By: Christel Silver Special to the Boca and Delray newspapers
If you still love your home and are not thinking of selling now, you may want to wait another five years before revisiting the thought of selling. But if you’re weighing your options to sell, considering selling this year or maybe the year after, but don’t wait too long.
Here are four reasons to sell your house in 2019:
300,000 new residents are moving to Florida each year. That is 900 each day!
- Interest rates may get still lower making it more affordable to the buyers, so they can afford more house and you can also qualify for a higher amount of your new mortgage.
- This time of the year is a great time to sell in Florida. The vacation time is over, schools starts and the “snowbirds” are looking to buy.
- Additionally, Trulia, an all-in-one real estate site that gives you the local scoop about homes for sale, says that more than one-fifth of Americans between ages 18 and 34 said they plan to buy a home within the next 12 months.
The State’s Demographic Estimating Conference estimates a steady growth through April 1, 2024. The report estimates the population to jump to 22.8 million as of April 1, 2024.
If you have high equity in your home, you have a larger amount for the down payment of your new home available after you sell the home, which translates into a lower interest rate on your new mortgage. Lenders are basing the interest rates on your good credit score and the amount of down payment. Why? Because there is less risk for the lender. And if you pay more than 20 percent down, you are also saving the mortgage insurance premium.
If you have Homestead on your residence, did you know that you take the tax advantage with you if you are buying another home in Florida? This is called: Portability. You are allowed to transfer all or a portion of your tax benefit, up to $500,000, from a Florida home with a homestead exemption to a new home within the State of Florida, as long as the home qualifies for a homestead exemption.
After you decide to sell your house, you have to find out the value of your house. You can get the value through computer models, or you can get a professional appraisal or a comparative market analysis from a Realtor®.
You may be surprised that you may get different results. Why? Everybody is using different data and adjustments are made on personal opinion. They all will tell you it is an estimate. Zillow, a leading real estate marketplace empowering the consumer with data, even calls it a “zestimate” saying it is not an appraisal and should be used as a starting point. The buyer really determines the value of your house, as the value is whatever the buyer is willing to pay.
If you decide to sell during the hurricane season, you should have either impact glass, accordion shutters, or metal or plywood covers for all windows. Especially buyers who are not familiar with hurricanes will feel much more comfortable buying a house which is “prepared.”
About Christel Silver
Christel Silver is a full time Broker/Owner of Silver International Realty servicing the East Coast of South Florida. Silver is a Certified International Property Specialist (CIPS), and a certified speaker teaching CIPS classes. She served the Florida Certified Residential Specialist (CRS) Chapter as President, as Regional Vice President helping Chapters to grow, and as a member of the Board of Directors for two years. She is the Global Ambassador for Austria and Germany in 2019. Fifty percent of her business is in the International arena. For more information visit www.silverhouses.com.