5 Signs it's Time To Sell Your Home
Unless you’ve been living under a lava rock, you’ve probably heard about the seller’s market currently taking place around the globe. Seeing what homes are selling for in your neighborhood may have you wondering, “should I sell my home, too?” Here are the top signs that it may be time for you to get your very own “For Sale” sign.
#1. Your Home No Longer Meets Your Needs
Outgrowing your home is very common — especially for first-time buyers who outgrow their “starter homes.” On the other end of the spectrum, as people age and their kids fly the nest, they often choose to downsize to something easier to maintain.
Schedule and lifestyle changes such as school, work, or extracurricular schedules may also create the need for new housing situations. Other factors to think about include:
- How much other houses in your area are going for.
- If the neighborhood you’re thinking of moving to is a good fit for your family and needs.
- If the size of your new house will be able to fit the whole family and even grow with you.
No matter your situation, if your home is no longer meeting your needs, it’s probably a good idea to sell.
#2. Upkeep is a Downer
If your to-do list is never-ending and unexpected repairs pop up by the day, it might be time for a house that requires less maintenance and upkeep.
Did you know the average homeowner pays $2,000 per year to maintain their home? That includes landscaping/gardening, replacing things like light bulbs, repairs, etc. These costs, plus the mortgage and property tax, can add up — surprising some first-time homeowners in particular. If it’s becoming too hard to afford upkeep or tackle the list of DIY repairs, downsizing might be in your near future.
#3. It Makes Financial Sense
A house is the biggest investment we make, and homes can accrue a lot of value as the years pass by. If you’ve owned your house for a long time and your mortgage is (or almost) paid off, you have excellent built-in equity. Given today’s market, this may be the perfect time for you to recoup a large portion of your nest egg. The housing market is expected to stay red hot in 2022 as Zillow predicts home values will increase by an additional 11% in 2022 after increasing by a record 13% in 2021. So, if you're wondering when a good time to sell is, now is your answer!
Additionally, if your financial situation has changed — either way — it might be time for a new home to accommodate your new lifestyle. A recent promotion might allow you to finally get that home with a swimming pool, while a job loss may require you to move into a smaller home.
#4. You’ve Done Your Research
The best seller is a well-informed seller. If you’ve done your research on the local market and know that it’s a good time to sell, you’re one step ahead of the game. Researching Realtors during this time is also an excellent idea because you can chat with them about what the current market is like. You can even get the inside scoop if your neighbors are planning to sell so you know what your competition is — then make repairs/upgrades to outshine them!
#5. You Know What’s Next
The thing about selling your home is, you’ll no longer have a home. You certainly don’t want to put yourself and your family out on the street! So, before you decide to list your home, you need to have a pretty good idea of what the next steps are for your living situation. Will you be relocating? Downsizing? Moving to a different school district? Whatever reason you’re moving for, it’s important to start devising a plan, researching your intended market, and figuring out what you’ll do when your current home sells.