Can you afford to sell your home?
While the market could benefit some sellers, it’s creating a host of other unique circumstances that might make selling your home less than ideal.
With interest rates still sitting near historic lows, many homeowners consider selling their homes to purchase a more expensive property for less money. If you’re among those considering selling your property, you must understand whether it’s the right time to sell your home. While the market could benefit some sellers, it’s creating a host of other unique circumstances that might make selling your home less than ideal.
If you plan to sell your home this year, here are a few things to consider:
Do you have enough equity in the house?
Ideally, you want to be able to sell your home with enough equity so that you don’t owe any money to your lender afterward. If your current mortgage is underwater, selling might still be a good option if you’re trying to avoid foreclosure. Additionally, if you can come up with the difference between the sales price and what you owe, it could be a good move to sell now.
Since the average seller loses up to 10% of the total sales price to fees, you’ll want at least that much in equity to break even.
Are you in forbearance?
You can sell your home in forbearance. For some homeowners, this is the only solution they have to avoid having a foreclosure on their credit. However, if you are in forbearance, keep in mind that you’ll be responsible for the payments you missed.
Will a new home be available to you at a price you can afford?
The National Association of Realtors showed that home sales had a 23.6% increase from the same time last year. For sellers who want to be buyers, finding a home after selling your current one could be problematic. In 2019, the average home sat on the market for around 38 days before selling. In 2021, the average has dropped to 18 days, with many homes receiving multiple offers.
If you sell your home this year, can you afford to find a new place to live once you’ve sold your property?
How quickly do you want to sell?
Homes are selling fast. With the average home selling within less than three weeks, you should be confident that you’re ready to move, and you should have a place to live prepared. Since the traditional housing market is super competitive, selling your home for cash on the private market may be worth considering.
When we buy homes from our clients, we work with them to time the purchase so that they’re ready to move when it’s time. If you’re prepared to sell your home, but you’re not sure if you’ll be able to close on your new home fast enough, we can help. We’ll work on your timeline so you can spend more time planning for your future and less time worrying about keeping your family safe and comfortable.
Can you still afford to cover moving costs and a new home after agent fees?
Sellers can spend up to 10% of the total sales price of their home selling the property. These fees can include various things like:
- Pre-sale inspection
- Utilities (even if you move before hosting open houses)
- Agent commission
- Closing costs
- Moving costs
- Capital gains taxes
Will paying for these expenses make selling your home less viable? Repairs alone can cost $10,000 or more if you need to handle HVAC or foundation issues.
You can skip many of these fees and sell your home faster by working with Brick. We’ll buy your home without the need for an inspection or appraisal.
Are you willing to turn down offers from potentially risky buyers?
Some of the most common problems that happen during a home sale arise from financing issues. If a buyer makes an offer on your home and can’t get the financing because the house doesn’t appraise for the amount they offered, or they otherwise don’t qualify, you could lose time and money. Are you comfortable saying no to a buyer who may not qualify, or are you willing to risk relisting your house if the sale falls through?
At Brick, you don’t have to worry about whether financing will go through. We pay cash for your home. If you’re ready to sell your home and you want to sell quickly and hassle-free, call us today. Let us help you make your next move as affordable and pain-free as possible.