Have you been wondering if it's time to sell your home? Has your growing family outgrown your home? Or maybe your current home is much larger than you need at this stage of your life? Fewer and fewer families expect to stay in their first or second home for the long haul. Here are some things to consider as you decide if now is indeed the right time to make your move.
The Size of Your Household has Changed -- If your family is about to become bigger with the arrival of a new baby or maybe aging parents are moving in. Or, it is decreasing in size because your youngest child has just left for college. It might be time to consider an adjustment to the size of your living space. If your living space has become too cramped or grown beyond your needs, it may be time to make a move.
Increased Home Equity -- Your home equity is the amount you have left when you subtract the amount you have left on your loan from the value of your home. This is the amount of money you will have after the sale of your home. Chances are you'll be a buyer again so an increase in home equity can mean more money to put down on a larger home or potentially a shorter mortgage.
Buyer Interest -- You definitely want to list when buyers are looking. Some experts say late spring is the ideal time to sell, but peak seasons vary by region. Which is why it's always good to consult a professional. Depending on the market and where your home is located, the best time to sell could be the off season when there is less inventory. A realtor may also know of potential buyers that are currently looking in your neighborhood. Milder weather can increase buyer interest, but that also means more competition from other sellers.
Life changes -- You may need to relocate to another school district, or find another neighborhood that better suits your family. Has the location of your job changed and now means you're in for a longer commute? Are you looking to leave the business of the city for a quieter lifestyle or do you now want to be where the action is? Location matters and is an important factor to consider.
Home improvements -- Renovations to your home can be a wise investment, but if you're in the middle of a project you may want to consider waiting to sell until it's finished. If you plan to sell your home as is, completing some minor home updates such as new paint and fixtures can be a huge selling point. If you are getting ready to list your home, always talk to a professional before putting money into repairs and renovations. A realtor will know which things are worth investing in and which aren't.
The State of the Ever changing Real Estate Market - I'm sure you've heard the term "seller's market" before. But what does that mean? There are many things that make a market favorable to sellers. Some of these factors include current interest rates, inventory (how many homes are on the market), revitalization of neighborhoods, as well as the number of interested buyers. For this reason, even if you were thinking of moving sometime down the road, but the market is very favorable now, you may want to consider moving up that date to get the most from your home sale.
Moving is a big decision, one that requires careful consideration. If your needs have changed since you bought your home, don't hesitate to get in touch.
Check out the link HERE to see what's on the market right now, and to download my free seller's checklist if selling is in your future.