Should I Sell My House?
Are you currently pondering the question, should I sell my house? Well, if you are, then you have most certainly come to the right place because below we will consider the guidance both for and against selling your home right now in the current market. Something that should make your decision-making process a little clearer. Read on to find out more general rule of thumb scenarios. Please note not everyones situation is the same, contact MortgageQuote.com before you many any final decisions.
Yes I Should Sell My House, Interest Rates Are Currently Low
One reason for the answer to the question should I sell my house right now might be yes, because of low-interest rates. Indeed, as interest rates are the percentage of the money you will be charged on what you owe, the fact they are currently low means the possibility of securing an easily affordable mortgage is higher. In turn, this can mean by selling your current property and buying a new one you can get a better deal on your monthly house payment, and so on and boost your standard of living day-to-day.
Maybe I Should Sell My House, It's A Seller's Market
Another of the most convincing reasons that people are considering selling their homes right now is because we are currently in what is known as a ‘ sellers’ market.'
A sellers’ market is when there is greater demand for homes than there are properties available. It is this situation that results in a sharp increase in house prices and a fast-moving market, as more people are looking to find a new home than there are properties, which drives the asking price and competition for properties up.
This is particularly good news for those homeowners looking to sell their current property for more than they purchased it for. In particular, this type of market tends to positively affect those who have homes sought after by first-time buyers but can also be beneficial for most people that are looking to sell their homes.
However, it is worth noting that while low-interest rates can have some benefits for those buying and selling homes, they can also make a negative impact. For example, low interest rates mean more people are looking for a new home ( a seller's market), and this can result in a shortage of viable properties, something that can create a spike in sale prices.
Of course, this initially looks to be good news for those selling their properties. However, as most sellers will also buy a home, the benefits of low-interest rates are easily overshadowed by the additional costs of buying a house, something that needs to be carefully calculated before you make your decision to sell.
Should I Sell My House? No, I Just Refinanced And Want To Wait
Many people choose to sell their homes and downsize to new ones to make their monthly mortgage repayments more affordable. However, this is not the only solution to such a problem. In fact, refinancing can also work wonders here, lowering your monthly mortgage payments, while allowing you to stay in your current property. Indeed, if you fall under the category of someone that can't find a suitable new property, but that wants to take advantage of the low-interest rates, the answer to the question, should I sell my house, could be no, so you can choose to get a refinance quote instead.
Yes, I Should Sell My House, I Want To Upgrade My House
The answer to the question, should I sell my house, may also be yes if you have a specific type of property to put on the market. In particular, entry-level or starter homes are among the most profitable types of properties to sell right now. Therefore if you have a home that is in the lowest third of prices in your area, putting yours on the market may be an opportunity that is just too good to ignore.
No, I Want To Wait, I Am Concerned About The Cost For A New Home
Moving home can be an extensive experience, and the answer to the question, should I sell my house, may be no, if you know that you may face changes in work or income in the near future.
After all, redundancies, furloughs, and pay cuts have all been common throughout the years and it is better to communicate with your current lender rather than not knowing. Therefore taking on the financial burden of a new home may not be the best choice at this time.
Of course, if you do expect your employment status or wage to change, it's best to get ahead of it when it comes to your current lender. Speak to them about alternating your loan, or deferring payments so you are not at risk of losing your current property.
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