Wednesday, July 21, 2004

Is Now The Right Time?

Deciding when is the right time to sell your home can be a difficult decision. You will probably want to sell when you will get the most out of your investment, but also when it is right from both an emotional and a lifestyle perspective. Here are some scenarios that indicate it might be the perfect time to place that "For Sale" sign out front.

> Watch your local housing market. If homes in your community or neighborhood are selling for more than you ever dreamed, it might be time to cash in on that trend. However, this scenario is only effective if you are able to downsize or relocate to an area where home prices are lower. There is no sense in selling your current home at high price if you cannot afford to purchase another one elsewhere.

> In addition to home prices, watch the available mortgage rates. Your home will be more affordable for potential buyers when rates are low. In addition, those favorable interest rates may help you when it is your turn to buy.

> If your children are grown and have moved out long ago, you may want to consider putting the family home on the market. This can allow you to move to a smaller residence, one that has less upkeep and related expenses. Also, if your current home is located in a community that boasts a strong school district, it will likely be highly appealing to families with young children. This can help to strengthen your selling price and may result in your home selling faster.

> If you take a look around your house and see numerous repairs and upgrades that need to be made, consider putting the house up for sale instead of striving to complete these projects on your home. The home can be marketed as a "fixer-upper," which may be appealing to those skilled in repairing homes. And while this will likely bring down your asking price, it will also save you the time and expense of making the repairs yourself.

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