7 Signs It’s Time To Sell Your House
People buy houses mainly because they liked them when they saw them and had the money to get them. Others built houses to suit their needs and preferences. However, there may come a time when you may not feel the same way about that house you built or bought.
One of the things you can do during a time like that is to sell that house. Of course, you cannot just up and put it up for sale. You must know if the timing is right, how much you are likely to make, and a host of other things.
How Do You Know When It’s The Right Time To Sell?
Once you decide to sell your house, it may just not be as easy as it seems. You must make sure the terrain is suitable to prevent a situation where the house is on sale for too long.
So, first of all, do your research. Find out what it entails to put your house on sale and go through to sell it. You can talk to a credible real estate agent who should make you aware of some other technicalities.
For the right time to sell, watch out for periods when there is an increase in price per square foot of real estate where the house is situated so you get a good price. Also, if there is a period where in the community, a lot of people are buying and selling houses, it sure is a good time to put yours up for sale too.
In addition to market peaks, if you notice that similar houses like yours are being bought for good money, it is the right time to sell yours too. But most importantly, the right time to sell your house is whenever you are ready but the process may be easier if you have lived in the house for at least five years.
Here’s the thing, if you have not lived in a house you intend to sell for at least 5 years, it may raise eyebrows as to why you want to sell out the house so quickly.
How Long Will It Take For My House To Sell?
If you are concerned about how much time it will take before your house is off the market, it is dependent on certain factors. First, where the house is located may determine how long your house may take to sell. There are certain communities where houses sell fast and may take anywhere between 2 weeks to 3 months.
Another factor that will determine how long it takes for your house to sell is its asking price. Compared to other similar houses on sale during that period, if the price you are offering the house is competitive, you may be lucky to have a buyer quicker.
The current condition of the house on sale will also determine how long it takes to sell it. If you are ready to sell your house, it is best to make some renovations, clean and declutter the house and take professional listing pictures for your portfolio.
Moreover, the number of days the house has been on the market and if the seller’s market is thriving also determines how long it will take to sell your house.
Signs It’s Time To Sell Your House
1. When You Outgrow The House
I know a couple that bought a house on their second wedding anniversary. It was a 2-bedroom house. Seven years on, they have 3 children. They put up the place they initially fell in love with for sale because they had outgrown the space. They needed more room as they had increased in number.
Therefore, if you outgrow your house, it just may be a sign for you to sell that house.
2. When The House Becomes Too big
On the other hand, for an aged couple whose kids are all grown up and have left the house, this may just be a sign to sell that house. The space may now be too big for just the couple and maintaining it may be difficult and expensive. The additional cost of cleaning and maintaining the house is also reason enough to sell it. The best decision then would be to sell the house and get a new one that will suit their current situation.
If you have to relocate to a different place, it may be a sign to sell your house. Your reasons may include starting a new job, getting married, wanting a change in the standard of living, and so on. If you find yourself in any of these situations, it is a sign to sell your house. Hopefully, that can help you buy or rent another house where you are relocating to.
4. When The Market Is Right
It is one thing to decide to sell your house and another to know it is the right time to do so. Once you decide to put your house up for sale and the seller’s market is thriving, it is a good sign. When the market is right, there are likely to be high housing prices. Also, to know how viable the market is, you can consult a credible real estate who can help you price your house and come up with a good selling strategy.
5. Low Mortgage Interest
When mortgage interests are low, it is a sign to put your house on sale. This will be particularly important if you intend to buy another house as opposed to renting. You do not want to be cash-constrained when searching for a new house after selling what you owned.
6. When You Are Financially Sound
If you have intentions of selling your house, you should have decided if your next residence will be a rented or bought place. Whatever the case may be, after the sale, you must have enough money to be able to rent or buy.
If the reason you have to sell your house is to pay off a debt, that may not be a good sign to sell it. Do not sell your house until you have cleared all your debts. In effect, you must be financially stable before putting your house up for sale.
7. Equity In The House
Stemming from being financially sound, you must also have enough equity in the house to cover closing costs and the next down payment. If you cannot make enough to pay for the closing process and rent or buy another house after selling the house, then it is not a good sign to sell your house.
In summary, if you decide to sell your house, make sure the house is in great shape to get a good price. As much as the seller’s market is an indication of if it is a good time to sell your house, you have personal reasons for wanting to sell it and all those reasons are valid.