Before you sell your home, you need to understand the finances involved in the process. This will help ensure you have a smooth transaction and set you up for success with your next home purchase. Here are the three most important questions to ask yourself before you get started:
What are the current market conditions?
As a general rule of thumb, the best time to sell is when listing inventory is low. More buyers vying for fewer houses means you’ll likely get a better deal for your home. When listing inventory is high, buyers have more options and you may need to price your home more competitively to get offers.
How much can I reasonably expect to get for my home?
Depending on the current market, the condition of your home, and how much homes similar to yours sold for recently, I can create a comparative market analysis that will give you a good idea of how much you could expect to get for your home.
How much do I owe on my home?
If you owe more on your home than it’s worth, it may not be a great time to sell. However, if you’ve built up a good amount of equity on your home, you could be looking at receiving a large check for selling your home. Take the amount you expect to get for selling and subtract how much you still owe to get a basic idea of how much you could walk away from the closing table with.
Figuring out if it’s the right time to buy or sell a home can be tricky. If you have questions or would like help figuring out when the right time to move is for your family, let me know. I’ll be glad to help!
About Don Cholak
