Top 6 Reasons Why You Should Sell Your House
There are lots of reasons people decide to sell their home. Maybe it is getting too small for their growing family, or their facing financial issues and cannot afford their monthly rent. Other reasons might include job relocation, looking for a change or something else entirely.
If you are considering selling your house, there are many different factors that you will want to evaluate first. If you need help deciding whether or not to sell your house, consider these top reasons why people are selling their house to help you decide:
1. Interest Rates Are On the Rise
Increase in interest rates are forcing buyers off the fence, however, they’re also decreasing the buyer’s purchasing power. As rates increase, the mortgage amount a buyer qualifies for decreases. This will eventually have a negative impact on prices.This is a good reason to consider selling your home now before buyers can no longer afford the rise in interest rates.
2. Dream Home Will Never Get Cheaper
If your goal is to sell your house and take advantage of the exceptional selection of properties currently available on the market, then do it now. Prices will continue to soften in most markets. However, if you are buying, costs should be more important than price. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time for you to sell or not.
3. Capture Equity
If you have been in your house for a number of years, you may want to consider selling it so that you can capture equity. If you sell your house after living in it for at least five years, you are going to be able to keep all of the profit from the house without paying any capital gains taxes.
Many people simply refinance or take out a home-equity loan in order to gain access to the equity in their homes. However, you have to pay that money back and pay interest on the loan. By selling your house, you are going to be able to use the money anyway that you want. Many people do this so that they can have a significant amount of cash to make a down payment on another home immediately afterwards.
4. Lower payment
Many people want to sell their homes because they can no longer afford the high mortgage payment. By selling your house, you will be able to walk away from your current mortgage payment and potentially get a lower one that you can afford. The money you receive from selling your house can be used to pay for a new down payment on a smaller house or more affordable home. By getting a lower mortgage payment, you will be able to have a lot more flexibility in your monthly budget and do more things with your income.
5. Competition among buyers is driving prices even higher
Despite increasing prices, there is intense competition among buyers because inventory is at all-time lows. That means multiple offer and bidding wars will increase the possibility that your home will sell above your asking price.
6. You can make the sale work to your needs
With intense competition among home buyers, you have the freedom to make the deal that works best for you. Many buyers are paying cash and they’ll also make concessions. Do you want stay in the home a few months after the sale? Want a large earnest money payment? You can make it work- in today’s market many home buyers are willing to do whatever it takes to get the home they want.
The real estate market has been booming in recent years, but the market never travels in a straight line. If you're looking to sell your home or your vacation property, now may be an ideal time to cash out.
If you want to take advantage of selling your house now, contact me to learn your home’s worth and to learn more about the advantages of selling your house.