How To Know When To Sell Your Murrieta Home

 La Cresta Real Estate - How To Know When To Sell Your Murrieta Home

The best time to sell a home varies by location. Generally speaking, spring and summer are the peak seasons. This year, however, home sales across the country have remained strong even during what is usually considered to be the off-season due to low interest rates and demand that outstrips inventory.

Our area reflects the nationwide trend. The market is very competitive right now, and Murrieta area homes for sale are only remaining on the market for an average of 12 days, during which time sellers are receiving multiple offers and typically selling for approximately 4% above the listed price.

However, just because the market is generally favorable to sellers at the moment doesn’t necessarily mean that this is the right time for you to sell your home. Your individual circumstances combined with the condition of the market should inform your decision whether to list your home for sale.

The Home’s Condition

Even though it is a seller’s market, buyers may be less enthusiastic about purchasing a home that needs some repairs, especially if they are major. If your home isn’t in the best condition, it doesn’t necessarily mean that you shouldn’t list it, but you may want to make some repairs first. While you are at it, you should consider some value-adding updates as well. These can yield a good return on your investment. However, your first priority should be to get your home in functional condition before selling.

The Equity You Have in Your Home

The market value of your home minus the balance of what you still owe on it, including the initial home loan and any additional mortgages, is your home equity. To put it another way, your equity is the portion of your home that you can truly be said to own because it is paid for. If you have made regular mortgage payments on your home for a decade or more, you are likely to have built up significant equity. As long as your home value is at or near where it was when you bought it, the equity is profit you can make from the sale of your home once you pay back the balance to your initial mortgage lender.

On the other hand, if you haven’t owned your current home for very long, you may not have built up enough equity yet to make selling your home worthwhile. You may want to wait a few more years before listing it.

The Costs of Selling the Home

There are costs involved in selling your home. In addition to the repairs and updates already discussed, here are some expenses for which you may be responsible:

  • Closing costs
  • Moving and relocation costs
  • Real estate agent commission
  • Staging costs
  • Seller concessions

Some of these expenses can run into thousands of dollars. You need to balance these costs against the equity in your home to determine whether you stand to make a profit from the sale.

A lot depends on how much your home is worth. La Cresta Real Estate can provide you with recently sold listings and accurate home valuation. With this information, you can determine whether it is worthwhile for you to sell your home, and we can help you set a reasonable price when you list with us.