When Should You Sell Your Home?
The decision to sell your home is a big one. Even if you have only lived in your house for a few years, you have likely already invested a great deal of time, energy, and resources in it. How do you decide if you're ready to shift the focus of all of those resources onto a new home - and spend the additional time and energy required to get your home ready to sell? How do you know if the time is right?
There are a lot of different factors that can influence when the best time to sell your home may be, but here are a few considerations that can help you determine when the time will be right for you.
The Market
Unfortunately, one the biggest factors that can influence when you should sell your home actually has nothing to do with you - and everything to do with the market. How many homes are currently for sale? Are home prices rising or falling? What are the current mortgage rates? An experienced Colorado Springs real estate agent will be able to help you evaluate these (and other) factors and identify how they will impact the potential sale of your home.
Your Lifestyle
Changing lifestyle is often the first reason people may think about selling their home. There are lots of different reasons relating to lifestyle that people may choose to sell, including...
Your Financial Situation
It's no secret that financial factors play a huge role in people's decisions to sell their homes or buy new ones. Homes are major financial investments. Selling could be a smart financial move, but it could also be a bad one. Consider these examples:
SMART Move
Selling your home could be a smart move when you already have a good portion of your mortgage paid off. When you owe less on your mortgage loan than the home is worth, you will only have to use a portion of the proceeds from the sale to pay back your loan and you will be able to pocket the rest.
BAD Move
If your property value dropped after you bought or if you took out a large second mortgage, selling your home could be a bad move. For example, if your home is worth $200,000 but you owe $250,000 on it (from either your original mortgage or a home equity loan), you will still owe $50,000 on your mortgage loan even after you no longer own the home. If you owe more on your home that it is worth, you may want to wait and sell your home once the balance has changed.
I Can Help!
Choosing to sell your home in Colorado Springs is a big step, and one that should not be taken lightly. Having a real estate agent to guide you along the way can make a big difference. Let's set up a time to talk today!
There are a lot of different factors that can influence when the best time to sell your home may be, but here are a few considerations that can help you determine when the time will be right for you.
The Market
Unfortunately, one the biggest factors that can influence when you should sell your home actually has nothing to do with you - and everything to do with the market. How many homes are currently for sale? Are home prices rising or falling? What are the current mortgage rates? An experienced Colorado Springs real estate agent will be able to help you evaluate these (and other) factors and identify how they will impact the potential sale of your home.
Your Lifestyle
Changing lifestyle is often the first reason people may think about selling their home. There are lots of different reasons relating to lifestyle that people may choose to sell, including...
- Relocating for a job
- Expanding to make room for a new baby
- Downsizing to get rid of unnecessary space after the children move out
If you are experiencing (or expecting to experience) any of these situations, it may be time to consider selling your home and moving to a new one.
Your Financial Situation
It's no secret that financial factors play a huge role in people's decisions to sell their homes or buy new ones. Homes are major financial investments. Selling could be a smart financial move, but it could also be a bad one. Consider these examples:
SMART Move
Selling your home could be a smart move when you already have a good portion of your mortgage paid off. When you owe less on your mortgage loan than the home is worth, you will only have to use a portion of the proceeds from the sale to pay back your loan and you will be able to pocket the rest.
BAD Move
If your property value dropped after you bought or if you took out a large second mortgage, selling your home could be a bad move. For example, if your home is worth $200,000 but you owe $250,000 on it (from either your original mortgage or a home equity loan), you will still owe $50,000 on your mortgage loan even after you no longer own the home. If you owe more on your home that it is worth, you may want to wait and sell your home once the balance has changed.
I Can Help!
Choosing to sell your home in Colorado Springs is a big step, and one that should not be taken lightly. Having a real estate agent to guide you along the way can make a big difference. Let's set up a time to talk today!
Mike MacGuire
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919
719-536-4324 or 719-660-6793
Mike@BuyWithMike.com
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