Should I sell my house? If you’ve been asking yourself this question lately, I’ve got good news: It’s a great market for sellers! Limited inventory continues to drive home prices up, and the latest data from the National Association of Realtors shows that nearly half of recently sold properties were on the market for less than a month.(1)
Of course, the decision to sell your house isn’t based solely on market conditions. You have to take your personal situation into account—and that’s where expert advice comes in handy. I can sit with you and analyze your situation.
Here are some signs you’re ready to sell your house:
For most homeowners, being financially ready to sell your house comes down to one factor: equity. During the housing meltdown of 2008–09, millions of homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth.
Figuring out how much equity you have may sound complicated, but the math is actually simple. Here’s how it works:
First, grab your latest mortgage statement and find your current mortgage balance.
Next, you’ll need to know your home value. While it’s tempting to use figures from online valuation sites to determine how much your home is worth, they’re not always accurate. Use the free comparative market analysis (CMA) I can send you.
Once you have those two numbers in hand, simply subtract your current mortgage balance from your home’s estimated market value. The difference will give you a good idea of how much equity you have to work with.
If the numbers show you’re financially ready to make a move, great! But don’t forget—selling your home is an emotional issue, too. Before you plant the “For Sale” sign in the front yard, take a minute to answer just a few more questions:
Are you ready to put in the work to get your house ready for house hunters?
Are you committed to keeping it ready to show for weeks or months?
Are you ready to hear the reasons why potential buyers believe your home is not perfect?
Are you ready for honest—and sometimes hardball—negotiations over what buyers are willing to pay for your home?
Are you really ready to move out and leave the place where your family has made memories?
Don’t get me wrong; i’m not trying to talk you out of selling your home! I just want you to be completely ready when you do decide to move on to the next stage of your family’s life.
Often abbreviated as DTI, your debt-to-income ratio is a figure mortgage lenders use to decide how much home you can afford. They’ll total up all your monthly debt and compare it to your gross monthly income, giving them a picture of your overall financial health. Regardless of the type of loan you’ll be applying for, all lenders have a maximum debt-to-income ratio — meaning they want no more than a certain percentage of your monthly income to go to paying off debt (including your new mortgage payment). Try our DTI calculator to see where you stand. Bottom line: If your debt-to-income ratio is less than 43 percent (an industry average that varies by lender and loan type, so be sure to check with your lender), you may be prepared to sell.
In a seller’s market, inventory is low and homes sell quickly, often with multiple offers. In a buyer’s market, listings can sit for a while before the right buyer comes along. Pay attention to the news in your local market, do your own research, or ask us. Bottom line: All other factors aside, everyone wants to come out of a home sale with a financial gain that’s significant enough to make the effort worth it. If the market is hot, you may find it’s the perfect time to take the leap and sell your home.
One often-overlooked expense related to selling your home is the cost of moving. Whether you’ll be moving across town or across the country, you’ll have to keep enough cash on hand to cover things like temporary storage, truck rentals, moving services, and packing supplies. Learn more about moving costs before you decide to move. Bottom line: If you have cash to cover moving expenses (that isn’t needed for your down payment), it’s another sign that you’re prepared to sell.
To get as much money out of the sale as possible, many sellers complete a few home improvement projects before listing, choosing the improvements that will offer the best return on their investment. Home improvements can range from a few hundred dollars for a quick interior paint job to many thousands of dollars for serious upgrades, depending on the condition of your home. If it’s going to take any significant amount of money to get your home sale-ready, make sure to factor that expense into your decision making process. Alternatively, you can choose to list your home as as-is and discout the price to reflect the investment it needs. Bottom line: If you have cash available to complete any necessary home improvements before listing, you’re likely ready to get serious about selling your home.
1. I’ll walk through your property together and I’ll show you ways to enhance the value so you get top dollar for it.
2. I’ll help you with a pricing strategy – not pricing it too high so you scare buyers away or too low so you leave money on the table.
3. My marketing plan will give you maximum exposure so we attract more buyers and more contracts. The more buyers and contracts you have, the higher your property will sell.
4. I’ll help you negotiate the best contract. Negotiation is an important skill in any market.
5. I’m your transaction manager. There are a lot of moving parts. My job is to handle those parts so your contract closes on time.
Ray was great to work with. The whole process went smooth. He’s great in communicating of what is needed with his clients. Highly recommend him to anyone interested in purchasing a home.
I told Ray what exact style of home I was looking for on a Tuesday night about 8:30 pm and Ray had 15 houses that all met the layout and price range I was looking for by 9 pm. Ray goes above and beyond to help with the entire home buying process and doesn’t sugar coat or put out false information to rush the home buying process. Highly recommend his services to anyone and everyone.
Ray is the best. There is not enough hyperbole I could use to portray the excellent service he provides. Buying a home for the first time can be a stressful process, and thanks to him, the process was bearable. He explains in detail the steps to follow, he’s not shy to share his knowledge, and he takes the extra mile to deliver the goods. Don’t keep a doubt in your mind, he will get the job done. It’s always satisfying to watch someone perform with excellence the job they love. For any future real estate needs I might have, I will definitely call him again.
One of the best realtor I have worked with in buying 15 homes or so! Hde is very good at what he does and extremely cares! He knows a lot of people to help with sale and purchase of a house
