You may choose to sell your home for several reasons, from wanting to downsize to moving somewhere new for an adventure. No matter the reasons you’re thinking about selling, you must ask yourself if now is the right time for you. In this article, we’ll discuss several factors to consider to determine if now is the right time to sell your home.
The Right Time to Sell Your Home
Deciding on the right time to sell your home isn’t easy. Homeowners have big decisions to make and many things to consider before they decide to list their homes. Many people have a gut feeling when it’s time to sell their homes, but here are other factors that might mean you’re ready.
You Have a Plan
Selling your house requires a plan, including where you’ll live after your house is sold. Many homeowners choose to start looking for homes where they want to live as soon as their house goes on the market, while others become renters after their homes are sold so they can continue to look for the right house for them.
Having a plan means you’ll be prepared for anything, including lowering your asking price and the challenges that come with simultaneously buying and selling.
The House is in Good Shape
Before you can sell a house, you’ll need to ensure it’s in good enough condition to compete with the other homes on the market. If you’ve taken care of your home or recently fixed up your home, then now might be a good time to sell. However, if your home isn’t ready, there are minor projects you can take on, such as painting or easy lawn care, to ensure you ask for a fair price.
It’s a Seller’s Market
As a homeowner, you know it’s best to sell during a seller’s market and purchase a house during a buyer’s market. When it’s a seller’s market, there are more buyers than sellers, which means buyers have to compete for the homes they want. Ultimately, if your house is the only one available for miles, you can expect buyers to engage in bidding wars, which means you could receive an offer for more than the asking price.
Do your research if you believe the market has demonstrated that now is a good time to sell your home. Check to see what other similar houses in the area are selling for and how fast they’re selling to determine if now is the right time for you.
You’re Financially Ready
If you’ve paid down your mortgage, then you have equity, but it’s also important to consider other areas of your financial health. For example, suppose you’re not in significant debt and you’re planning to purchase a home that’s less expensive than your current home. In that case, you’ll be putting yourself in a good financial situation to help you continue to save for retirement or use that money for other things.
Before you decide to sell your house, make sure you can purchase another one and weigh your options. For example, you might be able to use the money you get from selling your home to buy another one. However, there might be time between those situations where you don’t own a house, which means you might have to rent a home until you officially buy another.
You should also plan to put a down payment on your next home before yours has sold. While it can be beneficial to rely on the sale of your home for money to buy a new one, you can’t always predict how fast your home will sell. In most cases, it’s best to save up for a down payment and keep your financial and job situations healthy so you can qualify to buy a home with the money you have instead of relying on the money you will have once your current house sells.
Everyone needs a change of scenery now and again. If you’ve lived in the same house for years, it might be time for you to get out and experience a city or at least a new neighborhood. Change can be motivating and allow you to get a fresh start. There are several reasons why someone would want a change, including outgrowing their current home.
You Got a New Job
If you’ve recently received a job offer for a great opportunity that’s farther away from your home, then it might be time to sell your house. Many people choose to move closer to their jobs to shorten the commute. Not only that, but a new job can be a great excuse to get out of your current home and move somewhere that has greater opportunities for everyone in the family, including a better school system for children.
No Longer Emotionally Attached
Many people feel attached to their homes because it’s where they’ve lived for many years and built memories. However, many parents sell their homes after their children have grown up and moved away because they no longer feel as emotionally attached to the home. Once the house becomes empty, it can make people feel sad because they’re alone in a big, empty home that still contains a lot of stuff from their children.
No longer feeling emotionally attached to your home gives you the freedom to easily sell your home because you won’t base your decisions on emotions. It also allows you to find a new home to build new memories. Downsizing to a smaller home doesn’t mean you’re letting go of any memories you made in your home. Instead, consider putting old items you want to keep into storage containers until you find space for them in a new home.
You’ve Outgrown It
Many people outgrow their homes, especially if they bought their current house as a starter home. However, as your family grows and you adopt a few pets, your home can start to feel small. After all, growing families need more space.
Any number of factors on this list might mean that now is a great time to sell your home. However, just because one or more of these factors applies to your current situation doesn’t mean now is the right time for you to sell.
There are many things to consider, including your financial situation and emotional attachment to the home. Before you decide to sell your home, weigh the pros and cons of selling your home now. If you’re still unsure whether now is the right time, continue to do your research until you feel confident in your decision.
Marné Amoguis holds a B.A. in International Business from UC San Diego. She is a contributing writer at 365businesstips.com where she loves sharing her passion for digital marketing. Outside of writing, she loves traveling, playing music, and hiking.