When is the Right Time to Sell Your Home?
There are a lot of reasons to sell your home. So, let’s review some of the signs that the time might be right for you to sell.
You Have Outgrown Your House
One of the most common reasons people have for moving is that they have outgrown their current home. If you feel this way, it’s a sure sign that it is time to look for a new place to live.
The sense of outgrowing a home might mean different things to different people. However, most commonly it is a result of your family becoming too large for the physical space, which is a very good reason to buy a new home.
You Have Too Much Space
Of course, it’s just as likely you might have the opposite problem and find yourself with too much space.
This can happen as a result of children growing up and leaving the home, or through other life events. When this happens, you may find yourself wondering whether you really need those empty rooms and start thinking it may be time to downsize.
There Is Equity in Your Home
When there is equity in your home, you can sell it and put cash in your pocket.
Essentially, equity is the value of your home, minus any money you owe on the home. If you happen to be in a position where you could sell your home, pay off your mortgage, cover any selling costs, and have money to spare, it could be a great time to sell.
It’s A Seller’s Market
Generally speaking, the housing market is either a buyer’s market or a seller’s market. In a buyer’s market, home prices are low and there is plenty of supply for the demand. In a seller’s market, however, there is not enough inventory resulting in higher prices.
Sellers like to sell their home during a seller’s market, so they get a higher price.
So, it’s a good time to consider selling your home when you are in a seller’s market. Selling during a seller’s market will get you a higher price than waiting until the market turns to a buyer’s market.
The Return on Investment for Remodeling Is Poor
Remodeling a home can seem like a sure-fire way to increase its value. However, remodeling can make it more difficult to sell a home in some circumstances.
For example, a homeowner who remodels a home that prices them out of the neighborhood will have to hold on to the home for years just to break even. In cases like this, it is better for the homeowner to sell their home and buy a home that better fits their needs.
There Are Buyers for Your Home
If there is a lot of demand in the local housing market for homes like yours, it can be a good time to sell.
Your home could be in high demand because of its style or location. For example, people may want to be in your school district, may like the amenities of your community, may want to be near an up and coming part of the city, etc.
Whenever you live in a home that is desirable, and you know there are buyers for your home, it’s a good time to consider selling.