When you think about selling your home, the first thing that pops into your head is listing the property. However, this isn’t actually the first step. First, you need to decide whether or not you’re going to sell your house. This isn’t an easy decision. You must consider many factors. These include whether it’s the right time to sell, whether your finances allow for it, and personal factors.
If you’re on the fence about selling your home, don’t worry. The following signs by the experienced realtors at Robert DeFalco Realty will help you come to a decision.
When to Sell Your House: Factors to Consider
Deciding to sell your house can be overwhelming. There’s a lot that goes into it. It’s especially demanding if you’re looking for a house to buy at the same time. However, these factors will help you come to a conclusion as to whether it’s the right decision for you and your family.
1. Seller’s Market
If it’s a seller’s market, it’s definitely the right time to sell your home. This means that there are more buyers available than houses to buy. Because of this, houses sell for higher prices. They also sell quickly than they would otherwise. This is the case right now. Recent data from the National Association of Realtors (NAR) shows this. In September 2021, 86% of the homes listed sold within one month. Sellers also received an average of more than four offers on their properties.
2. Home Equity
Home equity refers to the market value of your house after you’ve subtracted the home loan and second mortgages. Selling your house depends on this because it changes how much you’ll earn. For example, a property worth $500,000 will have an equity of $100,000 if you still owe a balance of $400,000.
Why does this affect whether you should sell your house? You must make sure that the market value for the property is enough to pay off the mortgage and selling costs and leave enough to contribute to buying another house. If you don’t have enough equity, it may not be the right time to sell your house.
A well-known real estate fact is that houses sell more in the summer and spring months. Winter is a slow time for selling houses since people are generally busy with the holidays. The cold weather also keeps people inside. If you live in a location where it snows, you also can’t make the most of highlighting landscaping or your front yard.
However, the right timing can vary depending on your needs. Because there aren’t as many buyers, you’ll notice that there also aren’t many sellers. With less competition, you may find it easier to sell you house.
There are also exceptions to the rule. Some states and cities actually sell more during the fall and winter months. Since this is dependent on location and factors, it’s best to consult your real estate agent about the specifics.
4. Condition of the House
Before you sell your house, it’s essential to ensure that it’s in good condition. A lot of buyers want turn-key homes and don’t want to spend time renovating. Make quick changes to either repair your home or add value to it. For example, you can invest in curb appeal and functionality. Both well help when selling a house.
That being said, don’t take on projects that are too big. This is especially important if you’re not able to recoup the costs. Ask your realtor for advice to ensure that the changes you’re making are worth it.
5. Mortgage Rates
Mortgage rates are also an important factor to consider. Lower rates make buying a home more affordable, which can help you, the seller. More people are interested in buying because of the low mortgage rates, increasing the number of people interested in your property.
6. Emotional State
Before selling your home, you must ensure that you’re emotionally ready to do so. Going through your house and saying your final goodbyes can be an emotional process. Whether it’s the house your children grew up in, or somewhere you planned to grow old, selling your house isn’t easy. It will also be important to declutter, and stressful to move. Thus, it’s important to make sure that you’re emotionally prepared for the move.
7. Schools in the Area
If your children are getting closer to school age, it’s understandable to want to move to a neighborhood with a good education system. Since you want the best education for your children, moving to another locale may help. This may give you access to better schools and lead to more opportunities for your children.
8. Personal Situation
Whether or not to sell your house doesn’t just depend on market factors or financial position. Your personal situation also plays a huge role in this decision. For example, if you’ve outgrown your home or are expanding your family, it may be the right time to sell your home. Wanting to move closer to family, moving for a job, or being an empty nester are other reasons. If you’re older, you may be looking to downsize.
It’s important to consider where you are in life and what your needs are. Ultimately, this will help you determine whether you’re ready to sell your house.
Robert DeFalco Realty Can Help You Sell Your House
If you’re still unsure about when to sell your house, don’t worry. Robert DeFalco Realty can help. Our seller’s agents can advise you on the current real estate market conditions. They can also advise you about updates and repairs, schedule showings, and come up with marketing strategies. Additionally, realtors can help you price your home accurately and help with negotiation.
A home is one of your biggest financial investments. Thus, trusting an experienced realtor is essential. The expert real estate agents at Robert DeFalco Realty can take care of all your real estate needs. Simply come to our many New York offices or call us at 718-987-9700. Alternatively, reach out to us here, and we’ll get back to you as soon as possible.