Is It Time to Sell Your Home? Here Are The Signs It Might Be
Unless you’ve been living under a rock, you’ve probably heard about the seller’s market currently taking place here in Central Ohio and around the country. Seeing what homes are selling for in your neighborhood may have you wondering, “should I sell my home, too?” In this post, I’ll go over the top signs that it may be time for you to get your very own “For Sale” sign.
#1. Your Home Is Too Small
Outgrowing your home is very common — especially for first-time buyers who outgrow their “starter homes.” You may need a dedicated home office (or even two home office spaces) that your current home just does not provide. Your household size may not be the same as it was when you purchased your first home. Or, perhaps you acquired a pet or two and you'd like a more dedicated exterior space for them to run around.
Having a plan in place before your list your home is a no-brainer. Here are some of the things to think about and discuss with your agent:
- What needs must your next home meet for you to be happy?
- What are those homes selling for?
- How much is your current home worth?
- How much would you net after the sale of your current home?
- Would you be able to afford your next home after selling your current home?
- If the neighborhood you’re thinking of moving to is a good fit for all of your needs.
#2. Your Home’s Upkeep Is Taking a Toll
Oftentimes, due to health or financial limitations, the upkeep of your home can become difficult. Additionally, if your to-do list is never-ending and unexpected repairs pop up by the day, it might be time for a house that requires less maintenance and upkeep.
Did you know the average homeowner pays $2,000 per year to maintain their home? That includes landscaping, snow removal, trash and recycling, gardening, house cleaning, septic services, and so on. That doesn’t even cover what it costs to make repairs. These costs on top of property tax and the mortgage can start to add up — surprising some first-time homeowners in particular. If it’s becoming too hard to afford upkeep or tackle the list of DIY repairs and home chores, downsizing might be in your near future — especially if your home needs excessive upkeep and maintenance and it’s no longer worth it.
#3. It Makes Financial Sense To Sell
A house is the most significant investment we make, and homes can accrue a lot of value as the years pass by. If you’ve owned your house for a long time and your mortgage is paid or almost paid off, you have excellent built-in equity, and given today’s market, this may be the perfect time for you to recoup a large portion of your nest egg. The housing market is expected to stay red hot in 2022 as Zillow predicts home values will increase by an additional 11% in 2022 after increasing by a record 13% in 2021. So, if you're wondering when a good time to sell is, now is your answer!
Additionally, if your financial situation has changed — either way — it might be time for a new home to accommodate your new lifestyle. A recent promotion might allow you to finally get that home with a swimming pool, while a job loss may require you to move into a smaller home or one with a lower monthly payment.
#4. You’ve Done Your Research
The best seller is a well-informed seller. If you’ve done your research on both the national and local market and know that it’s a good time to sell a home, you’re one step ahead of the game. Researching Realtors during this time is also an excellent idea because you can chat with them about what houses are selling for and get the inside scoop if any of your neighbors with homes similar to yours are planning to list theirs soon so you can know what you may be competing with — and make the required repairs/upgrades to outshine them!
#5. You Know What’s Next
The thing about selling your home is, you’ll no longer have a home. You certainly don’t want to put yourself and your family out on the street! So, before you decide to list your home, you need to have a pretty good idea of what the next steps are for your living situation. Will you be relocating? Downsizing? Moving to a different school district? Whatever reason you’re moving for, it’s important to start devising a plan, researching your intended market, and figuring out what you’ll do when your current home sells.
Is it your time?
Now that you’ve read my blog post, you should have a better handle on whether or not it’s time to sell. Whether the time is now or you plan on waiting a little longer, I'm here to help guide you.