Recent world events mean that the housing market is running hot in several regions of the United States. If you are at a point in life where you can sell and either relocate to a region that holds promise, upsize or downsize, should you? The tips below can help you decide.
How
Much Equity Do You Have?
If you owe close to the current value of your home, selling now may not gain you much. You won't leave the house with much and you will need to find new housing in a pretty tight market.
However,
if you've been paying down your loan for a while and the value of the home has
gone up, your choice to sell could be quite financially
beneficial. Make sure you discuss your concerns with your realtor, your
accountant, and your financial planner.
Does
The Current House Still Serve You?
For many citizens, 2020 was the year they stayed home. You may have had to create a home office and a schoolroom in a short amount of time. You may have also fallen in love with the idea of working from home.
Home offices can be shoe-horned into a closet with a bit of planning. However, this
may not serve you long term if you will be permanently remote. If your house
was oversized for you at the start of the pandemic and you've continued
down-sizing, you may have rooms you no longer use. If the house was a little
tight at the start of 2020, you may be climbing the walls. If the house no
longer serves, it's time to consider selling.
What
Shape is Your House In?
Does your house need work? How much? If your house is something of a time capsule that can be updated with paint and carpet, you have a lot of choices to make. If funds are very tight, you may do better to sell to cash home buyers in San Antonio or wherever you live. Updating your home when money is low is a gamble. You may get your money back, but you may not.
Consider also the time that you have to make these repairs. If you can do some of the work yourself, you can save some cash. Unfortunately, many citizens have struggled to find work and are finally back on the job. If your time needs to be spent on gainful employment, selling as is to a cash buyer may be the fastest way to recoup your investment and get some flexibility in your life.
One of the
biggest challenges for DIYers is that when you have the money for a project,
you don't have the time. When the time is available, you are probably worried
about money. Before you put a great deal of money and time into repairs or
upgrades, make sure you take a look at the neighborhood comparables to make
sure that your investment will pay off.
Do
You Have Time To Show The House?
Keeping your house ready for showing can be exhausting. If you have children and pets, things will get even more challenging. By the third showing in a week, you may be ready to head to a hotel.
Realtors
work hard to respect the wishes of the seller in terms of giving them the time
to show the house when it's convenient. However, prospective buyers generally
can't book appointments that far in advance. To keep your sanity and not be at
the beck and call of showings, selling to an investor can greatly speed up the
process.
Are
You Ready For A Big Change?
The challenges and stresses of the past 18 months have many of us reconsider where we want to spend our time and how we earn our money. If you're ready for a big change, such as a move to another city or a return to school, getting out from under a mortgage payment can help.
Such a change may be much easier if you downsize, sell, and move into something smaller. An apartment may be a good short-term decision. Owning a home is lovely, but it cuts into your flexibility. Selling when the market is hot can protect you from feeling stuck.
As values go up, the choice to sell becomes more tempting. If you love your house and it serves you well, enjoy it! However, if it's not working for you for any reason, now may be the time to change things up.
0 Comments