If you are tossing around the idea of selling your home but are not sure if you should right now, you may want to consider a few important factors before you make this decision. Here are three factors that can help you decide if now is the right time to put your home up for sale.
Do you have equity in it?
One factor that can stop people from selling their homes is a lack of equity in the homes. If you do not think you would have enough money to pay off your loan if you sold your house and paid a real estate commission, selling it might not be a good idea. Selling is rarely a good option if the seller has to bring a check to the closing on the home.
If you are not sure if you would break even or make money on your home, find out its value and calculate how much the commission would likely be. You could then compare these amounts to the balance of your loan, and this will give you a good idea if you will at least break even on the deal.
What type of market is it?
The second thing to evaluate is the current condition of the real estate market. Selling a house during a buyer's market is never a good idea if you do not have a lot of equity in the house. A buyer's market drives house prices down, and this is because there are few buyers and a lot of sellers during a buyer's market.
If the current condition is a seller's market, you are more likely to be able to sell for a higher price. This is a good thing when a person has very little equity in a home. Before you decide to sell, talk to a real estate agent to find out the current market conditions.
Do you need to move?
The third factor you must consider is how badly you need to move. If you do not have a reason that you have to sell right now, it might be better to wait to list your home. On the other hand, selling your house right now might not be an option if you really have to sell for any reason.
After considering these three questions, you may have a better idea as to whether you should sell your house right now or not. If you have additional questions about this, a real estate agent like those with Chris Calhoon Real Estate may be able to answer them for you.Share