People sell homes for many reasons, sometimes out of choice and sometimes out of necessity. If you are selling out of necessity, whether it be a relocation, a personal, family or financial situation it’s time to just start preparing to sell.
If selling is a choice, however, this is a good time to evaluate your options. If you are planning to buy a more expensive property and have enough equity or other financial resources to sell your current home this may be an excellent opportunity…the savings on your purchase could more than offset the price you might receive on your sale.
A couple at my open house yesterday was a good example of that scenario. They have been in their current home only a few years, but the homes they want to move up to have come down in price more than their current home. They feel they have nothing to lose by putting their home on the market…if it sells, they’re ready to buy up at significant savings…if it doesn’t sell, they will just stay where they are.
To see if selling at this time a good option for you…
- Start with a market analysis of your current home’s value and estimated net proceeds from the potential sale of your home after paying off your mortgage(s) and selling expenses. Most Realtors will provide this service for you at no charge.
- Next talk to a lender to find out how much you qualify to purchase based on the estimated net proceeds from your sale and other cash resources you have available.
- Finally, look at what homes are available for your next purchase to see if you can find what you are looking for in your approved price range.
If it makes sense to you…go for it, and start preparing to sell!
