Change can be hard but you may be wondering if it’s time to sell your home. There are many common factors that may signal it’s time to find a new home.
Time To Sell?
Often times, homeowners may be stuck wondering if it’s really time to sell or if they should just stay put. Life changes, better cash flow, market conditions and more may affect whether or not you decide to take the plunge and move.
Do you have equity in your home? During the 2008-2009 housing crisis, many homeowners found themselves underwater and owing more on their home than it was worth. Since that time, the market has been on the rise meaning homeowners have generally been able to build equity in their homes. One of the first steps in deciding whether or not to move should be to figure out how much you owe on your mortgage. After that, meet with a trusted Realtor that can tell you the market value of your home.
Being financially secure to buy a home is so important. You may want to see if you have all or most of your non-mortgage debt paid off and have 3-6 months or more of living expenses saved up. These are good indicators as to whether or not you are truly ready to purchase a new home.
Would you be able to afford a home that really meets your needs? Maybe you are an empty nester and no longer need a large home. It’s a great feeling to downsize and save on home expenses. Although maybe you are on the other end of the spectrum and you need more space. Perhaps your family is growing and you need an extra bedroom or two. If you can comfortably afford the larger home you need, it may be time to list.
Are you emotionally ready to part with your home? Are you are ready to do the work to prepare for potential buyers to look at your home? Do you think you are prepared for negotiations? Can you imagine yourself leaving the home that your family has built memories in? If you can answer yes to these questions, you may want to start the home selling process!