The right time to sell your home – 4 telltale signs that can help
Once you’re ready to buy a new home, you may have to ensure you can sell your existing one for a great price. This way, you’ll be financially secure and ready to move into your new abode. To decide if it’s the right time to sell your home, you should look for the fowling telltale signs.
- Your house doesn’t need extensive repairs or remodeling
If your home doesn’t have severe flaws like a cracked foundation or leaky roof, it won’t need major repairs or remodeling. So, there’s no need to invest in having a lavish bathroom sink or perform major overhauls. Just consult your real estate agent to ensure there aren’t any repairs and/or renovations that would considerably increase your home’s value. If there aren’t, your home is ready to be put up on the market.
- You’ve got positive equity
Equity refers to the difference between your home’s worth and what loan or mortgage you have on it. Say, your home is worth $200,000 and you just owe $70,000 for paying off your mortgage. This means you’ve got $130,000 in positive equity. The right time to sell your home is when you’ve adequate equity to cover closing costs and even have some money left for the down payment of your next home. You should have, at the least, enough to cover your mortgage’s existing balance to avoid out-of-pocket costs. So, even if you’ve a tiny amount of positive equity, you’re ready to move into a new home.
- The market is strong
Is the average number of days for which homes in your area are sitting on the market decreasing? Do you notice an upward trend in the price per square feet of homes in the area? If the answers are a resounding “yes”, you’re in a strong market. This means selling now would help you get prices that would be comparable to what similar homes in the area are selling for. So, it’s the ideal time to list your home on the market.
- Ensure a comfortable move to your new home
Selling your present home and buying a new one at the same time could be challenging. If you buy before you could sell, you may need to shoulder the burden of two mortgages for some time. If you sell prior to buying a new home, you would need a place to stay in while you look for a new home. Since both these cases are tricky, it’s best to consult with a skilled real estate agent to find out what suits you the best. The key is to find a strategy that doesn’t endanger your financial future or leave you without a roof over your head. In case you’ve got the necessary resources to make the transition to your next home a smooth one, it’s the right time to sell.
How a real estate agent can help
An experienced real estate agent will ensure your financial future is safeguarded and your interests are taken care of while deciding the right time to sell. Additionally, he/she will help you get the best price for your property. If you want to consult a top-rated seller’s agent in New Jersey, reach out to Cash Buyer New Jersey at (201)-472-3554.