Ready To Sell Your House? Three Things To Consider

Are you ready to sell your home? I find the real estate market so interesting! As much as I love my house, it is a little small and right off of a busy street. These two things have me wondering if we are ready to sell our home. After all, this is our first home together and we could probably afford it. But when I really think about it, I know I need to consider a little more than just my “feelings” on this. So, here are three things my husband and I need to consider when we decide if we are ready to sell our home.

Number 1 – Is Equity On Our Side?

On top of our down payment, we have paid down another 20% of our home. We are also lucky that the market in our area has gone up about 15% since buying. This means if we sell our home we will be able to put a great down payment on a new home and the rise in the market has helped us to cover some of our costs. Although the market may be a strong for sellers across the board, your equity really depends on when you bought your home, how much you put down and what has happened since. Hire a qualified Realtor to do a comparative market analysis for you.

Number 2 – Do We Have Enough Cash In The Bank?

It is NOT just about whether you have equity or what you can afford. I strongly believe you need cash in the bank above and beyond a regular emergency fund if you are considering a move. Sellers, not the buyers, pay the Realtors…so make sure to keep that in mind. In addition, it isn’t just the cost of a down payment. You also need to consider if you have enough money to physically move, prepare your home for a sale and set up a new home.

Number 3 – Are We Prepared & Ready To Make The Move?

Selling and buying a home can be a really stressful and draining experience (even if the outcome is joyous). Wanting a bigger house or living in a more idyllic neighborhood is not enough for me to move. What are you really thinking and feeling about the move? Don’t jump into a situation you aren’t totally comfortable with. These are very big decisions. So with all of this considered…I think I plan to stay in my cozy and affordable house just a little while longer!