• Resources
  • Privacy Policy
Prime TitlePrime TitlePrime TitlePrime Title
  • Services
    • Home Buyers
    • Home Sellers
    • Real Estate Agents
    • Lenders
    • Builders & Contractors
    • Commercial
  • Team
  • Blog
  • Contact
  • 337.235.0047

Signs You’re Ready to Sell Your House

NextPrevious

Signs You’re Ready to Sell Your House

By Paul Gardner | Industry Topics | Comments are Closed | 22 October, 2020 | 0

Have you been thinking about selling your home but are having trouble committing to listing it? That’s okay. 

Deciding to sell your home is a huge decision, and it’s not likely to be an easy one. Even if the market conditions, your financial situation, and your family’s needs are all aligned and pointing in the direction of selling your home, committing to sell is tough. 

So how do you know if you are ready? Here are some key signs that indicate you are ready to list your home for sale. 

You Have Outgrown Your Home

Is your family growing? Is everyone on top of each other everywhere in the house? Or, have all the kids moved out and you suddenly find yourself with too much space? If so, that’s a pretty good sign it is time to put your house on the market so you can move into a home that better meets your needs for space.

You are Financially Ready to Sell

Being financially ready to sell your home will come down to two basic factors: equity and debt.

Do You Have Equity on Your Side? 

The most important financial consideration is how much equity you have built up in your current home. The more equity you have, the more money you will profit from the sale to put toward the purchase of a new home.  

Equity is the difference between what you owe on your mortgage and what your home is worth. How much equity you have isn’t terribly complicated to discern. First, check your last mortgage statement to see how much you owe. Then, either get the house appraised or have a real estate agent run a competitive market analysis to determine the value of the home. Finally, subtract the mortgage amount from the estimated value. That’s your equity. 

You are not ready to sell if you owe more than the value of the home.

How Much Debt and Savings do You Have?

Your personal finances are the next big piece of the puzzle when determining your financial readiness to sell. If you are debt-free aside from your mortgage, and have enough money in your emergency fund for three to six months of expenses, then you are in a good financial position to sell. 

What is Your Credit Score?

If you will need to finance the purchase of your next home, you need to make sure your credit history is accurate and your credit scores are as high as possible. A good score will help you secure a lower interest rate which will result in lower monthly payments. You can receive one free report annually from each of the three credit reporting agencies – Experian, Equifax, TransUnion – to keep an eye on your credit report. 

You are Emotionally Ready to Sell

Aside from finances, the next big indicator you are ready to sell is your ability to detach emotionally from the home and cope with the emotional roller coaster of selling a home. If you can honestly answer “yes” to these questions, you just might be emotionally ready to sell: 

  • Are you willing to remove the personal effects in the home to stage it for a sale?
  • Can you commit to the long haul of having a house on the market and constant showings and open houses?
  • Are you ready to hear negative comments about the home without getting offended and defensive?
  • Are you ready to leave behind the place where your families’ memories were built?

Selling your home is a big decision that shouldn’t be taken lightly. By taking a hard look at your financial and emotional readiness, as well as the changing needs of your family, you will be able to better determine if you are ready to sell your house.

Title Industry, Title Insurance

Paul Gardner

Paul’s core practice centers on the examination of title and real estate transactions. He has extensive litigation experience, and has spent several years representing and advising lawyers, real estate agents, and insurance agents in connection with professional liability claims.

More posts by Paul Gardner

Related Posts

  • Understanding Commercial Closings

    By Paul Gardner | Comments are Closed

    Commercial real estate closings are very different from residential real estate closings.  In general, they are more complicated because they have more extensive procedures. Negotiations also tend to last much longer (up to a yearRead more

  • Why is a Land Survey So Important Before Closing?

    By Paul Gardner | Comments are Closed

    Whether or not the lender requires it, every buyer should invest in having a property survey (also called a land survey) conducted before closing on a real estate purchase.    Land surveys are critical forRead more

  • Real Estate Trends for Q4

    By Paul Gardner | Comments are Closed

    What does the real estate market look like for Q4 of 2022?    Home sales typically slow down this time of year and 2022 looks to be no different. In general, experts indicate that theRead more

  • Selling in a Buyer’s Market

    By Paul Gardner | Comments are Closed

    Selling in a Buyer’s Market Real estate industry experts anticipate a cooling in the housing market and a shift away from the seller’s market of the last two years toward more of a buyer’s market.Read more

  • Understanding Different Loan Types

    By Paul Gardner | Comments are Closed

    Understanding Different Loan Types   If you need to borrow money, there are various types of loans from which to choose. The ones most people recognize are automobile loans, student loans, and mortgages, but thereRead more

NextPrevious

Contact Us
Request Fees
Title Request

Blog Categories

  • Announcements
  • Events
  • Industry Topics
  • Lagniappe
  • Uncategorized

Newsletter

  • This field is for validation purposes and should be left unchanged.



1819 W. Pinhook Road, Suite 100
Lafayette, LA. 70508

337.235.0047
Contact Us

Services

  • Home Buyers
  • Home Sellers
  • Real Estate Agents
  • Lenders
  • Builders & Contractors
  • Commercial

Site Links

  • Blog
  • Team
  • Contact
  • Resources
  • Privacy Policy
  • Title Request

Newsletter

  • This field is for validation purposes and should be left unchanged.

  • Services
    • Home Buyers
    • Home Sellers
    • Real Estate Agents
    • Lenders
    • Builders & Contractors
    • Commercial
  • Team
  • Blog
  • Contact
  • 337.235.0047
Prime Title