5 Signs It's Time to Sell Your House
If you’re on the fence, so to speak, about selling your home, you may be swayed to hand over the keys by certain favorable circumstances. If you’re ready to sell, but want confirmation that it’s a good decision, the following factors can bolster your resolve to move on from your current residence.
The market favors the seller
The market seems to flip-flop in favor of the buyer or the seller. When it is a seller’s market, you may stand to make a pretty penny with the sale of your home. How do you know it’s your time to shine? Look at the numbers and your neighborhood’s activity.
“Look at the average number of days that homes have been on the market. Has that number been decreasing? At the same time, has the price per square foot of homes in your neighborhood been rising? If the answers are yes and yes, those are indicators of a strong market,” according to Jeff Seehorsch, writer for RocketHomes.com.
Your life demands a change
Sometimes it’s not external forces dictating your moves, but internal changes that signal it’s time for a different address. A big change like welcoming a new baby into your household may be too much for your current house to handle. The reverse is true, too. If your kids have moved out and onto new adventures, your current house may be unnecessarily big. Or maybe a move means going home to where you grew up or to a destination you’ve always dreamed about.
“If your home and neighborhood no longer fit your needs, the time may be right to sell and find a place that complements your lifestyle and goals,” advises Barbara Marquand, writer for NerdWallet.com.
Your repair list is non-existent
Maintaining a home is a time-consuming, expensive endeavor. If your home is in great shape without the worry of major repairs, it might be the right time to put a For Sale sign on your lawn. Most buyers aren’t interested in a complete fixer-upper or dealing with substantial repairs to the roof, foundation, or mechanics of the home, warns Seehorsch.
Mortgage rates are low and attractive to first-time buyers
First-time buyers are less intimidated when mortgage rates are low, and that could be the signal you need to sell your house.
“The higher the rates, the farther a buyer’s budget has to stretch to get the home they want,” according to Zillow.com.
You can balance the cost of selling and moving
Selling your home and securing a new place to live can strain your finances, especially if you have mortgages overlapping.
“The important thing is that you’re able to come up with a game plan that doesn’t jeopardize your financial future or leave you without a place to stay. If you have the resources in place to facilitate a smooth transition to your next home, the time to sell may never be better,” advises Seehorsch.
Selling your home can be an exciting experience. It can also be overwhelming. Mostly, it’s both, so make sure you examine the market, assess changes in your life, and seek the advice of a professional who can answer your questions before you decide to list.