If you’ve been on the fence about selling your house or not, we’ve got good news: It’s a great time to sell!
According to the National Association of Realtors®, there has been an increase in existing-home sales in May 2016, the highest pace in almost a decade. This in turn, pushed the median sales price to an all-time high.
Why? The main reason is that more and more homeowners are finally deciding to trade up or downsize their property. Furthermore, historically low interest rates also give a confidence boost among first-time buyers to pursue their homeownership intentions while repeat buyers are using the proceeds from the sale of their previous property as down payment for a new home.
Of course, current market conditions are not the only considerations for selling your house. Here are a few other things to keep in mind, based on expert advice, before planting a For Sale sign in your yard.
1. You’re in a strong financial situation.
If you have a solid job, have no problems with your nonmortgage payments, and you also have at least six months’ worth of your salary for an emergency fund, then that is a good sign that you can let go of your existing home and purchase a new one.
2. You’ve accumulated positive equity throughout the years.
Many mortgages went underwater when the housing bubble burst. But since then, home values are slowly recovering from its drastic plummet, making it a safe bet that equity is already on your side again this time of the year.
If you’re unsure whether you have a positive or negative equity on your home, let a reputable real estate agent run a free comparative market analysis (CMA) to determine your property’s approximate value.
3. Your home does not fit your current everyday needs.
If your home no longer fits your lifestyle, then it’s another factor to consider for selling your house. Perhaps there is a need for an extra bedroom or maybe your kids have all moved out and it’s too big for just you and your spouse.
For empty nesters, it is best to take advantage of the low interest rates in the current market. It would feel good to let go of a large home, pay cash for a smaller but better one, and invest the rest on a decent retirement fund.
4. You got extra money for the big move.
It’s not just the price of the home that you gotta look out for – there should be an allotted budget to cover the cost of packing up and hauling your stuff away – whether by professional movers or just with your friends’ family car, as well as to get your current place ready for prime time
Why It Is Best To Hire A Moving Company
- It eliminates the potential for injury. Your ill-preparedness and overall negligence might not get other killed, but if it send you or any of your family member straight to the emergency room, it’s not worth moving out on your own.
- It won’t make your friends and family resent you. Moving out of your current home and into a new one is a tiring and stressful activity – something you don’t have to ask your loved ones to endure. Just invite them to the housewarming party and you’ll best be remembered through this happy memory.
- It gives you time to focus on more important stuff. Like getting a new driver’s license, setting up cable and utility service, etc.
- Movers have the right equipment. They have the right tools to get the job done and have a right-sized truck for all your personal belongings and content.
- Movers have insurance for your valuables. They offer various coverage options to insure your goods against damage – something you can’t give yourself if you break something on your own.
Top 3 Necessary Home-Improvement Projects For Your New Home
- Paint. It is the number one investment you should focus on if you’re moving to a new home.
- Kitchen and Bath. No need to break the bank for this, but a couple of givens include new faucets and fixtures plus proper lighting – small upgrades that can make a big difference.
- Curb Appeal. Don’t over sweat on landscaping the garden but it would be nice to plant some flowers, trim the shrubs, or just add a sprinkler system for an already existing lawn.
5. You know what’s best for you.
It all boils down to what you believe you can afford. Though there is no single formula for knowing the right time to sell your home, you can seek professional advice from a reputable real estate agent to determine what’s best for you.
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