Your neighbors listed and sold their home near asking price within a week has you wondering – am I ready to sell my own home? The decision to upsize, downsize or simply relocate is one that requires a lot of thought based a variety of factors. Here are some signs that selling your home might be a good option for you this summer.
You’ve built up some equity.
We don’t have to tell you how important equity is for a homeowner. Thanks to rising home prices, you likely have some equity built up if you’ve been in your home for several years.
How much equity should you have before you sell? Well, that depends, but most home sellers use that equity toward a down payment on their next home purchase. It’s a smart idea to talk to your mortgage banker when you’re entertaining the idea of listing.
You’re financially ready.
By financially, we don’t just mean equity. Selling a home has several other financial factors than just how much you could bank on the sale of your home. You’ll need to factor in the costs of realtors’ commissions, moving costs, home repairs and any home inspection issues that you might have to address.
Your home no longer fits your family.
Whether you’ve added a child or two into the mix or you’ve recently become an empty nester, home size is often the biggest reason anyone chooses to sell. In 2016, the most commonly cited reason for selling a home was that it was too small (18 percent), according to the National Association of Realtors.
You have schools on your mind.
School districts have a major impact on home values whether or not you have school-age kids. If you happened to have purchased your home before your kids were born or even school-aged, if top-notch schools are a priority, it may be time to list and look for a home in a better district.
You’ve done your market research.
Though the market typically isn’t the only factor in your decision to sell, it’s one that will affect your selling and purchasing power. For instance low home inventory, rising home prices and low mortgage rates (the current conditions heading into the summer homebuying season) could make for a profitable sell.
Your home is in ready-to-sell condition.
They say that a homeowner’s to-do list is never-ending, so with that being said, what’s the current condition of your home? What’s worth fixing before selling? Check out our list of items that are worth repairing or replacing before listing and which can be left alone here.
You have a plan.
Selling a home includes a lot of “what if” situations. What if the home inspection comes back with an issue? What if your home sells before you find another one to purchase? What if you’re not getting the offers you want? These “what ifs” are why enlisting a real estate agent is key to the home selling process.
To learn more about selling and purchasing a home again, download our free Upsizing and Downsizing eBook for everything you need to know about making the decision to move.