You may be wondering if it’s time to sell your home? There are plenty of tell-tale indicators that you’re ready for a new beginning. This can be whether you’re seeking a change of scenery or simply need more room. Unlike stocks, buying and selling a home comes with a lot of emotional baggage, so it’s not as simple as buying low and selling high. Selling a home is seldom a market-driven decision [1]. There are a few apparent symptoms that selling now or soon is the best option for you. We have compiled a list of the top ten indicators that it’s finally time to sell your home and move on to the next chapter of your life.
Is it Time to Sell Your Home?
1. Your family has outgrown its current residence.
People sell their homes for a variety of reasons, the most common of which is that they’ve outgrown their space as their family grows and they’re looking for a new school district. When it comes to school, a neighbourhood that was ideal for a couple or a family with little children may no longer be so appealing [2]. Similarly, a house purchased for a three-person family may not be sufficient when the family grows to five members. If your family is expanding, you may want to sell your home and get a larger one with more space.
2. Optimal time in the market to sell your home
It’s a good idea to research the local market before selling your house. If your neighbour’s house sells within the first few days on the market, you know there’s a lot of interest in a house like yours in that neighbourhood [3]. When determining whether or not the market is suitable for selling your house, keep the following in mind:
- Homes that have sold in your area.
- What was the selling price?
- How quickly they are selling.
- Housing market trends in your neighbourhood.
3. Your home repairs are costing a lot.
If your house is eating up your money and breaking your budget month after month, it’s a solid indicator you need to get out and find a less expensive location to live. Spending more than 25% of your salary on home-related expenses is excessive, according to a good rule of thumb. Calculate how much your home’s upkeep costs you and use that data to determine whether it’s time to sell [4]. There could be a buyer out there that likes the challenge of a fixer-upper. Life’s too short to be unhappy with your home, and there’s no harm in shopping around for the house that’s best for you.
4. Same home’s worth with a renovation.
No matter what the homeowners do to their homes, the value of some communities will not grow significantly. If you’re living in a property that needs work but won’t recoup your investment, it’s time to consider upgrading to a home that already has the features you desire [5]. Suppose you’re not sure whether your renovation plans will raise the value of your property and, as a result, the profit you make when selling. In that case, it’s always a good idea to ask your real estate agent.
5. Financially ready to sell.
When you own your house for a long time and have paid off or nearly paid off your mortgage, you should have a lot of equity. You’ll be able to tell if it’s a good time to sell if you have a solid understanding of your financial situation. It will also assist you in formulating a post-sale strategy and determining what type of home you will be able to buy next.
6. Your lifestyles mismatch your living space
Near-retirees may be considering aging in place, in which case a home with a ground-floor master suite appears to be crucial. When your children have flown the coop, the house with the enormous yard (and the taxes and mortgage to match) may feel empty and excessive [6]. If your life has significantly changed since you purchased your house, it may be time to reconsider: Is your home still meeting your needs? If not, it may be time to sell and use the proceeds toward your next phase of life.
7. You’ve devised a sound strategy for the future
It is important to make sound financial decisions for both the present, and the future. If you bought the house during the recession, you benefited from cheap mortgage rates and reduced prices, and a sale will net you a substantial profit. If you have a house in a nearby neighbourhood that meets your needs and is less expensive than your current home, now is the time to sell your current home [7].
8. Your kids are getting ready to start school
When it’s time to send the kids to school, parents usually start looking into the quality of schools in the area. Getting into a good public school will also help you save a lot of money on private school tuition. The empty rooms may reverberate if your children have moved into the school’s hostel and you are suffering an empty nest. Either of these circumstances may indicate that it’s time to sell and look for a home that better suits your needs.
9. The area is no longer appealing
Sometimes the new neighbour’s who have recently shifted may not suit your likings. The house next door is too noisy due to a big family. Some of the neighbour’s around you are introducing new restrictions, and you are no longer in a mood to comply with these changes. When such cases arise, it is time to shift your locality.
10. When you can afford and pay a home loan completely
If you are living in a home, you purchased on loan. You can sell the home when you have enough equity generated. Also, look for any penalties because some lenders apply penalties when you sell the house before the loan time period. And there is extensive paperwork before selling a home. Nevertheless, you can still gain profits if your house sells at the right price.
Time to Sell Your Home: Final Takeaway
It’s natural to have feelings for your home. As a result, selling and relocating is emotional and critical decision. That doesn’t imply you have to stay in your current residence indefinitely. It’s possible that you and your family would be happier in a new home. If you see one or more of the indicators listed above, it may be time to put your house on the market. If any of these reasons for selling your home apply to you, it may be time to examine your finances, run some numbers, and contact a realtor.
