If you have watched the news even a little lately you know just how wild and crazy the real estate market is. This includes both broadly across the U.S. as well as locally here in the New Jersey and New York region. This being the case you might be thinking it is a great time to sell your home. However, there are a few signs that you shouldn’t sell your home right now. If you’re thinking about selling your home but you’re not sure if now is a good time, here are some red flags that you should look out for while deciding.
Your Financial Security is Up in the Air
Buying a new house requires documentation that you have a steady income and will be able to afford the new place. Holding off a bit longer to let the fog lift and see what the future holds for your job or finances is always a smart move when considering moving. Selling your house is already as stressful as it is – you don’t need to worry yourself sick about whether or not you’ll be able to afford the new place.
You’re Nervous About Finding the Right Home
It’s a hot seller’s market in most parts of the country right now, as it has been for most of the past year. This means it could be pretty difficult to find a home you’d like to move into that’s better than the one you’re currently in. If you’re feeling nervous about finding a home, a neighborhood, or even a city to move to, you should probably spend some more time researching before you think about selling your current home.
You Still Love Your Home
Another time to reconsider selling is when you still love your home. You have likely seen a ridiculous amount of appreciation on your property over the last few years. However, you don’t want to miss out on a great sellers' market and leave potential cash on the table. If you still love your home and don’t want to move you don’t necessarily need to sell to realize the benefits of all of this market appreciation.
What you might be interested in is a cash-out refinance instead. This allows you to set new loan terms with a lender. The lender will then close the loan with you, allowing you to pull out some of the cash value of your home while you continue to live in and own it.
