When property prices are on the rise the way they currently are, it’s always tempting for homeowners to sell, but there are many things to consider before making that decision. What follows is a look at the biggest reasons for and against doing so, and be sure to carefully consider each before you take the leap.
We spoke to online estate agents, Jet Homes to find out from them what are the top things to consider when it comes to selling your home.
Nobody wants to sell when if doing so means handing over extra cash, so now that the equity in your home will have risen alongside the price this certainly comes into play. If you have built up enough, chances are you can now turn a good profit which perhaps means it is time to consider that long-awaited sale, hopefully with you walking out with some equity intact.
The need for more space…
There may be a number of reasons why you and your family have outgrown your current home, perhaps following the arrival of (more) children or even having an elderly parent or relative move in with you.
If you are in a property that’s too small for the needs of your family both now and in the future, this is an excellent time to consider moving on to something a bit bigger. Sale prices are solid, and you can take advantage of current interest rates before they start to climb.
Or perhaps the opposite is true
Conversely, you may have joined the empty nest club, with your children moving out to college or starting their own families. Selling now and downsizing has many perks, from lower monthly heating costs to less time spent on cleaning or maintenance. Making the leap now would allow you to take advantage of a move that can enhance your new lifestyle.
Interest rates WILL keep on rising
As we know, interest rates aren’t going anywhere but up, so there is no better time to get a good mortgage rate on a new home than right now. Rates are at historic lows but aren’t likely to do anything but rise for the foreseeable future, so sell now, buy your ideal new home and get in on these low rates for as long as possible.
Sell when you need to, don’t chase the market
With all of that said, if you’re not ready then don’t rush. Chasing the market in either direction is always a bad decision and you need to do so when it’s right for you and your family. When you are ready, market your property well – an online agent like Jet Homes can remove many of the headaches that the process brings – and take the time you need to get your current property ready for the market.
Above all, remember that if you sell when the market is low then you’ll be buying low too, but if you end up selling high, then you’ll be buying high as well. Whatever happens, when you do choose to move on, come to terms with the current market and sell your home for its current fair-market value, ensuring you buy a house you can afford, both now and in the future!