Thinking of Selling
It's on your mind, should you sell your home and invest in a new one? Is now the best time to sell? Will the market continue to rise or have you missed the boat?
Decisions like these are very common and this page will hopefully give you some good answers. Go ahead and read through this article, and if you still have unanswered questions, please feel welcome to contact me with your questions or concerns. The answers are always FREE.
When is the Best Time to Sell Your Home?
Everyone seems to have specific ideas on when the right time is to sell. Some base their theories on the overall economy, while others will tell you that there are key buying months that you'll want to capitalize on. The real question is 'when is the best time for YOU to sell?' And unfortunately only you can answer that. The market ebbs and flows, offering strong and weak markets. Working with an honest agent will help you make the right decision for your situation regardless of the market conditions. Opportunities are always out there, you just need to arm yourself with a good team and jump on in.
Are There Costs Involved in Selling?
Of course. It takes money sometimes to make money. Even if you think your home is perfect, you may have to do some minor repairs or upgrades to make your home more attractive to potential purchasers. But if you plan smart from the start you can maximize your resale costs and come out ahead.
Buy or Sell First?
Another tough question. After all, if you find a purchaser for your existing home, before you find a new one for yourself, you may find yourself living out of a suitcase mutually agreeable dates can not be negotiated. On the other hand, if you find your dream home before you sell your old one, you may be faced with carrying two mortgages and bridge financing.
If you are not buying and selling strategically or for investment, the best time to sell is really when you feel your existing home will not meet your future needs. The best long-term reason to purchase a new home is to take advantage of your family and lifestyle changes. Do you wish to be closer to a school? Are you switching jobs? Do you have an aging parent to care for?
Another key factor to consider is the economy. Are interest rates higher or lower in comparison to your current mortgage? If they are higher, you may want to stick with your current home, as your new mortgage payments could be a challenge. If rates are lower, you might be able to trade up to a more expensive home without a significant increase in your monthly mortgage obligation.
What's more, if it is a buyers' market, you may be in a strong position to purchase a new home, especially if you have accumulated some equity in your current property. So how do you manage? Easy. Do your homework and an honest evaluation of your family's needs and budget. Then speak to your agent and start your search for your new home as soon as your existing home hits the market.
If it happens that you find a home before you sell your existing one, you can ask your agent to use the "sale of your existing home" as a condition on your offer. If you do not sell your house within a fixed period of time, you can then choose not to go through with the offer. This, however, is a difficult condition for many sellers to agree upon and you may find that you have to forgo your price negotiating power.
Alternatively, purchasing a home before you sell could be a risky strategy if you are counting on the proceeds from the sale. Again, it depends on your unique situation.
If your agent finds a purchaser before you find your next home, you can use the "purchase of a new home" as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a "sold house" you will be in a better position to negotiate price.
The Documents Needed
Decisions like these are not easy to make. If you have questions about selling your home, call me today for a no-pressure, honest conversation on buying and selling in our current market. Direct 407-810-6304.
If you have any questions please fill out the form below and a representative will be in contact with you shortly.
See Heather on WFTV Channel 9 - Changes on the Home Front: First Time Buyers
• Sanford, Florida
• Longwood, Florida
• Winter Park, Florida
• Orlando, Florida