Assessing Your Current Situation
Making the decision about whether to sell your current home and buy a new one is big, so it’s important to weigh all your options before considering whether to put your house up for sale.
Weighing the Options
Assess whether you have enough equity in your current home to make it worth it to move. If there is more likely a possibility for you to lose money, then it might make sense to stay where you are until your outlook improves. But if you have a lot of equity in your current home then it may be the perfect time to move on. Take into consideration that you most likely will have to spend a certain amount of money getting your house updated.
Deciding Whether to Stay or Go
Make a pros and cons list with reasons for staying vs. going and then make your decision accordingly.
For example some reasons for staying may include:
• Low Equity: You may not have enough equity in your home to make it worth your while to sell, especially if you have lived there long for at least 3-5 years.
• Not Having Enough For A Down Payment: Make sure have the means necessary for the down payment on your new home should your old one sell.
• Unfavorable Credit Score: While each lender is different, it is favorable not to have a score below 650. For conventional loans, many factors go into getting the financing needed. The lender will look into your payment history, salary history, current wages, available credit, etc. to make a determination.
In a decision such as selling your home, involving the whole family is a good idea. Is your family happy where you live now? Is your work commute unbearable? Weigh all your options and speak to a knowledgeable real estate broker for more information.