Not sure when to sell your house? If you’ve been on the fence, we’ve got good news: It’s a great market for sellers! Limited inventory continues to drive home prices up, and the latest data from the National Association of Realtors shows that recently sold properties were on the market for an average of just 39 days.
Of course, the decision of when to sell your home isn’t solely based on market conditions. You have to take your personal situation into account—and that’s where our expert advice comes in handy! Here are some factors to consider as you look at the spring real estate market:
You’ve Got Equity on Your Side Now
When the housing bubble burst, home values plummeted, sending many mortgages underwater. Thankfully, the tide has turned: According to CoreLogic, only 8% of homes with a mortgage had negative equity at the beginning of 2016.
If you’re not sure where your equity stands, ask us to run a free comparative market analysis (CMA) to determine an approximate value for your home! You may need this for insurance or estate purposes or perhaps to see if you can refinance for a lower home mortgage rate or pull equity out for real estate investments.
If your home has recovered enough value to provide at least 20% equity, then make sure you have no hidden cost in your home loan typically called Private Mortgage insurance (PMI). Why is 20% the magic number? Because putting 20% or more down on a home is the minimum equity to not have private mortgage insurance (PMI). That could save you hundreds of dollars each year!
Your Home No Longer Fits Your Lifestyle
Another factor to consider is how well your home meets your everyday needs. Do you find yourself picking things up multiple times per day because you don’t have enough room? Evaluate whether you could use another bedroom or bathroom (or even two) to accommodate your growing family.
Or maybe your kids have all moved out and you’re ready to downsize.
Evaluate whether there are rooms in your home that you do not use on a daily/weekly basis. Empty nesters can really benefit from selling now while rates are low. It’s very freeing to sell a large home, pay cash for a smaller one, and invest the rest in your retirement. Whether you’re sizing up or down, make sure your mortgage fits your budget.
You Can Actually Afford the Move
Don’t get so carried away by the excitement of your next home that you forget to account for the cost of leaving your current one. Hiring professional movers? Save up cash to cover the cost of packing up and hauling your stuff away. You should also invest a little to get your current place ready for prime time. Give us a call for our trusted vendors list to ensure quality jobs done efficiently.
Focusing your home-improvement dollars on these areas:
- Paint: Paint is the number-one investment when upgrading. Buyers love the look—and smell—of fresh paint.
- Curb appeal: You only get one chance to make a first impression. Plant flowers, trim shrubs, and paint the trim.
- Kitchen and bath: You don’t need expensive appliances or countertops, but new faucets and fixtures go a long way.
- Bonus tip that doesn’t cost a dime? Clear out the clutter. Neat closets and tidy shelves make your home look larger!
Make the Right Choice for You
There’s no single formula for determining when to sell your house. Partner with the Achievers Team to provide honest advice so you can do what’s best for you and your budget. We put service before sales—and know how to get things done quickly when it’s time to sell!