know when is the best time to sell your home? I will tell you!
In this article I will go over:
How to know if you are ready to sell your home
Is the market right to sell my home?
How to Know if You are Ready to Sell Your Home
The first thing you need to consider before selling your home is your financial situation. The whole picture not just what’s in your wallet.
You will need to check with your lender to get a payoff quote. This way you will know the exact amount (with interest and fees) to pay off your home. This will help you determine if you will make enough on the sale.
Next you will need to find out what “Fair Market Value” is for your home. It is best to call a good local Realtor to assist you with this. I also suggest that you interview the Realtor to make sure they will be a good fit, use my Realtor Interview Questionnaire.
You can get a basic estimate of your proceeds by subtracting your payoff quote by the “Fair Market Value” that your Realtor helped you determine. There are quite a few other fees that will be involved in selling your home, but this will get you started.
If you want a more accurate amount use my Seller Net Proceeds. This form has everything to get you a close estimate of the cash you will receive at closing.
If the numbers don’t work out, for example after all the fees and mortgage payoff you still owe $10,000 then maybe its not quite time for you to move yet. I am not saying it is impossible for you to move in this scenario, but it becomes very difficult.
- Square Footage
The amount of space needed for you and your family to live comfortably will not always be the same. Maybe you bought a small starter home right after you got married and now you have three kids and two dogs, and you don’t fit into the 900 Square Foot 2 bedroom home you bought eight years ago.
Maybe all your kids are now off to college or married and you don’t need the 2800 square foot 4 bedroom colonial anymore.
As your family changes the amount of home you need will change too.
- Change in Life Style
As you go through life your life style will change. It is quite common for homeowners to downsize at some point not just because they don’t need the extra space but because they would rather have to extra money.
Homeowners can fund retirement this way. Now this cant be your only retirement plan, but it can be supplemental to your current plans. You can downsize your home to reduce your monthly expenses to free up more cash monthly.
You can relocate to a less expensive location. For example, living in California can cost up to 3 times more than living in Ohio.
You can downsize to cash in on the equity you built up in your home. If you sell your current home to purchase a smaller less expensive home, you can then use the net proceeds to fund your desire to travel or buy a boat or whatever your desire may be.
There are many more reasons that people move, and some are more obvious than others, but these are three of the bigger reasons that I see often.
Is the market right to sell my home?
- The market is HOT
It is no secret that buyers are paying top dollar for home purchases this year. Use this to your advantage. If you sell now you will be getting top dollar for your home.
Homes are also selling extremely FAST! IF you price your home right and select the right Realtor your home will sell fast! In my area it is common to see a home hit the market and in 48 hours there will be multiple offers on the table. Imagine being able to hand select the offer that you like best with five options on the table.
A month ago, I put a home on the market and in 24 hours I presented four offers to my seller one of which was a cash offer $10,000 over asking price with no contingencies. You can’t beat that right?
- It is a Sellers’ Market
I am not just talking about home value and purchase price. I addressed that in my last point. This time I am talking about sellers being in control in the market.
There is way more buyers then sellers right now. This means that buyers can’t be as picky as before due to the lack of inventory. I have on many occasions had my buyers ask me why a home we are looking at is at the price it is listed for when there are some repair needing done. This is because the sellers don’t always have to make these repairs in this market.
Sellers have control during negotiations as well. Homeowners know that there are not many options out there for buyers right now and they can use that to their advantage during negotiations. Home Buyers are sacrificing more on the negotiation table in this current market.
To answer the question, Should I Sell My House Now? YES! There has never been a better time to sell your home! The market is great right now, it’s up, it’s hot, it’s time to sell! I have buyers waiting to buy your home and many other Realtors do too.
If you are in Ohio and you are interested in selling you home contact me or Nova Star Real Estate for a free no pressure consultation. Even if you just have a few questions or you are casually thinking about selling it won’t hurt to get more information.