Many couples decide to break with a marital home in addition to their marriage while divorcing. Selling off your marital home is not something to take lightly, and not just because you are parting with a place you have lived in for years. Many couples have a lot of wealth tied up in their home, so you want to reap the most out of your sale.
With the emotional stress of divorce, it is easy to overlook factors that could diminish the proceeds you would reap from a home sale. According to Kiplinger, when and how you sell your marital home can have a big impact on how much you receive.
Rushing a sale
If you go through a contentious divorce, you probably want to sell your marital home as quickly as possible. This could lead to hasty decisions like posting a low price just to attract a buyer. You might even heavily discount the home in a fire sale. This could draw in buyers who sense your desperation and will offer a low price in the hopes that you will take any offer just to get the home off your hands.
Selling during a poor market
Sometimes a housing market runs hot, so it is no problem to find a buyer who will pay a high price for your home. But if the market experiences a downturn, you may find it is not easy to sell your residence. Sometimes there is a seasonal lull or the economy has taken a hit. Regardless, paying attention to the local economy may help you decide when to sell or if you should sell at all.
If selling the home at a later date improves your chances of reaping a larger amount, it may be worth considering. Some parents engage in nesting, meaning they have their children live in one house while the parents rotate in and out of the home. You might decide to keep your home with this arrangement. These and other options may come into play when deciding what to do with your marital home.