Mortgage Daily

Published On: December 23, 2022
Unless you’re relocating for a job in a distant location, you usually only need to sell your property. But now may be the appropriate moment if:

You wish to simplify your existence.

There are enormous profit opportunities available.

You wish to reduce housing costs.

Selling takes planning

Selling your property is a significant choice. And it involves some thought and planning. There are expenditures and problems associated with moving. You must also determine where you will reside next.

However, today is an excellent time for sellers. This is because last year’s average profit for sellers was 21%. In many critical locations, the seller’s market persists. Moreover, fixed mortgage interest rates remain inexpensive. This induces purchasers to make a purchase.

Consider your alternatives and goals. Now may be an ideal moment to advertise your property for sale. Or it may be preferable to wait till the timing aligns with your life objectives. Consult with professionals before making a hasty choice.

The top motives for selling your property

Numerous people opt to sell their houses for the following reasons:

A job transfer renders commuting impractical. You may be eligible for a tax deduction for the move in this situation.

Quality of life concerns You desire a shorter commute or proximity to family members. Or a community with “walkability to shopping, work, and entertainment,” according to Suzanne Hollander, an attorney, broker, and professor at Florida International University. Or it may be health-related. You may require a home with fewer steps and less maintenance.

Affordability issues According to Realtor and real estate attorney Bruce Ailion, a negative shift in one’s financial situation might render the existing property unaffordable. To prevent foreclosure, many homeowners sell their property because they are underwater on their mortgage.

Divorce. “A house is often the greatest investment for a married couple. Therefore, men and spouses who jointly own property typically sell it when they divorce, according to Hollander.

A desire for improved education. You can relocate to a public school district with a higher rating. That may result in your children receiving a better education.

An incredible offer. Even if your property is not on the market, a buyer can make you a large and unexpected offer, says Hollander.

Retirement. You may want a smaller, more inexpensive residence. Alternatively, you wish to move to a warmer climate.

Negative reasons to sell

Perhaps you wish to take advantage of the present seller’s market. However, selling only to maximize your profit potential may not be prudent.

Similar: commission-free real estate brokers sell your house for a fraction of the price.

Because inherent hazards and labor are involved, preparing and displaying a house for sale may be disruptive. It might take longer than anticipated to locate a purchaser. You might need to receive the offers you seek. There are significant closing expenses to consider. And your new house may be challenging to find or afford.

“Selling because the market is hot is typically not a smart excuse,” says real estate attorney Shawn Toor. “It may make sense if your home’s value has increased and you’re moving to a market with cheaper housing costs.”

“But if you’re staying in the same city and have no plans to downsize, the proceeds from the sale of your property will be used to purchase your next home,” he explains.

Avoid rushing into a house sale to time the market or interest rates exactly. That can have negative results.

Why it might be a great time to sell

If you are prepared to sell for the right reasons, capitalize on favorable market conditions.

“Today, in most markets, values exceed their 2007 peaks. This enables a successful sale, according to Ailion. Also, economic recovery is already established. However, many anticipate a recession in the near future.”

Linked: selling a house without difficulty (full-service home preparation is available)

Notably, the Federal Reserve has increased interest rates twice this year.

“Many anticipate another rate hike by the Federal Reserve before the end of the year,” adds Toor. If this occurs, the cost of borrowing money might increase, and lending standards could tighten. Therefore, it makes sense to list if you’re selling in a region with few all-cash bids.”

What to consider before listing

Before listing your home for sale, consider the following.

What are the benefits and drawbacks of selling? Create a list of the advantages of selling and relocating. Then, compare it to a list of disadvantages you’ve compiled. You will feel better about the choice if the benefits outweigh the disadvantages.

Where will you next reside? Will you purchase or rent? Which markets are affordable? Today, it is more difficult to find a new residence, according to Ailion.

What types of offers can you anticipate? “Research the local market,” advises Hollander. “Discover the sale prices of comparable houses sold during the last three to twelve months.

How will the sale’s timing affect your taxes? Consult your tax advisor or accountant.

How rapidly must you sell your product? Set the price at a reasonable price to sell your property more quickly.

Do you require moving flexibility? “Say you need to remain in your home for a while following the closure,” Hollander continues. “If so, arrange with the buyer to rent the house for a while following the closing.”

In many areas of the country, it is a seller’s market. However, selling for the correct price is only effective if you are also selling for the right motive.

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