The decision to sell a home isn’t one that people should take lightly. Sometimes, the choice to sell is an obvious one. Homeowners who are moving to new cities for work typically sell their houses before they do, for example.
Things aren’t always that simple, though. Deciding to sell can also be a personal choice made not out of necessity but only after careful consideration. Check out the signs it’s time to contact a real estate agent about listing the home below for help deciding if that might be the case.
Too Much or Too Little Space
Around one in four American homeowners outgrow their first homes within two years. Couples often move into small starter houses only to find that they need more space to accommodate growing families. That’s a great reason to sell a home and purchase a larger one.
On the other side of the equation, homeowners often decide to downsize when they no longer need huge houses. Empty nesters often find that it’s easier to sell their homes and move into smaller ones after their kids move out, to give one example. This approach allows them to save money on living expenses and spend less time on maintaining a needlessly large property.
A Seller’s Market
Not all homeowners are in it for the long haul. Some purchase homes for themselves or their families during buyers’ markets and sell when the tides turn. Currently, the nationwide data points to favorable conditions for sellers. Homeowners can get a realistic idea of what to expect for profits by contacting a local real estate agency and scheduling a home evaluation.
Low Mortgage Rates
Don’t forget that homeowners who choose to sell will also need to purchase new homes unless they plan on renting for the foreseeable future. The best time to do that is when mortgage rates are low. Even a 1% difference in mortgage rates can make a big difference over the life of a loan, so buying at the right time can wind up saving families’ tens of thousands of dollars.
Plenty of Home Equity
There’s a third financial concern to consider before deciding to sell, and its home equity. If there’s not sufficient equity in the home to cover expenses, sellers may wind up having to pay costs out-of-pocket.
Equity refers to how much money a homeowner has invested in a property. People can calculate it by subtracting the debt owed on a home from its total worth. Keep in mind, also, that as housing prices go up, equity does, as well.
How to Move Forward
Once homeowners have decided it’s time to sell, the next step is to contact a real estate agency. A professional real estate agent can help with everything from getting an accurate home valuation to scheduling tours and open houses, vetting buyers, and much more.
Sellers sometimes make the mistake of assuming they’ll save money by handling the sale themselves. However, the cost of hiring real estate agents usually pales in comparison to the increase in purchase price that comes along with it. Working with a professional is always the best way to move forward with a home sale.
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