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Should You Think About Selling Your Home?

Should You Think About Selling Your Home?

Should You Think About Selling Your Home?

When is it time to sell your home — and when does it make more sense to wait? You can clarify this critical issue by asking yourself the following questions:

Are you currently in a seller’s market? Real estate value and demand bob up and down even in the most stable local and national economies. You need to cultivate a knowledge of your community’s property values, including what direction those values are going and what time of year is most likely to encourage a faster sale. A miscalculation could lead you to set too high an asking price, making your home all but unsellable, or to ask for much less than you should receive. Our skilled, experienced agents can play a crucial role in guiding your strategies and timing.

Do you have plenty of equity? The more equity you have in your home, the better off you are when it comes time to sell it. If you’re upside-down on your mortgage, that negative equity may force you to sell your home at a loss (a “short sale”). This is a good idea only in the face of a financial catastrophe such as bankruptcy, or if you’re in immediate danger of losing the home. Try to wait until you have more home equity than mortgage debt. You’ll then be able to sell your home for a tidy profit, allowing you to settle debts and/or put more money toward your next home.

Would a different home suit your lifestyle better? Many people sell their homes once those homes can no longer accommodate their current lifestyles. For instance, if your kids have moved out, you may want to downsize to a smaller, more economical home. If you’re expecting quadruplets, you may need to sell your little two-bedroom house and put the money toward a family-sized dwelling.

Are you emotionally ready to move on? Moving out of your beloved home can prove emotionally painful, so ask yourself whether selling it will cause more pain than gain. Sometimes, however, the death of a spouse or other major transitions can cause you to associate your current home with painful memories. In those cases, moving on can provide significant comfort.

Does your current financial situation stress you out? A month-to-month scramble to come up with the mortgage can cause severe emotional stress. If financial reversals have turned your current mortgage into a “budget vampire,” it’s time to abandon that source of mental anguish for a home that you can afford to keep.

Do you have liens against your home? Missed mortgage payments, massive back taxes and other debt nightmares can lead lenders and creditors to place liens against your home — which can make a sale difficult. Try to get your liens settled or released before you sell if at all possible.

Don’t arrive at your final decision until you’ve consulted the experts. Contact any of our agents today to get the answers you need!

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