The majority of people have no intention of living in their first home forever.
However, knowing when the best time to put the old house on the market is more challenging. In fact, for many, it can be compared with having to part with a longtime significant other. Deep down inside, you knew very well that the relationship couldn’t last forever—but ending it is easier said than done.
Perhaps you have been sitting on the fence wondering whether to sell your house, wondering if the time is right.
Here are 5 reasons to sell your house in Fort Lauderdale!
Housing Market Is Strong
There are several key market indicators of a thriving and strong house market. If for example, you notice that properties are taking lesser days on the market or there are increases in price per square foot, it may be a good time to sell. Remember that timing is everything. Even when you are not 100% sure that you want to sell, stay knowledgeable on the local Fort Lauderdale real estate market. The right time for you could be right around the corner.
One way to get some local information would be to contact a local real estate professional, such as a realtor or real estate investor. A Fort Lauderdale real estate professional is your best source of information in terms of market trends, especially when he or she knows your selling needs.
Another Property Meets your Financial Needs Better
If your Lauderdale house is vacant or perhaps costing you in terms of tenant turnover or repairs, it might be prudent to consider having it sold. In the investment world, this is called “Opportunity Cost”. What could you be potentially missing because of holding on the house? Could another property give you better returns? Take a careful look at what’s available out there.
One consideration if you decide to find a property that’s a better fit is to sell your home to a real estate investor. Investors, professional cash buyers, buy homes “as-is” and close quick. You save the realtor fees and don’t need to do multiple showings. Want a quick and easy sale? Visit our Fort Lauderdale page for a fair offer!
Your Lifestyle Has Changed
An important factor to take into account is how well your house is meeting your current accommodation needs.
That house that was once the perfect fit when you got married is now literally bursting at the seams due to the arrival of a baby or the addition of a new pet. You could perhaps use an additional bedroom or a larger sitting room to accommodate your expanding family. Alternatively, maybe your kids all now grown up and have moved out and the time to downsize has arrived.
Whether sizing down or up, it’s important to ensure that your mortgage matches your budget. Take care that you are not carried away by all the excitement that comes with a new home that you overlook what it costs to leave the current one. Ensure that financially you are ready to move or buy a new home as well as exactly how much it will cost you to prepare the old one for sale.
Accumulated Positive Equity
With the housing bubble burst, many house mortgages went underwater. But since then, the values have been slowly recovering, making it safe to assume that equity is once again on your side. According to figures from the National Association of Realtors, since May 2016, the US has seen an increase in the sale of existing homes, the highest in nearly 10 years. In turn, this has pushed to an all-time peak in the median sales price.
If unsure whether your home has a negative or positive equity, consider contacting a reputable real estate agent to run a comparative market analysis (CMA) that can help in determining the approximate value of your property. You can also call us at 954-676-1846 for a free home report.
Remodeling Doesn’t Guarantee ROI
Giving your bathroom or kitchen a new look can actually make your current home feel like its new again. However, that doesn’t automatically mean you are making a sound financial decision. Before embarking on any significant home improvements, carefully study the neighborhood with the aim of knowing the highest price point possible in the area. If, for example, your home’s condition and style is already similar to some of the priciest the neighborhood homes, it could be unwise to consider remodeling, and selling should be considered instead.
Sure, when you sell your current house you will make money, but as it has been said, it takes money when you want to make money. Therefore, before you even consider listing the house, have some funds set apart to make it ready for sale. You may need to make a couple of minor improvements like landscaping, painting, or updating the flooring if you want to attract the best price. Those are costs to be met before the house gets a buyer, so it makes great sense to have a cushion in advance.
The truth is that if you have been considering selling a long time, there’s a good chance it’s a good time for you to move on. Nevertheless, the above pointers are useful because there is no right for everyone.