KNOWING WHEN TO SELL YOUR HOME

IS NOW THE RIGHT TIME TO SELL?
A woman surrounded by boxes in her home checks her phone.

Of all the components involved in a successful home sale, there is perhaps no greater contributing factor than timing. Knowing when to sell your house gives you the best chance to make an impact when you hit the market. Every seller’s situation is unique but choosing when to sell comes down to how prepared you are, finding the right agent, and local market conditions. Once you’ve got a grasp of these elements, then you can decide if it’s the right time to sell.

Are You Ready to Sell?

Before you sell your home, your finances must be in order. Equity is a natural starting point for assessing your financial health. To calculate your equity, you’ll need to know your home’s market value. Your real estate agent can help you determine this by conducting a comparative market analysis (CMA), which involves comparing your home to others in your area by such characteristics as square footage, the number of bedrooms/bathrooms, age, and lot size. Once you know your home’s market value, subtract your current mortgage balance from that number and you’ll have your current home equity. If your equity is negative, then it may not be the best time to sell.

Beyond your home equity, there are plenty of other financial factors to consider when preparing to sell. Selling a home does not come without its own set of costs. Commission fees, home repairs, inspectionsand staging are just some of the expenses you can expect to incur. For more information on the costs involved with selling your home, talk to your Windermere agent.

Selling a home is an emotional process that comes with significant lifestyle changes, so it’s important to make sure it’s the right time for you and everyone in your household. Part of a real estate agent’s’ role is understanding how the varying emotions of the selling process apply to different people. For every fear, worry, and hesitancy you may experience when trying to decide if it’s the right time to sell, your agent can share similar experiences while working with past clients.

Local Market Conditions

The state of the real estate market in your area could dictate whether it’s the right time to sell. Various factors affect local market conditions like inventory, seasonality, mortgage rates, and home price growth. Talk to your real estate agent about what the local conditions mean for your selling strategy and what kind of buyer negotiations you can expect to encounter. Agents have the tools and know-how to perform a complete analysis of the market to help you decide when the right time is to sell.

Find the Right Agent

Real estate agents are the catalyst for a successful home sale. They not only bring a wealth of resources to the table, but they can also offer helpful advice on the optimal time to sell. Agents can assess your goals for selling your home, how that aligns with your budget, and how those factors fit into the context of current local market conditions.

To truly know whether it’s the right time to sell, it’s important to find the right agent who understands the needs of your household. The more an agent knows about your situation, the better they can formulate a selling strategy. This also allows them to understand what the best offer for your home looks like. When searching for an agent, ask for referrals from your inner circle. Interview multiple agents to get an idea of their qualities, and select the one that makes the most sense for you.

by Sandy Dodge

This article originally appeared on windermere.com/blog
  1. Do VA loans require a down payment?

No! One of the biggest benefits of a VA loan is that no down payment is required for eligible buyers.

  1. Do VA loans require private mortgage insurance (PMI)?

No, VA loans do not require PMI, which can save you hundreds of dollars per month compared to conventional loans.

  1. What is the VA funding fee, and do I have to pay it?

The VA funding fee is a one-time fee that helps sustain the VA loan program.

  • First-time use: 2.15% of the loan amount (if putting 0% down).
  • Subsequent use: 3.3%.
  • Exemptions: If you have a service-connected disability, you may qualify for a waiver.
  1. What credit score and debt-to-income (DTI) ratio do I need?

There’s no official VA credit score requirement, but check with your lender. 

  • DTI ratio should generally be 41% or lower, but exceptions exist for strong borrowers.
  1. Can I use a VA loan to buy a vacation home or rental property?

No, VA loans are only for primary residences. You must live in the home you purchase.

  1. Does the home need to meet specific requirements?

Yes, VA loans have Minimum Property Requirements (MPRs) to ensure the home is safe, sound, and sanitary.

  • Common issues: peeling paint, broken windows, roof damage, or exposed wiring could cause delays.
  1. What’s the difference between a VA appraisal and a home inspection?
  • VA appraisal: Required to determine value and basic safety.
  • Home inspection: Optional but recommended to check for hidden issues.
  1. Can the seller pay my closing costs?

Yes! Sellers can contribute up to 4% of the loan amount toward your closing costs and concessions, which can help cover expenses like property taxes or discount points.

  1. Can I transfer my VA loan to someone else?

Yes! VA loans are assumable, meaning another qualified buyer can take over your loan’s terms—this can be a huge advantage if interest rates rise.

  1. Can I use my VA loan benefit more than once?

Yes! Your VA entitlement can be restored if you pay off or transfer your previous VA loan, allowing you to use the benefit again.

 

Thank you to Jaclyn Scotch for sharing her insights and expertise on VA Home Loans. Here is her contact info:

Jaclyn Scotch

Home Loan Officer

Location: Coeur d’Alene

If you have questions about navigating today’s market or need a recommendation, reach out! I’m here to help you make smart, confident moves.

Michelle Rene

Real Estate Associate Broker, REALTOR