3 Questions to Ask Before Deciding to Sell Your Home Now

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  • Selling a home during the winter months can be challenging.
  • High home prices may also make it difficult to find a new home to move to.

Gearing up to sell in the near term? Make sure that's really the right call.

Right now, it's a seller's market across the board. With mortgage rates still being quite competitive, many buyers are clamoring to purchase homes despite prices being up. And because the inventory of available homes is so limited, sellers clearly have the upper hand and can command high prices.

As such, you may be motivated to sell your home within the next few months since we don't know what turn the housing market will take in 2022. But before you do, ask yourself these questions to make sure that's the right call.

1. Can I afford a new home, given how high prices are?

Just as you should manage to command a higher-than-average sale price when you list your home, so too will you have to pay a premium if you'll be buying a new home to replace the one you're selling. If you're planning to sell and rent for a while, this may not be an issue.

Make sure you can afford to buy a new home and that you're in a good position to qualify for a mortgage on one. That means checking up on your credit score and paying off some debt if you're loaded with loans and credit card balances.

2. Will weather issues make it harder to sell?

There are certain challenges that could arise when you sell a home during the winter (or almost winter) months. For one thing, it's harder to show off a home's curb appeal in the winter, and if that's a feature that could work to your benefit, you may not get to take advantage of it. Also, weather issues could cause delays in being able to host open houses and have potential buyers come to view your home.

Make sure you're willing to deal with that before listing your home because that limbo period of looking for buyers can be stressful. You'll have to keep your house perpetually tidy because you never know when someone may want to pop in and give it a look. The longer you have to maintain the routine, the more of a burden it might be.

3. Is now a good time of the year to move?

If you sell your home now and get a buyer right away, you may be looking at a quick closing and a potential move right around the holidays. And that's probably not ideal.

Furthermore, if you have children, you may not want to move in the middle of their school year. Doing so could mean having to pull them out of the environment they know mid-semester, which may not be a great thing for them socially or academically.

The decision to sell a home is a big one. Before you go out and find a real estate agent, make sure selling right now really makes sense from a financial and logistical perspective. You may find you're better off waiting until the spring to list your home, or there's another time that's far more optimal for you.

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