How To Know When To Sell Your House - 7 Great Tips (Video) - Best REI

In this video, I offer 7 tips to help homeowners know if now is the best time to sell your home. Hope you enjoy!

Tip # 1: You’ve got equity in your home!

Find your current mortgage balance. Ask me or another Realtor to run a free comparative market analysis to determine the value of your current home. Subtract your mortgage value from your current home’s value. If you have enough equity to pay off your mortgage and have a down payment for your next home, it may be a good indicator that it may be a good time to sell your home and move on.

Tip # 2: You have savings!

Most of us got our first mortgage with little to no extra cash, and we felt strapped for months or even years after we bought that home. We know better now, so we can be better repaired. Do you have 3 – 6 months expenses in your savings? You may be ready to sell!

Tip #3: You can afford to buy a home that first your lifestyle better.

Perhaps you need more room or you’re ready to downsize – but into your dream space. Make sure your new mortgage fits your budget. It’s wise to keep your monthly payment to 25% or less than your take-home pay. Here’s where you need to consult with your financial planner and/or mortgage lender. If they give you the green light, it’s another sign that you’re ready.

Tip #4: You can cash flow the move.

Again, we’re back to the savings. Do you have enough in savings to hire movers, complete repairs to sell your current home, and pay utility deposits and more? You are getting closer and closer to a solid yes!

Tip #5: You’re emotionally ready to sell.

So many memories in your current home, sometimes it’s hard to move. On top of that, you have to keep the house ready to show continually, leave so strangers can tour your home, receive buyer’s feedback about your home, and finally homes – and sometimes hardball – negotiations about your house. This one is often the hardest for some folks, so consider your emotional attachments to your home before you put it on the market.

Tip #6: You understand the real estate market.

Realtors like myself can help with this, but you kind of know already. If home values are high, and mortgage rates are low, like they are now, it’s a great time to sell. Buyers are looking, and houses are selling fast, especially starter homes. This is probably the easiest hurdle to clear. Now is the time for lots of folks to sell!

Tip #7: You have a Realtor.

Your Realtor will help you know the best price to sell your home fast for the current market conditions. And, your real estate agent will offer you honest advice about any update and repairs are needed before marketing your home. The goal is to market your home for maximum exposure to current buyers, then negotiate the best price. Realtors like myself can do that. You know at least one Realtor – me!

If you made it through all these seven points, and you know you’re ready to sell. Consider interviewing two or three Realtors, including me, so you can pick the person you want to work with to sell your home. One of my unique advantages is I am a problem solver, so nothing shakes me. You’ll have an awesome experience with me as your Realtor, because I explain the process on the front end, and when a problem pops up, I’ll let you know what it is, but I’ll let you know the best way to move forward. No drama, no hassles, just making it happen.

If you enjoyed this video, come join us on my Facebook business page, Judy Best-iRealty Arkansas. I go Live just like this every Friday at 2 pm with People and Places of Central Arkansas. You’ll learn what’s happening in the area and who should know, as well as tips and new about our real estate market. And, you can subscribe to my YouTube channel here.