The decision to sell your home is not always based on market conditions. Yes, the latest data from the National Association of Realtors shows that limited inventory continues to drive home prices up, and it is a strong market for sellers. But, you have to take your personal situation into account. Here are a few questions to consider to see if you are ready to sell.
Do you have equity in your home? The last ten years have seen rising home values, making up for lost equity during the 2008-2009 housing meltdown. An experienced agent can provide you with a market analysis of your homes value, and by computing your mortgage balance it will give you a ballpark idea of what equity you have in your property.
Can you afford to move? You will need the cash flow to prepare your home for sale, addressing issues that will impact the value of your home. Moving expenses can also add up quickly, as well as inspections and upgrades on the home you are moving to.
Does your home still match your life? As life evolves, what worked at one point might no longer work for you now. There are the happy reasons . . . adding to your family, committing to a relationship, retirement . . . and the not-so-happy reasons such as divorce or death. Maybe you are content with your home, but it’s too far from family or work. Perhaps it was customized for hobbies you no longer enjoy, or the maintenance has become too large of a chore. Whatever your situation, if your home or your neighborhood no longer fits your needs, the time is probably right to sell and find a location that is better for your lifestyle.
Do you have a real estate agent? Consult an experienced agent to review the 2019 market, to discuss your objectives, and to help you decide if you are ready to sell your home.
Kim Ward Bacso is the owner of River Valley Realty, and would appreciate the opportunity to get the conversation started. Please reach out to her at the Lambertville or New Hope offices, at 609-397-3007 or 215-321-3228 or by email Kim@RiverValleyRealtyNJ.com.