Tuesday, March 12, 2019

Should I sell my house?

If you've been considering selling, we've got good news: It's a great market for sellers! Limited inventory continues to drive home prices up, and the latest data from Bright MLS shows that listings in Chester County "days-on-market" are down 22% from the same time last year.

Here are 3 signs you're ready to sell your house:

1. You've got equity on your side. For most homeowners, being financially ready to sell your house comes down to one factor: equity. During the housing meltdown of 2008–09, many homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth. But, for the last several years, home values have been on the rise and that means most homeowners are building equity. Their homes are now worth more than they owe on them, and that trend will persist as they pay down their mortgages and home values continue to increase.

The first step to knowing how much equity you have is to determine the accurate value of your home. While it's tempting to use figures from online valuation sites to determine how much your home is worth, they're not accurate. Ask an experienced real estate agent to run a free comparative market analysis (CMA) for the best estimate.

2. Your current home does not fit your lifestyle. Perhaps you could use another bedroom to accommodate your growing family. Or maybe your kids have all moved out and you're ready to downsize. Empty nesters can really benefit from selling now. It's freeing to sell a large home, pay cash for a smaller one, and invest the rest for your retirement.

3. The real estate market is right - really right. With rents up and mortgage interest rates down, many renters are looking to buy their first home. There's just one problem: They're having trouble finding homes for sale within their price range.

When supply is down and demand goes up, prices trend upwards as well. That means your home might be worth more than you think. The market's hot for just about any home seller—but especially if you've got a starter home to sell. And the current low interest rates means when you buy your next home - you can buy more house for the money. Click here for details on low interest rates and what they can mean in savings.

A qualified real estate agent will give you a clear picture of what it's like to sell your house, and also help you discern if now is the right time for you
Remember, your real estate market is unique—and so is your financial situation.  Partner with a local pro you can trust to provide honest advice so you can do what's best for you and your budget. A good Realtor puts service before sales—but knows how to get things done when it's time to sell.

Click to ask a local Realtor a question
Click to request a no cost market analysis of your home
Click to search for homes currently on the market

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