Wondering if now is a good to sell your home? According to Real Estate experts, the answer is probably yes. This is because demand for houses currently outstrips supply. Another rising trend is to sell to legitimate cash for homes companies that specialize in buying homes immediately the way they are - even if they are dirty and have things that need to be fixed.
Demand is Higher than Supply
The number of homes on the market decreased by 4% in 2015 while the number of homes bought increased by 8%.
The average house this year was on the market for just 39 days. The current trend is also likely to continue because of the influx of foreign investment and because the US economy is stable.
But outside a positive real estate market, there are other personal factors you have to consider to decide if selling your home right now is a good idea.
Factors such as making sure you have the money to afford the move to a new home and that you have little or no non-mortgage debt are some of the things you should consider.
Go through your finances thoroughly and see if you can afford the new move, especially if you're scaling up. If you're looking for something smaller, then it may not be too much of a problem.
Equity is Good
The good news is that you probably have equity on your side. Only about 8% of homes with a mortgage had negative equity at the beginning of 2016. If you are not sure if your home has a positive equity, get the opinion of a real estate expert.
If you get the opinion of an expert and a sale could provide you with at least 20% down payment for your new home, it's worth the sale. Making 20% or more of a down payment is important because it prevents you from worrying about private mortgage insurance.
A study by Zillow showed that the best time to sell a home is between 1st of May and 15th of May. Homes sold at that time sold for 1% more than their average listing and were on the market for only 18 days. This is likely because home shoppers at that time are rushing to complete deals ahead of the new school sessions.
Nice Weather is Important
The best time to sell your home also depends on the climate of your area. People shop for a home when the weather is nice. Places that have more intense weather changes like Baltimore and Minneapolis are going to have optimal selling window. However, places with warmer climate such as Los Angeles will have a more flexible selling window.
Keep Your Home in Shape
Once you have decided to sell your home, make sure you keep your home in good shape to be able to attract the best prices. You will need to fix anything that is out of shape, repaint, clear your shelves and so on to ensure your home is appealing to buyers.
If you choose the second option, ensure you get a good value for your home before you sell. While you're unlikely to get the market value of your home, especially if there are a lot to be fixed, you should get an offer that is quite close to it. Consider offers from different companies and compare.
There are a lot of other factors you may want to consider. However, ensure you only sell your home when you are comfortable to make the sale.