In the past year American’s have spent more time in their home than ever before. With all this extra time in your residence it’s likely that selling your home might have crossed your mind… but perhaps you are hesitant to take that leap of faith.
If you’re waiting for the most opportune time, this Spring might be just your season. To help you evaluate if putting your home on the market is right for you, here are 3 top signs that you should see your home SOON!
When potentially selling your home, according to experts “It’s not always a market driven issue, (but) a lifestyle decision.”
Your Home Does Not Meet Your Needs
A big sign that you are ready to sell is if your family has outgrown the space. Maybe you could use an extra room or two for your young family, or your life partner is working from home and needs a bigger office space, perhaps you are ready to downsize to reduce your mortgage payment. Whatever your need might be, this is a big sign that your current home lacks to meet your everyday needs.
The Market is Appealing to Sellers
There is no doubt that if you put your home on the market this season, your home will get lots of attention. According to Daniil Cherkasski, Chief Analytics Officer at ShowingTime, states: “As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory...On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand.” With the high demand and lack of inventory, as a seller you are pretty much guaranteed to have a lot of leverage in today’s market.
You Have Equity in Your Home
Another sign that you are financially in a position to sell is if you have equity in your home. If you are not sure how much equity you currently have in your home, work with a real estate and mortgage expert to help you find the market value of your home, subtract your current mortgage balance found on your latest mortgage statement and the difference will reveal the current equity you have in your home. According to Dave Ramsey the rule of thumb ”you want to have enough equity to pay off your current mortgage with enough left over to provide a 20% down payment on your next home. But if your sale can also cover your closing costs, moving expenses and an even larger down payment—that's even better.” Of course, everyone's financial and equity position can vary. Make sure to work closely with your local real estate professional to help you make that right decision to fit your needs. Are you in need of a real estate expert? Click here to connect with me!
Whatever your reason(s) might be market related or not, the most important aspect of the home selling process is that you have a real estate agent who understands your “why’s”. If you are ready to begin the home selling process, check out my Heart N’ Homes website! I would be honored to help you throughout the listing and purchasing process.