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Denver market: Should you sell house or stay put?

Sellers should ask key questions first
Posted: 9:17 AM, Mar 29, 2017
Updated: 2017-03-29 11:25:02-04

DENVER -- Denver's housing market seems like a seller's paradise. Home prices keep rising, inventory is low and the average time it takes to sell a home is short.

But if you're thinking of selling your house, there are a few key questions to ask yourself first. Financial literacy expert Rachel Namoff says just because your home's value has skyrocketed, doesn't mean it's time to sell.

"They’re thinking, 'wow, I can get this for my house? Maybe we should sell. But then I have to move somewhere else,'" says Namoff.

In fact, one of the first questions you should ask is whether there's a home available in your price range in the neighborhood where you want to live.

Second, the home you are selling has to be "move in ready." That means it's been updated and could be appealing to any potential buyer.

And finally you should have a lot of home equity. The value of your house may have gone up, but you still could owe a lot on it.

"If your house is move in ready, you have a lot of home equity, and you’ve identified a home that you’re ready to move in to, for sure list it. But if you’ve answered no to some of those than you have some soul searching to do," says Namoff.

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