Should I Sell My Twin Cities Home to Get Out of Debt?
Feeling crushed by Debt payments? You’re not alone. Today, Americans are dangerously close to having more debt than ever before. Total household debt rose to $12.6 trillion this year, according to a new report from the Federal Reserve Bank of New York. Most of that debt is in the form of mortgages.
But there is a way out. Imagine selling your home, downsizing to a mortgage payment you can afford, and having enough cash left over to pay off your debts. Nearly a quarter Americans are debt-free, according to a survey from CreditCards.com. You can be, too. Here’s how.
Twin Cities Homeowners Selling House to Pay Off Debts
Today, the average American has $45,790 in debts. Most of that is mortgage debt, at $31,690 per person. The amount of your mortgage debt can determine whether it makes sense to sell your house in order to pay off debts.
If you intend to sell your house and rent, then you’ll need to find a rental at a more affordable price than your mortgage payment. The average rent in Minneapolis-St. Paul is $1595, according to real estate website Zillow. At current interest rates, that’s the equivalent of a mortgage payment for a $335,000 house.
How to Sell Your Twin Cities Home Fast (Without the Stress)
Even under the best circumstances, selling your home can be incredibly stressful. But when you’re trying to sell your house to pay off debt, you face added pressure from collectors. The faster you can sell your home and eliminate the stress, the better.
Here are the five most important steps to selling your home quickly:
- Clean it up.
Put as many of your belongings in storage as possible. Give away or sell absolutely everything you don’t want anymore, and use the extra money to help chip away at your debt.
- Fix it up.
Give everything a fresh coat of paint. Replace the carpet if you can, or at least rent a steam cleaner and scrub out as many spots as possible. Go through every room of your house and fix every little thing that needs to be fixed: scratches, squeaky hinges, loose doorknobs, and so on.
- Snap some attractive photos.
Home shoppers will decide whether or not they’re interested in your home largely based on the pictures. This is no time for blurry cell phone photos. Hire a professional (the cheapest one you can find, if you have to) or see if anyone in your circle of friends or family has a professional camera.
- Price it to sell.
Remember, it doesn’t really matter what you paid for your home, or how much the neighbors got for selling their house. What matters is how much money a buyer is willing to pay for your particular house right now. An experienced real estate agent may be able to help you settle on a price to help sell your home quickly.
- To save even more time and money, contact HomeVestors.
HomeVestors can give you a cash offer on your Minneapolis-St. Paul home right away. Plus, you can sell your house as-is, without worrying about painting, cleaning, fixing anything or hiring a real estate agent. Find out how you can sell your house for cash, pay off your debts, and get rid of the stress for good with HomeVestors.
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