Putting your home on the market is not something you should do on a whim. Although you probably have a good reason for wanting to sell, you will still want to think it through and weigh every option before listing the most expensive asset you own.
Perhaps you are thinking of downsizing, upsizing or relocating, or you just feel ready for a change. No matter your reasons for considering selling your home, you want to make sure you are in a solid financial place before you begin the process.
Taking inventory 
You may see the signs that indicate it is a seller’s market in South Carolina. This can make any homeowner eager to sell, especially if life events are leading you in that direction. However, there is more to consider than market fluctuations. Your personal financial health is an important key to making your decision. To determine whether selling your home will pay off or if it might leave your budget in bad shape, ask yourself these questions:
- Have you paid off most of your other debts besides your mortgage?
- Are you able to pay your bills and put some money aside for savings with each paycheck?
- Have you established an emergency fund that will cover normal living expenses for three to six months if something unexpected should happen?
- Do you have enough cash flow to comfortably pay for staging and preparing your home to sell, packing, hauling, storing and other costs associated with moving?
- Do you have equity in your home, which means you owe less on your mortgage than the property’s current market value?
- Can your finances handle the cost of the new home and lifestyle you are considering?
Of course, you must also ask yourself if you are mentally ready for the process ahead, which includes factors like prepping your house, opening your home for showings, dealing with tough negotiations, and facing the emotions involved with packing and leaving. While these may seem frustrating while you are going through them, before you know it, they are behind you, and you are moving forward with your plans for the future.
If you answer yes to all the questions above, you are in an excellent place for putting your home on the market. However, even if some of these questions made you uncomfortable, you may still be closer than you think to being ready to sell your home. Working with an experienced real estate agent can prove invaluable to home sellers who want to do it right. You can obtain information and guidance that will ensure you are prepared for every step of the home selling process.