The Pros and Cons of Selling Your House

Selling your home can be one of the best moves you’ll do. Housing is consistently in high demand, with few homeowners ready to sell.  The economy is bouncing back, and whether you sell for cash or through a real estate agent, you have several details to consider.

Selling your home can be the decision of a lifetime. You can get good value out of your home, but you need to know that it has drawbacks. Here are the pros and cons of selling your house and whether you should do it now.

Pro: You Can Get Some Equity from your Home

Whether you’re preparing to sell your home or you don’t want prep at all, one crucial detail you need to consider is your home’s equity. You want to gain some equity to buy your next home and get something more suitable than what you already have.

Selling now can be a great advantage because mortgage rates are down, and it’s a buyer-centric year. There’s also a lot of extra equity flowing, with the average borrower gaining as much as $50,000+ to $100,000+ gain in equity. Selling now can get you solid value on your home and get a good profit margin.

You’re also setting yourself up with enough equity to cover your next home. Whether you’re downsizing or going for a home fit for a larger family, you should be able to cover that and get a little extra on the side now that you’re getting started.

Con: It Can Be Hard To Find A New Home

When you’re trying to sell your home, the last thing you want is to become homeless yourself. Remember that it takes time before selling a home - from a few days to several weeks long. Some homes even take a few months before you can flip them over.

During this time, you need to make sure that you can find yourself a new home. A real estate open house can fast track your home sale by a few weeks and even net you up to an extra $15,000 in sale price. All these don’t matter if you’re worried about your next home.

If you’re still unsure where you’ll end up next, or you haven’t secured the deal yet with your next house, don’t sell just yet. It’s better to wait to ensure that you have a roof over your heads before you sell. There’s also a chance that you won’t get the price you want for the home, which can be problematic if what you get is less than the value of your next home.

Pro: You Have A Growing (Or Shrinking) Family

One pro of selling your home is accommodating your growing family’s needs. If you have a starter home with only a few bedrooms, you’re likely a family of 3 or even 4. This can be problematic if you have a growing family or you’re on your way to having teenagers that need their own space.

Selling your home now can help you find a more suitable space for your family. The same is true if you have kids moving out, which means you won’t need a bigger home anymore. Downsizing can help you have a home that works for your needs.

Sell your home and find a more suitable home to accommodate your needs. A bigger house can be great for a growing family, while a smaller home affords you a cozier space while getting some extra cash.

Con: Your Family Needs To Readjust

One of the big cons of selling a home is having the kids adjust to a new environment. Most people who buy their first homes are likely couples looking to have children or those with a growing family. If you have kids who already have friends in your area, expect some adjustment issues.

Your family would need to adjust to an entirely different environment. If you’re moving nearby, the adjustments should be easy to make. For those moving to a entirely different city or state, we’re talking about big adjustments to a new culture, new neighborhood, and even new school.

If you think your kids can adjust well, there shouldn’t be many problems, especially if relocation is a must. Selling your home means your family needs to do their best and welcome their new lives, including yourself. If your family is the type that likes being rooted in one place, consider if selling your family home is necessary at all.

Pro: You Can Get More Than Listing Price

If you have kept the value of your home, you are in an excellent place to get more money than the asking price. Many homes are selling for tens of thousands of dollars above listing, and you should get the most value from the current market.

Most homes right now are bought through intense bidding wars from buyers, together with a stronger interest from everyone. The real estate market is in a weird position where many in-demand homes sell for much higher - as much as a third of all homes sold.

If you think you’re in an advantageous position, it’s a fantastic time to sell now. With the right home, you’ll likely get to sell higher than your original home’s value. The extra money can go a long way, especially if you’re looking to build onto your next project.

Con: You’ll Miss Out On Your Home’s Value

One of the biggest issues that you can experience when selling your home is missing out on the growing value of your home. If you have all the right pieces that make for a fantastic real estate property, selling now can make you lose out on the potentially higher value you can get.

Home prices are starting to soar once again, but there is demand that is growing for them this time. If you sell out before you reach the peak value of your home, you’re losing out on potentially tens of thousands of dollars. Then again, you need to time the sale to fit your needs.

A home’s value does not matter if you lose out on the right window. If you have a second home secured and can afford to sit on it until the time is right, you should be able to grow its value. If your home’s in the right place, it should have a consistent demand for it regardless.

The Bottom Line

Selling your home can be a blessing or a challenge, depending on many factors. The best-case scenario is to have a backup home that will give you time to improve your property value and even get an agent to sell it. Weigh out the pros and cons of selling your home and make sure it’s worth it for you.


--

By: Kat Sarmiento

Kat writes articles with the hopes of reaching out to more people. Her writing is focused on lifestyle, science, and smart hacks, that will definitely (well, hopefully) be useful to her readers.

12/16/2021

Sign up below to stay up to date

Mid America Regional Information Systems, Inc. Information from Third Parties, Deemed Reliable but Not Verified.
Equal Housing Opportunity HomeTraq © 2022