Have you been thinking about selling your house but you haven’t been able to decide if now is a good time or not? Home prices have been fairly steady and actually increasing but some experts are warning of a housing bubble in a few years. The Bank of Canada recently released its Monetary Policy Report and it looks like interest rates are going to be staying where they are at now, at least through next year. So with steady home prices and low rates, now is a great time to sell and buy another home. Still not sure? Here are four more signs that it's time to sell.
- You’ve got equity. Have a real estate agent do a comparative market analysis for your home. If you have enough equity to cover 20% of your new home purchase, you’ve got your down payment covered.
- You’re out of debt and have savings. If you don’t have enough equity built up in your current home, you could still make a move if you have cash saved to supplement your down payment. Make sure you have your credit in order so you can qualify for a great mortgage rate.
- You can afford to move. You don’t want all of your savings to go to the down payment though. Remember that there are other expenses involved in buying a house and moving. You need to invest a little money in your current home to make it ready to sell such as new paint and creating curb appeal outside. Don’t forget about closing costs, hiring movers, improvements for your new home, and the expenses that come up during the process like eating out for every meal for a week.
- You are no longer in love with your house. If your home is too small for your growing family or too large now that the kids have left, it’s time to sell. People tend to get emotionally attached to their first home or the home where their kids grew up but, if you find yourself complaining more and more about things that no longer fit your lifestyle, then the love affair with it is over and it’s time to get out.
There is no magic formula or crystal ball that will tell you for certain if this is the right time to sell but these points are great indicators. Call us to get your comparative market analysis done and when you’re ready to list, we’ll get you the best price for both your old and new house. Let us help you get into your next dream home.