The recession has placed stress on the home market since 2007. Many homes were lost to foreclosure, the price of building new homes has gone up, and fewer new homes are being built. Homebuyers were able to get deals below market value due to all the foreclosures in recent years, but this is changing. In New Jersey, there aren’t many new homes being built, fewer foreclosures, and a lot of people wanting to buy the limited supply of homes. For home sellers, this market is ideal. Read below for answers to some common questions you should asking yourself when planning to sell your home.
Should You Wait to Sell Your Home?
Waiting for the right time to sell a home may not be an option for many homeowners who have to move, or have just been waiting too long for their homes to sell. Monitoring the housing industry climate can help you feel the most comfortable selling your home when the right time arises.
- Are you almost done with your mortgage? If you are close to paying off your home and want to sell it, you should finish paying it off first because you will get to pocket all the profits. If you still have a mortgage, you want to do it when the interest rates on it are high in exchange for a home with lower interest rates.
- Sell to repay debt: Another reason to sell your home now is if you have an amount of mortgage debt you don’t think you can handle. Selling can help you pay off your mortgage while you rent or downsize to a more affordable home, and from there you can start saving for a new home once again.
Deciding if it is the right time to sell your home or start handling your mortgage debt are complicated issues. Contact the New Jersey real estate lawyers at Garland & Mason, LLC to get pricing advice and insider tips for your home.