Are You Ready to Sell?
Wondering if it’s the right time to sell your home? Read on to learn if the conditions are ideal for you to put that “for sale” sign in your lawn.
Gauge Your Finances
Take a look at your current mortgage bill or other mortgage documents to find out what you owe your lender. Make sure to include any second mortgage or line of credit you might have as well. Subtract what you owe from what you think your home is worth to get a rough idea of your equity. Once you officially decide to sell your home, a real estate agent will be able to perform a comparative market analysis to give you a realistic idea of what your home is worth in today’s market.
Decide If You Should Sell Your Home Or Buy A New One First
A big part of the decision to sell your current home is figuring out when you should buy your next home. There’s no right or wrong answer for whether you should buy or sell first. Some people prefer to sell first so that they don’t have to carry two mortgages at a time. Others don’t like the idea of being “homeless,” which is hard to avoid if you sell before you buy.
If you’re open to doing either one first, look at your current housing market. If you’re in a buyer’s market, you have a better chance of making an offer on a home contingent on the sale of your current home. If you’re in a seller’s market, homeowners are far less likely to accept a contingency that forces them to wait around. If you like multitasking, check out our tips for buying and selling a home at the same time.
Determine If You’re Emotionally Ready To Sell
Emotions play a big role in selling a home. They can often get in the way of a successful home sale. Check out these tips to learn how your emotions can prevent you from selling your home. If you can prepare yourself ahead of time, you’ll have a much smoother experience from start to finish.
Make Sure You Understand The Home Selling Process
Understanding the home selling process can help you plan ahead to avoid common obstacles and make the process go smoothly. If you’re selling a home you own, you’ve likely already been through the home buying process. It’s no surprise that some of it’s the same; however, there are additional steps you’ll need to take when selling. If you don’t what steps you’ll need to take, you’re in luck. The rest of this article will go through the rest of the process, with each section providing in-depth information and tips to sell your home. Just keep in mind, there are slight differences from state to state, so work with a local expert who’ll know the details. This brings us to the next step.