Top 5 Signs You Are Ready To Sell Your Home
While you might have your eye on that three-car garage or the wrap-around patio that has been calling your name, it is important to remember the process of selling your home and moving to a new one can be quite overwhelming. You must both mentally and financially prepare yourself to sell your home in California.
According to the Federal Reserve, 9 out of 10 homeowners feel satisfied with their current housing situation. However, if you’re the 1 out of 10, you may want to consider selling. The beauty of selling your home is that there are plenty of ways to do it these days.
Here are five signs you are ready to sell your home.
A Different Home Might Suit Your Needs Better
Maybe your family is growing and you need a few more bedrooms to accommodate. Maybe you’re getting close to retirement and you don’t need the extra room anymore. If you don’t feel accommodated by your current housing situation, it might be the right time to sell.
Consider your financial needs and think about whether you have the cash available to upgrade. If more than one-third of your income is spent on housing costs, including property taxes, mortgage, and maintenance costs, you can consider yourself financially strained.
You may consider selling your house off the market if you are strapped for cash, as selling a home can be very costly.
You Are In a Seller’s Market
If your home meets any of the following conditions, experts in real estate recommend selling your home:
- Home prices are on the rise
- The length of time homes are on the market is decreasing
- You see tons of buying and selling in the neighborhood.
You Have Cash In The Bank and Equity to Back Yourself Up
If you have negative equity, you should not sell your home. However, if you are trying to avoid foreclosure or bankruptcy, you might have no choice. In most cases, it is best to wait until you’ve built up a fair amount of equity to pay your current mortgages down.
Having a bit of extra cash in the bank can support your moving costs, as well as home staging costs, closing costs, and real estate commissions.
You Qualify For Capital Gains Exclusion
Most people never reach the maximum of the Capital Gains Exclusion thanks to the fact that it is so generous. However, if you have lived in a home long enough that the home appreciates $250,000 or $500,000 for joint filers, then you will probably want to sell your home before any further appreciation.
You Are Ready To Put In Some Hard Work
Even if you have the equity and plenty of cash in the bank, you need to prepare yourself both physically and emotionally for the selling process. Here are a few things you will need to check off your list:
- Make any necessary repairs
- Deep clean and declutter
- Renovate your home to add value
- Stage your home for the listing
- Update your lighting and hire a professional photographer
- Host an open house
While selling a home might seem like a lot of hard work, there are many ways you can make it easier. One of those ways is selling to a company like National Cash Offer, where you can sell your home as-is for a fair, cash price in as little as two weeks.
