If you’re thinking about selling your home, it’s important to understand the current real estate market. Selling your home is a major decision that shouldn’t be taken lightly. While the market should have a significant impact on the sale of your home, it’s also a good idea to evaluate your personal financial situation and reason for wanting to sell. Read on to learn when it might be a good idea to sell your home.
When to Sell a Home (5 Common Scenarios)
Traditionally, low mortgage rates and short supply always make it a good time to place your home on the market. If you’re on the fence about listing your home, each of the following scenarios may count as a positive reason for your decision to sell:
1. Housing Inventory is Low
Selling your home can be much more profitable if supply is low and demand is high. Several factors contribute to low real estate inventory, such as consumer confidence, interest rates, the economy, and employment rates. Another inventory factor depends on the season: typically, there is a lower number of listings during the fall and winter months.
2. Your Home’s Value Has Increased
If you’ve lived in your home for a number of years, or if property values in your neighborhood have significantly increased, it might be a good time to list your home. The more your home equity increases, the more advantageous it may be to walk away from your current home and reinvest your money into a new one. Deciding to get back into the purchasing market could help you take advantage of buying a new home will an all-cash offer or making a larger down payment, which would put you in an ideal financial situation.
3. Your Home is No Longer Meeting Your Needs
Especially if you bought your home as a first-time buyer, outgrowing a home is very common. As your family grows and life changes happen, you might find that your starter home has gotten too snug for comfort.
On the other end of the spectrum, if your kids have grown and left the nest, you might find that you have a little bit too much space. Many homeowners make the decision to downsize to a home that’s easier to maintain.
4. Upkeep Is Taking a Toll
According to The Motley Fool, the average homeowner pays over $2,000 yearly to maintain their homes. Projects like landscaping, gardening, septic services, trash removal, and other tasks can quickly add up. That doesn’t even begin to cover the costs of unexpected repairs and maintenance fees, not to mention property taxes and HOA fees. If your to-do list seems never-ending, it might be time to invest in a new home that requires less maintenance.
5. You’ve Done Your Research
If you’ve done your research about both the local and national housing market, you’re already one step ahead of the game. A well-informed seller understands when it’s the ideal time to place their home on the market to get the best possible deal.
Is It Your Time to List Your Home?
If you’re confident that it’s time to list your home, don’t hesitate to contact an experienced real estate agent so you can outshine your competition. The right Realtor can help you get broader exposure for your property, negotiate a good deal, and help you navigate every step of the transaction with greater ease.