Should I sell my house? Is now the right time to sell? How do I know if I’m ready?
If you’ve asked yourself this question, then you’re in the right place. The housing market is trending upward and homes are selling fast. But there are more factors to consider than just the market. You need some expert advice to help you make the best decision.
Here are five ways to know if you’re ready to sell your house.
- You have equity in your house.
This is perhaps the most important sign that it’s a good time to sell your house. Having equity in your home simply means you owe less than your home is worth. If you were to sell it, you would make money. In Texas especially, home values have been on the rise. More than likely, that includes your home. 10 years ago, the market was suffering and many people found themselves upside down in their homes with negative equity. However, the market has been trending upward for some time now and, according to CoreLogic’s 2016 Equity Report, almost 94% of mortgaged homes have positive equity now.
If you have positive equity, then it’s a great time to sell your home. If you want to find out how much equity you have, contact me and we’ll run a comparative market analysis on your home – for free. Let’s find out how much you can get for your home.
- You are debt free…and have savings.
Outside of your mortgage, it’s a great idea to be debt free before you decide to sell your home and buy a new one. If you’ve ever bought a home while trying to manage other debts and unnecessary financial stress, then you understand why this is so important. Buying or selling a home almost always comes with unexpected surprises. Set yourself up to be able to handle any money issues that arise without them hurting you.
Pay off all your non-mortgage debts and save 6 month’s worth of expenses as an emergency fund.
- You can afford the home you need to move into.
Your home needs to reflect your lifestyle. Buying a new home is usually necessary because of life’s changes. Perhaps your family is growing and you need another bedroom, or your kids have moved out and you need to downsize. Buying a bigger home almost always means it will be more expensive. If you’ve managed your finances well and can afford it, then it’s time to move into a home that matches your family and your interests. Buying a smaller home can be exciting. If you’ve been in your current house for a while and have built up plenty of equity, the best route to take s to buy a new house with cash and use the rest toward investments, like retirement.
If you have a mortgage in your new home, make sure it is well within your means to pay for. If possible, get a 15-year, fixed-rate mortgage as you’ll end up saving a lot of money throughout the life of the home loan compared to a 30-year mortgage.
- You are emotionally ready.
Selling a home is not just a financial issue. It is also emotional. Chances are, you’ve called your house, home. Home is more than a place to live. It is a part of us. Moving our and buying a new home requires some emotional preparedness for several reasons. First of all, it may require some work to get your house ready to sell. You must be ready to take on the task of fixing up things that need repair or be prepared to keep your house “show ready” for weeks or even months. You must accept that someone may believe your home isn’t perfect or that they think it isn’t worth what you think it is. Perhaps the most difficult emotional decision will be to leave behind a home where your family has made memories.
None of this is to discourage from selling your home, but to simply help you prepare. Selling a home and buying a new one is also a very happy time. You’ll make new memories and support your changing lifestyle at the same time.
- You have a (good) real estate agent.
A good real estate agent understands exactly what you’re going through in the process to sell your house. He can help you assess your current situation, review the current housing market, and give you honest advice to help you. Experience is key here. You need a real estate agent who can help you get your home ready for sale, set the right price for your home, market your home to the right potential buyers, show your home, handle all the paperwork, and sell it fast.
It’s important to partner with a real estate pro who will do what’s best for you and your budget.
At Good News Bob Team, that’s what we live for. We’ve helped hundreds of people sell their home at the right price and find their dream home. Let us help you do it, too.
