The average person living in the United States will buy three to four homes during their lifetime, living an average of 13 years in each home. This makes sense when you consider a first-time home buyer may move after six or seven years, whereas a last-home buyer may live in the home for decades.
The most common reasons people decide to sell their home include a growing family, needing more room, change of jobs, downsizing for retirement, divorce, lifestyle changes and moving closer to family members and friends.
Once you have decided to sell your home, you still need to figure out if selling is a wise decision, both emotionally and financially. And of course, it’s important that market conditions work in your favor. Following are five factors to consider whether selling is right for you.
1.) You Have Equity — Ideally you’ll have enough equity to pay off your current mortgage, cover your closing and moving costs and put a minimum of twenty percent down on your next home purchase — if you’re taking that route. If you have little or no equity it’s best to stay put if possible.
2.) You’re Emotionally Ready — Selling your home is a lot of work, which can hit you up emotionally. Cleaning and preparing your home for home showings is a daily task. Having to leave your home on evenings or weekends for hours at a time so house hunters can view your home can be exhausting. Plus, hearing the reasons why potential buyers aren’t interested in your house can be hurtful, and even worse yet, getting low-ball offers can be insulting and discouraging.
3.) You Have the Time — Make sure you have the time to keep your home “show-ready” and your yard maintained for maximum curb appeal. Plus, if you have repairs to make, be prepared to hire it done or do it yourself. And, of course, you’ll need time to complete and review paperwork and disclosures and maintain effective communications with your agent and other parties involved.
4.) You’re Ready to Move On — No doubt moving can be exciting and adventurous, but don’t underestimate how sad it can also make you feel. You’ve likely made lots of memories in that home and you better be sure you’re really ready for a new chapter in your life.
5.) Market Conditions Are Good — While no one can predict the market, you should research the local market so you have a general idea of housing prices and economic conditions. A few things to take note of include how many comparable homes are currently for sale, market time (days on market) and actual sold prices compared to list prices. Knowing whether you’re in a buyer’s market or seller’s market will help you determine the best list price right from the start.
You can learn much about selling your home online, but unless you have experience selling real estate you’re better off connecting with a real estate agent that specializes in your neighborhood. While doing a FSBO may be tempting, keep in mind a real estate professional does much more than show homes. A good agent will be able to help you with staging, advise you about updates and repairs, help you set the price, market the property, schedule showings, negotiate favorable price and terms, coordinate inspections, handle the paperwork, and make sure the entire process is handled properly.
Whether you are planning to sell in the next six months or simply reviewing your options, it’s a good idea to educate yourself and start considering a local agent that is knowledgeable about your community.
Thinking about selling your home in Bothell, Woodinville Area?
If you think you’re financially and emotionally ready to sell your home, please feel free to contact either Shannon Woodcock or Dafna Shalev for guidance, starting with a comparative market analysis (CMA). A few other considerations before listing, depending on where you live, include:
1.) Is a rental home easily available in your future community?
2.) Are there affordable homes in the city you plan to move to?
3.) Are you willing to get rid of some of your stuff if your downsizing?
4.) If your home sells fast do you have a place to go?
5.) Will you need help packing and moving?
6.) Do you need to make any major repairs?
7.) Will you need a loan to buy your next place?
