5 Key Points to Ponder Before You Sell Your House

by Nadia Alrawi 07/28/2019

Why are you selling?

It is your investment, and you can do whatever you want with your house, but it’s helpful to scrutinize your reasons for wanting to sell. You might feel that your new station in life warrants a bigger home in a Beverly Hills-type neighborhood. However, will you be able to keep up with the mortgage for such a house? Some sell because they need a fresh start after a break-up or have got a job in another state. 

If prevailing market conditions are unfavorable and you don’t have to sell immediately, wait another year or two.

Will I get the right price?

Ask yourself, if you were to sell today, would you at least break even on your investment? That is, will you be able to pay off the outstanding balance of your mortgage with the proceeds from the sale? If your answer is no, it might be best to wait until the prices climb a little.

To get an idea of what the current going price of your house is, try and find out the sale prices for similar properties in your neighborhood. However, first, contact your lender to get an accurate picture of your outstanding balance.

Is it the right time for you to sell?

The real estate market is a volatile one. The beginning of last year was a good time to put your home on the market as prices had risen, occasioned by high demand. During the second half of the year, however, there was a slow-down in that rise thanks to ballooning interest rates on mortgages. So should you sell this year? 

The rising interest rates will discourage folks from making new applications, but the fact remains, housing is in short supply across the country. So people are still in the market for homes now. Moreover, while interest rates are rising, they are still relatively low. You may as well take a chance on the present than speculate on the uncertain future.

What’s the condition of your house?

To fetch the best price in the market, you need to sell your house in tip-top condition. That means investing in extensive renovations depending on its current state. You might have to replace a raft of broken tiles, redo the flooring or begin weeding out the garden. 

 Ask for a statement of your house loan from your lender if you’re seriously contemplating flipping your house.

About the Author
Author

Nadia Alrawi

 I grew up in Germany and moved to Santa Rosa in 2007, where I started my path to real estate by investing in commercial and residential properties.  After completing my Bachelor in Finance and Revenue Management, I moved to Bennett Valley where I currently reside with my family.

In my free time, I enjoy the outdoors such as camping and hiking in the beautiful hills of Bennett Valley with my family. My past travels and school education in different parts of the world such as the Middle East and Europe exposed me to many different cultures and beliefs, which caught my interest in multicultural activities.

I am actively involved in my community where I serve on the board of my homeowners association and also am involved in the Sonoma County school health screening program. I understand from personal experience how stressful a big financial purchase such as buying a home can be, which is why my loyalty and dedication to my clients is my number one priority, whether you are buying your dream home or selling your property. I am committed to making your home purchase or sale experience as pleasant as possible.