When you decide to sell your home, you want to ensure that you get the best possible price. Therefore, working with a realtor to ensure you understand the entire selling process is generally a good idea. However, doing a little personal research before you get to that stage is often helpful. Armed with that information, you can then move forward when the time is right. For most people, recognizing one or more of the following signs is an indication that it is a good time to sell.
1. Your Home No Longer Fits Your Family’s Needs
This is often the leading reason behind a home sale. However, what makes a home incompatible with your needs can vary significantly from one household to another. Some of the most common reasons your home no longer fits are gaps between your needs and its:
- Amount of space
- Surrounding neighborhood
- Local school performance
- Storage capacity
- Proximity to facilities you use the most
For example, an urban condo might have been perfect for a young couple, but its lack of a yard and limited storage could be less than ideal for a growing family. On the other hand, empty-nesters may find that they are surrounded by too much space and no longer want to pay high taxes for schools their children have already finished.
If this is your reason for selling, be sure that whatever house you move to does not have the same features you are trying to escape. It is also a good idea to check out a home sellers guide to see what steps are involved in both selling and buying.
2. House Prices in Your Area Are Peaking
The housing market runs in relatively typical cycles. There are peaks and valleys, and you want to try to sell as close to a peak as possible. This allows you to take advantage of high selling prices while hopefully taking advantage of declining prices when you start shopping for your next home.
A peaking market is often not enough reason to sell a home. This is usually accompanied by the desire to make a profit on investment property, a lack of compatibility with your current home’s features, or some other desire for a change.
3. You Have Taken a Job in Another Area
If your career moves you to another area, whether across the state, country, or globe, you may find yourself selling a home to accommodate the move. With the globalization of many companies, this is a growing concern. If you anticipate a move in the near future, it could be time to look into getting your home ready for sale. That way, you don’t have to rush to accept the first offer presented and can instead wait for the best one.
4. Interest Rates Are Favorable
Interest rates play a significant role in determining how much house you can afford. For that reason, many people think about moving to another home when rates are low. For example, if you have been waiting to transition to a large house, lower rates could bring that dream into reach. However, if you are happy with your current home, you might be better off refinancing your mortgage to a lower rate.
5. You Struggle To Maintain Your Current Home
Maintaining a home is not an easy task. If you find that basic maintenance is more than you can handle, it may be time to look at selling and moving to a condo or townhouse with upkeep included, which could be a better fit for you. The trick here is to sell your home before the lack of maintenance negatively impacts the listing price.
Getting the best price for your home gives you some flexibility when selecting another house to move to. As such, it applies no matter what situation you find yourself in (downsizing, moving to a larger home, relocating, etc.). Knowing the signs to look for can help you time the transition to get the most return on your investment.