To Sell or Not to Sell is a Tough Decision
For Many Homeowners These Days

Selling a house can be an emotional time. If you’ve lived there for a while, a lot of landmark moments likely occurred and there are probably positive memories emanating from every room. On the other hand, if you have to sell because of a financial situation, emotions on the other side of the spectrum will likely pop up.

Today’s market presents a difficult mix of conditions for many sellers. The housing market dipped in recent years in response to recession conditions, which makes securing credit challenging. Many of today’s lenders require hefty down payments along with excellent credit scores for the best rates. In addition, many homeowners might be surprised to find that their home is worth less now than it was 10 or 15 years ago because of the down market.

All of these conditions make knowing if and when to sell confounding and confusing. Here’s a checklist of some things to do and consider before making a decision:

Contact a real estate agent in your area. They have access to all of the pertinent statistics, including how long homes are taking to sell, what neighborhoods are best, median prices, schools and more. They also should be up to date on city and county ordinances affecting housing and real estate.

Find out what your home is worth in the current market. This will help you decide whether you can afford to sell or what kind of loss you might be facing if you do so within a certain time frame.

Evaluate your financial footing. No matter how much you get for your previous house, moving is expensive. You’ll have closing costs and will need to have funds ready for the buying process, which includes the down payment and money for incidentals such as home inspections, moving people and storage rentals.

Think about why you want to sell. Is it because of a job, the economy or because your family is growing and needs more room? But regardless of the reason, don’t do so hastily, and rely on a good real estate agent to help you with the stressful financial things.

Selling a home is a humungous financial and emotional decision. If the conditions are favorable in your area, then selling is a great idea. But be sure to do your research and consider all of your options. Whether you decide now is the time to sell or not, make sure it’s the right decision for you and your family.