Selling a house is truly an emotional journey. But as much as you love your home, there will come a day when you start thinking about letting it go.

After all, the house is no doubt filled with many memories that made it home. The most important step is that you are asking questions about it. After all, you want to get the best price you can.

We have prepared a solid list to help you find the answer to your question “should I sell my house?” Here are six signs that you may have been missing. Let’s find out!

1.You Have Enough Equity

Equity is the first factor you should consider before selling your house. Otherwise, you may find yourself in debt.

Selling your house with negative equity is a bad deal and will financially stress you. Selling at an even price is a better deal, but you should try to end up with positive equity. It will help stabilize your finances.

But how do you calculate your equity? It’s pretty simple. Get a recent mortgage statement and run a free, comparative market analysis (CMA) of your house. After that, just subtract the mortgage costs from the house’s estimated market value. Whatever you are left with is the equity.

You must be thinking now, When should I sell my house then? You should at least wait for five or six years before selling unless you need money or are in debt. Moreover, you want your equity to pay off your current mortgage and even have enough to make a fifteen to twenty percent down payment on your new house.

Do you know who always gets a better deal? People who want to sell their house for cash. If you are able to sell your house for cash, you’ll have sufficient money to cover closing costs, and moving expenses, and make a significant down payment on a new house!

2.Your Family Has Outgrown the Space

Most homeowners sell their houses because they have outgrown the space.

When they first move into a new house, they may have settled for a small space due to financial issues. But as they grow into a big family with children and pets, the house may seem too small. It begins to become uncomfortable for the family.

The feeling is bittersweet, but try taking a leap of faith! Buy yourself a more spacious house.

3.You Can Pay off Your Debt

Many people actually do this! If you are in debt, you can sell your house to pay off the debt. Unless you have negative equity, it can be a smart financial move.

Moreover, you need enough money to buy your new place.

4.Local Houses Are Rising in Value

Home values are rising in the national market due to the regeneration of neighborhoods. You should keep an eye out for “Recently Sold” flyers or postcards in your mailbox to know the price of the home values in your area.

You can contact your neighbors who have recently sold their homes or have set up “For Sale” signs in their front yards. If their house has the same properties as yours, you can compare the price difference. Moreover, you can also ask your local real estate agent for comparable listings.

If you notice that most houses are selling for more than their listing prices, you may want to take this opportunity to list your home to get a good deal.

5.Your Lifestyle Has Changed

When your lifestyle changes, it can be a good time for a move. Whether the reason is a growing family, divorce, marriage, children leaving the nest, new pets, change of job, retirement, etc., moving starts making sense to adjust to the present phase of life.

Or you have simply reached an age where you don’t want to deal with the responsibilities of being a property owner. Whatever your reasons are, it’s okay to welcome new ways of living your life on your own terms.

But keep in mind that the mortgage plan must fit your budget because real estate fees plus moving costs can be expensive. Otherwise, buying a new house will bring more chaos. After all, a happy home is meant to make you comfortable, not create more problems.

6.Emotionally Ready to Sell

You may have the money to afford a new place, but that doesn’t necessarily mean you are ready to sell your home. It’s attached to a lot of emotional memories.

We advise you to take some time to understand your feelings before listing your home for sale. Ask yourself:

• Are you ready to work to keep your house ready to show to prospective buyers? It can sometimes take weeks or even months.

• Are you ready to hear criticism of your house? Many buyers may not like your house and let you know its problems. You will have to deal with this fact.

• Are you ready to do some complex negotiations? People will bargain because everyone wants to get the lowest price they can. It may make you think that your house is not perfect. Try not to be bothered by it.

• Are you ready to leave? This may be the hardest question you have to ask yourself. Be completely prepared to sell before you plant that “For Sale” sign.

Avoid Mistakes

First-time home sellers usually make many mistakes as they are inexperienced and emotionally attached to the place. We are here to help you to avoid making these mistakes.

• Don’t get emotionally carried away. It can sway you away from the path. Try thinking of the process as a business deal. It will help you stay calm.

• Keep a reasonable selling price. Just like you, new home buyers will compare house prices before they make an offer. But if your selling price is unacceptable, you won’t get any buyer traffic.

• Post enough photos. Another way of marketing your home is on social media. If you post clear images in daylight, you will attract more buyers. Posting a video of the whole house is a great idea.

• Selling to unqualified buyers. The market is profitable, and some buyers will try to scam house sellers. It is completely reasonable for a buyer to bring a proof of funds (POF) document to show cash flow, but it’s better not to sign anything in advance.

Lastly

Selling a home will bring up many emotions. But finally, when you sell your house at a good price, it becomes all worth it. You will be ready to move on to a new beginning.

Speaking of new beginnings, selling means you are buying, in most cases. Just make sure that the investment in the new property is a favorable one. 

So, hopefully, now you know if the signs of selling your house rings a bell.

Let us know in the comment section!