Are You Ready To Sell Your Home?
Ask yourself some important questions to see if you are ready to sell your home
Today’s real estate market has proven to be in favor of seller’s with a trend of rising prices along with limited inventory. The current environment has many homeowners asking themselves if they should sell or not. A new home could come with some added benefits like a boost in your lifestyle, but you want to be sure you are ready to take the plunge. Here are some helpful questions to ask yourself to assess your situation.
Equity Assessment
Property values have been steadily rising for the past few years so many will have some equity on their side. Your best place to start is to contact your real estate agent and discuss what your home is worth in today’s market. Take this number, less some selling costs and your mortgage payoff and what you are left with is your equity. This will help you forecast what you can afford next.
Debt Situation
Audit your debt situation. Is your current home too expensive? Will you clear enough equity to pay off your non mortgage debt while having enough money to put towards your next home? Owning a home can be a great path to wealth but you want to make sure you are not house poor.
More Accommodating Home
Another reason to consider a move is that your needs are changing. It could be from a new job in a different location, a growing family or the need to downsize. If this is the case, there is more of a sense of urgency where you can justify the move. It is a good idea to consider mortgage term options that match your goals best too.
It Is Comfortably Affordable
While you may have a good amount of equity in your current home, don’t forget the selling costs. You will have closing costs and moving expenses to account for. Most homes do require some work done to them as well while getting ready to be marketed for sale.
You Are Emotionally Prepared
Even if your home was supposed to be a starter home or more of a temporary stepping stone it can still be an emotional time. Just because it makes sense to move and you have plenty of equity does not mean you are emotionally ready. Ask yourself if you are ready to prepare it for sale, go through the transaction with negotiations and ultimately say goodbye to the place where you have created memories.