Making the decision to sell your home can be very complicated. One of the most common questions I receive is “When is a good time for me to sell my home?” The answer isn’t as simple as you would think. There are a few things that you must first consider. One is to ask yourself “What is my motivation?”. If your motivation right now is to just put your house out there for a price to see what happens, then right now is not the best time for you to sell. With the current economic conditions we are experiencing, you need to have a realistic expectation for what a buyer is willing to pay for your home. That’s where doing your homework and getting a couple of opinions from your local agents on their perspectives will come in. Check out the homes around you to see what they are selling for and then compare your home to theirs. Is your home the same size, type, ect.? Also, look at the average time on the market in your neighborhood. If it is approximately 4-6 months, chances are, it will take you approximately that long to find your buyer, too, unless you price it over or below the average sales price (that will affect the average time on the market).
The next thing you need to consider is your current financial position. Some people decide to wait on selling their home due to the uncertainty with their employment in this economy. Sometimes, that can prove to be a very costly mistake. By waiting, you may end up putting yourself in a financial bind if your wages are suddenly reduced and find yourself unable to keep up with your mortgage payments. If that happens, you may end up selling for less than you could have gotten out of it, or you may end up having to do a “Short Sale” or wind up in foreclosure. If your job loss is eminent, then don’t wait. It is better to stay in control and make that tough decision to sell now rather than have the bank or someone else make the decision for you.
Another thing you may want to consider is how comfortable you are in your home. Does this home meet your needs? Is it too large for your family or too small? If you feel “cramped” in your home, then you should consider selling your home and moving into something that will better “fit” you if you can afford it.
There are also the current “trends” in your market that you will want to consider. In some areas of the country, the market remains stable year round. In other parts, it can be seasonal. The beginning of a school year or the end of a school year can be good times to sell since a lot of parents want to wait until the end of the school year to move so they do not have to change schools in the middle of the school year. In our local market here in Knoxville, schools and the weather play an important role in deciding when to sell.
Start thinking and planning out the sale of your home, including interviewing potenial agents. You don’t have to sign any paperwork at this point, but doing your homework ahead of time (including figuring out an asking price) will save a lot of time should you decide to sell.
For more information, visit us at www.SmartChoiceTN.com, give me a call or send me an email.
The next thing you need to consider is your current financial position. Some people decide to wait on selling their home due to the uncertainty with their employment in this economy. Sometimes, that can prove to be a very costly mistake. By waiting, you may end up putting yourself in a financial bind if your wages are suddenly reduced and find yourself unable to keep up with your mortgage payments. If that happens, you may end up selling for less than you could have gotten out of it, or you may end up having to do a “Short Sale” or wind up in foreclosure. If your job loss is eminent, then don’t wait. It is better to stay in control and make that tough decision to sell now rather than have the bank or someone else make the decision for you.
Another thing you may want to consider is how comfortable you are in your home. Does this home meet your needs? Is it too large for your family or too small? If you feel “cramped” in your home, then you should consider selling your home and moving into something that will better “fit” you if you can afford it.
There are also the current “trends” in your market that you will want to consider. In some areas of the country, the market remains stable year round. In other parts, it can be seasonal. The beginning of a school year or the end of a school year can be good times to sell since a lot of parents want to wait until the end of the school year to move so they do not have to change schools in the middle of the school year. In our local market here in Knoxville, schools and the weather play an important role in deciding when to sell.
Start thinking and planning out the sale of your home, including interviewing potenial agents. You don’t have to sign any paperwork at this point, but doing your homework ahead of time (including figuring out an asking price) will save a lot of time should you decide to sell.
For more information, visit us at www.SmartChoiceTN.com, give me a call or send me an email.
Michele Webb
Principal Broker/Owner
Assist-2-Sell Discount Realty
(865) 249-6823 Office
(865) 249-6824 Fax
www.SmartChoiceTN.com
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