You might already know for a fact that you’re ready for a new home. But before you pull the trigger on selling your current home, you want to know that you will get top dollar and be financially secure for the long haul. Check out these 4 signs that there is no time like the present to put your home on the market.
1. You Don’t Need Any Big Repairs or Remodeling
Sure, upgrading a bathroom sink might make you feel better about what potential buyers see when touring your home. But don’t sweat the small stuff. You aren’t likely to recoup the expenses you put into most home improvement projects, much less turn a profit. The important thing is that your home doesn’t need some type of major overhaul that sends buyers running for the hills – something like a leaky roof or cracked foundation. Barring any such severe flaws, just double-check with your real estate agent to make sure there aren’t any renovations that would significantly raise your home’s value. If there aren’t, then you should consider your home ready to hit the market.
2. You Have Positive Equity to Avoid Out-of-Pocket Costs
Equity is the difference between what your home is worth and what you owe on it. Say your home is worth $100,000. If you only owe $50,000 to pay off your mortgage, that means you have $50,000 in positive equity. Ideally, you’d like to have enough equity to cover closing costs and put some money down on your next home. At a minimum, you want to have enough to cover the current balance of your mortgage, so you can avoid paying out of pocket. If you have even a small amount of positive equity, that’s a positive sign that you’re ready to transition to a new home.
3. You Know You’re in a Strong Market
Chances are you have a general idea of housing prices in your area if you’ve been in your home for at least a couple of years. That said, you want to look for trends to make sure you strike while the iron is hot. Look at the average number of days that homes have been on the market. Has that number been decreasing? At the same time, has the price per square foot of homes in your neighborhood been rising? If the answers are yes and yes, those are indicators of a strong market. Of course, you can always look at homes like yours that have sold in your neighborhood recently, too. If you’d be happy with the price that comparable homes are selling for, now could be the right time to list your home.
4. You Can Comfortably Transition to a New Home
Buying a new home while selling your current home is tricky. Buy before you sell, and you may need to carry two mortgages for a while. Sell before you buy, and you may need a place to crash while you search for your new home. There’s a lot to consider when weighing your options, which is why it’s wise to consult with an experienced real estate agent to help you figure out your best course of action. The important thing is that you’re able to come up with a game plan that doesn’t jeopardize your financial future or leave you without a place to stay. If you have the resources in place to facilitate a smooth transition to your next home, the timing to sell may never be better.
Making A Move
Perhaps you are now asking yourself what your home might sell for in this high-demand market? Did you know that we offer a FREE Market Analysis? There is no obligation when you request, this service, and you will discover the current market value of your home!
The Best of the Best
Our agents are truly top shelf, the best of the best, and they know our local market like the back of their hands. So they are exactly who you need when deciding to list your home! They have proven themselves to be at the top of the real estate industry. So much so, that CENTURY 21 Realty North was recently awarded the highly coveted Art Bartlett 2100 CUP for 2020!
Not familiar with the 2100 CUP? No worries, basically it’s been described as the Oscar of the Real Estate world. That prestigious honor was awarded to our team, for our having excellent customer service record. Also, for having earned the largest growth in sales year over year, of any CENTURY 21 brokerage, in all of North America! Which is something we are incredibly proud of!
FSBO is a BIG mistake
So, if you are thinking to yourself that it might be even cheaper to just sell it yourself, you would be making a big mistake. Please read our blog, Why NOT to Sell FSBO!
If you don’t have time to read the blog, know this, homes that are listed with an agent statistically sell faster & for more money, than those sold FSBO. It’s that simple. Having a great real estate agent can help make sure all your ducks are in a row before putting your home on the market, which not only will have it looking its best for potential buyers, but also help for a smooth closing process. By helping to shore up any obvious issues that can be addressed ahead of an inspection. Plus, they’ll work to make sure you get top dollar and have secured the very best deal possible!
Schedule your FREE Market Analysis
Or if you want to connect with a top-rated agent in your area, simply give us a call!
Houghton Lake Office: (989) 366-1801
Higgins Lake Office: (989) 821-1800
Grayling Office: (989) 348-5474
Gaylord Office: (989) 731-4221
