Things to Consider
Before listing your home for sale, carefully consider why you want to sell the home and evaluate the current condition of the housing market in your neighborhood. Taking these steps will help ensure that you maximize the sale price of your home, whether you sell it today, next month or next year. With housing prices dropping and the real estate market in disarray, Modern Property Groups would like to assist you in doing what is best for you. Consider the following:
Should I Sell My Home?
It is difficult, if not impossible, to predict which way the housing market and housing prices will head. Instead, look at factors you can control when deciding whether to sell your home now or at some point in the future.
Reasons to Consider Selling Your Home:
- You have to relocate to a different part of the country
- You can no longer afford to pay all of the expenses (including the mortgage, taxes, insurance and maintenance) associated with your current house
- You have built a large equity position in your home
- Houses in your neighborhood are selling quickly and are selling at or close to the asking price
- Few homes in your neighborhood are on the market
Reasons to Consider Remaining in Your Home:
- Homes in your neighborhood are taking a long time to sell, or are selling for significantly less than the asking price
- Many homes in your neighborhood are on the market
- You do not have much equity in your home, and will lose money if you sell, just break even or make only a small profit
- You do not need to sell, but would simply like to live in a different neighborhood or have a home with different amenities
- Also how flexible are you in pricing your home? If you price your home low enough, you will find a buyer in any market. If you are unwilling to discount the price of your home, it may remain on the market for a longer period of time, particularly if the real estate market in your area is depressed.
Is This the Right Time to Sell My Home?
- There is no perfect time to sell your home. But certain indicators will help you determine whether it’s a relatively better time to sell your home or a relatively worse time to sell your home. Consider the following:
Should I Rent Out My Home Instead of Selling It?
If you must move out of your home, but do not necessarily think it is the best time to sell your home, consider keeping it as a rental property. Evaluate the supply of rental homes in your neighborhood, and the demand for rental properties. If the majority of residences in your neighborhood are rental properties, then you may have a more difficult time renting your home because renters will have a bigger selection from which to choose. If the supply of rental properties is smaller, renters will have less of a choice, which increases the likelihood that you will be able to rent your home. If you have questions, Modern Property Groups welcomes your inquiries. firstname.lastname@example.org