There are many reasons why it may be time to sell your home. You may need more space to make room for a growing family or you need to downsize after your kids leave the nest. Whatever your motivations, you want to make sure that you’re timing it right.
If you sell when home prices are plummeting, you may end up losing on the deal. If you sell when home prices are highest, there may not be a lot of buyers looking to move. So how do you know when it’s a good time to sell?
A qualified agent can help you determine if the market puts you in a good place or not. But for your own personal situation, here are the signs telling you that now is the time to sell your home.
You’ve Outgrown Your Home
Whether you are expecting another child, caring for an aging parent, or have taken in your adult children, when you’ve outgrown your home, it may be time to sell your home. Consider the permanency of the change. Will the kids be there for a long time? How long will you be able to care for your aging parent? Buying a bigger home is one of the main reasons why homeowners choose to sell.
You Need to Make a Change
Change is inevitable. Maybe you’re tired of shoveling snow and you want to live in a warmer climate. Maybe you have to move so you can go after your dream job or you want to be closer to family. When change entails moving, then a home sale becomes necessary.
Home Prices are on the Rise
This is one of the riskiest reasons to sell your home. Sure you may get more than you ever dreamed for your home when prices are on the rise, but that also means that you will pay more for another home. Perhaps your agent can help you find a steal in a new location where prices are more level. Then you will have made a huge profit and a smart move.
You Need to Downsize
Many homeowners are selling in order to downsize. The baby boomer generation is moving into their golden years. The kids are all out of the house and you just don’t need all that space anymore. Selling now could add a nice healthy sum to your nest egg as well. As long as you are smart about how much of that profit to spend on a new place, downsizing could be just the right move for you financially.
You Can No Longer Afford Your Home
Sadly, there are homeowners who just can no longer afford their home. Whether it is due to divorce, illness, a death, a skyrocketing mortgage payment, or the loss of a job, change in your financial circumstances is a big red flashing sign that now is the time to sell your home. Waiting any longer could have catastrophic financial consequences.