The Market Doesn’t Care How Much You Need To Make When You Sell Your Home

You need to sell your home and you have to get a certain  number in order to pay off your mortgage and purchase a new home. Guess what? The market doesn’t give two hoots about how much you need to get for your home. It will sell for what the market will bear, no more. Even if you remodel to boost the value of your home, the market will decide.

Sometimes it can be a rock and a hard place

The Market Doesn’t Care How Much You Need To Make When You Sell Your HomeMany people found out during the real estate crash what that means. You owe a certain amount on your mortgage. Your mortgage company wants their money whether you sell for enough or not. You want to be able to buy a new home and to do that you also need to have money left over. It’s not an easy place to be.

What you paid doesn’t count when selling

Don’t even think that what you paid for your home should have a bearing on what you should recover when you sell. Some, unfortunately, bought at the top of the boom and some neighborhoods went downhill and hasn’t recovered or recovered enough to make your home worth what it was. People aren’t going to pay the inflated value you did, nor will any mortgage company write a mortgage for that amount. Pouring more money in by updating it won’t raise the value either.

In short, no matter what you need, you may not be able to get it out of the sale of your home. The market and what someone is willing to pay for your home determines its value, not your needs.