Is It The Right Time To Sell?

When the real estate market starts to heat up, it can be common for many sellers to have a fear of missing out — especially if you're seeing your neighbors sell their homes for well above asking price. However, determining the right time to sell your home isn't always easy. It's a major process and a significant commitment, so there are numerous factors one must consider before deciding on the right time to list a home.

If you're on the fence about whether it's the right time to sell, below are some important points to consider when making your decision:

• Your Home Equity
  The amount of home equity, or the appraised value of your home minus your outstanding mortgage balance, is an important factor when determining the right time to sell. If you owe more than your home is worth, or if you're at about the break-even point, then you'll likely want to hold off on selling.
  
  Once your home value exceeds your mortgage balance, then you can realize a profit or return on your investment and will be in a better position to sell. Ideally, we recommend building enough home equity to cover your remaining mortgage balance and at least a 20% down payment on your next home.
  
  
• Your Future Living Situation
  If you're thinking about selling, make sure you've taken some time to consider your next steps. If you're planning to buy another house, take the time to ensure our finances are in order and your debt is paid down. If you're planning to downsize or move to an apartment, make sure you have a rough idea of what your ideal unit costs in your target location.
  
  
• The Time Of Year
  The real estate market changes throughout the year, so consider the season when making your decision to sell. Spring is often considered the best time to tell — the market really starts to heat up in April, so your home is likely to sell faster and for a higher price. However, you're also up against a lot of competition. The market tends to slow a bit in late summer just before school starts. The market tends to slow down quite a bit in fall and summer. While you have less competition, buyers also tend to be more demanding.
  
  
• Your Emotions
  Even if selling your home makes sense from a financial standpoint, make sure you're emotionally ready as well. Ask if yourself if you're ready to commit to the work and the process. You may have to deal with potential buyers coming in and out of your home, and you'll need to be prepared for some potentially tough negotiations and decisions. Finally, you'll want to make sure you're emotionally prepared to part with your home and its memories.
  
  
• Your Real Estate Agent
  Once you have decided you're ready to sell your home, finding an experienced real estate agent is key. A good agent can help you evaluate the market, establish the right listing price, stage your home, and find good contractors. The quality and experience of your agent can have a big impact on the time it takes to sell your home and your final sale price. Reading online reviews, asking for recommendations, or contacting a local broker are great ways to find a good agent.

While the state of the market and time of year may factor into your decision to sell, the best time ultimately comes down to your unique situation.

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