How to Decide WHEN To Sell Your Home
sell your house?
You may have
been thinking lately “ It maybe time to Sell my House” But how do you know for
going to look at the 6 signs you are ready to sell your house.
been thinking about this lately, let me tell the good news first!
Yes, The greater Lakeland area is still in a
sellers market, and the average list-to-contract time is less than 30 days.
decision to sell isn’t all about the market conditions… you have to look at
Your personal circumstances to determine if the time is right for You!
Here are 6
signs you are ready to Sell:
Finally Have Equity!
One of the
financial signs you are ready sell, is
if you finally have equity in your home.
owe less on it than what it’s worth.
economic meltdown in 08 & 09 where so many homeowners were in a negative
equity situation…meaning Owing much more on their mortgage than what the home
have risen quite a bit since then. In
the Greater Lakeland area, prices are starting to level out a bit, and looking
more like a typical and healthy real estate market.
So if you’ve
been in your home for around 10 years, chances are excellent that you finally
a rough estimate of how much equity you may have is fairly simple…It works like
Get a copy
of your latest mortgage statement and find your mortgage balance.
need to know the current market value of your home.
not use those public on line “value estimates”! Zillow, and the rest of them
have never been in your home or driven the streets in your neighborhood and
often the values given on these on line sites are very deceiving.
seasoned, local Realtor who is familiar with your neighborhood and can prepare
a report for you based on Your personal home. This is a free service that a licensed Realtor should be happy to do for you.
have these 2 numbers, Just subtract your mortgage balance from your current
home value amount. This figure is the amount of equity you have in your home.
And if that
number is enough to net you at least a 5% down payment for your next home..
Then this is a Good sign you’re ready to sell.
# 2 Debt is Paid Down and you have $$ in the Bank
bought your current home with very little money down and or with little or no
money towards your closing costs, chances are you didn’t have a healthy saving
account at the time…Maybe you were just starting out and perhaps had some
credit card or student loan debt.
Now you’re a
few years older and wiser, and have paid that debt off or at least paid in down
and you’re actually saving a little bit now..
So if you
have paid all your non-mortgage debt paid and have at least 3-6 months living
expenses in the bank…This is another Good sign you’re in a good position to
# 3 Your Lifestyle and the Next House?
afford the next house?
needing more space now that your family has grown..
Or maybe the
kids have moved out and you’re ‘right-sizing’.
are upsizing or downsizing make sure the new mortgage payment fits your
comfortable target for this would be for your new mortgage payment not to
exceeds 25% of your monthly income.
# 4 Do You Have the Extra $$ to actually move?
have a bunch of friends and family to help you move and your current home is in
pristine condition inside and out, you’re going to have moving expenses..
You may have
professional movers costs. For an
average 3 bedroom home moving across town, could cost around $500. And if your
current home needs paint, or repairs to get it ready to put on the market, you may need several hundred dollars
put aside..just for the move itself.. If
you’re thinking “ok, I kinda expect that..it’s no big deal” Then this is a good
sign you’re ready to sell.
done the math, and the numbers work.. But sometimes selling your home is more
than a financial decision.
a few questions:
Are you ready to put forth the effort it takes to get your home ready for the market?
Are you committed to keeping your home ‘show-ready’ all the time.
Are you ready to hear why some buyers may find your home less than perfect?
Are you ready to have a business-like, open mind when negotiating a potentially unfavorable offer?
trying to scare you or talk you out of selling your home. I just want to make
sure you are emotionally vested in the selling process and looking forward to starting
the next chapter in your life.
‘yes’ to these questions is another sign that you’re ready to sell.
# 6 You Kind
of Understand the Real Estate market
No one has a
crystal ball that can foresee the future. However, we have past data and trends
to help understand where the market may be heading.
Right now ,
the Greater Lakeland area is still in a sellers market, and prices are stabilizing..
are not rising as rapidly as they have been in the past 12 months, but still
much higher than they were 3 years ago.
the price range of your home, the number of buyers we currently have out
numbers the amount of listed homes to go around..Especially if your home is our
areas median price range of around $200k - $225k.
detailed information about the Greater Lakeland are market forecast, check out
my earlier video here. Lakeland Real Estate Forecast Q1 2020
home is a Big Deal!... Having a seasoned Realtor to offer you sound advice and guidance
through the process is going to make your entire transitional experience stress
free and seamless as possible.
So reach out
to a local Realtor in your area and get the answers you’re looking for
*How can I Sell and Buy a home at the same time?
*How much time will I have to move after we get an offer?
*What is being done to market my home?
*How much does it costs to sell a home?
And here’s one I get a lot!...
What happens if my home sells quickly and my new house is not ready yet?
Kelly, Lakeland Homes and Lifestyles with Premier Realty. I hope you found this weeks video helpful, and
if so, please hit “Like”. And to be notified when my next video will be
published, Hit the subscribe button and the little bell.
convenience, I put a link below to get my New Sellers Guide that is loaded with
tips and advice to get your through the selling process. Enjoy!Sellers Guide 2020
I’ll see you on the next one.