Putting your home on the market is a huge decisions. Perhaps you’re asking yourself: should I even sell my house?
If you are wondering if you are in a good position – financially, mentally, and emotionally – to sell your house, then you are not alone. It is common for home owners to get stuck going through the motions before deciding to sell their homes. After all, selling a house at the wrong time can cause you plenty of headaches in the future.
In this post, we’ll take you through 4 sure-fire signs that you are indeed ready to sell your home. Once you see them, you have the green light to hire a reputable realtor in Guelph.
#1. Do You Have Equity in Your Home?
Being financially ready to sell your home often boils down to one thing: equity. In fact, most homeowners found themselves with negative equity following the housing market meltdown of 2006-2009. Can I sell my house when I have negative equity? Tellingly, a short sale is a big no-no, unless you’re looking to keep foreclosure or bankruptcy at bay.
What is home equity? It entails how much more your house is worth than what you owe on it. If your home’s value is higher than your mortgage balance, then you have equity.
How do I calculate equity to know when to sell my home? Simply take your last mortgage statement and read off the balance. Next up is to figure out the value of your home. You can commission a knowledgeable realtor in Guelph to conduct a thorough CMA (Comparative Market Analysis). Finally, deduct the mortgage balance from your home’s value, and the remainder is your home equity.
#2. Do you Have Enough Savings — Money in the Bank?
You are ready to sell if you’ve settled all non-mortgage debts with the bank. Financial maturity also demands that your emergency fund should last you 3-6 months. It is all about being a smart home seller.
#3. Does Your Current Home Meet Your Everyday Needs?
Do you need an extra bedroom for your newborn? Or perhaps all your children have moved out. Either way, you need a home that meets your lifestyle. Whether you are downsizing or upsizing, it is high time to work with a great realtor Guelph to sell your current home.
#4. Can You Afford the Move?
The costs of selling your home and moving to a new one can rack up quickly. Do you have the cash to home-stage your house? Can you afford to hire professional movers? If yes, then you are ready to sell!
There you are – four signs that you’re ready to sell your house. You should also think about the emotional part of selling. Are you and your family mentally ready to part ways with friends and the neighborhood? Once you are certain, be sure to work with an experience realtor in Guelph. This way, you can rest assured you can sell your home fast and for top dollar.