If you’re thinking about selling your house, you have a lot of company. In 2017, about 5.52 million existing and 612,000 newly constructed homes were sold. Still, it’s a big step, and you want to make sure it’s the right step for you. To help you make the right decision, here’s how to know when it is time to sell your house in Los Angeles.
Your Family Is Growing
Obviously, it’s time to sell your house in Los Angeles when your family is growing and, as a consequence, the house seems to be shrinking. When you add more kids, especially boys and girls, you need more bedrooms and bathrooms. Do you have two or three kids packed into a bedroom? Do you have to stand in line for the bathroom? Are you taking care of aging parents or in-laws in your home? If so, then it just may be time to sell your house and find a bigger one.
Your Current Home No Longer Meets Your Needs
Another sign that it’s time to sell your house in Los Angeles is when your current house no longer meets your needs. Maybe you are no longer able to maintain that large backyard or climb the stairs to a second-story bedroom. In that case, it’s time to sell. It also happens that people who are climbing socially and professionally often find that their current home longer meets their needs. So, for example, if you have to entertain larger groups and more often, you may need a home with a large yard and a deck and pool.
You’ve Built Some Equity
It is time to sell your house in Los Angeles when it makes good financial sense. Primarily, that means when you’ve built up a good bit of equity in your current house. You definitely don’t want to find yourself in the situation many people did in the 2008 and 2009 housing meltdown – that is, owing more on your house than it is actually worth – and then trying to sell. Home values have been on the rise during the past few years, and your home may be worth more than you realize. If then, your house is worth quite a bit more than you owe on it, this may be the time to sell.
You Have Little Other Debt and Cash in the Bank
Similarly, if you have little other debt than your mortgage and you have some cash in the bank, it may be time to sell your house in Los Angeles. When you’ve paid off almost all your non-mortgage debt and you have three to six month’s living expenses set aside in an emergency fund, that’s when it’s time think about selling your house and buying a new home. Again, the idea is to sell your house in Los Angeles when it makes good sense financially.
When It’s a Seller’s Market
It’s also time to sell your house in Los Angeles when a seller’s market obtains. That, of course, is one in which home quality and inventory are scarce and far below demand so that sellers are in the driver’s seat, in a seller’s market, you can generally make a profit when you sell. And if you can do that, it’s definitely a good time to sell.
This is where your agent can be a valuable asset and ally because real estate markets vary from area to area and from neighborhood to neighborhood. So just because your brother-in-law made a tidy profit when he sold his house, that doesn’t mean you necessarily will. But your agent will have her finger on the market’s pulse and can advise you on the best course to take. And that’s exactly where we can help. Send us a message or call today! 562-881-9811