So you feel like it’s time to move, but you keep asking yourself, Am I ready to sell my house? After all, there’s so much history packed inside those four walls—not to mention, it’s the most expensive possession you own.
Asking yourself if you’re ready to sell is an important question to answer since selling at the wrong time can cause trouble for years to come. But no worries. We’ll help you walk through everything you need to consider so you can have full confidence that you’re ready to sell.
Let’s get started!
6 Signs You’re Ready to Sell Your House
1. You’ve got equity on your side.
For most homeowners, being financially ready to sell your house comes down to one factor: equity. During the housing meltdown of 2008–09, millions of homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth.
Figuring out how much equity you have may sound complicated, but the math is actually simple. Here’s how it works:
First, grab your latest mortgage statement and find your current mortgage balance.
Next, you’ll need to know your home value. While it’s tempting to use figures from online valuation sites to determine how much your home is worth, they’re not always accurate. If you’re considering selling, ask an experienced agent to run a free comparative market analysis (CMA) for the best estimate.
Once you have those two numbers in hand, simply subtract your current mortgage balance from your home’s estimated market value. The difference will give you a good idea of how much equity you have to work with.
So how much equity is enough? At the very least you want to have enough equity to pay off your current mortgage with enough left over to provide a 20% down payment on your next home. Plus putting 20% will help you save hundred—or even thousands—of dollars each year!
2. You’re out of debt with cash in the bank.
If you didn’t have all your financial ducks in a row your first time around the home-buying block, you probably learned a few things the hard way.
Start by taking a hard look at your finances. If you’ve paid off all your nonmortgage debt and have three to six months of expenses in your emergency fund, that’s a good sign you’re financially secure enough to purchase a home again.
3. You can afford to buy a home that fits your lifestyle better.
Another factor to consider is how well your home meets your everyday needs. Perhaps you could use another bedroom (or even two) for your growing family. Or maybe your kids have all moved out and you’re ready to downsize It’s freeing to sell large home, pay cash for a smaller one, and invest the rest for your retirement.
4. You can cash flow the move.
Don’t get so carried away by the excitement of your next home that you forget to account for the cost of moving out of your current one. Hiring professional movers? Save up cash to cover the cost of packing up and hauling your stuff away.
You should also invest a little to stage your home so that it’s ready for prime time. Focus your home improvement dollars on paint, curb appeal, plus kitchen and bath upgrades. A little bit of fresh paint and elbow grease can go a long way into making a great impression—and getting your home sold fast!
Want a bonus tip that doesn’t cost a dime? Clear out the clutter. Neat closets and tidy shelves make your home look larger!
5. You understand the market (a little bit).
No one can predict the housing market will perform with 100% accuracy. But you can get an idea of what you might experience when selling your home based on things like housing inventory, for example. Ask Murray and Team if the number of homes for sale in your area has been going up or down in the past month or so.
6. You have a real estate agent.
Okay, maybe all the signs are saying it’s time to get your home on the market. Just remember that your real estate market is unique—and so is your financial situation. Consult Murray and Team to find out how the current housing market is shaping up in your area so you can decide if a sale makes financial sense for your family.
Partner with us to provide honest advice so you can do what’s best for you and your budget. A good agent puts service before sales—but knows how to get things done when it’s time to sell.
As an agent, we do more than just schedule showings of your home. They bring experience and confidence to the table when they handle their many job duties, which include:
- Giving you advice about updates or repairs that will make your home more attractive
- Helping you set the right price for your home
- Marketing your home so it receives as much exposure to potential buyers as possible
- Scheduling showings with potential buyers
- Advising you as you negotiate offers
- Handling all the required paperwork
If you feel confident that you are ready to sell – Contact Cole Murray at Murray and Team.
Any questions you may have in regards to your home and if you think it is ready to sell, We’d love to assist you!
