Signs That You Should Sell Your Home In The Near Future

Has the time come? Is it time to sell your home? Possibly you have been interested in downsizing for quite some time now, or maybe you and your family have outgrown your living space and need some more room? Maybe you just have that itch to make a change, or your home is no longer meeting your needs. Whatever the reason may be, deciding to sell your home is not a simple decision to come to. Become acquainted with the signs that it is time sell so you will know when you are in the right stage and position to do so!

Equity

A large chunk of the equation is all about equity when it comes to whether or not the time is right to sell your house. As a general rule of thumb, if you have been making payments on your home for five years or longer, you will have built up lots of equity in your home (under most circumstances). The equity of your home is calculated by taking into account how much you have lost or gained when you subtract the mortgage balance from the current market value of your property. Of course, market trends are going to play a factor here. A real estate agent can surely assist you in determining your equity.

In an ideal situation, you will get back enough to cover a down payment and closing costs on your new home, along with moving costs.

Financially Ready

If you feel that you are in a good spot financially, the time may be right to sell. When selling your home, it is important to keep in mind that you will find costs that sneak up that you did not expect. This could be repairs that need to be done in order to sell your home, the cost of renting while finding your new home, or other fees. If your new mortgage is going to be larger, it is wise to take this into consideration to determine whether or not you will be able to swing it financially.

Location

If the current location no longer meets your needs and lifestyle, it may be time to search elsewhere. If it makes sense financially, there is no reason for you to live in an area that does not make sense for you. When location is no longer desirable, it may be a time that it is time to sell.

Local Trends

If your neighbors, with a similar and comparable home, just sold their home for a great price, it may give you the idea that it may be time for you. A real estate agent can help you to test out the market in the Destin, Miramar Beach, and Santa Rosa Beach Area. An agent can also help you in determining an estimated current value of your home and whether or not selling it will produce a good return for you.

Market

If the market condition is on your side, it’s a win! In a local seller’s market, you are more prone to benefit from the sale of your house than if it were a buyer’s market. However, keep in mind that in a seller’s market, buying a new property may not be as inviting.