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Selling your home is a major decision and has the potential to be one of the most stressful. Determining the reason you want or perhaps need to sell your home is important. Here are a few to consider.
You’ve outgrown your home. This could be for a variety of reasons. Your family has grown or you just have more “stuff” to fit in. Perhaps you had a baby or one of your adult children has moved back in. Perhaps you are operating a business out of your home now and need extra space for your equipment or home office? Any of these circumstances may lead you to the conclusion that you simply need a bigger space in which to live.
You’re making more money. This is a very common reason for moving. Perhaps ten years ago you had just started your career and bought your first home; but now you’re more established in your profession, making more money, and can afford to take on a bigger mortgage. Keep in mind that with a soft market, even if your house isn’t valued as high as you might like it to be, the house you’re buying probably won’t be valued as highly as it once was either and you may be able to get the deal of a lifetime.
You’re making less money. Are you unemployed or retired, or maybe you switched careers and bring home a much smaller paycheck? Or maybe you or your partner has stopped working to stay home and raise a child? Whatever your reasons, you may want to consider selling a home now that is going to become a much heavier financial burden in the future.
You’re looking for a more sophisticated neighborhood. There are a variety of reasons as to why you might not appreciate the neighborhood you’re living in any longer. If your children are grown and moved away, you may not enjoy a neighborhood full of young children as you once did. You may have recently retired and are looking for a 55+ community that features organized activities and so on.
You’re looking for a less sophisticated neighborhood. Sometimes as your family grows and matures, you begin to accumulate things like a boat or camper and would like to store it at home. A neighborhood that would accommodate such storage may be more in line with your needs than a neighborhood that frowns on this type of activity.
Your home’s value has increased significantly. Yes this happens, even in today’s markets. Check with your Realtor about home values in your neighborhood to determine how much yours is worth. If you have a significant amount of equity in your home, this may be the best time to move up. Remember, the neighborhood you’re thinking about moving to may be experiencing a buyer’s market and you could find yourself with a great deal.
You want something brand new. You’re tired of living in an outdated house that no longer suits your needs and you’d like a brand new one. This is a common reason for moving. Granted you could refinish your current house with all the updates, but you may either end up over-valuing your home for the neighborhood you’re in, or it may just be more work than you’re willing to take on. Either way selling your current house and buying a brand new one may be a better way to go.
Inventory is down in your neighborhood. One couple who sold their house recently, had been considering it for approximately a year when they noticed that very few homes had been listed in their neighborhood for the last year. They decided to go ahead and sell theirs and the buyers pounced: four offers in the first week. Your Realtor can help you determine whether or not the time is right to make such a strategic move.
Your family has shrunk. Instead of having more children and more stuff, your family may have shrunk to the point that the house is just too much for you and you’d like something a little easier to maintain.
You need to adapt your house to your physical needs. As you age, or go through other life changes, you may find that your home is no longer conducive to your physical needs. Maybe you’d be more comfortable with a ranch style home, or perhaps you even need to accommodate more serious physical needs with wheelchair ramps or wider doorways and bathrooms.
No matter what your reason might be for needing to move, your Realtor and your mortgage professional are here to advise you and assist you with your changes. |
