Sell Your Home With These Top 5 Tips
The Sell your home process can be pretty overwhelming. Yes, you might have had your eye on that home with the three-car garage and wrap-around pool for quite some time, though you must make sure you stay prepared to move, both financially and emotionally.
Nine out of ten homeowners are satisfied with their current housing situation, according to the Federal Reserve. If that doesn’t sound like your situation, then you might consider selling. The great thing is, there are plenty of ways to sell a home these days.
Here are the top five reasons you might be ready to Sell Your House.
#1 A Specific Home Might Better Suit Your Needs
You might have a growing family and having more bedrooms or space might be more suitable. On the other hand, you might be nearing retirement, and that three-bedroom house might be too large. In essence, it might be time to sell your home if you don’t feel accommodated with the situation you’re in right now.
You need to consider your financial needs and whether or not you have the available cash to move into a new place. You can consider yourself under financial strain if you spend more than one-third of your income on property taxes, housing costs, maintenance, and repairs.
#2 You’re In A Seller’s Market
Real estate agents will often recommend homeowners sell their homes if they meet any of the following conditions:
- Home prices in your area are on the rise
- The period that similar homes spend on the market is lower
- Tons of people are buying and selling homes near you
You Can Support Yourself With Equity and Cash In The Bank
If your equity is in the negative, selling your home is not a great idea. Of course, if you’re trying to avoid sinking into bankruptcy or foreclosure, then you might not have any other option. Most of the time, you want to wait until you’ve built up a substantial amount of equity in your home to pay off your mortgage.
Plus, when you have a bit of additional cash in the bank, it can help support any expenses that come with moving, such as closing costs, staging costs, commissions, etc.
#4 You Have Qualified For Capital Gains Exclusion
Capital Gains Exclusion is quite generous, which is why so many people qualify for it. If you’ve been living in your home long enough that it appreciates by $250,000 ($500,000 for joint filers), then it might be a good idea to sell your home before it appreciates any further.
#5 You Can Put In The Necessary Work
Even if you have cash in the bank and plenty of equity to work with, the process of moving can be physically and emotionally demanding. You will need to:
- Declutter and deep clean
- Renovate your home
- Make necessary repairs
- Stage your home
- Hire a professional photographer
- Host an open house
Of course, you could always choose to sell to a company like TruBuyers as well. Here at TruBuyers, we buy homes in “as-is” condition for fair prices. Get in touch with us today to see how easy we can make your home-selling process.
