Is your home ready to sell? Are the local market trends favorable to make a profitable sale? Are you prepared to let go of your home, despite the emotional attachment? The sellers’ market is ripe, and 2019 is the year to let go of your home. But the real question is… …are you really ready to sell your home?
Here are the considerations to help you find out:
8 Signs You’re Ready to Sell Your home
Home Equity
The difference between the market value of your home and mortgage balance is what’s referred to as equity. With the prices of homes on the rise in the last few years, your home equity also improves. However, negative equity could arise if the market value of your home has dropped.
It’s the right time to sell your property if your home has high equity.
Debts Other than Mortgage
Consider student loan debt, child support, credit card payments, and car payments, among others. They have an impact on your credit card score or debt-to-income ratio, which are used to approve new loans. Your debt-to-income ratio helps lenders determine your financial health and how much of a mortgage you qualify for.
Available Down Payment
Do you have at least 20% of the value of the property you want to buy? If yes, you become a competitive buyer and thus ready to sell your home. However, you need the ability to pay a down payment before purchasing your dream home.
Cost of Moving
Moving is costly. Set aside money to cover moving expenses, like truck rentals, temporary storage, moving services, and packing supplies. You’re ready to sell your house and move if you have enough money for such expenses.
Home Improvements
Home improvement can increase the value of your home, and thus its selling price. Therefore, it’s important to determine if you have the right resources to give your home a face-lift before putting it on the market. Serious upgrades are expensive!Make sure you can afford them before beginning them.
If you have enough money to support any desired home improvements, you can increase the value of your home before you put it up for sale.
Constructive Feedback from Buyers
If you’re ready to receive constructive feedback from your potential buyers without getting upset, then you’re ready to let the property go. It means you’re emotionally ready to sell your home.
Ready to Move to a New Home
It’s simple: if you’ve either outgrown your home or need to downsize, you’re ready to sell the property.
The Market is Hot
Are fellow homeowners in your neighborhood or location selling their homes fast at good prices? If so, it’s time to sell yours at a good price as well.
Contact Team Couch to find out more about what you should do to prepare your house for sale.