While current rates have tempted many potential sellers in recent months (USA Today, 2020), the decision to sell isn’t as straightforward as simply taking advantage of a hot market. Unlike other investments, your home has emotional appeal and significance. It’s not quite as simple as buying low and selling high! If you’re waffling between moving and staying, here’s how to tell if it might be time to sell.
You want to save (or make) money
Of course, funds are a sizable portion when it comes to deciding to sell. For example, in certain cities, renting may now be less expensive than owning (The Washington Post, 2021). Or, if you have your eye on a more affordable residence, it might make sense to sell.
Some sellers have also been called to sell thanks to an uncharacteristically hot market spurred by the global COVID-19 pandemic. After all, low interest rates coupled with high prices could mean a nice little profit for sellers across the country.
The home no longer fits your needs
Have you gotten married, grown your family, or become an empty nester since purchasing this house? Unfortunately, the concept of a “forever home” doesn’t always apply. Changing needs and circumstances can help signal that a move is in order if your current property just isn’t cutting it anymore. Finding something a bit bigger now that you have children or downsizing if they’ve flown the coop can help ensure that you’re in the right space, at the right time.
You’re rarely there
If you find yourself sitting in your partner’s living room more often than your own, or if you travel frequently for work, a mortgage might not make sense in your current situation. If you have the excess funds to dedicate or are particularly attached to the space, don’t feel inclined to sell. But, if you could use the extra cash, or if you no longer plan to settle down there any time soon, selling could prove prudent.
You can’t maintain it
It’s no secret that regular maintenance and upkeep can be one of the most draining aspects of homeownership. Owners with sprawling yards, older homes and those who frequently see natural disasters know just what we’re talking about. If you’re having trouble maintaining certain aspects of your property, and you find yourself at your wit’s end, it may be time to list your space. A smaller home, apartment complex or condo could help ease some of your maintenance woes.
Whether you desperately need a spare bedroom or can’t stand the thought of pruning one more shrub, deciding to sell a home is an emotional process. The right answer will look different for everyone, but you deserve to live in a home that checks all the boxes. And a few offers over the asking price couldn’t hurt either, right?
Published on October 18, 2021
