The first step in determining whether it is a good idea to sell your home is considering the value of your property. More specifically you should be aware of if your home is losing value over time.
Several factors determine if a home’s equity is decreasing. In the present-day seller’s market, the decline of home’s price generally decreases home values, partly due to mortgage defaults. Increasing mortgage rates can quickly deplete your home’s value, so often it may be smart to sell your home as soon as possible.
You should probably be aware that higher interest’s rates can equal higher monthly mortgage payments, so it only makes sense that a property’s value with high payments would be considered less desirable to buyers and would also be represented as having a lower value on the marketplace overall. When rate’s increase, the property’s value for many potential buyers becomes considerably less desirable because they take on the responsibility of taking on the loan’s remaining lifespan. Selling your home quickly if you know that your mortgage rates will increase may be the most viable option. If you are not sure if now is the correct time for you to sell, then be sure to contact your local real estate agent for advice.
When Mother Nature Backfires
Surprisingly one aspect that people usually do not consider when it comes to property depreciation is mother nature itself. That’s right, and it turns out that weather frequently can decrease the value of your home. We are not talking about your everyday rain or snow storms though. It’s natural disasters that can have a huge impact on property values. An example of this is Hurricane Katrina, which brought with it over $2.8 billion dollars in property damages.
Consider your environment and the weather patterns that come with it. For instance, local Floridians that live in the Tampa Bay Area might be more obliged to sell their homes quickly, because of the unpredictability of the weather and the hurricanes that tend to be more common in the area. For some, it may sound circumstantial to base the right time for selling on the weather, but it defiantly can have a role to play when accessing property values.
Is Your Neighborhood Making Your Home Lose Value?
Speaking of areas of selling that tend to sneak up on you, there is another issue to keep in mind when considering the right time to sell. Hopefully, it has become clear by now that property values appreciate and depreciate depending on circumstances you may or may not have any control over, but did you know that your neighborhood influences your home’s value as well? Foreclosures and short sales can have a huge impact on your home’s value.
Buyers are looking for stability and healthy long-lasting communities, so a neighbor filled with foreclosure signs might be a red flag and leave a bad taste in their mouths. Although it may seem like a situation that you may have little control over, you still have the option to keep an eye out for the signs. So keep your chin up and always remember to keep your local real estate agent in mind if you are looking to make the best choices you can. Having someone have your back can be extremely beneficially especially in a seller’s market, so don’t ever be afraid to ask a real estate agent for a helping hand!
Stress is one of the largest concerns when selling a home. Staging, managing finances and documents, and simultaneously juggling the rest of your life can be completely draining. However, one thing is certain about selling your home: it’s a lot easier when you have a solid real estate agent to handle it. Remember, No-One Works Harder to Sell your Home more than Joe! Contact Joe today by calling 813-701-2030 or visit https://josephlewkowicz.com/