What does the market look like now?
Determining the current situation in your area will help you decide if it is a good time or not. If your current market is slow, you can rent your home until you can sell it at a higher price in the coming years.
On the other hand, if it’s a seller’s market, you may want to sell your home for the highest asking price.
You may want to consider hiring a real estate agent to help you determine sales, commonly known as “comps.” This will allow you to accurately assess how much your home is worth and whether it is better to rent or sell.
It is also important to decide whether or not you want equity in your current home. Equity is the difference between the value of your home and the amount owed on your mortgage. If you have enough equity in your current home, selling may be a good option. The profits you make can be used for a large down payment on your next home.
However, if you can afford the down payment without selling your new home, renting may make sense.