The perfect time to sell a home is different for everyone. Some people need to sell their homes immediately because of a change in their lives like a new job. Other people have some flexibility when it comes to the timing of putting their home for sale in Locust Grove, VA. While flexibility is wonderful to have in selling situations, it can also make it hard to determine when is the right time. If you fall into this second category of sellers, then I have some things for you to consider that can help you make a decision.
How much equity do you have in your home?
Home equity (the current market value of your home minus your current mortgage balance) equates to a profit when a home is sold. Usually, the longer you have lived in a home and consistently paid down the mortgage, then the more equity you have. Home prices have steadily increased over the past few years, so many homeowners are pleased to find out that they have some equity in their homes.
To get a most accurate estimation of your home’s equity, you can ask a REALTOR® (hey! I know a great one!) to complete a market analysis of your home’s market value. This, along with your current mortgage balance and knowledge of what you paid for your home will tell you how much equity you have.
Many homeowners take this equity and put it towards the purchase of a new home. If you are comfortable with the amount of equity and other savings you have to put towards a new home, then you may be ready to sell. If you are not, then you may want to continue to pay down your mortgage and wait to sell. Need a little more guidance? I always suggest talking to your mortgage lender before putting your home for sale in Locust Grove, VA. Your lender can give you detailed information based on your financial picture.
What is the current housing market like?
Understanding what the current housing market is like is important when selling your home. While spring and summer are traditionally busier times of year, this doesn’t mean that homes only sell in the spring and summer. Understanding the current housing market helps to give you realistic expectations when it comes to the selling process. For example, if the current average days on the market for a home for sale in Locust Grove, VA is ninety days, then not receiving an offer within the first two weeks is okay. On the other hand, if the days on the market were only thirty and your home hasn’t even had a showing by day twenty five, then this might be cause for further investigation.
If inventory is low in your area, then your home may sell faster because of the lack of homes on the market. However, if inventory is higher, it may take a little longer to sell.
It is also important to recognize that the housing market is different all over the country. In some areas, a three bedroom home may take just twenty days to sell, but if you lifted that home up and placed it in another location, it may take a few months. It is important for sellers to not compare their home’s timeline to others in other locations.
Does your home fit your needs?
I don’t think anyone has a perfect home, but sometimes things happen that alter the functionality of a home. A growing family may find that the home is lacking space. Older adults may no longer want to spend the time and effort into the upkeep of a larger home and are ready to downsize. In either case, when a home no longer meets your needs, you might consider selling.
There are times when a remodel to the home can help to solve the issue you have, but other times the cost of the remodel may not be worth it. This is a personal decision for each seller to make. In these cases, it may be helpful to how much a home with your ideal living space is going to cost in different locations near where you would like to live.
What repairs need to be completed in your home?
Any home for sale in Locust Grove, VA or elsewhere needs to enter the market decluttered and staged in order to appeal to the highest pool of buyers. Part of this process is also making any known repairs like a leaking pipe under the sink or replacing a stained carpet in the living room.
While some repairs can be done in an afternoon others might take a little more planning especially if you need to have the work done by a professional. Meanwhile, you can focus on decluttering the rooms, doing any painting, or staging according to your REALTORS® suggestions. It’s always best before putting your home for sale in Locust Grove, VA to get these repairs, decluttering, and staging done.
What are your plans for after your home sells?
Not only is it important to think about getting your current home sold, it is also important to think about the transition to your next home. Do you need to immediately move into your next purchase? Are you comfortable staying with a family member or friend while you search for a new home? Do you want to rent while you learn a new location and determine what neighborhood is best for you?
Having a clearer idea of where and when you want to be settled into a new home can influence when you put your current one on the market. Speak with your REALTOR® about these things too; your agent may be familiar with the area that you are moving to or can help you find an agent that is knowledgeable.
