Questions to Ask Yourself Before Selling Your Home

Even if you're not one to overthink your decisions, you probably realize that selling your home is in a category all by itself. It's a big transaction that requires big consideration. When you add your home to the roster of Las Vegas homes for sale, your decision shouldn't be based on whims or impulses. You should think it through and if it's the right thing for you, you should move forward confidently. Unfortunately, that's not as easy as it sounds.

Our real estate agents work with many Las Vegas home buyers and sellers. We understand the big issues and we're here to assist you when you're ready. In the meantime, if you're struggling with the idea of selling versus not selling your home, here are a few questions to ask yourself.

Do you have enough home equity?

The equity in your existing home should provide the money you need to buy a new home without putting you in a financial black hole. You should have enough equity to pay off your old mortgage, make a 20% down payment on your new home, and take care of pre-listing repair and upgrade expenses, as well as selling, closing, and moving costs.

Are you financially ready to sell your home?

Before you take on a new mortgage, it's a good idea to get your finances in order. That could mean money in the bank, bills paid off, interest-bearing investments, or whatever it takes to maintain a financial cushion.

Can you get mortgage approval for a new home?

If career changes, bill problems, and personal and financial setbacks have you wondering if your credit has recovered enough to buy a new home, find out before you list your old home. Just like you did when you bought your first home, straighten out any credit problems, and get pre-approved.

Are you emotionally ready to sell?

Before you sign away your old home, make sure it won't cause undue emotional trauma. Review your reasons for selling to decide if it's worth the emotional costs. Consider the neighborhood and friends you'll be leaving behind. Make sure your desire to sell isn't simply a money-making impulse.

Now take your thought process a bit further by considering these facts:

Consider the Las Vegas Real Estate Market

Interest rates are still low and home prices are still rising. These factors are subject to change, but right now it's still a seller's real estate market and Las Vegas is predicted to be one of the hottest markets in 2018. Statistics from the Greater Las Vegas Association of REALTORS® tell us:

• Las Vegas 2018 home sale prices increased 14.6% over 2017.
• In February, 79.8% of listed homes sold during the first 60 days.
• The median single-family home sale price was $275,000.

If you're buying and selling a home, these factors can affect both transactions. GLVAR statistics also reveal a few facts that might complicate your decision-making process.

• Low Las Vegas home inventory is likely causing a reduction in existing home sales.
• Condos and townhomes are selling better than single-family homes.
• 32.4. percent of recorded sales were cash transactions.

Buyers are financially confident

A stable job market, improved cash flow, and higher incomes are promoting greater financial confidence and stability. This stability is generating more confidence in the home-buying process.

Help From a Las Vegas Real Estate Professional

If you're struggling with the idea of selling your home, you don't have to make the decision alone. Contact Wardley Real Estate if you're buying or selling a home in the Las Vegas. We can provide the professional advice and assistance you need.