If there is a shortage of homes available in your area and you know that you could sell your home and make a large profit, you may want to do just that. There are many homeowners that want a bigger or nicer home but are content with the mortgage that they have, and they don't want to risk getting into a high payment situation.

Selling your house at the right price and at the right time could not only put money in your pocket but could also help you get into what you want at a lower and more affordable cost. Here are some things to talk with a real estate agent about.

Current Value of Your Home

The agent can come to assess your home. The feedback that you get should include what you could sell your home for at that moment and what changes or small tweaks you could implement to get even more. Sometimes just some new paint and replaced hardware can make a big impact. Talk with your mortgage company if you don't already know what's left on your mortgage to see what you would profit if you decide to sell at the price your agent thinks you can get.

Bidding War Possibilities   

A low inventory market can mean a bidding war when buyers are eager to get a property and your home is priced right. Ask your real estate agent if they think there is the potential to get a bidding war if you price the house a little below what you could get for it and whether it could benefit you by putting more money into your bank account with the sale of your home.

Shopping and Buying on Contingency

Talk with your mortgage company about the changes in your life, like reduced debt, higher income and earnings, and what you could borrow today to get a different house. Once you have this amount you can start shopping for a new home. With the money you will get from the sale of your home, you may be able to put enough down to have a smaller mortgage than you are currently paying. You will just have to make an offer with a contingency that you sell your current house you are ready to list.

If you think now is the time to sell to make a big profit on your property, talk with a real estate agent today. They have the tools and skills needed to sell the house fast and to get money into your pocket to buy your next property.