How to Know When You're Ready to Sell Your Home

Is it the right time to sell your San Francisco luxury home? Your home is probably the most valuable asset you own. If you've wanted to purchase a new home, or you've found yourself staring at properties you visualize yourself living in, how do you know it's the right time to sell?

The real estate market changes when you are selling a luxury home. Knowing when to put your property up for sale can be hard. Nevertheless, it's good that you are already asking all the important questions. If you want to sell your high-end property, everything from your pricing to your marketing strategy has to be targeted to the right buyers.

If it's your first time selling a luxury home, you may be worried about getting into this exclusive market. The more expensive a house is listed, the narrower the pool of buyers. Making a sale at the right time can significantly boost your finances. Whatever your reason, if you are feeling nudged to sell your luxury home but keep drowning in self-doubt, keep reading for signs it may be time to make your move. A competent luxury real estate agent like Kara. W. Lee can help you through the entire process.

Building positive equity is an important determinant in deciding whether to sell up. Equity is the difference between your mortgage balance and the current market value of your home. If you have consistently paid your mortgage for five years or more, you may have built up good equity. To get the most accurate estimate, hire the services of an able real estate expert.

Putting your house on the market with negative equity could leave you in a bad financial situation. You should ensure your equity can cover moving fees, commission costs, and deposit on your new property. Which brings us to...

You cannot sell your house without knowing where you will live next. An experienced realtor can help you look for your next home. Make sure you have a list of backup options in case you make a quick sale and cannot find a new house that meets your needs immediately. You do not want to end up in a house you do not like just because it's vacant.

"What if I'm not ready to buy a new house immediately? Should I proceed with the sale?" The answer is yes, provided you have no problem renting or staying with family or friends for a while. One of the advantages of renting is that it gives you sufficient time to scout for new areas that match your lifestyle.

You will want to work with a realtor with the required experience and expertise in navigating the luxury real estate market. The worst thing you can do is list your home at the wrong price. Adjusting your selling price will make buyers hesitate to purchase your property and send a message that you are not ready to sell.

All realtors have their specialties, and it's important to find one that knows the ins and outs of selling a luxury home. A competent agent can help you know the right time and price to sell your property. If you are looking for a luxury real estate agent with all the answers to your most pressing questions and someone who can guide you through the whole process, consider working with Kara W. Lee.

You should factor in how well your current house meets your everyday needs. Do you need a more spacious house for your growing household? Or maybe all your kids have gone to live independently, and you want to downsize. Whether you want to upsize or downsize, ensure you know the right time to put your house on the market.

Never attempt to sell your house without fully understanding the current real estate market conditions. You do not have to be an expert to get the full picture. You should be able to compare at least selling prices for nearby homes. Do not rely on Realtor.com or Zillow to view comparable homes. Let your estate agent carry out this research for you, as they will have a wealth of insider knowledge.

A buyer's market has more houses on sale than willing buyers. This means that the homebuyers have higher bargaining power when searching for a new home. On the contrary, a seller's market has more willing buyers than houses on sale. In this case, the seller has more negotiating power at the closing table, making it a perfect time to sell your luxury home.

Note that the current market is not as competitive as it was in previous years. The good news, nevertheless, is that luxury homes are still selling fast. A good explanation for this is that wealthy Americans are not affected by the unstable job market, as they can work remotely.

A strong seller's market means that the worth of your home may have increased with increased demand. If your home gets appraised for a higher value, the time may be right to put it on the market and cash in on your home's equity. Depending on your home's appraisal, you could make significant profits if you sell while the demand is still high.

Most people sell a house to purchase another one right away. Before you sell, however, you should carefully evaluate your finances. Purchasing your home is a significant financial investment, whether it's your first or sixth home. If you have cleared all your non-mortgage debt, that's a good sign you are financially ready to buy a new home. Therefore, unless you have enough cash in the bank, it would be wise to wait a little longer before selling your home.

You will also need to have a high credit score.  With a good credit score, you can secure yourself a low-interest mortgage. Download your annual free report from Experian, TransUnion, and Equifax. Carefully go through your reports to single out any errors that need fixing.

Life is too short to be unhappy in your own home. If you run a busy schedule and cannot keep up with the high maintenance of your current home, you could consider selling it and buying a lower-maintenance one. You may also rent for a while and let your landlord worry about property maintenance.

Do you feel attached to your home? If you can confidently say it is time to find a new place to live, the time may be right to sell your property. However, being emotionally attached can cloud your judgment. You may turn down worthwhile offers, or worse yet, back down from the sale. When your house sits on the market for a long time, potential buyers may wonder if it's still up for sale and move on to the next property.

There are many reasons you may want to relocate to a new location. Maybe you have noticed increased traffic in your area, or numerous constructions are going on, and you can't seem to get around easily. If you no longer enjoy a peace of mind  in your home, it may be time to pack up and leave. You may also want to move because of a job transfer or a new hob opportunity.  Or maybe you want to enroll your kids in a new school.  Before you sell your house, however, take your time to research new locations that will fit your lifestyle.

There is no guarantee that waiting to sell your house later would be more profitable. Take enough time to figure out if selling is the best decision. Hire a seasoned real estate agent to help you evaluate the local home sales market to price your home competitively. If you underprice it, someone may purchase it too cheaply. If you overprice it, the right homebuyer will move on to a better deal.

All in all, there are many factors to consider when contemplating selling your home. You should have a plan and set aside enough time and finances. If you are worried it may not be the right time to sell, consider discussing this with a real estate agent to weigh your options and help you find a new home that aligns with your lifestyle.

We hope these telltale signs that the time is right to sell your home have been helpful. That said, the final decision is totally up to you. Hiring a competent realtor such as Kara W. Lee can help you avoid making a snap decision. Contact Kara today to know if you should sell your luxury home.