There are a variety of reasons people sell their homes. Some are looking to upgrade in size or style. Some are looking to downsize. Others may be relocating due to a military PCS or job change. For others, selling a property is strictly transactional and perhaps a way to leverage an asset. Whatever the motivation, below are seven ways to know that it might be time to hire a real estate professional to get your home sold.
You’ll know it’s time to sell when…
1. The market is ripe for sellers.
Seller's markets lead to increased competition among buyers, which means well-priced homes are typically snatched off the market quicker than usual. As a seller, this is great news. Selling your home quickly could allow you to buy a new home sooner with the equity from the sale.
2. Physically or emotionally you’ve outgrown it.
Perhaps your family size has grown by adding another child, a set of parents to age in place, or you are simply feeling the cramped or close quarters as your family’s stage of life is shifting. Other times “outgrowing” might look like a life transition that can only be described as emotional growth. As life ebbs and flows, it's likely that there may come a time when you are simply ready to move on from your existing house.
3. You’re ready for something smaller.
As young adult kids launch into their own lives, through the death or divorce of a spouse, or simply from feeling overwhelmed by the upkeep or work to own your house, it might be time to consider downsizing. Going smaller could also be a huge savings cost with a smaller home, lower maintenance and utility costs.
4. You have your financial house in order.
Another reason it might be time to consider selling is that you have financial stability and can readily afford an upgrade. Having your mortgage and non-mortgage debt paid off and a hefty emergency fund or your next downpayment saved are signs that could point to selling an existing home and purchasing your next.
5. You’re ready to let someone else deal with the upkeep.
Whether you are looking to rent your next home or get out of a traditional home and move into a development like a 55 and over community, being at a place where you’re ready to outsource home maintenance is a sure sign that it’s time to sell.
6. There’s significant equity in the value of your home.
You may have paid off or paid down your mortgage or you may be running the numbers on your home’s estimated value due to the current demand pushing. There’s an often quoted saying, “You want to buy low and sell high.” This is true in both the stock market and the real estate market. Selling when you can bring in top dollar for your home is a good idea.
7. You’ve given it plenty of thought and you just know it’s time to move on.
Sometimes, you just know it’s time. For reasons beyond those listed here, there just comes a time when you know it’s time to sell your home and move on to the next chapter of your life. Selling a home, particularly one you’ve lived in for any length of time can be an emotional process. Our homes are an extension of our lives and therefore, selling can be a lesson in nostalgia and sentimentality.
When it comes to one of the largest financial transactions of your life, a trust real estate professional has the tools, training, and experience to help you see this process through from selling your home to purchasing your next opportunity.
