Selling a home, like buying, is a practical as well as an emotional decision with momentous implications. A home is the biggest investment most people will ever make. Its purchase often signifies a life-changing moment – marriage, a new job, or the birth of a child – and is an exciting time. However, most of us experience more than one life-changing moment, and that may mean considering whether or not it is time to sell. Following are Pure Equity Group’s top four things to consider when trying to decide if it is time to sell your home.
If your home has equity – you don’t owe more on the home than it’s value – you have equity. Better yet, if the equity is 20-percent of more, that’s another mark in your favor because being able to put 20-percent or more down on your next home keeps mortgage payments down. The housing market has been slowly recovering since the downtown that began in 2006. Most areas are seeing a change for the better or even something of a boom. If that is the case in your area, then it might be worth considering putting a For Sale sign in the front yard.
Your mortgage isn’t the only thing to consider. Take a look at the rest of your debt. If you’ve paid off all or the vast majority of your non-mortgage debt and your savings account can cover three to six months of expenses, then you’re on solid financial ground. You’ll need something of a cushion to get your existing house ready to sell, pay for selling costs, and to move to your new place. These aren’t part of equity, but they can add up. If the numbers still come out in the black, maybe it’s time to consider selling.
If you find yourself wishing for more space with the arrival of a new child (or two!) or an elderly relative (or two!), it might be time to sell. The same is true on the other side of that equation. If the children have all moved out and you’ll feel like you’re rattling around in too large of a space, it might be time to sell. Or perhaps, you’re the aging relative who would rather spend time traveling or with the next generation than tending to a yard and house, then it might also be time to sell.
The same events that encouraged you to buy a home can dictate whether or not it’s time to sell. A new job, marriage, health issues, divorce, or the comings and goings of children can all raise the possibility that it’s time to move. Our advice is to sell when you need to, when it’s best for your family and life, not the market. Equity, affordability and size are all important to keep in mind, but ultimately the time to sell is when it it’s right for you.
*Photo by Mark Strozier
Columbus, Ohio Real Estate Agent
Taylor Kolon’s years of experience helping people sell or find the right home taught him that his work is about more just land and buildings. It’s about hopes, dreams, and a secure future. It’s about helping individuals and families turn a challenging situation into an opportunity, and to that end Taylor listens carefully to his clients as he guides them to their goal.
A jump from corporate sales in the Ohio metals industry to real estate was only natural for this outgoing guy. As a result, Taylor brings a sharp eye for detail and well-honed negotiation skills to work for every client every time. Taylor earned his degree from Central Michigan University where he also played on the men’s volleyball team. The fast pace and the teamwork as well as the physical and mental challenge he found on the court are some of what he loves best about his work. He also understands the value of continued training and education to keep his game in top shape. Every time he hands over the keys to an ecstatic new homeowner feels like a win.
Taylor believes in the importance of community and making sure he’s giving back what he can to Columbus through various volunteer activities and membership in the Clintonville Chamber of Commerce. However, there is no denying, that his favorite way to spend his free time is with his wife, Mandy, and their daughter, Elena.
Contact Taylor today.