Check several factors before deciding if this is a good time to put your house on the market for possible sale.
Looking around your home, you wonder whether this is a good time to put it up for sale. Perhaps you've lived there a long time and are ready for a change. Or perhaps you need to downsize for health or budget reasons. Before you pick up the telephone to call the realtor, give some thought to issues like the following:
1. How much equity is in your home? If you made a sizable down payment, have lived there several years, or neighborhood property values have skyrocketed, you may be able to get a comfortable profit from the sale of your home. But if you've been there just a few years and the market is fairly flat, your home sale may result in your breaking even or perhaps losing a little bit of money. Get an appraisal or talk to a financial expert before deciding whether to place your house on the market.
2. Is your home in saleable condition? Will you market it as a fixer-upper or an "as is" type of deal? Perhaps you have taken good care of the place for years so that it now should realize a profit. Or you may be in a position to add a few cosmetic touches to enhance the curb appeal and attract potential buyers. But you don't want to go to the trouble of listing the property only to find that no one takes the bait. Go over the home and grounds with a fine-tooth comb to see if there are areas you can improve on or that may affect the list price.
3. Where will you move to? If you plan to downsize or move into an apartment, chances are you need not worry about making a huge profit. But if you would like to buy another home, do you have enough money for the required down payment? Will there be room in your monthly budget for the new house payment, taxes, and interest? Can you afford moving costs and repair fees if something is broken or needs replaced? Check your budget before exchanging one set of expenses for another.
4. Is the selling market stable or strong? Pay attention to the economic news to determine if this is the best time to sell your property or whether you should wait a few months for a market turnaround. Are other listed properties in your neighborhood selling or are they just sitting there without buyers? Traditionally, spring and fall are optimum real estate periods, so factor this into your decision to list or not list.
5. Are your circumstances stable? If a family member is in precarious health, it may be wise to wait until the crisis passes before attempting to sell your home. Stress tests report that selling or buying a home can wreak havoc in a placid lifestyle. Or if you or another family member are planning a job change, do you want the hassle of dealing with a property transaction at the same time? You may want to wait until things settle down before taking on the project of preparing your home for the market.
Selling a house should be more than a whimsical decision. It takes forethought, planning, and preparation to enhance your odds of coming out a winner in the real estate market.
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