Is it time to sell my house? If you’ve been asking yourself this question lately, you may be closer to an answer than you think!
Once you begin to float around the idea of selling your home, you probably have one foot out the door. But before you make the decision, consider these 5 economic and emotional signs that it’s the right time to sell your home.
- The seller’s market is on fire and you want in.
This one is easy and probably the most obvious reason to sell. It’s time to sell if you’re eager to make a profit on your property.
Gauge the key indicators of a strong real estate market before deciding on this one. A few signals: The price per square foot for real estate in your area is increasing, the number of time properties stays on the market is decreasing, or you’ve noticed an uptick in brokerage activity in your neighborhood. If any of these are true in your area, it could be time to sell up. Here in Charlotte, home prices have skyrocketed in recent years, gaining almost a full third of their current average value since 2012.
- You’ve grown out of your home.
The starter home you moved into with your first child or that you bought when you nailed your first big job isn’t necessarily the house you need now. It’s terrible to give up the memories you’ve made in your home, but if your living quarters are causing you stress, it’s time to take a chance on a new home.
- Your neighbors just scored big for their home.
If real estate listings in your neighborhood with the same bedroom/bathroom count as yours are selling for a price that you’d be satisfied with, it might be time to move on. Pay attention to the “recently sold” flyers in your mailbox to keep track of comparable home prices in your area.
Another sign of a “hot home” sales market is the relationship of asking prices to sale prices. When homebuyers are making offers fast, it indicates a seller’s market. A buyer may offer you a sales price you can’t refuse, too, if you take the leap.
- You’re done with your “high maintenance” home.
The average homeowner pays out over $2,000 a year for maintenance services. And this doesn’t include repairs, just scheduled services like landscaping, snow removal, septic service, private trash and recycling, and professional house cleaning.
Instead of watching those payments drip from your account, you could sell and buy some lower-maintenance real estate like a condo or a new-build property. You may even want to try renting and let a landlord worry about leaky pipes and other property hassles.
- You’ve put at least 5 years into the relationship.
Be careful not to pull the plug too quickly. If you sell too soon, assuming you have a mortgage, you haven’t built up any equity in the home beyond the down payment. In the beginning, your mortgage payments are almost completely interest payments.
Unless the housing market is seriously booming, you might actually lose money on your home when you sell. Remember: Selling isn’t free. Stay put for at least five years, unless you have an urgent need to move. In addition to everything else, moving too quickly sends potential buyers a bad message.
In general, beware of snap decisions when it comes to selling OR buying a home. There are no promises that selling will be better for you in the long run. Take your time deciding if you should sell, and then study the local home sales market, with the help of your real estate agent, before you price your home. If you underprice your home, a buyer may snatch it up too cheaply.
Thinking about selling your home? Not sure if it’s the right decision? Consult with one of our experienced seller’s agents. We can’t wait to chat with you!