Are you considering selling your property but doesn't know whether is the right time or the best decision for your and your family?
Here are some questions that can help you decide whether you’re ready to sell your home and move to a home that’s larger or in a more desirable location.
If you answer yes to most of these questions, you may be ready to move, otherwise you may want to reconsider the idea of selling your property.
Questions to Ask When Considering Selling
Have you built substantial equity in your current home?
Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you’ve owned your home for five or more years, you may have significant, unrealized gains.
Has your income or financial situation changed?
If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving, however, if your income has decreased, you may want to consider downsizing.
Have you outgrown your neighborhood?
The neighborhood you chose for your first home may not be the same as when you bought or you may have found a different one that better suits your needs. You may have realized that you’d like to be closer to your job or live in a better school district.
Are there reasons why you can’t remodel or add on?
Sometimes you expand your home by adding a new room or building up. However. if your property isn’t large enough, your local government doesn’t allow it, or you’re simply not interested in remodeling, then moving to a different home may be your best option.
Are you comfortable moving in the current housing market?
If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally.
Are interest rates attractive?
Low rates help you buy “more” home, and also make it easier to find a buyer for your current place while higher rates may not favor buyers and delay the sale.
Is the effort and cost of maintaining your current home becoming difficult to manage?
A realtor can help you decide whether a smaller house, condo, or rental would be appropriate for you and your family.
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