If you ask someone “When is the best time to sell your house?”, the usual response you’ll get is “spring”… While it’s true that home sales are generally best during March, April, and May, there are a lot of other ways to answer this question. So, if you’ve got your pick of the season in which to put your house on the market, choose spring. But here are three other signs that it’s the right time to sell your home.
One of the most obvious times to move is when your family has grown too large to fit in your house, or when your children have flown the coop and you’re left with more house than you really need. Likewise, if your home only has second floor bedrooms and you have trouble with stairs, it might be time to sell and find something better suited to your needs.
Keep in mind the financial implications of your new home as well. Downsizing is likely to leave you with extra profits from the sale, perfect for adding to those retirement savings. Upsizing, on the other hand, will probably cost you more, so you’ll need to be prepared for a larger down payment or increased mortgage payments.
Equity is the difference between the value of your home and the amount of loan you still have to pay. If your house is worth $300,000 but you’ve only got $100,000 left to pay on the loan, that means you’ve got $200,000 worth of equity built. If you sell your house, that’s all profit that can be used towards a down payment on your next home.
So even if you still fit in your house, it could be a good time to upgrade to something new if you’ve got enough equity built, you have plenty of savings in the bank, or you just earned a huge bonus at work.
If you’ve been thinking about selling your home for a while and find out that your area is currently a hot market for sellers, then now might be the right time to sell your home.
In a seller’s market, there are more buyers looking for homes than there are people selling. Your home will likely sell very fast and for a good price. Eventually, a seller’s market will cool down as more homeowners decide to cash in, so it’s best to get in while prices are at their best.
If you think you’re ready to sell, a professional real estate agent can help you get the job done right and done quickly.
At Walden Novak, we’ve been selling homes in the Denver market for years, and we can put our experience to your service to help you prepare, price, and sell your home. Get in touch today to learn what we’re all about.