With new opportunities for sellers in today's market, including rising prices and some properties seeing multiple offers, how do you know if it's the right time to sell your home?
While many homeowners have realized that it's becoming a seller's market in their area, they aren't sure whether to take a wait-and-see approach or to list their home for sale. If you're thinking about selling your home, you will want carefully assess local market conditions and recent sales, as well as your own financial picture and motivations. Here are five key indicators that it might be the right time to sell your home.
- Your home has positive equity
- You need a home with more or less space
- You have home buying power
- You are prepared to undertake a move
- You have an understanding of the local market
As the buying season warms up, some sellers will gain an edge by acting sooner than others, but you don't want to just put your home on the market and test the waters. Before you decide that it's the right time to sell, talk to a real estate professional about how many homes are for sale, how long it takes homes to sell, and what real estate values are in your area. What's going on at a local level will impact your decision as much as-- or even more than -- national headlines do, and will give you a realistic idea of how you can expect to leverage selling opportunities.
Planning is also a big part of your decision to sell. You can start by looking around for a new home, since you'll need to purchase a property once you sell. Work with your real estate agent to get pre-approved and understand the steps involved with being a competitive buyer in today's market, including knowing how to win a bidding war. Consider getting a home appraisal and inspection to find out how much your home is worth, and alert you to any repairs that need to be made before selling your home.
For more information that will help you decide when it's the right time to sell, contact a Carrington Real Estate Services professional today.