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The decision to sell your house is significant, and for many, it raises the inevitable question, “Am I ready to sell my house?”
That question is hardly unexpected given what’s at stake. Selling up may be both financially and emotionally draining, so be sure you’re doing the right thing before you do it.
Fortunately, there are a few tell-tale signs that are dead giveaways that it’s time to pack up and go. If any of these points resonate somewhere inside you, it’s probably time to sell your home.
Your equity is big enough for you to sell your house.
When it comes to moving, having positive equity puts you in control. Things can become quite a challenge without it, and the challenges are sometimes tough to overcome.
The difference between what you owe your lender and what your house is now valued on the open market is referred to as positive equity. If your house is expected to sell for $400,000 and your outstanding mortgage is $110,000, you will have $290,000 in positive equity.
This money will be used to cover moving expenses and/or your next deposit. If, however, you’re low on equity, this blog post shares some views on building the equity on your real estate property.
You can afford to sell your house.
While strong equity is, arguably, a significant determinant of whether or not you’re ready to sell your house, you must also ensure that you are financially prepared to relocate. This is especially true if you are relocating to a larger home with a higher mortgage.
Possibly higher monthly mortgage payments are only one side of the coin. Don’t forget about the additional costs that come with moving into a new home. Sure, you might be able to handle the immediate expenses, but what about making your new home your own? It’s amazing how fast seemingly these little jobs and extra furnishings can build up to a large expense! Knowing that you are in solid financial standing is a fantastic indicator that you’re ready to sell your house.
Your family is expanding or shrinking.
Another baby on the way or an adult kid leaving the nest is indicative that it’s time to sell your home and move into a bigger or smaller one.
Whether you’re running out of room or have too much, neither situation is ideal, so now could be a good time to consider selling and moving on. If you’re thinking about downsizing, this great guide will give you the information you need to get started.
Your needs are different.
The number of children in the house isn’t the only way your home requirements may change throughout your house ownership; several other variables may affect your desire to relocate.
You could want to have a garden or invest in a house you can ‘flip’. You could want pets or need to relocate for health concerns; whatever the cause, having the desire to move is a strong indication that you’re ready to sell your home.
Your current location is no longer where you want to be.
Similar to the previous point, your geographical demands may have altered since you acquired the home you presently occupy.
There are several reasons why you might need to relocate, such as school catchment regions, relocating for a new career, or decreasing the commute to your existing one. Some people may wish to relocate to a more desirable neighborhood or be closer to friends and family.
Whatever the cause, wanting to move to a new site is indicative that it’s time to sell your home.
Your neighbors are cashing out.
Knowing that the local housing market is improving is a strong indicator that the time has come to sell your home. However, this should not be your only reason. Rather, it should act as a qualifying element to your other cogent reason.
Getting a great deal on your home has its perks, but you need to also check at least one of the other boxes on this list. After all, you’ll still need to buy something like updated furniture, a rug, or a set of fine china, and prices for those will have risen as well!
So while the local housing market becoming a seller’s market is a good sign to sell, it’s smart to have other strong reasons to sell besides the allure of capital gain.
Your home is ready to be sold
If you’ve had a bunch of renovations or remodeling over the years, and your home looks spanking new then congratulations! That’s indicative that your home is ready to be sold. Besides the added benefit that most renovations are tax-deductible, you’ll also have built a lot of equity. So, if you’ve given your house a lot of TLC over the years and feel like you’ve done everything you can for it, it’s a strong indicator that it’s time to sell your house.
You are prepared to sell your house
This final point is crucial. Are you prepared to sell your house? We know the selling a home you’ve lived in for years and moving to a different place can be emotionally harrowing. The signs can be there all they want but if you’re not emotionally ready and mentally prepared for what’s to come, you might as well stay put. However, if you’ve come to terms with the process and you’re ready to take a step, then it’s time to sell your house!
Ready… Set… Sell Your House.
If you have your finances in order, are up-to-date with the current market conditions, and saying yes to a minimum of 3 of these signs, a very beneficial experience for you and your family for years to come could be to sell your house.
If you are thinking of selling property in Delaware, give us a call. Our team of experts is on hand to explain exactly what your next steps should be and answer any questions.