Here is advice by businessman and author Dave Ramsey. According to him, knowing whether you’re ready to sell comes down to identifying these seven signs:
1. Equity is on your side. During the market crash in 2008, millions of American homeowners found themselves with negative equity, meaning their home was worth less than the amount owed. With home values on the rise, there can now be equity in your home. There are 3 steps to figure out the equity in your home. First, locate your latest mortgage statement and locate your mortgage balance. Second, call your Utah Homes Team Agent and ask them to give you a free comparative market analysis (CMA) of your home. Third, subtract your current mortgage balance from the CMA value and you will have a good approximation of the current equity you’ve built in your home.
2. Your out of debt and have cash in the bank. Take a look at your finances and decide if you have enough emergency funds reserved to be a money-smart homebuyer. If the answer is yes, that is a great sign that you are ready for your next real estate purchase.
3. You’re ready for a home that better suits your lifestyle. You have assessed your current home and it no longer fits your need, it might be time to find one that does.
4. You can cash-flow the move. Purchasing the next home is not the only expense. Make sure you are financially ready for the expected and unexpected costs of moving. Remember, inexpensive, little changes can make big impact in getting your home market ready.
5. You’re emotionally ready to sell. Finances are not the only consideration in selling your home, it can be emotionally draining. Decide if you are committed to the listing process and all it will take to get to the benefits of selling your current home and buying your new home.
6. You understand the market. You are not a market analysis and they can’t even predict exactly how the market will perform. However, understanding a little of what is going on, at least in a general sense, will help you be a successful buyer and seller.
7. You have a real estate agent. The key to having success in your real estate transaction is having the right agent beside you. Your Utah Homes Team Realtor will be an invaluable consultant and adviser.
Call today to set up your free consultation!
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