According to the St. Louis Fed, the median sales price of homes during the last quarter of 2019 was $324,500. You may think market demand is the only sign of why you should list your home, but that’s far from the truth. Several economic and lifestyle factors can translate into favorable market conditions to sell your home.
You might’ve been asking yourself “Should I sell my house?” countless times these last few months, but is it the best time? Before listing your home, it’s important to make sure you’re selling under the right circumstances.
Don’t know what we’re talking about? We’ve got you covered. Here are the top 4 signs it’s time to list your home for sale.
1. Long Commute to Your Workplace
Are your commute expenses skyrocketing? If you answered yes, it may be time to sell your home. Moving closer to your workplace will allow you to lower these expenses.
Before moving, you should take a hard look at the financial impact of selling your home. Can you afford to move? Keep in mind you’ll need to cover your moving expenses, real estate commission, and even some of the closing costs.
2. You Owe Less Than the Value of Your Home
You probably took a mortgage to buy your home. If that’s the case, you should consider selling your home when you have some equity. This term refers to the amount you have paid already on your mortgage loan.
Let’s say you bought a home for $300,000, and your mortgage balance is $250,000. In this case, you would have $50,000 in equity. Selling when you owe less will ensure you won’t have to pay any out of pocket costs related to the sale of your home.
3. Your Family Outgrew Your Home
You might have thought it would only be you and your spouse living in your home. Now you have children, or maybe you need to take care of your parents. Either way, you may need to sell and buy another home to accommodate your family needs.
4. You Don’t Have the Rush to Sell
If you aren’t in a rush to sell, it’s time to list your home. Obtaining the best offer on your house may take some time depending on your market conditions.
You may have heard how some investors talk about timing the market. Believe it or not, the real estate market isn’t an exception to this rule.
Depending on your location, you may be better off listing your home in May. A realtor can provide insight into the best time to list your house in your market. If you need to sell your home faster, you may consider a company that buys houses for cash such as Cream City Home Buyers.
The Real Answer to “Should I Sell My House?”
Learning the top signs of when it’s time to list your home is the best way to obtain the best offer. You may still be asking yourself “Should I Sell My House?” The short answer is yes, but only if the signs we mentioned sound familiar.
However, you shouldn’t try to do it all on your own. Consider consulting a real estate agent to learn if it’s the right time to sell your home.
An expert can provide insight into the current market conditions and the best listing price for your property. Consulting a realtor can ensure you list your home at the right time and listing price.
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