4 Ways to Tell You’re Ready to Sell Your Home

When it comes to selling a home, most people will tell you to “wait until the market is right.” For example, the national median price for homes in January 2018 saw an almost 6 percent increase from the previous year. But while these external factors might encourage you to finally put your house on the market, you also need to look at your own circumstances before you proceed. Here are some signs to look out for.

You’re Emotionally Prepared to Set Off

Before looking at the financial aspect of selling a home, ask yourself if you’re actually emotionally ready for the process of handing your home off to someone else. Selling your home requires you to possibly let go of some things that can’t make the trip, make some painful changes during the home staging phase, and the like. You’ll have to be firm in your decision before pushing through with the sale.

You Have Enough Equity In Your Home

Having a grasp on the equity in your home, or the difference between the amount you owe on your current mortgage and the market value of your home, is key to determining the best time to put it up on sale. This is because you’ll need decent equity in order to make a profit after closing a deal, a bit of which will go to the down payment and closing costs of your next home.

To get a figure on your equity, you’ll first need to check your most recent mortgage statement to find out how much you owe. Compare this amount to the current value of your home, which you can determine by asking a real estate agent to perform a proper market analysis. This normally involves getting the selling prices of similar houses in your area. Fortunately, most agents don’t charge for this service.

You Have Good Credit

If you’re taking on a new mortgage for your new home, make sure you have good credit to be eligible for a loan and get one at the best interest rates and low monthly payments. If you’re aiming for these benefits, aim for a score of 740 or higher, as lenders tend to consider scores in this range relatively strong.

There are three credit reporting agencies you can get a copy of your credit report and score from: Experian, Equifax, and TransUnion. You can get these reports for free on your first time each year.

Make sure to check your credit score as soon as possible, this way you have enough time to improve it if it needs work. This usually entails paying off your credit card debt, paying your bills on time, and avoiding taking on any new debt before applying for a new mortgage.

You Have Enough Saved Up

If a mortgage isn’t an option for you for one reason or the other, be sure to at least have enough money for both your next home and the costs of selling your current one. Certain selling costs to look out for include the cost for applying for a mortgage and the down payment on your next home, home staging, paying for movers, home repairs, inspections, and so on.

If you want to sell your home as-is and get paid in cash for your next mortgage, sell it right away to an investor like Blue Hen Homebuyers. We buy all kinds of homes, regardless of their age or condition. Call our offices today at 910-802-2222 to learn more about how we can help you.

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