Many homeowners have now seen their equity increase and moves that had been put off are being considered now that conditions have improved.
It is time to take advantage of low inventories of homes for sale and decades- low interest rates. However,making a move is still a complicated, disruptive and very emotional process. One would think it should be easier in this high-tech, modern age, but moving remains an intricate process with many “parts” that need to be coordinated.
The first step in preparing to make a move should be to choose a “team” whose professionalism and expertise you can rely on – ie. realtor, accountant, financial advisor, attorney, etc. You will want to go over with your team your reasons for moving; the numbers involved in the purchase or sale; the cost of owning the new property including maintenance, repairs and expansion/updating plans; your job situation and employment outlook for your field/career (job security, need to relocate); your hopes and dreams for your family’s future; and your personal assessment of how the move will affect you and your family. A well-put article – “
Homeownership, the Key to Happiness?” The New York Times, 7/14//2013 suggested asking yourself “How will this purchase/sale change the way I spend my time next Tuesday.” In other words, really consider what life will look like in the new home and location.
Choosing an experienced realtor with a solid track record is crucial. A strong agent will help you determine accurate pricing to net top dollar for your home; create and execute a detailed, targeted marketing plan that effectively generates competing offers for your home and a strong buyer; conduct skilled negotiations to solidify the transaction; and coordinate every facet of the transaction from contract through closing, including settling-in services after the move.
Your accountant and financial advisor will go over the financial impact of your sale and purchase. They will review this in terms of your plans for building wealth for you and your family as well as consider the short-term impact on your current lifestyle and budget.
An attorney will be an important member of your team to advise you on implications of titling a property and how certain options affect estate planning, etc, in addition to guidance on the contract of sale issues.
Selling a home need not be stressful or complicated if the right team is put in place right from the start. Working with top professionals in their fields allow you to make informed decisions and achieve satisfying results – a smooth and profitable move!