Signs That You Should Sell Your Fairfax Area Home Soon
Looking for signs that you should sell your Fairfax area home soon?
To sell or not to sell? This question is not always an easy one to answer. After all, there are so many memories and happy moments that come with your home. It is probably the most expensive tangible thing you own and ending up selling it at the wrong time might not get you the best possible price. To help you take the right decision, let’s go over the top 3 telltale signs that you should sell your Fairfax area home soon.
You’re in a strong seller’s market
Think about the law of supply and demand where prices go up when supply is limited and demand increases. Considering the trend for supply of homes for sale in 2022, there is still a significant decrease of inventory across the nation.
In addition, over the past 10 years, homes appreciated by 2-3% each year! If you’ve been in your home for 10 years, you could be in a good place to make great profit!
Also, look at what’s happening in your neighborhood. Has there been a significant home price growth over the past several years? Are there a lot of potential homebuyers interested in purchasing homes in your area? Do those homes stay on the market for less than 3 months? According to realtor.com, these signs should tell you if you are in a good place to sell: “The price per square foot in your area is increasing, the amount of time properties stay on the market is decreasing, and you’ve noticed an uptick in brokerage activity in your neighborhood.”
You have enough positive equity
Simply putting it, equity is the difference between how much your home is currently worth and how much you owe on it. If the equity on your home covers your current mortgage balance, then you’re in a really good position. If it also covers all of the costs associated with hiring a real estate agent, closing, and down payment for your next home, then you’re all set to sell your current home.
However, we wouldn’t recommend using an online home value estimator to figure out your home’s equity because they are not always accurate. Consult with an experienced real estate who can run a comparative market analysis, give you a proper home value estimate and help you calculate your equity.
Your home doesn’t need any major repair or renovations
It is advisable that you get a property inspection done before taking the final decision of selling your home. The home inspection will reveal if your home needs a major overhaul before putting it up for sale. Any major repairs like roof and HVAC replacement, broken foundation, slab leaks, sewer line repairs or even termite infestations could cost you thousands of dollars. A serious prospective buyer who has an experienced agent by his or her side will always ask for your home’s inspection report. Showing that your home is in great condition will make your selling process successful.
However, there are some small renovation projects that you could take on before putting your home up for sale. For example, painting your kitchen’s cabinets, upgrading doorknobs, or upgrading a bathroom sink could pay off by making your home more attractive.
Deciding whether you want to sell or wait longer could be a hard decision to take. There are many personal and outside factors that could influence your decision. Ultimately, you’d want to take into consideration the overall seller’s market and research how the homes are selling in your area.
Additionally, you need to figure out your home’s equity and make sure you don’t owe more than your home’s worth. Lastly, getting a pre-sell home inspection is crucial in assuring that your home doesn’t need any major repairs that could make your wallet drop. Be sure to consult with an experienced real estate professional to help you figure these things out.
To learn more about MMK Realty visit our About Us page. For more tips and information feel free to contact me and follow me on social media on Facebook @mmkrealtyllc, Twitter @MMKRealtyLLC, and Instagram @mmkrealty. Also check out our Free Market Analysis. Sign up today and we will email you a free custom assessment of the current value of your home performed by MMK’s Principal Broker, Michelle Williams.