Selling your house may be mandatory for you at this point. If not, however, are you better off waiting for the market to improve?
House Selling Tips: Among the most important things to remember when trying to sell your home in a down market is that there will be a lot of competition out there. The sellers outnumber the buyers by a huge margin, so it’s like trying to sell snow to an Eskimo in some respects. There are many choices for every buyer to choose from so your house will have to appeal to at least one buyer above all other similar homes in the neighborhood for sale.
The other important factor to remember is to be reasonable in your expectations and consider carefully whether or not you absolutely have to sell right now. If you must sell, you should be prepared to take a potentially lower price for your house than you might want. That’s where the realistic and reasonable thinking part comes in.
It may be very disappointing to you to find out that the value of your home on the current market is far below what it was 5 or 10 years ago. You might also find that your house is worth even less than what you owe on your mortgage. That can be a devastating realization, especially if you are faced with the certainty that you must sell now.
If you do find out that you owe more than the house is currently worth and you can wait to sell, that would be the wisest choice of all. The market is sure to turn around at some point at which you can sell then. Going through the sales process can be tough in a slow market. Don’t bother to put yourself through the frustration of trying to sell when the price you can get will disappoint you unless you absolutely have no choice.
It could be a good alternative to stay in your home and make it work for as long as possible. Stay for awhile and get the mortgage paid down a little further while waiting for the market to recover. If you need more room and your family is simply splitting at the seams, consider building an addition to your current home. This will increase the value and when it is time to sell you will have more house to sell your future buyer. It’s not a good idea necessarily to build an addition that’s so big you have to take out another loan or you may be adding to the current problem.