There are lots of reasons why it's time to sell your home. Maybe you need more space to accommodate a growing family, or you need to downsize after the kids have left home. Whatever your motivation, the timing needs to be right.
If you sell when home prices are plummeting, you could lose out on the deal. If you sell when home prices are at their highest, you might not find many buyers willing to move in. So how do you know when is a good time to sell?
A qualified agent can help you gauge whether the market is good for you, but in your own situation, here are signs that may indicate now is the time to sell your home.
The house became too small
If you're outgrowing your home because you're expecting another child, caring for aging parents, or adopting adult children, it may be time to sell. Consider the permanence of the changes. Will your kids stay there for a long time? How long can you continue to care for your aging parents? Buying a bigger home is one of the main reasons homeowners choose to sell.
Changes Need to Be Made
Change is inevitable. Maybe you're tired of shoveling snow and want to live in a warmer climate. Maybe you have to move to take your dream job, or maybe you want to be closer to family. If change involves moving, selling your home will be necessary.
Home prices are rising
This is one of the riskiest reasons to sell a home. When prices are rising, you may indeed sell your home and get more for it than you ever dreamed possible. But it also means you'll end up paying more for another home. Perhaps an agent can help you find a bargain in a new location where prices are more stable. That way, you can make a big profit and be the smart move.
Need to scale down
Many homeowners are selling to downsize. The Baby Boomer generation is reaching their golden years. All the kids have left home and they no longer need the space. Selling now could add a significant amount to your savings. If you're smart about how much of that profit you spend on your new home, downsizing could be just the right financial move.
I can no longer afford to buy a house.
Unfortunately, some homeowners find themselves unable to afford their home any more. Changes in economic circumstances, such as divorce, illness, death, a sudden increase in mortgage payments, or losing a job, are big red flags that indicate now is the time to sell your home. Waiting any longer could have devastating financial consequences.
Whatever your situation, our experienced agents can help you achieve your goals. Contact us today to learn more about how we can help you decide if now is the time to sell your home.