Every day, someone lists their house on the market in the hopes of making a quick sale. Some sellers are ready and willing to put in the work. Others aren’t. Before you start to sell your house in Memphis, TN, or the surrounding area, you need to ask yourself a few questions. Are you ready to sell your home?
You Have Equity
One of the top reasons why homeowners sell their homes is because they have equity on their side. During the market meltdown in 2008, millions found themselves with negative equity. They owed more money than their home was worth.
Today, however, you may have more equity in your home and are in a good position to sell. You want enough equity to pay off your current mortgage and then put down 20 percent on a new home.
You Have Zero Debt
The first time you buy a home, chances are you’ve got a bit of debt to contend with. The second time, however, you can position yourself better to buy a home without any debt—or at least not as much. Jus pay off your nonmortgage debt, then keep an emergency fund.
If you’re in a good spot financially, then selling and buying a new home is a smart investment.
You Can Afford a New Home
It really all comes down to money. If you can afford a bigger, brand-new home for your growing family, then it only makes sense to invest in a new property. Or, you may want to downsize once the children move out. Either way, if you have the money for a new home, then selling your current property and adding to the pool only makes sense.