4 Things To Help You Decide If It’s The Right Time To Sell Your Home

Finding the right time to sell your home can make a huge difference in how much profit you make from the transaction. But with an ever-fluctuating housing market, knowing if it is the right time to sell your home is not always obvious, and it’s something that you should always take the time to carefully consider.

By finding the right time to sell your home, you give yourself the best chance of a smooth real estate transaction. Selling property is a stressful process at the best of times, which is why it always helps to do it when the timing is right.

But how exactly do you know if it is the right time to sell your home? Here are 4 things to you decide if it is right for you:

There is Equity
Equity refers to property value minus any current loans. For instance, if your property is valued at $320,000 and the mortgage balance is $290,000, then you have $30,000 in equity.

When you have equity in your property it means you can sell the property to pay off the remainder of the mortgage and all the associated fees without being out of pocket. You may even make a small profit.

This situation is a good indicator you could sell your property. Without any equity, selling may end up costing you more than you make. If this is your situation, consider waiting for the property value to increase or try reducing the mortgage balance.

You Can Afford Moving Costs
Selling a property can end up costing more money than most expect, and these expenses can quickly add up to leave you out of pocket. In fact, you can expect to over a thousand dollars during the selling and moving process, likely much more depending on various factors.

This is before you consider the costs associated with buying and settling into your new property! So, simply put only consider selling if you are sure you can afford the cost! Make sure to save money prior to selling or ensure that profits from the sale can cover the costs of moving.

Buyers are Interested in Similar Properties
Do some research on the local property market to see if there is interest in similar properties. Check recent sales in your neighborhood and the value of properties similar in size, as these can let you know the possible selling price for your own home.

Furthermore, consider the timing when looking for prospective buyers, as certain times will see a busier buyers’ market. For example, warm and sunny days see a lot more buyers visiting properties, increasing likelihood of a sale.

No Repairs or Renovations are Needed
Always determine whether your house is ready to be sold. This means checking the overall condition and making sure there are no extensive repairs or renovations needed, as this will only lower the price of the property if discovered during a sale.

Therefore, make sure all home improvement needs are fully met before you consider selling. You do a lot of small projects (e.g. painting, landscape maintenance) as you prepare to sell, but larger projects such as fixing the roof should always be done before you think about selling.

Inland Empire Escrow  provides escrow services for a diverse variety of real estate transactions.  With offices in Chino CA and San Bernardino CA, we quickly and professionally service all the surrounding cities such as Chino Hills, Ontario, Rancho Cucamonga, Upland, Riverside, Redlands, Colton, Grand Terrace, Yucaipa, and more.  To hear more about our escrow services for residential, mobile home, short sale, REO, bulk/business sale, 1031 Exchange, or agricultural escrow, contact us today at (800) 917-9387.