There’s a difference between wanting to sell your home, and choosing the right time to do so. The want or need to sell your home isn’t enough to have a successful home selling process. Different factors like market value, seasonality, and repair costs can affect how much money you make on the home, and how quickly the process will happen. Below, we’ll discuss a few signs that you’re ready to sell your home, so you can stop questioning and start doing.
Signs You’re Ready To Sell:
Sign #1: Your repairs are minimal.
If your home requires a lot of repairs, it’s probably not the best time to be selling it. This is not one of the signs. You don’t want to pass the repairs on to the next homeowner, and failing to do them can also decrease your home’s value. Small repairs like painting patch ups are one thing, but it’s another to have a leaky roof or crumbling foundation. This is why it’s important to have a home inspection done, so you can ensure there aren’t any problems unseen to the eye. And if you can’t afford the repairs, you definitely can’t afford a new home. If your home is relatively repair free and in good condition to sell, then you can consider putting it on the market.
Sign #2: You have positive equity.
Equity is the difference between what your home is worth and the amount you still owe on it. For example, say your home is worth $200,000. If you still owe $100,000m that means you have $100,000 in positive equity. This would ideally cover a down payment, closing costs, etc. when purchasing a new home. If you have positive equity and have enough to cover the current balance of your mortgage, you’ll be in a solid financial situation to sell and start looking for your next home.
Sign #3: The market is strong.
The housing market changes all the time, so it’s important to stay on top of it. You want to make sure you can get the most bang for your buck, and that can be hard to do if it’s a buyer’s market. Spend time looking at the average number of days homes like yours have been on the market (particularly in your area). Is that number increasing or decreasing? Has the price per square foot of neighboring homes started rising? While it’s difficult, being patient will help you in the long run.
Sign #4: The timing is right in your personal life.
Moving is no easy task, and requires a ton of time and effort. If your personal life isn’t allowing for enough time to move, chances are it’s not the right time. Being super bogged down with work or just giving birth to a newborn are just a few examples of unrealistic times to move. You’ll also want to make sure you have a place to stay in the interim period. If you don’t have family or friends nearby, this might require getting a hotel room or Airbnb, which can add to the existing costs of moving.
Do you live in Maryland and need to sell your home fast? Whether you’re facing foreclosure, lack of equity, or simply don’t have the time to spend on the traditional selling process, Home Buyers Express can help. We aren’t listing your house and waiting for a buyer, we are the buyer, and we pay cash. With over twenty years of experience, we know how to streamline the process. Visit our how it works page for more info, and contact us today!