Selling your home can be a big life decision, so if you're considering making a change, consider these six tips and signs that it may be a great time to list your home on the market.
Your local real estate market is hot
If houses in your neighborhood are being sold like nobody's business and homeowners are selling for prices above the listing prices, it could be a great time to cash in on the local real estate boom in your area. After all, who doesn't want to make a little profit if the price per square foot continues to increase? And if the time that properties remain listed on the market is decreasing, it may be worth considering a sale if you're not sure what your local real estate market is doing, we recommend getting in touch with a real estate agent. They'll be able to value your home. So you have an idea of the price. You should listen to that.
And remember, before you take the step to actually putting your home up for sale, be aware that you'll need somewhere to live once you sell the property. So keep that in mind so you don't have to spend a month in hotels as this can get really expensive.
Interest rates continue to go low
The ongoing low interest rates make it easier for people to afford homes and can keep the inventory moving quickly with a large pool of available buyers. And if you're looking at upgrading to a larger home, it may be a good time to consider a move. However, interest rates can change. So make sure you are pre-approved for a home loan.
Your home renovations will not payout in the long term. If you're thinking of remodeling your home so its suits are changing needs, you should ask yourself and research whether the remodel will actually pay off when you're ready to sell the home. You can easily do this by looking around your neighborhood and determining how your house compares to the priciest homes in the area regarding condition and style if your home is similar. It may make more sense to sell and put the renovation money towards a better and new property.
Your children are near school age
If you have children and they're nearing the age where they'll be heading to school, you should consider if your current home is the right one for them to attend school and grow up in. As a parent, you want the best possible education for your child, and that may mean living in a different part of the city to access the best schools.
Your needs have changed
As lovely as your current home is and as much joy it's brought you, it may no longer fit your current family needs. Our lives have stages and our needs change with these stages as we move through them. So if your family is growing and your children don't have space to roam, you may be seeking a more spacious property. And on the flip side, if your children have left the home, you may notice how much extra space you have that doesn't get used now, either of these situations may signal that it's time to consider selling and finding a home that better fits your new reality and lifestyle.
Your neighborhood no longer appeals to you
If you feel like your neighborhood no longer appeals to you from the changes made in the area or changes in your life, it may be time to sell your home. There could be many possible reasons for a mismatch now. For instance, you may be tired of the restrictions placed on homeowners by the municipality or city you live in, or your neighbor has turned the basement suite into a short term holiday rental that attracts rowdy and loud guests.
Or you're just tired of that long commute to work that didn't seem so owners at first.
So whatever the reason, it may be time to change the area you live in so you're happier.
Your home maintenance has become a drag
If you're someone that purchased a large five bedroom home for yourself because interest rates are low, you may be feeling the pain of having to take care of such a large home. Or maybe you purchased a home with a beautiful backyard thinking you'd love to get into gardening, but never did. And now yard maintenance is that extra chore you hate doing. Moving to a different space to reduce the level of maintenance you have is a major reason why people move and sell their homes and it's something you should consider too.