Selling your home is never easy especially if you have spent a lot of time there, maybe even raised children there. There is a deep connection between every homeowner and his home that can make it very difficult to sell.
It is particularly difficult to know when the right time to sell your home is. Getting the timing right is important if you don’t want to regret your decision further down the road. The following signs should help you know if it is the right time to sell your home.
Space Is Becoming Limited
One surefire sign to know that you need another house is if your house seems to have shrunk in the past few years. Since houses do not shrink, it can only mean that you need a house with more space.
There are several reasons why you may need more space such as having more children or other people living in the house or you simply own more and need more space for it. It is quite common for families to outgrow their houses especially as the children grow older or increase in number.
It is especially so if you moved into a house as a couple and now you cannot seem to move a few feet without bumping into something. In such a case, it may be time to sell your house and get a larger one.
It is a Seller’s Market
The real estate market is one of the most turbulent markets in the country probably only surpassed by the stock market. Most people have a general idea of the real estate market particularly in their area.
There are certain swings in the real estate market that make it quite favorable for sellers. In such a market, it may be time to contact a real estate agent by calling them or through their website. They will be glad to make the commission.
The best way to know if it is a seller’s market is to evaluate certain parameters such as rising prices per square foot. Finding out the price of recently sold houses in your area is also a good indicator.
Renovating or Remodeling is Unnecessary
Most people have to perform major renovation projects to increase the value of their home before selling it. If you are thinking of moving and when you evaluate your house you find that there is little need for renovating or remodeling then it is a sign that you should sell as soon as possible.
A few simple changes such as replacing a sink or changing a counter are acceptable. However, if you need to overhaul large portions of your house such as fixing the roof or changing a wall, it should make you question your decision to sell.
You should consult a real estate agent to find out which changes will ensure high property value. If they concur with you, it is time to sell and get a good price.
There are certain changes in your life that make living in your current house feel not worth it anymore. If your life is fundamentally different than when you bought your home, then selling might be a good idea.
You may also have had some successful years in the recent past and you want your house to match your new status. It is appropriate to take the chance and buy the home of your dreams as the opportunity may pass.
Other lifestyle changes necessitate moving to a smaller house such as children leaving for college. The house may feel very empty for two people and the expenses unjustified.
You Have Positive Equity
The majority of people buy a home using a mortgage. Your home equity is the difference between what you owe on the house and what it is worth. If you only have $10,000 left on your mortgage, then your home equity is negative $10,000.
If you have a positive home equity it means that you can sell your home, pay off your mortgage and maybe even have some money left to put down on your next home. Paying for your mortgage out of pocket when selling your home is never a good idea. A positive home equity is a positive sign that you should sell your house.
There are many more signs that should let you know selling your house is a smart move. The ones outlined above are the most obvious and the ones you should look out for before selling your house. Not all signs apply equally so ensure they apply to your situation.