SHOULD I SELL MY HOUSE THIS SPRING?
Put simply, they are not. Recent data shows home prices are still on the rise in many parts of the country. And while prices vary by market, experts project they’ll continue to rise at a more moderate pace in the years ahead.
elping you live the full life you deserve.
Are you on the fence about selling your house? While affordability is improving this year, it’s still tight. And that may be on your mind. However, understanding your home equity could be the key to making your decision easier.
What is equity?
Think of equity as a simple math equation. It’s the value of your home now minus what you owe on your mortgage. And guess what? Recently, your equity has probably grown more than you think. In the past few years, home prices skyrocketed, which means your home’s value – and your equity – likely shot up, too. So, you may have more equity than you realize.
With today’s affordability challenges, your equity can make a big difference when you decide to
move. After you sell your house, you can use the equity you’ve built up in your home to help you buy your next one. Here’s how:
• Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy a new house without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates.
• Make a larger down payment: Your equity could be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much money.
Bottom Line
Planning a move? Your home equity can really help you out. Let’s connect to see how much equity you have and how it can help with your next home.
SETTING THE RIGHT PRICE FOR YOUR HOUSE MATTERS
Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with it. Not to mention, if you undervalue your house, you could leave money on the table, which decreases your future buying power
Price it too high and you run the risk of deterring buyers from ever touring it in the first place. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while.
Just be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
Think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value.
Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.
LET'S CHAT
It's likely that you have questions and thoughts about the real estate process.
We’d love to talk with you about what you’ve read here and help you on the path to selling your home. My contact information is below, and I look forward to working with you
