when is a good time to sell a house ? – It comes as no surprise that the last few years have been outstanding for sellers. In fact, many people are selling and moving even though they don’t necessarily have to – they just know that the market is hot and a ‘handsome profit’ might even be made.
Unfortunately, the ship is beginning to sail and it’s important that you don’t miss it. The housing market is already preparing for a slump because the seller’s market just isn’t what it has been the past few years.
When is a good time to sell a house
So, does that mean it’s far too late? Nope! You still have a chance to cash out even above asking price if you’re swift about it. Keep reading to learn about the most popular reasons for starting the home-selling process now.
1. You Have A Good Profit Potential
Over the past 7 years, home prices have been rising (for the better). The medium home price has nearly doubled since 2012! Though this might seem scary if you’re a seller, you have to keep other factors in mind. Low mortgage rates are creating more buyers and a $250k price point isn’t as scary as it used to be for buyers (when mortgage rates were extremely high). Putting your home on the market ASAP is important if you’re looking to reel in some cold hard cash.
2. Homes Between $100-300K Are In High Demand
If you own a home that has been appraised for less than $300K, you’re in luck. In fact, you might even see a better sellers market than you have witnessed the past few years. Sounds impossible? It’s not! Most buyers are shopping at the $100-300K price point, and houses with higher prices on the market are seeing less traffic.
3. Mortgage Rates Have Hit A Low
30-year fixed mortgages have been sliding to an all time low. Because of this, of course, more people are buying. Rent is going up and mortgage is going down – there’s really only one smart option these days. This mortgage dip makes perfect sense for both sellers and buyers, and is the perfect deal for those doing a trade-in (selling their home and buying a new one).
4. New Buyers Are Entering The Market
Naturally, people buy their first home around the age of 30. In fact, this is a big plus for the housing market, considering that roughly 5 million people will turn 30 within the next few years. Millenials are (right now) leading the housing market, as younger ones are buying their first home and older ones might be selling their first home. Motivation to put your home on the market should be at its peak right now because there are tons of people on the buyers side.
5. It’s Simply ‘Time’
There’s no shame in this. You’ve just realized that it’s time to move on and move forward into your future. You’ll know that it’s just that ‘time’ when you have extra rooms, tons of space, and you’re ready to downgrade. On the contrary, you’ll also feel like this if you have a growing family and you realize it’s time to buy a larger home with more rooms. People leave their homes when the market is bad/good/mediocre. So, in reality, there’s never really a bad time to sell your home when it’s simply that ‘time’. Whatever your reason is for putting your home up for sale, find people who are willing to help you get the best deal and move with ease.
How Will I Know If I’m Ready?
Are you really ready to take on the responsibility of selling your home? It’s a lot of work no matter how much help you have and it can be physically and emotionally draining. However, the positives outweigh the negatives with the way the market is working right now. So, do you have what it takes? Let’s look at the top reasons why most people know they are ready to sell their home:
- You have equity. Preferably you have enough equity to pay off your mortgage with a leftover amount to pay a 20% down payment on your new home.
- You can afford to move wherever you decide to go. This means paying movers if you go that route, and even considering upgrading and modernizing your current home so that it may sell faster.
- You’re prepared with a real estate agent who is experienced and can help you decide when it’s best to sell your house in your area.
- You’re emotionally ready to sell. This one is way harder than it seems. Before staking in the ‘for sale’ sign, consider everything that comes with leaving a home that you’ve lived in for a very long time.
Selling your home might seem like a very daunting task. It can be a tough job, but with the right help, it can be done quickly and efficiently. Taking into account certain factors is necessary, such as repairing any damages in your home and making sure it is clean and ready for a new buyer – this will boost the chances of selling your house. Selling is a big deal and should definitely be treated as such, so don’t settle. Pro tip, if your real estate agent seems uninterested and hasn’t helped you along the way; find one that actually cares. Keep these tricks in mind before your home-selling journey starts.