“For Sale” Sign: Time to Sell my House
It’s estimated that 5.5 million homes in the United States were sold in 2018. That’s a lot of sold homes! Each of these homeowners had their own reasons for selling their home
Are you asking yourself, “Should I sell my house?” There are certain things to keep in mind before you put out the for sale sign. Continue reading to find out the eight biggest reasons to sell your home.
You’ve Outgrown Your Home
One of the most common reasons for selling a home is that you’ve outgrown it. When you bought your house you may have been single or newly married. But as years go by, you continue to add to your family.
Maybe you’ve had multiple children who don’t have rooms of their own. Or maybe you’ve adopted a large fur child that needs a large yard to run in. Or you’ve just accumulated more possessions than will fit in your current home.
Either way, needing more room is a great reason to sell your home.
Too Big For Your Needs
Some people have the exact opposite of the above problem – they’ve got too much space in their home.
Did you buy a home that was much bigger than you needed? Or maybe all of your children are grown and have left the nest.
If you have a lot of empty, unused space in your home, it’s a great time to downsize and sell your home. There’s no sense in paying for more room than you need.
The Time Is Right
Find yourself asking, “when should I sell my house?” There is a right and a wrong time to sell.
If you’re choosing between selling now and in a few years, it’s best to pull the trigger now. Research shows that the housing inventory is still low moving into 2019. This means the market is competitive, and you’ll get a better price for your home.
Research also shows that homes sell for the best price in spring. So if you start preparing yourself for the big move now, the timing will be perfect. There are many online resources for discovering if now is a good time to sell where you live. If you live in Raleigh, North Carolina, click here to see if the time is right.
Have High Equity
If you have high equity in your current home, you should look to sell your home. Equity is the difference between how much you owe on your mortgage and the current market value of your home. As home values continue to rise, so does your equity.
So, if you’ve owned your home for several years, you can make money by selling and moving into a new home. If you have no equity, also known as being underwater on your home, you should avoid selling your home unless you’re prepared to lose money.
Too Many Renovations
Has your home become a never-ending to-do list? Are there more projects than you have time or money for? If so, it may be time to move on. Major renovations to a home can cost serious cash. You need to evaluate if your home is truly worth the money that needs to be put into it.
If you’re eyeing a new roof, HVAC system, and kitchen remodel in the next few years, it may be time to call it quits. Not sure which renovations you should avoid because they won’t add value to your home? Check out this list.
Ready To Relocate
Sometimes it’s not the home that pushes the move but the location of the home. There are many reasons why someone may want to relocate. Maybe you want to be closer to your family or your job. Sometimes the schools and crime rates are drastically better in a different location.
Everyone has their own reasons for wanting to relocate. You just have to weigh how important those things are and if you live in your absolute dream home. Moving because of the location is acceptable if you aren’t hung up on your house.
Putting your home up for sale isn’t an easy emotional process. Oftentimes, your home is full of memories that are hard to let go of. Some people may have inherited a family home that’s been lived in for generations. Others have raised their children in the same house throughout their entire lives.
You have to be able to move on from these memories and into a new home.
You should also be ready for people critiquing your home. When buying a home, people quickly point out all its flaws and drawbacks. If the thought of someone nitpicking your home full of memories makes you cringe, you may want to rethink your move.
Financially Ready For New Home
Not only do you need to be emotionally ready to sell your home, but you must also be financially ready. There are a lot of costs that come with selling a home. Some of these include:
- Moving costs such as a moving truck or packing materials.
- Closing costs and fees.
- Minor improvements on your current home before selling.
- Improvements on your new home.
Now is a great time to move if you can cash flow a move.
Stop Asking, ‘Should I Sell My House?’
Now that you know the top reasons to post that for sale sign, you can stop asking, “Should I sell my house?”
Maybe your home is no longer the right size for your family. Or maybe you’re ready to relocate to a new town. If you any of the reasons listed above resonated with you, it’s time to make the big move.
If you’re planning on selling your house for cash, read this article on things you should consider. Are you looking for more lifestyle advice? Check out our blog for the latest tips and tricks.