Have you been thinking about selling your home? If you've been on the fence lately, read on to learn if this might be the right rime for you.
“All year, supply levels remained below where we’d like them to be, and that has put a tight grip on inventory and pressure on the pace of the market. This is still a challenging market for many consumers," remarked Gopal Sahota, President of the Fraser Valley Real Estate Board.
“However, if you have your finances in order, and the support of a local REALTOR® who fits your needs, you’ll be in the best position to make a move in 2018 and find success.”
Ahead are few ways that will help determine if it's time to make the right move:
- Your Lifestyle No Longer Matches Your Living Situation
Is your family growing? Have your children gone onto university? Will your in-laws be moving in? Perhaps you require another bedroom or are tired of maintaining so much square footage. Your home is a reflection of your needs during at a specific moment in your life. You don't need to upgrade or downsize, but if you're in a position to - why not?
- You Have Cash In The Bank And Are Out of Debt
Begin by taking a honest look at your finances. Your current financial status goes a long way in determining whether or not you should stay put or move. What is the ideal situation? If you’ve paid off your non-mortgage debts and have set aside approximately three to six months of expenses in your emergency fund, that’s a good sign you’re financially mature enough to purchase a home again.
- Equity Is On Your Side
If your home can provide a minimum of 20 percent equity for your next purchase, then this could definitely be the right time for you. Being able to afford 20 percent down could help you avoid mortgage default insurance - saving you hundreds of dollars a year.
- You Can Afford to Uplevel Your Current Home
While your home might not be falling apart, you should be ready to invest a little to spruce it up before competing with others on the market. Apart from cleaning and organizing there are a few simple and cost effective steps that not only raise the perceived value of your home but also help it stand out.
- Paint: Painting should be the number-one investment you make when readying your home for sale. Buyers love the look—and smell—of fresh paint.
- Curb appeal: Mow your lawn, remove dead branches from trees, pull weeds, paint your fence and fix any driveway cracks. This ensures any potential buyers driving by your home will immediately get the impression of a well-maintained and loved home.
- Kitchen and bath: Updating fixtures and hardware is relatively inexpensive but can make a huge difference. But if that's not within reach, make sure to scrub the grout and polish the faucets.