Selling your home makes a huge impact on your family financially and emotionally. To make it a positive experience, read on for 6 signs it might be time to sell your home! Timing is crucial because you can actually lose money if you wait too long to sell. If you have been wondering when to sell, check for these important signs:
6 Signs It Might Be Time to Sell Your Home
Your Family Needs are Changing
Consider your family needs. Are you going to be welcoming a new baby to your family soon? Or, will you be sending a child off to college in the near future? Many homeowners will try to build an addition onto their home if they need more space. Of course, if you don’t have the space or money to build on then you need to sell your home. If you are able to build an addition then be sure to check the market value of your home first. It is important that you make sure that the addition you plan on making will actually add value to your home. If you find yourself with the opposite problem of needing less space, then it is a good sign that you need to sell your home and find something that will better suit your needs.
What originally drew you to your neighborhood? A peaceful street, fewer people or lots of young families? Your neighborhood may have changed over the years to become a busy place that no longer suits your needs. If this is true, then you definitely need to start planning to sell your home. Look here for some great neighborhoods in Indianapolis that will be a better fit for your family.
Do not forget that when you sell your home there are going to be unexpected expenses along the way. Whether its last minute improvements to your current home or to the home you will move into, you should be financially stable and have some extra cash available to get you through the transition. If you do not have any money tucked away but are planning to move soon, now is the time to start saving! You don’t want to be stuck in the middle of moving without some extra cash to address the little unknowns that will pop up.
Market Value Increase
Market value increase is a good sign to sell your home now. This means that the worth of your home is going up so you can get more money for it now than you could if the market value is decreasing. How do you know if your market value is increasing? You can look online to check the market value of comparable houses near yours or simply contact Ben. He can get you the information you need to make an educated decision on whether the market value is increasing for your home. On the flip side, if you find out that the market value is decreasing and you know you want to sell soon you may need to sell right away before it decreases any further. Again, contact Ben and his team for more information, and they will help you make the best decision.
Lower Interest Rates for Mortgages
Don’t forget that when you become a seller you also become a buyer! If interest rates for mortgages are currently low then it is a good time to sell your house. When you sell at a lower interest rate for mortgages you will pay less interest on the new home that you buy. Plus you will have an easier time selling your home since potential buyers will also be getting a break on interest rates. Schedule a time to sit down with your mortgage lender to find out the current standing of interest rates in your area. If you find out they are going up then you may need to sell immediately before they go up any further.
You Have Equity Now
If you have owned your home for a long amount of time, chances are that you have equity in your home. Check to see how the current market value of your home compares with how much you owe on it. If your home is currently worth more than you owe on it, then you have equity. How much equity should you have before you sell? Well, technically any equity is good news but the best scenario is if you will make enough from the sale of your current home to put down 20% on the purchase of your new home. When you put down at least 20% on your new home you avoid paying private mortgage insurance which will save you a lot of money.
Still not sure if now is the right time to sell your home? Check out these videos of Indianapolis homeowners who decided to sell to Ben. Do not hesitate to reach out and ask questions. Ben and his team are more than happy to help you make this big decision.