Have you been struggling with making the decision to sell your home? The great news is that currently our market is a seller’s market! Southern California’s low inventory continues to drive home prices up and most homes are selling at a rapid pace. Although, you shouldn’t base your decision to sell solely on market conditions. Here are some other factors you need to consider before listing your home:
You’ve gained equity in your home- Over the last few years, many homeowners have regained much of the equity that their homes have lost from the previous housing bubble. A study from CoreLogic suggests that only 8% of homes with a mortgage had negative equity in early 2016. If you’re not sure where your equity stands, your local real estate agent can run a (CMA) comparative market analysis to help determine the current value of your home.
Will your financial situation allow you to upgrade- If you are looking to upgrade your home, start with taking a serious look at your finances. Have you paid off most of your debts such as car payments, student loans, credit cards, or other small debts? Do you have at least 3 months of emergency fund savings? If so, upgrading may be a great option for you.
Your home no longer fits the needs of your family- Families change in size and often what once worked for you no longer suits your needs. Maybe you need an extra bedroom, a bedroom on the main floor, or perhaps you are ready to downsize. Many empty nesters are downsizing and benefiting from the current low interest rates. Some are even able to pay cash for a smaller home.
There is never a one size fits all strategy when it comes to deciding whether to sell your home. It is very important that you closely review your finances and consider all factors in order to make a truly informed decision.
If you are looking to buy or sell in Southern California, give me a call I’d love to help! www.cahomesbystephanie.com