Do you know if now is the right time to consider selling your home?
Don’t worry — many homeowners scratch their heads at this same question. While buying a home is an important decision, selling your home is a matter of equal significance. When you first consider selling your current home to purchase a new house, a million thoughts may fill your mind.
For some, selling a home involves questions of practicality: when is the best time to sell, how do I know if I can afford a new home, will buyers want to purchase my home in its current condition?
For others, saying goodbye to a home is like saying farewell to part of the family. They’ll often have emotional concerns that raise stressful questions: can I really leave our family’s first home and will I ever find a home that feels just as special?
If you’re unsure whether or not now is the right time to sell your home, you’re not alone. Thankfully, there are a handful of key questions you can ask yourself to help you determine if there’s no better time than the present to sell your home.
Question 1: Does it feel like your home is getting too big or too small?
As you transition into different periods of your life, the needs of you and your family will change. With the lifestyle you currently have, and where you believe it’s headed, consider if the size of your home is adequate to accommodate these needs. If your young family of four is starting to grow in a small two-bedroom home, you may consider upsizing. However, if your children have moved out of the house and you’re considering retirement, it may be in your best interest to downsize.
Question 2: Is it a wise financial move?
Take a look at your finances and think about whether you can reasonably afford —or not afford — to move. Selling your home may be a great idea for those who have been saving for years or who want to lower their mortgage expenses. However, it may not be a wise choice for those that may be unable to take on the financial requirements of a new home responsibly. Also, it’s wise to discover whether or not your home has equity or if you’ll have to make renovations before you can realistically ask for your targeted price.
Question 3: What is the current status of your local real estate market?
Is your area in the midst a housing boom or has the market not been favorable for sellers over the last few years? Depending on the market, selling your home may not be a wise idea even if the answers to the questions above insist that you should. Ultimately, you want to receive a fair price for your current home so that you’re able to afford your next property. Selling in a buyer’s market or during a recession may not be a smart choice.
Question 4: Is this the right time for you to sell your home?
Although the changing seasons can make it easier or harder to quickly sell your home, you also have to consider if this is the right time for you personally to take on this transition. If you have major life changes coming up that may impact you financially or occupationally, it may be best to wait. However, if you’ve responsibly prepared yourself to sell and feel that you can comfortably make the next move, perhaps now is the best time for you to consider selling your home!
From my home to yours,