How Do I Know If I Should My House?
It can be hard to know when is the right time to sell your home. There may be times when you should (or shouldn't) sell your home, based on a whole variety of circumstances. Additionally, selling may not always mean you'll make a great profit, but depending on your needs, it may be the best choice for you. Remember, selling a home is a very personal situation and should not be taken lightly. If you are thinking about selling, check with your realtor and consider the following:
It's A Seller's Market: A seller's market can yield you a nice return on your investment! Always check with a realtor to see if it is in fact a seller's market and how your home compares to others in your area.
Other Homes In Your Area Are Selling For A Lot: If other homes in your neighborhood or on your street with similar specifications (bed and bathroom count, square footage, lot size) are selling for a lot of money, you might consider testing the waters and seeing how much you can get for your home. Even if it isn't a seller's market across the board, you may have picked an area that has become highly sought-after and home values may have increased dramatically from when you initially purchased your home.
You're Financially Stressed: Financial stress can be brought on by a variety of factors - perhaps the reality of owning a home is financially more than you anticipated, perhaps there was a loss of a job, and more. Financial stress is extremely difficult, and if the cost of owning your home is simply too much of a burden, it may be time to sell.
You Need More (or Less) Space: Life circumstances change. Sometimes that means needing more space. Sometimes, it may mean needing less space. Either way, while it can be a hard decision to make, it may end up being best for your situation.
You're Tired of Home Maintenance: Home maintenance can get expensive. We're talking basic maintenance, like lawn care, not unexpected repairs and fixes. If you're sick of paying out lots of time and money, you could consider a housing option with less maintenance such as a condo, townhome or even renting.
You Have A Lot of Home Equity:You want to consider your home equity when selling because, for one thing, selling a home isn't free. You have a variety of fees, commissions and closing costs. If you don't have enough equity, you could end up paying out a lot of money. On the flip side, you might want to wait to sell until you meet the qualifications to avoid having to pay capitol gains taxes if you have a certain amount of equity.