"Should I sell my house now?" Well Mr. & Mrs. Seller, It depends!
Why do you want to sell your house?
As you know, we're in an inflationary period where interest rates are higher than the last 2 years, home prices have peaked, and the economy is going through some interesting changes. Nevertheless, each individual should make a decision based on their needs. Those needs could be selling because you want to downsize, upkeep of the home is now out of your budget, a unique equity situation offered you selling options, working from home triggered a more functional environment, familysize increased, relocation, neighborhood not what it used to be, and retirement.
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Downsizing - If you're thinking about getting a smaller, easy to maintain, home than the one you have now, then yes. Sell! There's a high chance you'll be able to use the gain from the sale of the home to purchase your next home outright.
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Property Maintenance - If you're in a financial pickle and you're unable to sustain the upkeep of your home (roof repair/replacement, appliances, HOA fees, etc.), then yes, sell. I don't recommend a HELOC, because if you're struggling now, then a HELOC will only make your situation worse when you have another bill you can't pay.
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Equity - Equity is here today, but could be gone tomorrow. Use the equity to choose where you always wanted or prefer to live vs settle for what you could afford. Be sure to buy a good value home. You can always refinance the interest rate later.
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Working from Home - Thanks to the pandemic more folks are working from home, but they don't adquate space and setup to facilitate a work-from-home opportunity. Selling your home will give you an option to buy something more fitting.
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Family Size Increased - If your family size grew, then a bigger home is needed for additional bedrooms, parking spaces, etc.
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Relocation - Relocate closer to work, family, and close friends
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Neighborhood Changed - Everyone you used to know in the neighborhood left and your new neighbors don’t invite you to their barbeque like the other ones did.
Call me! Let's talk strategy on selling your existing home and buying a new one. I'll help you with that, too. Le'ts talk (786) 715-6781.
