Could 2015 be the year you finally sell your home? 2015 is projected to be the first year we are returning to normal in the housing market. There has been a decade of economic ups and downs to the extreme which is what the normal has become.
This year, normal will return for the first time since the turn of the 21st century which means home prices will continue to rise at a steadier pace and unemployment is going to decrease as jobs increase. Here is what you need to know about selling your home in 2015.
The 2015 housing market
This year you can expect home prices to rise at a steadier pace. There won’t be heated price jumps like everyone saw in 2015 but this is a good thing. It means the market is experiencing healthy levels of growth. Since unemployment is going down and jobs are going up due to job growth in 2014, consumers are going to feel more confidence in purchasing a home. Almost 70% of consumers are saying it’s a good time to buy a home which means this is a great year to sell your home.
How do I know if selling this year is right for me?
Since deciding to sell your home is a personal decision, you should look at a few points to help you decide. Do some math on whether or not you have enough equity. You’ll want enough equity to cover the down payment so you’ll want to subtract your mortgage balance from the current market value of your home.
If your home was worth $200,000 and you still owe $120,000 that would leave you with $80,000 home equity to work with on purchasing your next home. You should have at least 10% available to put down on a home and 20% would be even better to avoid private mortgage insurance. Ask for professional help on determining your home’s worth by working with an experienced real estate agent for a free comparative market analysis.
Finally, decide if you can afford the preparation to sell your home. You’ll have to have a certified home inspector look at your home’s condition. A presale inspection costs a few hundred dollars but it will help you from losing money at negotiation time. Your real estate agent can help you determine your priorities on renovating or repairing anything in the home before selling.
This year may be a great time to sell your home.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!