Selling your home - do you have enough equity?

The market and the time of year aren't the only things to consider when timing the sale of a house. You'll also want to factor in the equity you have in your home.

Your equity is the market value of your home minus the balance on your home loans.

Ideally, the property will sell for enough to pay off your mortgage, as well as enough to cover:

• Selling costs - which could include realtor commissions;

• Moving expenses;

• Temporary housing - if there is a gap between when you sell and when can move into your new home

• A down payment on your new home

• Closings costs related to purchasing new home

If you think you will have plenty of money to cover all of the above, then it could be worthwhile to sell.

If you have little or no equity, it might be better to wait until your home increases in value, or you pay down the mortgage, or both.