When should you sell?
Everyone wants to take advantage of the housing market when it comes to selling your home. Unless you are buying and selling strategically for investment, the best time to sell is when your existing home does not meet your current or future needs.
A key factor to consider is the economy. The economic health of a country affects many factors related to real estate. Mortgage rates are often influenced by the state of the economy. A higher interest rate may encourage you to stay with your current home as the increase in mortgage payments may change your financial situation. A lower interest rate may mean that you can upgrade to a larger home with a minimal impact on your current mortgage.
Keep in mind that holidays and weather may impact the sale of your home. Winter holidays and the peak summer season keep many potential buyers busy and not looking for homes. Buyers with school-aged children often choose to move during the summer to minimize the challenges with changing schools in the middle of the year.
Costs involved with selling
There are costs involved in selling your home. Some minor repairs and upgrades can make your home more attractive to potential buyers.
Here are some costs involved with selling your home:
• A professional home inspection
• Closing costs (lawyers’ fees or unpaid taxes)
• Mortgage discharge fees may be levied by your lending institution
• Sales commissions
• Staging based on recommendations from your RE/MAX agent