What You Need To Know Before Selling Your Home
Choosing when to buy or sell a home is one of those crucial financial planning decisions that will have a lasting impact on your journey to financial independence. For many Americans, home equity remains the single largest asset on the personal net worth statement. The current homeownership rate in the U.S. is just under 64 percent. That is why it was good news for potential sellers to hear that existing home sales were up 5.9 percent in October from the previous year.
This was a positive surprise for the housing market. According to the National Association of Realtors, housing inventory went down slightly, which would normally be a positive sign for prospective sellers as this trend typically drives prices higher. But that news was tempered by rising interest rates that could impact future sales and purchasing power for potential buyers.
While it’s important to never try to time the stock market, it’s just as difficult to time the housing market. The millions of homeowners who purchased real estate prior to the housing bubble provide evidence of the inherent challenges of predicting future housing prices and economic conditions. Regardless of your current level of confidence in the housing market, there are many reasons that may prompt your desire to sell a home or investment property.
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Whether you are relocating for work, moving to a more desirable neighborhood, making room for a growing family, or downsizing you need to take steps to make sure that your house is ready to sell. The peak season for selling a home in most housing markets across the country is typically during the spring. However, there are some strategies that you can put into action to help sell your home regardless of the season or current economic conditions that are out of your control. Here are some tips and suggestions to help you get ready to sell your home or investment property:
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