Deciding when to sell your home isn't always easy. Most people don't expect to stay in their houses forever, but it can be hard to decide when to place your home on the market. If you're on the fence about selling your home, here are several signs it's time to take the leap. 

You have positive equity

Equity is the difference between your home's value and the amount you owe on your mortgage. One of the most important signs you're ready to sell is that you have positive equity in your home. With a high amount of equity, there's a higher chance of making a profit on the sale. 

To find out how much equity you have, compare the amount you owe on your most recent mortgage statement with your home's market value. Don't rely on an online home valuator. The very best way to find out the true value of your home is to ask a Realtor to perform a comparative market analysis.

The market favors the seller

In a strong market, you're more likely to sell your home quickly and make a profit on your home. Signs of a strong seller's market in your neighborhood include:

• Home prices are increasing
• Properties spend less time on the market before selling
• Sales activity in your neighborhood is increasing 

Sellers are in a good position in the Roanoke Valley market right now, but good deals are to be had on both sides of the closing table.

You're financially prepared

Selling a house has costs beyond just purchasing a new home. Most sellers will need to make some improvements before listing their homes. Upgrading the landscaping, installing appliances or painting can help you get top dollar for your house, and you will be responsible for these improvement costs. If your home needs bigger repairs or updates, you'll either need to pay for the fixes before you list the house or negotiate a lower asking price with the buyer. If you're financially prepared to take on the costs, it's a sign you're ready to sell. 

You've outgrown your space

Your first home (or even your second or third) isn't necessarily your forever home. One of the most common reasons for selling a house is outgrowing its size. Maybe the charming two-bedroom house you bought as newlyweds feels much too small now that you have three kids, or maybe you've simply run out of room for all your belongings. Whatever the cause, if you're feeling cramped and uncomfortable in your house, it may be time to move. 

It's time to downsize

Maybe you no longer need a big house. If your kids are grown and have moved out, it may not make sense to have four bedrooms across two stories and a large back yard. Maintaining a larger home takes more work and more money. While it's hard to say goodbye to a family home full of memories, it may be time to move if you're ready to give up the responsibility of a larger house. A smaller, one-level, lower-maintenance home may better fit your needs. 

You can no longer afford it

Anyone's financial situation can change. Property taxes increase. Maintenance problems eat away at your savings. Death, divorce, illness or unemployment can all make your home unaffordable. If you can no longer afford your home, it's better to sell it sooner rather than later. Waiting too long could have negative financial consequences. 

If you're on the fence about selling your home, you likely need more information. Contact me today to set up a time to talk about your home's value and possibilities on the market. rpayne@mkbrealtors.com or 540-793-0442.