It's not unusal for people to wonder what their home is worth, but it has become an especially poignant question these last couple of years as people also struggle with whether they can afford to move.
Each situation is different…it depends not only on your home's value, but also on things such as your reasons for moving, how much equity you have in your home, your other available resources, at which point you are in your life,etc.
If you are struggling with these questions, your first step is to collect information. Contact your Realtor for an estimate of your home's value…or request a Free Market Report of what has been selling in your area or a Free Market Evaluation of what your home might sell for in today's market.
Of course there are costs involved in selling your home beyond just paying off your existing mortgage(s), so your next step is getting an estimate of selling expenses and an estimate of how much you would net at closing. Unfortunately, in today's market sometimes it's how much you would owe at closing.
This is where it becomes a balancing act…evaluating your own situation and priorities to make the right decision for you at this point in your life. I have had people 'lose' money on their sale, but 'gain' on buying their new home…people bring money to the table at closing…people negotiate a 'short sale' with the bank…people decide to wait a few more years before selling…people decide to stay and update their current home instead of selling and buying a new home…all viable options.
Only you can decide what is right for you…my job is to help you understand your options. I have had clients ask me about my counseling fees…they are actually free, I am not a professional counselor! But like all good counselors, my job is to help you make your own decisions…whether buying or selling a home.
I recently received what I consider the highest compliment from the mother of a first-time homebuyer who came along to look at properties. She told me they liked how I didn't lead them, just helped them notice things they might have missed, think about things from differenct perspectives, and educate them on the process. That is what I do, whether working with buyers or sellers.
Sharlene Hensrud, RE/MAX Results - Email – HomesMSP.com
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