When Should I Sell My House?

Deciding to sell your home is one of the hardest decisions in life. There are financial and emotional implications of this decision and you need to get over both when making a choice. While there are no perfect timings to sell a property you should be ready to wait for the opportunity and grab it with both hands as soon as it comes.

when should i sell my house

Reasons to sell a house

There could be several reasons why people decide to sell their home. Some of the key reasons to relocate are:

  • Job change
  • Relocation
  • You have outgrown your home
  • You are an empty nester and now look forward to a smaller space
  • Your family income has increased and you can now afford a bigger, better place
  • Your income is decreased and you need to live in a less expensive place
  • You are in need of money

Once you are firm on your decision to sell your property you need to chalk out a plan. The plan should include the preparations you need to make to ensure quick sale of your property and how to carry out the sale proceedings smoothly.

Preparing yourself and your home for sale of your home

Having lived in the house for so many years you are bound to get emotionally attached making the decision to leave the house so hard for you and everyone in the family. However, once you have decided to sell the house, discuss the matter with the family. Making them understand the importance of your decision is crucial to make the process smoother.

Next vital step is to prepare your home to grab interest of the prospective buyers. Now is the time to get the repairs done, especially the major ones involving faulty pipes, drainage issues, broken furniture etc. You would also need to de-clutter the house to make it look bigger and better. Get the house painted in neutral color and remove your personal items before staging so that prospective buyers can envision themselves there.

Be aware of the economic situations

When selling your home be aware of the overall economic scenario as that has a bearing on the real estate market. If there is a slump in the economy you certainly cannot expect a very high price for your property. But at the same time, you would also get your new property at a low price so your finances may not be impacted as much. Also, keep a vigil on the local real estate market. If there is a demand for property in your area, you can certainly expect a better price. Or alternatively, you may have to push the price of your property down if the buyer demand is low in your city or area.

Key factors to keep in mind when analyzing the saleability of your house are:

  • Whether the property in your area are selling at all
  • What price they are selling at
  • How fast they are being sold
  • What are the prevailing interest rates

This will give you a fair assessment of how fast you can sell your property and whether it is the right time to do so.

Assess your financial situation

Make a thorough analysis of your finances. If you have paid off all your non-mortgage debt and you have an emergency fund to take care of your six months expenses, it may be a financially correct decision to buy a home again. Also, assess whether investment in renovations of your existing home can help you change the decision to sell it. Sometimes, a little investment can help you avoid the hassles and financial consequences of selling and buying a home.

While these are some obvious points you need to ponder over when deciding to sell, it is vital to understand there is no perfect formula to determine the right time to sell your property. Talk about the matter in your family or with your trusted property adviser before taking any decision.

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