Figuring out when to sell your home can feel like a lot, but there are a few clear signs that can help make the decision easier. Here’s a simple guide to knowing when it might be the right time to put your home on the market.
The market is hot
First, pay attention to the real estate market. If you notice homes in your area are selling faster and for higher prices, that’s a promising sign, according to Jeff Seehorsch of Rocket Homes. He suggests checking the average number of days homes stay on the market and whether prices per square foot are rising. If both are trending up, it might be a good opportunity.
Also keep an eye on interest rates. When mortgage rates are low, more first-time buyers are likely to enter the market, which can help you sell faster.
You’ve outgrown your space
Life changes can mean it’s time for a bigger home. If your current home feels cramped — maybe you’ve started a family or crave more room for entertaining — it could be time to consider an upgrade, according to Undivided.
Time to downsize
On the other hand, maybe your current home feels too big now that the kids have moved out or you’re nearing retirement. Or home maintenance can feel overwhelming.
If keeping up with repairs is starting to feel more like a burden than a joy, it might be time to consider selling. Downsizing can mean lower maintenance costs and a simpler lifestyle, according to Undivided.
You’ve built up equity
Considering your financial situation is crucial. “You don’t want to pay seller costs out of pocket, so make sure you have enough equity in your home to cover expenses,” according to Flyhomes. Having enough equity can make the selling process smoother and less stressful.
You’re emotionally ready
Selling your home isn’t just about numbers; it’s also about your feelings.
According to Pardee Properties, feeling ready for this transition is just as important as the financial and lifestyle factors. Take some time to reflect on whether you’re prepared for the emotional ups and downs of selling.
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