First you need to ask yourself if you're ready financially. That means knowing how much equity you have in your house. Equity is how much you think you can get for your house minus what you still owe on your mortgage. A couple years ago, a lot of properties were "underwater" or had negative equity, meaning they owed more on their houses than what they were worth. Now prices are climbing and you may have a good amount left over if you decide to sell and pay off your mortgage. Also, you need to make sure you can afford the down payment and closing on your new home.
You also need to check if you're emotionally ready. Remember how stressful it was buying your current home? Selling is just as stressful. There's papers to sign, repairs to get done, and you need to keep your home in showing condition. And if you are buying a new home at the same time, it's double the stress.
If you are thinking of selling, see what other homes in your neighborhood have sold for by using a market snapshot.
|Is it time to sell your house?|
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