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Leveraging Your Home's Equity - Should you cash in now or hold on?
Posted on Nov 05, 2023 in
Cashing in on your home's equity and selling your home are significant financial decisions that require careful consideration. By selling, you’re unlocking equity you have built over time. However, it is crucial to assess various factors before making this choice. Here are four areas to evaluate to determine if now is the right time to cash in on your home equity and sell.
Assess Your Housing Needs
Consider factors such as changes in family size, lifestyle preferences, or maybe a change of a job. Determine if your current property still meets your requirements and if selling would allow you to achieve your housing goals. If your home no longer suits your needs, it may be an indicator that it's time to cash in on your equity and explore other housing options.
Evaluate Your Area and Neighbourhood
We can research your area, which will show you how much your investment is worth.
THIS WILL differ from what is happening right now in comparison to other parts of the country. We can show you what the supply and demand dynamics are currently, what the home prices are currently in your neighborhood, and the average time properties are spending on the market.
Determine the Value of Your Property
When you obtain professional advice, we help you assess your home's market value. Understanding the potential equity you can access will help you make an informed decision. Consider factors that affect your property's value, such as location, condition, recent upgrades, and comparable sales in the area. These are FREE services that we provide to you.
Evaluate Financial Considerations
Consider the costs associated with selling, such as real estate agent commissions, closing costs, and Lawyer fees once you sell your home. Evaluate your overall financial situation and determine if selling aligns with your long-term financial goals. Assess if the proceeds from the sale, after settling any outstanding mortgage and expenses, will be sufficient for your future plans or if alternative financial options would be more suitable.
Consider Future Market Predictions
We can share our opinions and let you know future forecasts on the direction of the real estate market in your area. If market indicators suggest a potential downturn or stagnant conditions, it may be worth considering selling now to secure your equity.
Making an informed decision about cashing in on your home equity and selling does require expert advice. We can provide you with insights into the local market, discuss your financial goals, and offer guidance tailored to your specific circumstances.