Published December 15, 2021
Thinking of Selling? Here Are 3 Financial Factors to Consider
Pondering selling in the next 12-24 months?
Here are three financial/timing factors that will impact your ideal timing:
(1) Market Value/Sell Price:
If you bought your home in the last 8 years, depending on when you purchased, the value of your home could be higher or lower than the price you paid for it. Knowing your market value and suggested list price is critical to making a great decision. Make sure you higher a great realtor that knows the market and can give you accurate data.
(2) Source of Down Payment:
Do you know what the source of your down payment will be for your next home? Would you want the money for your next down payment to be completely from the sale of your current home, or do you have some (or all) of your next down payment in savings? Knowing the costs of selling will help you know if now is the right time or not. A great realtor will be able to provide you with a net sheet that outlines all of your costs.
(3) Mortgage Penalty:
This can be a big deal or non-issue, as it varies greatly depending on the term of your mortgage, where you are in that term, and the conditions from your provider. Your penalty might be $0 or it could be $10,000... $20,000... or more. We've seen it all. A quick call to your mortgage provider and you'll be able to get this information. If there is a penalty, there could be opportunities to have it waived if you are buying another home and commit to staying with that lender.
It's never too early to start preparing for your next sale. Book a free, no-obligation Zoom or in-person meeting with me today!
Nicole Darbaz, REALTOR®
Your Trusted, St. John’s Metro, Real Estate Expert
Keller Williams Platinum Realty
709-691-1373
NicoleDarbaz@KW.com
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