Thinking About Selling Your Home? Signs That Now Is a Bad Time
Thinking About Selling Your Home? Signs That Now Is a Bad Time

Escalating uncertainty in the global economy has caused the housing market to cool down significantly. As a result, many potential house sellers are weighing whether to put down an offer on their homes now or wait a bit longer to make their move. Selling at the wrong time could negatively impact your finances and lifestyle for years. Read on for signs that you should consider hitting the pause button on listing your home for sale.

Rising Interest Rates

Rising Interest Rates

Rising interest rates can hinder your ability to maximize your home sale price. Skyrocketing interest rates lead to pricier monthly mortgage payments, forcing many potential buyers to keep off until market conditions improve. Instead of putting your home on offer in a period of continued rate hikes, it would be wise to wait until financial conditions stabilize and the pool of buyers increases. In the meantime, consider making any necessary repairs and freshening up the curb appeal to boost your chances of landing the best offer when mortgage rates are suitable for the listing.

You Have Negative Equity

You Have Negative Equity

Homeowners should avoid putting down an offer on their homes when they've got negative equity, meaning they owe more on the property than its estimated market value. Before listing, calculate your home value based on current market analysis and compare it to your latest mortgage balance. If the profits from selling aren't enough to pay off your mortgage and cover pending property taxes and closing costs, consider holding off on the listing and continue building equity until you can comfortably break even on your home sale.

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