When is it Not Time to Sell?

A lot of brokers are only looking for the listing and will tell you it’s always time to sell, but a great agent will care about you and your situation.  There are times when it is not right for you and your family to sell your home and move.  Here are some good tips for knowing when it’s a better decision to stay in  your home.

Your mortgage is close to paid off.  If you’re almost done with monthly payments and about to own your home outright then it may not be right to leave.  Buying a new home would mean taking on a new 15- or 30-year mortgage, or coming up with a hunk of cash. This is a tricky one, because you could use the money from selling to buy a new house.  Unless the house you are moving to is a far better fit for your lifestyle or you need to sell in order to downsize, experts recommend staying put.

You credit isn’t great. If you’re not going to qualify for a new loan because of bad credit or if you may qualify by the skin of your teeth—which would mean putting more money down and/or paying a higher interest rate—it might not be worth it to move.  Depending on when you last bought a home, getting a mortgage may be harder than you remember with the changes to the lending market.  The most competitive interest rates only go to buyers with credit scores above 700.

You have money to renovate. Your kitchen is an embarrassment, the yard you once imagined as an outdoor oasis is more like a mirage and don’t even ask about that weird rippling thing that going on with your floors. Maybe you don’t need a new house. You just need the house you live in to be new again.  Depending on how much savings your have or how much equity you can take out of your house, you could overhaul and reenergize your existing home. Even small changes that improve function or address important daily issues can make a big difference. Be sure to consult your Realtor for guidance on the changes you plan to make. That way you can ensure a decent return on investment so you can recoup some dollars when you are ready to sell.

You need to stay in your neighborhood and there’s no inventory in your price range. The tighter your parameters, the harder it can be to find the right home. If you need to be in a certain school district and can’t find a home in the right district zone perhaps it makes sense to put off the move.  Inventory is still low, which could make buying more difficult.

To fully evaluate your individual situation, you want to talk to a caring, ethical real estate agent.  Be sure to look at the comps and current market stats as well as your financial situation.  To schedule a free consult, call Helen today at 847.967.0022 or email [email protected].