Have you been thinking about listing your house for sale? Perhaps there are changes in your life that make you feel like you should get your house on the market sooner than later. But don’t jump the gun if you’re not truly ready.
Ask yourself these questions to determine if you are ready to sell your house:
- Do you have positive equity? It’s vital that you are financially prepared to sell your house. If you have built up equity, that means your home is worth more than you owe on it. Ideally you want to have enough equity to pay off your current mortgage and to make a down payment on a new home. It’s even better if you have enough to cover closing costs and moving expenses. If you don’t have positive equity, it is a bad idea to sell.
- Do you have cash in the bank and zero debt? It’s important to have all your financial ducks in a row before selling your house. Remember, you’re not just selling a house, you are likely buying one as well. Take time to analyze your finances and budget. If you have paid off your non-mortgage debt and have funds saved, you are ready to enter the home selling/buying process again. How to Get Out of Debt: 7 Tips that Work
- Is a home that better suits your needs within your reach? Perhaps you are downsizing, but you want a nicer home, or you are looking to move up into a larger home for your growing family. Either way, there is no point in selling your current home if you can’t afford a new one that better suits your needs. Remember that, ideally, your mortgage payment should be no more than 28% of your income.
- Are you aware of the extra costs involved in moving? It’s exciting to get approved for a mortgage. Chances are you will get approved for more than you thought you would. But there is a lot to think about before deciding to sell. Remember that you will probably need to do some work on your house to get it ready to put on the market. You will also have to pay the moving expenses. Make sure consideration of these costs goes into your decision-making process.
- Are you emotionally ready to sell? Hopefully you are selling for the right reasons. You must be ready to put the work into your home that it will take to sell it. You must be committed to keeping it “show ready” for as long as it takes. You must be prepared for what might be a tough negotiation. And finally, you need to be ready to let go of the home where you have created memories with your family.
- Have you found an experienced Realtor? Real estate transactions should be handled by experts. An experienced, professional Realtor like Desi Sowers understands the market and can provide you with a clear picture of what goes into selling a house. Her advice will assist you in making this very important decision.
If you’re thinking about selling or buying a home in the New River Valley area, contact professional, experienced Realtor Desi Sowers and let her assist you with all your real estate needs. Give her a call today at 540-320-1328!