Selling your home can be a stressful and emotional experience, and it’s different for everyone. Some people finally decide to leave their home in search for more space, a new career, to downsize, to upgrade; there are a thousand reasons why someone might want to move. Deciding whether it’s right for you or not, however, is a very personal choice. If you’re considering making the big move, here are just a few factors to consider first:

Short Sale – If you’re moving because your home is no longer worth what you paid for it and you can no longer stand paying on it, you may want to rethink your decision. The Short Sale Forgiveness Act officially ran out December 31st of 2012. While there have been talks of extending the Act for upside down homeowners, nothing has been decided. This Act was protecting homeowners from being fully responsible for the debt they owed the bank. The banks only way to recoup any monies owed to them was to consider the loss as a “loss of income” with the homeowners taking responsibility for the “gained” income. If your sole intent of moving is to rid yourself of your overpriced housing baggage, you may want to wait and see where this Act will go in the next few months.

Closing Costs – How long have you lived at your current home? If your answer is less than a few years, you might want to pull out your calculator and make sure moving is worth it. If your motivation for moving is monetary, you might want to consider how much closing costs on the current Cherry Creek homes for sale and your new purchase will be costing you. Often times closing costs can amount to about 10% of the home’s value; which a buyer may or may not ask for assistance on. It’s important for you to run your numbers and see if your few years of home living have been worth the move; or if your gained equity will be lost on the selling. As the real estate market has leveled off, homeowners have not seen the steady appreciation in value, making the closing cost factor an even bigger factor in their decision to sell or not.

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