Is Now the Time to Sell My Home?
We are asked by homeowners all the time whether or not “now” is the right time to sell their home.
This is a difficult question, but in order to answer this question wisely you will need to have a few other questions answered first:
1. What are the current market conditions?
An experienced Realtor you can trust, such as those you will find at Landmark Realty Services, can answer this question about current market conditions. The market may be wonderful for homes in your price range, but less than desirable for homes that cost more or a lot less. An experienced realtor can tell you whether or not you should receive fair value (or more) for your home based on current market conditions and even an idea at how quickly your home should be able to sell based on comparisons. An experienced Realtor can also tell you whether or not the supply of listed homes exceeds the demand (buyers’ market) or the demand for homes is greater than the supply (sellers’ market).
2. How much equity do you have in your home?
This question should be one of the keys to your decision. A Realtor or home appraiser can tell you what your home is worth, and your lending institution can tell you how much you have left to pay on your mortgage. The difference between those two numbers is your “equity.” If you have little equity, you will probably want to remain in your home until you’ve been able to pay off more of your mortgage -- or your home increases in value because of market conditions. If you have accrued significant equity or have even paid off your mortgage, you may have more equity than you realize!
3. What are current interest rates?
An experienced Realtor or the loan officer at your local bank can provide you with information about current interest rates. Currently, rates are among the lowest they’ve been in decades, which means that they have little room to go down but a lot of room to go up. As interest rates increase, monthly mortgage payments will also increase, resulting in fewer home buyers, unless the economy and wages also strengthen. No matter whether you’re buying or selling your home, interest rates can dramatically affect your ability to sell a home, or your ability to buy one.
4. Do you want or need to sell your home?
This is probably the toughest question because the answer depends on both your wants and needs. Have your housing needs changed? Do you want or need (i.e. job transfer) to move to another neighborhood or a different community? Have you outgrown your current home, or do you want to “downsize” after your children have grown? Would you like to have a newer home with more or different amenities? These are questions only YOU can answer.
If you’re thinking about selling your home, call Landmark Realty Services at 304-842-5298. We will take the time to answer all of your questions and help you to make an informed decision about listing your home or buying a new one.
As a small, family-owned brokerage, Landmark Realty Services provides personalized service and treats all our clients like family. Give us a call to experience the Landmark difference!