Knowing when to sell a house can be tricky. Nobody can tell the future or know what the local housing market will look like tomorrow. If you’re here, there’s a great likelihood that you’re already considering selling your home. We’ve pulled together a few tips to consider when when you’re considering selling your home.
Why Do You Want To Sell?
Keeping in mind why you are considering selling is important. Are you looking to upgrade to a larger place? Maybe you want to downsize and get a smaller home? Is it time to sell to turn a profit and reinvest in a nicer home? There are a lot of motivating factors for sellers, and their goal can be significantly different. By acknowledging your reason for selling, we can determine an approach to properly pricing and listing your home.
Is It The Right Time?
This is the question everyone asks, but the only person who really knows the answer is you. If you’ve got some equity in your house and you’d like to roll it over into a new place, there’s a good chance the answer is “yes”. It’s always important to know the economic health of your neighborhood, which we can provide by creating a broker price opinion. A broker price opinion, or BPO, takes into account the recent sold data for your neighborhood, how updated your house is, and compares it to your neighbors. We can use this method to provide an educated guess as to what your house will sell for. It’s different than an appraisal, which your sellers will have done, but it’s a good technique to determine if it’s a good time to sell! If the numbers are right, you may be ready to get your listing paperwork started!
Are Your Finances Ready?
If you’re hoping to buy a new house after selling your current one, it’s important to get your finances in order early. Getting pre-qualified will help you determine if you can buy the place you want after your sale. See our advice for buyers to get an idea of some of the things you’ll want to do to prepare to move seamlessly into your new house.
Be careful about buying on credit. It’s best to prepare for buying before you list your house, so consider paying off any debt you can like credit cards, vehicles, etc. Cleaning up your credit score will help you get a great interest rate when you go to buy your new place and ensure you can get approved for the right amount!