The real estate industry is lucrative. You can decide to buy a home today and sell it tomorrow without necessarily making a loss. However, to avoid making losses, it’d help to know the ideal time to buy or sell your property.
Are you a homeowner, and do you want to sell your home? Are you in a dilemma on whether to proceed with your sale? Put your worries to rest. This article sheds light on the best time to sell your home; read on!
Sell your home when:
1. There Is High Demand
It’s best to sell your home when there’s high demand in the market. There are higher chances of you getting the best deal for your house during these seasons. What tells you there’ll be a demand?
One of the tell-tale signs of high demand is when there are tax incentives. Tax incentives are deductions in taxes; therefore, property taxes will reduce. Many home buyers will want to take advantage since they’ll pay fewer taxes for the new home.
The other sign is if there’s a fall in mortgage rates. It’s believed that most of the population shies away from purchasing a home due to mortgage payments. Therefore, low mortgage rates will prompt people to buy houses.
You’ll end up getting the best money for your house. However, if you’re in dire need to sell your home and it’s during low season, worry not. There are tricks you can adopt; discover this info here.
2. You Have Prepared Your Home
Before selling any house, it’s always advisable to make it ready for sale. You can’t sell your home in the state it was when you were living there. A few changes here and there are necessary.
Start by removing your items from your home. You want potential clients viewing your home to envision themselves living in your home. With your items there, they’ll barely manage to do so. However, you must stage your home appropriately if you plan to list it while still living there.
To succeed in doing this, ensure you remove all clutter and make the space look organized. Minimize decorations, such as antiques, and make the home look as plain as possible. If possible, paint your walls in neutral colors, such as white, beige, or light grey.
By using neutral colors and making your home plain, clients can get ideas of how to decorate the space to suit their needs. Them being able to do this increases their chances of buying your home.
Preparing your home also means taking care of any repairs. Consider seeking professional inspection services. The inspector will thoroughly inspect your home and identify areas needing repairs.
Why is it important to do repairs? No one wants to buy a home and cater to repairs from the word go. These are extra costs to the amount they’ll pay for the house, making it undesirable.
In general, preparing your home increases its value by quite the margin. You’ll get a good deal out of the sale.
3. You Have Enough Equity
There’s a high probability you’ll need another place to live after selling your home unless you have another home. Equity is essential if you plan on buying another home after selling your current one.
It refers to the amount you’ll have left from the sale of your home after deducting the mortgage payment of your new house. You can request a valuation to determine your home’s current value.
It’s always advisable to have enough equity before selling your home. Remember, your new home requires maintenance and other services, and you also want to benefit financially from your sale.
If you have less equity, it’ll help to increase your property’s value. You’ll end up selling it for more than in its previous state. You can increase your home’s value by renovating it and adding modern touches, such as marble kitchen worktops.
An open kitchen layout, change bathroom showers, sink, etc., should also suffice. Many agents believe that most clients look at the kitchen and bathroom before deciding whether to buy a house. Therefore, work on these two spaces but don’t go overboard.
Alternatively, adopt energy efficiency. How? Change your appliances to the energy star-rated ones, install solar panels, double glazed windows, Aluminum windows, adopt LED lights, etc.
There’ll be fewer energy bills by going energy-efficient – which is every homeowner’s dream. These additions or changes will convince clients of the low maintenance needs, making them buy your home. Also, with the need to be environmentally friendly, adopting energy efficiency automatically increases your home’s value.
Once you’ve done all the renovations and additions and a valuation shows you’ll have enough equity in the long run, proceed and sell your home.
Conclusion
The article above has shown you ways of knowing when it’s time to sell your home. With this information, you can assess your current situation and see if you should sell your home. Be sure only to list your house for sale when ready to avoid mishaps along the way that could lengthen your home selling process.