Often in life, an individual’s goals and aspirations will call them to leave familiar surroundings for somewhere new. It’s also true that many moves are inspired by a need for a change of scenery. If you’re feeling like it’s time to sell a house fast in Oklahoma City but you aren’t 100% sure, we’ve got you covered. Below, we discuss six signs that indicate it’s time to sell your home and move on with your life.
1. A Different Home Would Be More Appropriate For Your Needs
It’s possible that your family is expanding and you need a home with more bedrooms, or perhaps you’re retiring and you’re looking to downsize. Regardless of the specifics, if your home is no longer a good fit, it’s time to sell.
2. It’s A Sellers’ Market
If your number-one priority is making a profit, you should wait for a booming sellers’ market. In this kind of market, it’s likely you’ll get above asking price. To know whether it’s a seller’s market or not, do some research or ask a local real estate agent. If numerous signs indicate it is in fact a sellers’ market, get the selling process started ASAP.
3. You Own The Home Or Have Enough Equity To Sell
Unless you’re trying to avoid bankruptcy or foreclosure, you shouldn’t sell a home when you’re underwater on your mortgage. And if you don’t have a lot of equity built up, consider what you’ll need for a down payment, as if you don’t have a sizable down payment it’ll be harder to move. You also need money to cover the costs associated with selling, i.e. home staging fees, moving charges, real estate commissions, and closing costs.
4. You’ve Made Value-Boosting Renovations
You should only do renovations that you know for a fact will add value to the home. Research value-boosting renovations online so you don’t waste money later on. And when you are doing a renovation, make sure you stay within budget, as overspending can defeat the purpose of doing the renovation. In short, plan out your renovations carefully, have tangible goals, and know all costs ahead of time—do all these things and your renovations should be a success.
5. You Can Use The Maximum Capital Gains Exclusion
If you’re selling your main home and you’re profiting from the sale, you can shield up to $250,000 (or $500,000 for a married couple filing jointly) in proceeds from being taxed as capital gains. Selling once you’ve reached the maximum exclusion amount is an excellent way to preserve the wealth that you built up from owning a home. And once you’ve been in your new home for two years, you can start building up the capital gains exclusion for that home as well.
6. You Have No Other Choice
Although it’s best to sell when there are favorable market conditions, sometimes you won’t have this luxury and you’ll have to sell no matter what the conditions are. In such an instance, selling your home as is to cash home buyers is a wonderful option, especially if you need to relocate quickly. When you sell directly to a professional cash home buyer in Oklahoma City, like Bricktown Home Buyers, you can move into the neighborhood of your dreams quickly and avoid all the hassles that come with selling a home the traditional way.