Seasons of Change: Spotting the Signs That Say It’s Time to Sell Your Home

You’re on the white picket fence about whether it’s the right time to sell your home or not. Believe it or not, you’re not alone. Lots of homeowners are in this very same boat. Here’s what successful sellers have done to sell their home, and what you can learn from them.

Have a Game Plan

If you want to know how to sell a house, learn from serious sellers that have come before you.

Usually, they have an idea about where their next home is going to be located. Having a game plan is important. It makes it easier to plan out what you should be doing right now and how much you can safely sell your home for.

Even more, having a general idea of the next neighborhood you want to live in means that you have an estimated listing price of how much home you can afford, which is a good thing. You don’t want to find yourself in a position where you sell your house and can’t afford the new one.

Having a game plan also prepares you for one of the largest expenses of a new home: the down payment.

Don’t Be Emotionally-Attached

If you have any strong emotions about your old or new home, drop them. You’re not ready to sell (if you have feelings about your old home). And, being overly emotional or emotionally invested in a new home means that you’re not thinking clearly about the house as an asset or property.

Sellers tend to view their home as a product and not their home. When you start reminiscing about memories you’ve built in the home, you need to distance yourself from the house as a sentimental thing. It’s a home, and if you want to sell it, it’s going to be someone else’s home. You have to be in that frame of mind — selling someone else on the idea that it is going to be their home.

Be Ready, Financially

Successful sellers are ready to hit the market running. They’ve already perused the real estate listing websites out there, and they have been pre-approved for a new mortgage.

The first sign that you’re ready to sell is when you’re financially ready. When you’ve gotten your new loan squared away, have an approval from the bank, and are ready to buy, financially. The next sign is when you evaluate and determine that you’re ready for the costs associated with buying a new home. You take into account the down payment and closing costs, and moving expenses. And, you’ve budgeted for them.

You’re Ready For Change

This is the hardest thing of all. Most people do want change, but they’re not ready to actually make changes if it means uprooting a lifestyle they’ve become accustomed to. Successful sellers who are emotionally attached to a home are more likely to resist major changes or upgrades, even if it’s just new paint or a simple upgrade. And, even if it will increase the selling price of the home.

There’s An Equity Advantage

When looking for a new home, a huge percentage of homeowners look for equity already built into the new place. During the financial crisis, many homeowners saw their equity evaporate as home values dropped.

Many even owed more on their home than what it was worth. No one wants to sell when it requires writing a check to the bank or putting it up on the market as a short sale — that virtually guarantees you get less for your home than you want.

If you’re selling your home, make sure you have equity in your home. And, when buying, see if you can get an equity deal where you get equity as soon as you sign the paperwork. Usually, this means buying the home at a fair, but below market, price.

You Get A Good Interest Rate

Interest rates aren’t going anywhere right now. And, some argue that they may even go up. If you’re wondering when a good time to buy into a home, the answer might be now. Rates are at historic lows, and they’re not likely to go anywhere soon. Sell now, buy, and get in on a low interest mortgage before rates go back up again.

Another advantage to buying now is you don’t have to chase the market. Because interest rates are low now, you can take your time and get a good price on the home you want to buy.

Gabriel Grant works as a real estate agent and has been in the role for several years now. He enjoys helping others (it’s not always true what they say about real estate agents!) and writes on the subject for personal finance and property blogs.