Our Real Estate Blog
Why are you selling?
It is your investment, and you can do whatever you want with your house, but it’s helpful to scrutinize your reasons for wanting to sell. You might feel that your new station in life warrants a bigger home in a Beverly Hills-type neighborhood. However, will you be able to keep up with the mortgage for such a house? Some sell because they need a fresh start after a break-up or have got a job in another state.
If prevailing market conditions are unfavorable and you don’t have to sell immediately, wait another year or two.
Will I get the right price?
Ask yourself, if you were to sell today, would you at least break even on your investment? That is, will you be able to pay off the outstanding balance of your mortgage with the proceeds from the sale? If your answer is no, it might be best to wait until the prices climb a little.
To get an idea of what the current going price of your house is, try and find out the sale prices for similar properties in your neighborhood. However, first, contact your lender to get an accurate picture of your outstanding balance.
Is it the right time for you to sell?
The real estate market is a volatile one. The beginning of last year was a good time to put your home on the market as prices had risen, occasioned by high demand. During the second half of the year, however, there was a slow-down in that rise thanks to ballooning interest rates on mortgages. So should you sell this year?
The rising interest rates will discourage folks from making new applications, but the fact remains, housing is in short supply across the country. So people are still in the market for homes now. Moreover, while interest rates are rising, they are still relatively low. You may as well take a chance on the present than speculate on the uncertain future.
What’s the condition of your house?
To fetch the best price in the market, you need to sell your house in tip-top condition. That means investing in extensive renovations depending on its current state. You might have to replace a raft of broken tiles, redo the flooring or begin weeding out the garden.
Ask for a statement of your house loan from your lender if you’re seriously contemplating flipping your house.