5 Fascinating Signs It Might Be Time To Sell Your House.
Your home is most likely your most valuable asset.
So how do you know when it's time to maximize your return on that very important investment?
Unlike other investment opportunities, you likely have an emotional attachment to your home. Which tells us it isn't a matter of buying and selling, it's a very big decision that affects many aspects of your life.
What We’ll Cover
How will you know it's time to sell?
Before we discuss the signs that you should consider selling, let's talk about why the decision to sell should not be driven by the market. Selling a home is possible at any point. While some markets may make it easier to make the most money selling, and others create a challenging selling environment, your decision to sell should be based on your lifestyle.
Factor in the numerous ways that a move, even within the same city, will affect you and your life.
The following 5 things are clues that you should discuss selling your home with your family, and probably your go-to Realtor. Don't have one? I can help! Shoot me a text or give me a call to learn more about how I can align you with a top Realtor in your desired area. (505) 967-6341.
1. You're emotionally ready to sell
Selling your home is an emotional experience. Whether you've lived there for years, or it was an investment opportunity you took advantage of, a house is hard to forget.
Imagine selling the home you brought your first child home from the hospital to. Or packing up the home you grew up in to sell after decades of memories. Maybe it was the first rental property you ever owned, or your shelter throughout college. A home can pull your heartstrings, and your mind may try to tell you it's too valuable to let go of. Can you rationalize the selling process?
You'll also need to declutter, pack up and put some things into storage to improve the appearance of your home for the listing process. It can become a very hands-on and stressful experience, especially if you have small kids, pets, or even just a busy work schedule.
You'll also be allowing a number of strangers in to browse your personal space while you're gone. They won't all have positive feedback, including the custom bedroom themes or way you styled your furniture.
All of that is part of the selling process, being aware of the many factors and preparing ahead of time will help you to detach and let go.
2. Your lifestyle is changing
The small condo may not make sense when you decide to start a family. Or maybe your home with a big yard feels excessive after your kids grow up and move out. Maybe you're interested in a home with an office to allow you to work from home. It's possible the layout/floor-plan of your home no longer fits your needs, and you need something that will.
If you're relocating for a job, planning to age in a smaller more manageable space, or looking for a big yard to rescue more pets. Maybe your toddlers are getting ready to start school and you prefer a different school district, or a shorter commute to work...you have different needs than you did when you initially bought a home.
If your life is fundamentally changing, it's time to reassess your home and determine the best next steps: Is your home still serving your needs? If it's not, you might want to invest in your next chapter.
3. The Real Estate market is suitable for sellers.
The current market is seeing historically low inventory, and a large wave of buyers.
Why? According to The Federal Home Loan Mortgage Corporation, more and more seniors who were born after 1931 are choosing to remain in their homes and age in place, a trend that caused 1.6 million houses to be kept off the market through 2018.
While the market should not be your ONLY driving interest to sell, it can be a good point to consider. In a buyer's market, sellers are competing for a small number of buyers, while a seller's market tends to pay out more for seller's.
With new, first time home buyers entering the market, a shortfall of inventory, relatively low interest rates and slower new-construction production, the market today is a storm of factors that favor sellers. All of those are aspects to consider when timing the sale of your home. A good Realtor can also help you determine the value and market for your particular home, ensuring the best experience and results possible for you.
Real Estate is hyper local, which is why choosing a high quality Realtor will be beneficial for you in all your transactions, as they focus on the variables of your area's market and know the trends and tips that are allowing for sellers to make top dollar, sell quickly, or rent back their homes in a chaotic market.
4. You know what you want to do next.
If you're selling, you will also probably be buying. You'll need to account for the in between period, if that makes financial sense, and determine where you'll want to start looking to purchase.
Contacting your local Realtor will allow you to determine what your home is currently worth, and what homes in your desired area are going for. You'll also want to speak with a lender you trust, if you don't know one your Realtor likely has a couple they can recommend. A lender will determine the price range you should be looking to purchase in, and help you align your interest to buy with your financials, so you make a wise and reasonable decision.
If it doesn't make financial sense now, it might be better to hold off for a bit. On the other hand, if you can invest the equity of your current home into your next chapter you just might want to jump on that opportunity!
5. You want to/need to.
Sometimes big decisions come down to a matter of want/need. Do you WANT to sell right now? Great, reach out to your Realtor and discuss your options. It's not always the best time but your Realtor and lender can help you assess the timing and make a decision.
Maybe you need to sell. A divorce, loss of a loved one, sudden change in employment or countless other factors can occur quickly and with little notice. These things can make it necessary to sell your home, even if it wasn't something you were considering before. A call to your financial advisor and your Realtor can help you determine a course of action and take some steps required to prepare to sell.
Whether you sell or not is ultimately up to you, barring some circumstances.
The aforementioned reasons can make the big decision to sell a little less intimidating, but partnering with a Realtor will allow you to feel more empowered, protected and knowledgeable as you enter the Real Estate market.
A Realtor's job is to ensure that you, as the seller, gets the terms that best fit your needs/wants as you sell your home. They'll guide you in determining the best listing price, prepping the home to list, scheduling open houses and showings, market your home to reach the most potential buyers, negotiate offers and advocate for your needs throughout.
A Realtor will get you from contract (listing agreement) to close (handing those keys over and cashing that check). They have your best interest at heart and are a vital factor in a successful transaction. If you don't know a Realtor, I'm happy to help you find one in your area!
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