It’s a seller’s market right now folks. Demand for homes is high and inventory is low. So, it seems like the perfect time to list your house, right? Slow down. The market may be prime for selling, but you need to look at your personal situation. Before you put that for sale sign in your yard, it would be wise to consider all the factors that will determine if you are ready to sell.
Here are signs that you are ready to sell your house:
You have positive equity. It’s vital that you are financially prepared to sell your house. If you have built up equity, that means your home is worth more than you owe on it. Ideally you want to have enough equity to pay off your current mortgage and to make a down payment on a new home. It’s even better if you have enough to cover closing costs and moving expenses. If you don’t have positive equity, it is a bad idea to sell.
You have cash in the bank and zero debt. It’s important to have all your financial ducks in a row before selling your house. Remember, you’re not just selling a house, you are likely buying one as well. Take time to analyze your finances and budget. If you have paid off your non-mortgage debt and have funds saved, you are ready to enter the home selling/buying process again.
A home that better suits your needs is within your reach. Perhaps you are downsizing, but you want a nicer home or you are looking to move up into a larger home for your growing family. Either way, there is no point in selling your current home if you can’t afford a new one that better suits your needs. Remember that, ideally, your mortgage payment should be no more than 28% of your income. What Percentage of Your Income Can You Afford for Mortgage Payments?
You are aware of the extra costs involved in moving. It’s exciting to get approved for a mortgage. Chances are you will get approved for more than you thought you would. But there is a lot to think about before deciding to sell. Remember that you will need to probably do some work on your house to get it ready to put on the market. You will also have to pay the moving expenses. Make sure consideration of these costs go into your decision-making process. Moving Expenses
You are emotionally ready to sell. Hopefully you are selling for the right reasons. You have to be ready to put the work into your home that it will take to sell it. You must be committed to keeping it “show ready” for as long as it takes. You must be prepared for what might be a tough negotiation. And finally, you need to be ready to let go of the home where you have created memories with your family.
You have an experienced Realtor. Real estate transactions should be handled by experts. The professionals at Inside Tampa Homes understand the market and can provide you with a clear picture of what goes into selling a house. Their advice will assist you in making this very important decision.
Are you ready to SELL your home? Call the TAMPA BAY real estate professionals, Linda & Craig Nowicke at Inside Tampa Homes with RE/MAX ACR ELITE and let them assist you in getting your home STAGED, PHOTOGRAPHED and SOLD for the highest possible price! CONTACT THEM TODAY at 813-728-3880 or 813-675-5030 or Linda@InsideTampaHomes.com or Craig@InsideTampaHomes.com