Timing is everything when it comes to buying a home, and selling is no different. Successful sellers use the market’s inventory conditions to their advantage. They also don’t sell until their personal finances are in the right place, either.
ARE YOU READY TO SELL?
The first thing you need to consider is the real estate market. It’s still booming, with a tight inventory of homes for sale. This means it’s a great time to sell a home. They’re going quickly, with many going at asking price. In a more stagnant market, you’re often better off waiting to sell until winter. During this time of the year, there are presumably fewer options for buyers to choose from.
You should also make sure your financials are ready. Do some research on what homes around you have been selling for so that you know what to realistically expect. Evaluate how much equity you have in your home. If you haven’t lived in your house very long, it might be difficult to make a profit to justify the hassle. The same may be true if you have recently refinanced your mortgage. Make sure it is worth it before you jump into listing.
You’ll also want to set a budget for the next house you want to live in and crunch the numbers You need to know if you’re being realistic about what you can afford, if your home doesn’t attract asking price offers. The sale of your current house will have a huge impact on any real estate purchases and your overall financial future.
Another question to ask yourself: Are you ready to fork out for needed updates? Some changes that you can make will greatly increase your chances of selling your house quickly and close to asking price. However, some properties, especially older ones, may need up to $5,000 in simple updates before entering the market. This is especially true for owners who haven’t done regular upgrades.
We’ll get into what upgrades and improvements you might consider in a later post. Homeowners should take a harsh look at the condition of their house through the viewpoint of a picky buyer. If you want to move because your kitchen is outdated, you might be better off sprucing up what you have now.
Check out all of our posts in our home buying and selling series!
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The blog and its opinions are expressly that of its author and does not convey the opinions or strategies of the Credit Union and should not be considered financial advice. CommunityAmerica’s Mortgage offers are subject to credit approval and terms may vary based on conditions.