How do you know if you’re ready to sell your home? Here are few ways to determine if you are.
Your equity is the value of your home minus any home loans. So if your property’s worth $250,000, and the mortgage balance is $200,000, you’d have $50,000 in equity. If your home’s sale price would be enough to pay off your mortgage and related selling costs, and you wouldn’t need to pay any additional money out of pocket to close the deal, it could be a good time to put your home on the market. If not, it might be better to wait until your home increases in value, you pay down the mortgage, or both.
When you sell, there will be costs. You’ll probably have to pay real estate commission of around 6% of the sale price. Moving expenses can easily exceed $1,000, and your buyers may even ask you to pay some of their closing costs. If you plan to buy your next home and apply for a mortgage, you’ll also need to have enough cash after you sell the house to make a down payment. If you’re short on funds and might have problems paying for some of these expenses, even after you sell your home, it might be better to wait and save up before you put it on the market.
Are There Buyers?
You’ll want to list your home when buyers in your area are looking. In a recent five-year period, 39% of homes with spring listings went under contract within 30 days, and 15% sold above list price. The winter season was nearly as busy, with 38% of homes snapped up within 30 days, and 14% selling above list. That said, sunnier days and milder temperatures can make house hunting easier, so many buyers begin their search during those times of year. If you list your home when there’s more demand, you’ll have a better chance of getting the best price possible. Better weather also can help your home’s curb appeal, as you’re more likely to enjoy lush landscapes with blossoming flowers and trees. This can help your home seem more attractive to shoppers.
eXp Realty—The Results Team—is ready to help you buy or sell your home! Stop on by our location at 2623 N. Walnut St, Bloomington, IN 47404. Or call us at: (812)822-2746.