It’s not always easy pinpointing when it’s time to sell your house, but there are definitely tell-tale signs that indicate that you are ready to sell your home. This article highlights how to decide to sell your home, how to know when to sell and also what to do when you finally do decide to sell. Think of it as ‘The Selling My House What Do I Need to Know Ultimate Guide.’
For a variety of different reasons, including multiple lockdowns due to covid, more homeowners toy with the notion of buying a new house and/or looking at other homes that may better suit their needs. Scrolling through online property listings is relatively easy and inspires you to consider putting your property on the market, but trying to figure out when to sell your house requires some serious thought about current market conditions, real estate trends, prices, your specific financial situation and so on.
Want to Sell But Unsure if Now is the Best Time to Make a Change? Here are ten surefire signs that indicate it’s time to sell your house.
You’ve Amassed Positive Equity
If you’ve been paying off your property for at least five years, you may have accumulated a sizable amount of positive equity. One of the most important financial considerations in choosing whether or not you’re ready to sell is whether or not you’ve built up equity.
When the outstanding debt on your mortgage is removed from the current market value of your house, you get an idea of how much equity you have (or don’t have). Make use of a professional to acquire the most accurate estimate of this value. In an ideal world, the proceeds from the sale of your house will be sufficient to pay the price of a new property deposit, relocation expenses, and closing charges. If you sell while you have negative equity, you can end yourself in a worse situation than you were before.
Financially You Are Ready to Move
It’s likely that you are financially ready to move if you have good equity in your home and some additional savings in the bank. When selling a home, costs often tend to add up really fast which is why a combination of equity and savings is best when looking at selling and then buying a new home. Check how much equity you have with Domain’s online home equity calculator.
“Should I sell my house?” Is one of those questions that require you to consider the overall costs of relocating to a new property including any small or large repairs that need doing before listing your home on the market, and whether your new mortgage will be more expensive than the one you currently have.
“When applying for a new mortgage, the bank will want to know that your finances are rock solid.”
Make sure you’re debt-free with at least three to six months accrued in savings for unexpected expenses.
You Are Ready to Make a Move Emotionally
Chances are that if you’ve been eagerly exploring the latest real estate listings online and constantly daydreaming about buying a new home, you are ready to cut the ties emotionally with your current home. That’s a great indication that it may be time to sell.
Selling a property can be a trying and emotional experience, with many an unruly emotion ready to cloud judgement even if things are going well. There is so much to do, from preparing your home for sale, anticipating any unfavourable criticism from agents, home stagers, and/or interested buyers. It’s best to try to separate your emotions, focussing on mentally preparing for each stage of the getting ready to sell process and the fact that you hope to make a tidy profit on your home.
Your Outgrown Home is no Longer Suitable for Your Needs
Depending on what your life looked like when you first bought your house, you may have simply outgrown it over the years. That’s quite normal as family dynamics change over time. Perhaps you need extra living space, another bedroom or a total change. It could be time to investigate the market if your family is growing, your children want their own bedrooms, or you’re caring for elderly parents.
Are you getting ready to put your house on the market? The Property Brokerage team is ready to assist you either with a free property appraisal or even just a friendly informative chat.
You Want to Downsize
On the other hand, many homeowners choose to sell their homes after their children have grown up and moved out of the once-bustling family home. Taking care of a large home is no longer feasible. The good news is that downsizing may also provide you with a nice nest egg in the process so long as you budget wisely and spend only a portion of your profits on a new home that better suits your needs.
You’ve Outgrown your Location
Another sign is if your current location is no longer appealing or no longer meets your lifestyle demands, whether that be regarding which schools to send your children to, healthcare options, public transport and other amenities. No doubt, you’ll want to live in an area that benefits the entire family, whatever that family dynamic is.
Your Neighbours Recently Sold for a Really Great Price
Your next-door neighbours recently sold their house and made a nice profit. You’ve learned that you’re in a seller’s market, which has piqued your interest. You don’t want to lose out on what may be the optimum time to sell a home.
Find out how much your house is worth, and whether or not selling may be a good opportunity for you by doing some market research. Feel free to contact one of our experienced real estate agents here at Property Brokerage, or call into our office at Whale Bay Marina in Urangan. We’re happy to help.
Current Market Conditions are Working in Your Favour
Congratulations if your local market is currently booming; you’ll most likely receive a great sale price on your house, which is helpful for the next phase in your property adventure. Uncertain about the state of your market? Look through this list to see which trends to keep an eye on. This will assist you in understanding potential alternatives and equip you with the knowledge necessary to confidently talk with an agent whether it be about real estate trends, stock price marketing strategies, where your best potential buyers will come from, etc.
Many agents will argue that specific timing of the market isn’t overly necessary because most people sell and buy property within the same market conditions. Concentrating your efforts on achieving the optimum price for your property in the current market and then finding a good home is what’s most important.
Renovations Won’t Add Much Value to Your Home
Are you thinking of home improvements or renovations to increase its resale value? Will a makeover increase the value of your home or will it cause you to lose money? You could overcapitalise if you overspend and have your budget totally blown out. Make sure you know what you want to achieve, how much it will cost, and how much value it will add to the resale of your home.
A new bathroom or kitchen makeover will undoubtedly increase the value of your house, but be sure you get your money’s worth– and then some! It’s always a good idea to talk to your real estate agent about whether or not your upgrades will be worthwhile in the long term.
You’re Ready to Speak to a Real Estate Agent
You’ve crossed some items off your list of concerns and are ready to speak with a real estate agent or two. You also will have started your research if you’re serious about selling your property. A professional real estate agent will pay attention to you and advise you on how to get the best possible result. They’ll be able to assist you in developing a selling strategy and laying out all of the procedures you’ll need to follow to get your home on the market. Contact Property Brokerage today on 07 4125 6692
Are You Ready to Sell Your Home?
If at least a few of these signs strongly resonated with you, and your finances are in order, it may be time to sell your property and buy that gorgeous new home that you’ve been dreaming about. And you might find our post”10 Great Tips to Sell Your house Fast” really helpful too! Enjoy!