Is now the right time for me to sell?
As most everyone knows, the market has seen extreme drops in value over the last couple of years. In addition to this fact, what else should I consider when making a decision to sell now or hold? Let's take a look:
1. What is my home worth in todays market?
Getting a clear idea of what your home is likely to sell for can help you determine what your options may be. What your home will sell for and what you need to get out of it aren't always the same amount. Tammy and Brian can prepare a Comparative Market Analysis (CMA) for you with valuable information about the likely value of your home based on similar sales and active listings. Check out the "Seller Tool Kit" for a sample CMA.
2. How much do I owe on the home?
Your current lender will be able to get you an accurate amount owing on your current mortgage. You should also be aware of any second mortgage or line of credit leveraging your home as collateral. In addition to loan amounts, you may also wish to consider the value of any cash upgrades you have made to the house. These items are costs you may wish to recover when you sell.
3. Given todays prices and interest rates, would I be able to make a move up to a home better suited to my wants and needs?
Given todays prices, interest rates, and available inventory, now may be an excellent time to make a move up to a home that may be out of your range in a time of other market conditions. This is particularly true if you are selling a home priced below $250,000, where the market is fairly hot, and planning to buy a home over $250,000, where the market is much weaker. Check out our Property Search area to see what is available if you did move up.
4. How long can I wait before I may be forced to sell?
Your circumstances may play a large role in picking the best time to sell. Even a realatively rapid sales process can take 60-90 days to market and close. As such, your decision on the best time to list your home should take into account time to market and close, balancing that time period with other factors driving your ultimate decision. Check out our information on Short Sales and Foreclosure.
5. How long are houses in my price range usually on the market before selling?
As part of your Comparative Market Analysis, Tammy and Brian will provide you with specific information regarding Days On Market (DOM) for comparable properties to yours. If you are determined to sell, you will also need to price your home properly considering the competition realative to your home. Pricing your home properly is a major factor in improving on the average DOM.
6. Are there improvements I would like to, or should, make before selling?
In some cases, it may make sense to make cosmetic improvements and/or structural improvements to your house before marketing the property. In todays market, it is imparative to have your property ready to sell before you begin to market the property. You do not want to loose a potential buyer simply because you did not make a minor repair. Tammy and Brian can view your home and discuss specifically what improvements or repairs will likely pay off for you.