Is it Time to Sell your Home?
After the housing meltdown of the past 7 years we are finally seeing home prices steadily rise again. Buyers are abundant and banks are loosening their lending guidelines. Is it time to sell? One of the biggest factors to consider when contemplating selling your home is equity.
Equity- The amount of money you owe vs. the amount of money your home is worth. Let’s look at the impact equity can make when selling your home.
· Selling your home when you have negative equity is not a good idea if you can help it. It’s called a short sale. Paying off your mortgage short of what you owe. This has a negative effect on your credit and shouldn’t be considered unless you have to in order to avoid bankruptcy or foreclosure.
· Selling your home when you have positive equity is ideal. Financially speaking, it’s best to sell your home when you have enough equity to at least pay for your down payment on your next home.
In order to figure out how much equity you have in your home you must first find out how much money you owe on your current mortgage.
Next you’ll need to know the current value of your home. While it may be tempting to go to an online home evaluation site they are not always accurate. You shouldn’t base such an important decision on bad information. Consult a Realtor who will compare your home to others that have recently sold and take into account recent trends in the market. You can trust their estimate on the worth of your home based on experience selling homes in your area.
As a professional Realtor for over 22 years, I will give you a clear picture of what it’s like to sell your home and if now is the right time financially.
Before you lose any more time call me today at 313 999-8900 and we’ll discuss your options.
Patrice M Miller
313 999-8900 Cell