Are you ready for a larger home? What about a home that's in a better neighborhood or school district? If you are considering selling but not quite sure if it's the right move, use these questions to help guide you in the right direction.
Questions To Ask Yourself if You Are Considering Selling
1. Have you built substantial equity in your current home?
In order to find out how much equity you've built in your current home, check your most recent mortgage statement or call your lender. If you have only owned your home for a few years, usually you haven't built up that much equity since monthly payments are mostly interest. However, if you've owned your home for 5 or more years, you may have significant gains.
2. Has your income or financial situation changed?
Have you started a new job or got a promotion since buying your current home? If you're making more money than you were, you may be able to afford a higher mortgage payment. Remember, you also will have to cover the costs of moving and possibility of buying new furniture (for a larger home). If your income has decreased, consider downsizing into a smaller home or less expensive neighborhood.
3. Have you outgrown your neighborhood?
Is the neighborhood you've chosen for your current home the area where you want to settle down for good? Maybe your family is growing, kids are getting older or things have changed in the neighborhood. Since your time there you may have realized you'd like to live in a different area that is closer to your job or a better school district. Whatever the reason, it's always great to consider the value of a neighborhood when deciding to move.
4. Are there reasons why you can’t remodel or add on?
Have you considered creating a bigger home by adding a new room or building up? Sometimes if your property isn't large enough a renovation could be a great solution. However, if your municipality doesn't allow it or if you are simply not interested in remodeling then choosing to move to a bigger home may be your better option.
5. Are you comfortable moving in the current housing market?
It's a good idea to talk with an agent for a home value consultation and current market analysiswhen making the decision to sell your home. You can find out valuable information about the current market and if you are comfortable withthe expected timeframe it would take to sell your home. If your market is hot, your home may sell quickly and for more money. However, if your market is slow at the time then finding a buyer will take longer. A slow market could be good for you as a buyer because you'll have more of a selection and better pricing when buying your own new home. The best way to research this is to talk to a full-service local agent. If you're in the Northern Virginia, DC or Maryland area -- talk to Khalil El-Ghoul today!
6. Are interest rates attractive?
If you are looking for a larger home, you'll want low rates. Low rates help you buy "more" home and will also make it easier to find a buyer quickly for your current place to sell.
7. Is the effort and cost of maintaining your current home becoming difficult to manage?
If you are finding that the cost of maintaining your current home is too much, talk to a real estate professional. A full-service agent can advise you on the right choice for your current needs and guide you in the direction of a home that will be better for you and your family.
Considering Selling Your Home? Get Your Free Home Value Consultation Today
Your free home vaue consultation includes a complimentary local market analysis. At Glass House, we pride ourselves on great customer service and a modern real estate process. There are NO OBLIGATIONS with your free home value consultation -- you don't have to work with us unless you choose to! We will schedule a time to come to your home and discuss the value of your current home and the market.
"Thanks for reading! I’m passionate about empowering home buyers and sellers with professional advice and unbiased information, throughout the real estate transaction. Unlike most agents, I always put clients first. When it comes to negotiating, marketing homes, and sealing the deal, I’ve got the experience and knowledge you’re looking for. If you have any questions about moving to VA, D.C., or MD, don’t hesitate to reach out."