Deciding when to sell your home can be vexing, especially when living in an environment of rising values and interest rates that keep edging north.
However, your own circumstances should always dictate the timing of a purchase.
Trying to out-think the market is tricky. That’s because real estate prices can move quickly in either direction, depending on the prevailing economic mood.
These tips will help you decide if now is the right time to move for you.
Research
Talk to an agent about local price trends. Don’t rely on the generic national headlines on CNN or CNBC. Those folks don’t drill down far enough to be useful to you. Will you be selling in a neighborhood with rising, stagnant or falling values? Your agent will show you the evidence.
Equity
Double-check the equity position in your home. You do not want to be blind-sided here. Selling a property when you owe more than its current value means you could owe your lender serious bucks. Also, selling may not make sense financially if you have a low equity position.
Money
Assess your current financial situation. Take a realistic view of your income, debt and expenses. Selling a home comes with bills and taxes, so ensure your loan or cash flow can cover your position.
Repairs
Assess whether your home needs repairs to ensure you can maximize its value when it goes on the market. Talk to your agent about whether it makes sense to fix any problems now or to discount your price and leave them for the next owner.
Future
Take your time to decide the type of property you want. Create lists of “must-haves” and “nice-to-haves”, and identify your target neighborhoods. Match this criteria against homes currently on the market to check if your expectations are realistic.