It is very common for the average person to remain in a single home for more than 10 years. Why is this? Well since the housing market can fluctuate so often and most individuals’ personal needs change over time. Personal needs can be anything from having children and needing more space, or growing older and wanting to downsize or move closer to family. There are tons of reasons why you may want to sell your home, so here are 5 signs to know when it is the right time to sell your home:
-
The Housing Market is Hot
The most influential factor in whether or not to sell a home usually falls into the hands of the housing market. It is important that you are keeping an eye out for how homes are selling in your area and when those prices being to rise, it may be time to sell! For the last few years, the housing market has been on the rise and doesn’t seem to be slowing down. While the housing market value might not be the only deciding factor in your selling decision, it sure is influential!
2. Family Finances Are Changing
If you recently got a job promotion, you may be thinking about upgrading your home. The opposite goes for if you recently lost your job, downgrading your home would help your financial situation.
3. Maintaining Your Home is a Struggle
Taking care of a home is a big-time commitment. Lawn care, repairs, and ongoing maintenance require a lot of time and energy. As we grow older, housework can become less appealing. If this sounds like your situation, it might be time to sell your home and think about downsizing.
4. Your Home Wouldn’t Benefit From Any Major Renovations
If you’ve invested significant funding in home renovations, such as a finished basement, a new roof, new flooring, or updated appliances — you might be ready to realize a return and cash in on your investment. If you’ve maxed out all major updates and renovations and the market is right, you could stand to make a nice profit.
5. You Need More Space
If your family is outgrowing your current home, it could be a good indication that it’s time to sell. Perhaps you have a new baby on the way or will be having a relative move in. A need for additional living and storage is one of the most common reasons homeowners decide to list their property.
Your home is your biggest investment, so it’s important to make sure the time to sell is right. The decision to sell ultimately requires one to weigh economic factors with person situations.