Selling your house is a big decision, especially considering all the time, effort, and memories made with loved ones that have gone into making it feel like home. It can be difficult to determine when the timing is right to get the best return on your investment.
There are many factors to consider when deciding whether it is a good time to sell or if you should wait. To help you make a confident decision, we have compiled a list of signs that indicate that listing your home for sale is a smart move to make.
What are Your Personal Needs?
Determining the right time to sell your home is not just dependent on external factors like market conditions, rates, or time of year, it is about making the right decision for your lifestyle, goals, and needs. When considering the smartest time to sell your home, you should be considering:
• Your financial health: Can you afford to sell? Can you afford not to? From your mortgage balance to the closing costs and potential tax implications, there are many financial considerations you will need to ponder.
• Your job: From relocation to changes in pay, your job is a key consideration in whether or not you should sell your home.
• Your family situation: Growing families may need more space to support their loved ones, while empty nesters may find themselves ready to downsize. Your family can be a critical decision-maker in this journey.
• Your instincts: Most people find themselves developing an attachment to their home. You build relationships with your neighbors, put in effort to make it your own, and likely picked your location because you liked it. This can make it difficult to sell. Sometimes, however, it may feel as though your time to move on has arrived, which is just as important of a consideration as the previous ones listed. Whether your instincts are telling you to stay or that it is time to move on, they deserve your consideration.
What Condition is Your Home in?
The condition of your home will play a significant role in just how easy it is to sell. Homes that are well-maintained tend to sell faster and for a higher price than those in need of repairs or that have quickly become outdated. Before listing your home, consider just how appealing it will be to your local market or if you should take some time to update it.
What Does the Housing Market Look Like?
The housing market has a tendency to fluctuate according to the state of many factors, such as interest rates, the economy, and seasonal trends. Ask yourself these questions to determine if the housing market is in a state to benefit your home-selling process:
• How busy is the real estate market? Seasonally, the busiest times for the real estate market are spring and summer, as many families are hoping to move under ideal weather conditions and without impacting their children’s schooling.
• Is it a seller’s market? Low inventory and high demand make for an ideal time to sell your home. A seller’s market can mean a higher selling point and less time on the market for your home.
• Is it a buyer’s market? High inventory and low demand make for an ideal time to buy a home. A buyer’s market gives those on the hunt for a new home the upper hand, which could mean a lower selling point and longer time on the market if you choose to sell now.
• What are the homes in your community selling for? This can be a key indicator of the housing market’s condition in your area. If homes in your area are selling for a price that you would be happy with, it may be a good time to list.
What Do Mortgage Rates Look Like Right Now?
Mortgage rates impact a buyer’s purchasing power. When rates are low, buyers are often more motivated to purchase a home since their monthly payments will be lower. On the other hand, when interest rates rise, buyers may be more hesitant due to higher payments. However, mortgage rates are just one factor to consider when selling a home—market conditions, inventory levels, and local demand also play a significant role in determining the right time to sell.
Are You Looking to Buy After You Sell?
If you are looking to sell your current house, you may also be on the hunt for a new place to call home. At SWBC Mortgage, we are here to help you navigate the mortgage process should you decide that you’re ready to invest in a new home. From choosing the right home loan option for your unique needs to providing you with a positive journey to homeownership, we will help you through it all. Find a local SWBC Mortgage Pro near you to secure a mortgage and begin your homeowner journey!