How to Tell When it’s The Right Time to Sell A House


Are you feeling like selling your house and moving into a new one? Make sure you’re not just feeling it; you should be ready for it.



Your house is your biggest asset and selling it is a significant decision. However, selling it at the right time is more important than making the decision to finally move on from your property. Here are some markers that tell you when the time is right for property sale.

You Have Equity

The foremost factor that affects the homeowner's ability to sell their house is equity. This means that their real estate asset reflects their net worth. In the disaster that hit the housing market in 2008-09, homeowners developed negative equity. This meant they owed more for owning the house than they were worth.

Selling your assets at a time like this is less-than-ideal because, at best, you'll make a short sale. Most homeowners are forced to trade with negative equity in cases of foreclosure or bankruptcy. Unless it's a dire situation like that, consult your realtor for a better time to sell your house.

You’ve Paid Your Debt

If you think your house sale can go wrong with your financial position at any given point, it most certainly will. Don’t take your chances; it’s better to err on the side of caution when your house is at stake.



A good time to sell your house is when you’ve cleared all your nonmortgage debt. Moreover, make sure you have at least six months’ worth of expenses secured in an emergency account just in case.

You Need a New House

It's essential to put your family needs above all else when there's a new baby on the way or you're planning on getting married and starting a family. You might need another bedroom for a nursery, a larger dining area, a bigger living room, and some outdoor space. Making these many home improvements in your existing home may be near to impossible; it’s better to buy a new house if you can afford one.

And that means listing your current one on the market. Make sure that if you're taking a loan to finance the new house, the mortgage payments don't exceed 25% of your disposable income for 15 years. 

Phillip Fehler is a real estate broker at Fathom Realty who can help you sort out your finances and make a decision. His experience in the real estate industry has granted him expert knowledge of the property market. He has offered his real estate brokerage services to many residential clients in Fayetteville and Fort Bragg in North Carolina.

Call at (910) 381-1341 or email them at phillipsellsnc@gmail.com. They're looking forward to helping you make a good sale!

 

 

Comments

Post a Comment

Popular posts from this blog

Picking the Right Neighborhood—4 Factors to Consider

Image
  Choosing the right house in Fayetteville, NC , isn't easy. You have to go through dozens of listings to ensure that the house you choose has everything you need. But are a house's features, structure, condition, and pricing the only factors you should consider? What about the neighborhood? You might have seen many people considering the area of a house and asking questions about it. But how can you ensure you're buying a house in the right neighborhood? Here are some factors to help you pick the right neighborhood. Crime Statistics The biggest factor you should consider in a neighborhood is the crime rate . The internet is a good platform for searching the crime statistics of different neighborhoods. In addition, you can always ask a local real estate agent about a neighborhood's crime rates. You can also call the local police department to ensure that the information you found on the internet or from the local real estate agents is accurate.   This means the neighbor...
Read more

4 Steps to Maintain the Value of your Home

Image
Do you want to know how to maintain the value of your house? It’s a long-term process that demands commitment and regularity. You can’t give your home a deep clean once and not tend to its maintenance for months. It needs to happen every day or every week. Here are some easy steps to maintaining the look and structural integrity of your house. Repainting Paint peeling off or walls covered with stains and dirty handprints is the biggest turnoff for home buyers. A fresh coat of paint can do wonders! It makes your house look new and several years younger. It also conceals any minor foundation damages that don’t need to be repaired urgently while enhancing the sophistication  of your interiors and exteriors. Start with walls that are exposed to the elements the most because their paint wears off soonest. Curb Repairs The landscaping of your house front affects the curb appeal. A study by Michigan State University  revealed that investing in the curb appeal can enhance the property...
Read more

Critical Things to Check Before Buying a House

Image
Are you about to buy a house in Fayetteville, NC ? Congratulations, that's a huge milestone! However, buying a house is a lifetime investment, and you should never rush the process . Buying the first house you like without a detailed home inspection might be a waste of your money—and you obviously don't want to regret buying a house in the future! Here are some critical things you must check in a house before signing the deal. Check if the Appliances Work Properly New-looking appliances in a house aren’t always functional. Some sellers purchase home appliances to attract customers during an open house, but those don't always work properly. Therefore, we recommend checking the microwave, dishwasher, fridge, and more to ensure that these are working efficiently. Test the Outlets Another critical thing you must check before buying a house is electric outlets. Many home sellers don't bother getting unused outlets fixed before selling a home. However, you need functional out...
Read more