Your house is one of your most valuable assets. However, there are a number of reasons to sell it — financially and emotionally. It’s important to carefully evaluate your situation and choose the right timing.
Here are five factors to consider:
- It’s a seller’s market. How can you tell when it’s a seller’s market? Low inventory and interest rates are two key indicators. Increasingly right now, seniors born after 1931 are opting to “age in place,” reported Business Insider. As a result, 1.6 million houses were kept off the market through 2018. Another factor to consider is the selling price of other houses in your area and how long they’re staying on the market. If the price per square foot has increased dramatically and houses seem to be flying off the market, selling your house could be in your financial favor.
- Your house requires costly and time-consuming maintenance and/or repairs. Your mortgage may be your biggest expense, but maintaining a property can be costly, too. Whether you’re renting out your home or living on the property, you might be footing the bill for maintenance services, such as landscaping. The average household spent $3,192 on home maintenance this year, according to the 2020 “State of Home Spending” report from Home Advisor. Homeowners also spent an average of $8,305 on home improvement. That’s a hefty price tag just to keep a property running — and not everyone can swing it.
- You’re struggling to pay the mortgage. Are your mortgage payments or property taxes causing you financial hardship? You’re not alone. Roughly 3.37 million homeowners missed their mortgage payment in September 2020, reported USA Today. Additionally, 2.82 million renters missed, delayed or made reduced payments. Selling your home is better than going into foreclosure, the legal process in which the lender takes back the property after the borrower misses several payments. Foreclosure can cause your credit to drop by more than 100 points. It can also stay on your credit report for seven years.
- The home no longer meets the needs of your family. Maybe you and your partner bought a “starter home” that was never big enough to grow along with your family. Or, you love your neighborhood, but aren’t zoned for a great school district. Conversely, you might still be living in the house your children grew up in, but they’ve since moved out to start families of their own. You no longer need the big yard or want to maintain the big pool. You’d much prefer a home with a master bedroom on the main floor, without stairs to climb as you age. Divorce, the passing of a loved one or serious illness are also reasons to consider a move. You want to live in a home that feels truly your own and can rise to meet the changing needs of your family.
- You need fast cash. People often sell their houses because they need the equity (the difference between what you owe on your mortgage and what your home is currently worth). Maybe you’ve had an unexpected emergency in the family. You might have snowballing medical bills or debt. Maybe you just need the money for a down payment on a smaller home. Whatever your reason, you can sell your home and get paid quickly with The Buy Guys. We pay cash for single- and multi-family houses, townhouses, or apartment properties “as is” in Florida, Georgia and Texas. In as little as five minutes, we can make you a cash offer using our advanced buying tools. When you sell your house to us, you get paid up to 15 days after we receive the signed contract.
Once you’ve answered the question, “Should I sell my house?” or even if you’re still deciding, you can get a free, no-obligation estimate. Call (888) 204-7603 or fill out this form on our website and we’ll reach out to you.