Wednesday, April 30, 2014

When to sell your home

Selling your home can be just as daunting as buying property. When it comes to selling property, one should ask a number of questions. Are you going to make a profit? Is it wise to sell now? What are your options? Every homeowner’s situation is different, and everyone has different reasons for wanting to sell. Here's how to gauge whether now is the right time to sell your home.

Once you’ve gathered all the relevant information, you'll have a clearer picture of what you’ll be facing as a property seller, how much you could potentially earn and whether it’s worthwhile to sell your property in the current market.

Reasons for selling

Life events and lifestyle changes can sometimes prompt and require changes in terms of your living situation. A growing family needs a bigger home, while an elderly couple might need to downsize. Moving to another city or country can be another factor. Switching jobs and getting assigned to a different location are also viable reasons for selling your home. 

For some, the reason for selling is largely financial. Maybe you’re in a financial rut and need the extra cash to pay off your debt. Your home's value may have appreciated over the years, and now you find that this is a good time to reap the benefits.

Whatever your reasons for wanting to sell your home, it’s important to assess whether it’s an urgent need or something you can hold off on. Knowing your level of need will help you decide which action to take. 

Existing loans

Most properties are acquired through mortgage loans. If the property you’re considering to sell is still mortgaged, find out how much you still owe your lender. For those that are still in debt, this will eat into some of your profits from the home sale. 

Do the math. Gather information on your closing costs, real estate agent fees and other expenses. Deduct these expenses and your remaining loan amount from your selling price to find out how much you could potentially earn. 

Comparable properties

Make sure the selling price you’re eyeing is realistic. Look around your neighborhood or city for similar properties that are on sale. Find out how much the running prices are, and whether your selling price is competitive. 

You may also ask a real estate agent for help, as he may have better knowledge of the current market conditions. Ask about how fast property sales go in your area, or what types of properties home buyers are looking for. 

Once you’ve gathered all this information, you'll have a clearer picture of what you’ll be facing as a property seller, how much you could potentially earn and whether it’s worthwhile to sell your property in the current market.


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