Have you been considering selling your house but putting it off? Here are signs telling you that you need to sell your home immediately.
Houses play a significant part in our lives. You may think of your house as a permanent home for a lifetime, or it may be a place to keep you safe and secure for a few years. Plans change in our lives; we may have to pack up and leave as a new opportunity takes us to a different place. Or you may have simply outgrown the house you are living in or want a change in scenery. Here are a few signs that would tell you that you no longer should put away selling your home.
1. The House Is Not Big Enough Anymore
If you feel like the space you are living in is too small and you can’t see yourself living in that space for much longer, you know it is time to sell your house. You may have children who are now growing up, requiring more space, or you may have started to work more from home, necessitating a workspace in your house. These and other reasons may make you want an upgrade to your quality of life, which can be possible by selling your current home and buying a bigger one.
2. There Is A Thriving Sellers Market
If the seller’s market is booming and you are in the market to make money by selling your house, then it’s the right time to sell. You can tell that a seller’s market is booming by researching or consulting a local real estate agent you can trust.
Some signs that it could be a seller’s market that is booming include
- Properties are getting sold quickly
- The price per square foot of the local real estate has gone up
- For sale signs are going up a lot more across your neighborhood
- Your neighbor with a similar house just sold their house at a great price quickly.
In this scenario, you may be thinking, ‘can I sell my house for cash’? Well, you surely can. Just research and settle for a trusted company that will make selling your home a breeze.
3. You Have Reached Financial Stability
You have to ensure that your finances are in order before you sell your current home to buy a new one. This is more crucial if you upgrade your living standard by buying a more expensive house. No matter what reasons you have to buy a bigger house, you need to be able to afford it. If you need to add more money to your emergency fund or have a debt waiting to be paid off, settle those matters first. This way, you will be financially comfortable putting your house on the market.
4. You Need To Downsize
On the other hand, you might need to downsize to a smaller house as your home might be too big for you. You may want a smaller house that you can manage more easily thus being more affordable. Owning a smaller house means lesser mortgage payments and lower homeowner costs. This way, you can have more money to save or invest as your financial pressure from owning a big house is going down.
5. You’re Done With Maintenance
The sole reason for selling an old house might not just be to buy a new one; maybe you want to give up the hassle of owning a home and just go back to renting. For many, owning a home comes down to a lot of work. Many people don’t want to continue the responsibility of maintaining a house. They don’t want to put up with the energy, money, or time needed to be a homeowner. Or you might be looking to sell your house to buy one that requires less maintenance.
6. You Are Emotionally Prepared To Sell
It’s not an easy process to sell your house. It is not just a financial deal, it’s an emotional undertaking, and you must feel prepared to go through the journey. You have to invest adequate effort, energy, and time to make the house fully ready for house hunters. The entire negotiation process is taxing.
You need to emotionally prepare to let go of all the memories you made in the house with your family and declutter all your personal belongings. So you need to be sure that you are up for the entire emotional roller coaster ride when you decide to sell your house. And if you feel that you are finally prepared, it is time to sell your house.
7. You have Equity
A significant consideration while selling your house is equity. It is recommended that to build up enough equity, you need to live in your house for at least five years. If you try to sell sooner than that, you might lose money due to all the selling costs. And when buyers see that you haven’t lived in the home too long before you try to sell it, they might think there is something wrong with the property. So hitting that five-year mark of living in the same house and building up the required equity is a good sign that it is time to sell the house.
Summing Up
The decision of when to finally put your house up on the market is entirely up to you, though we hope that the decision-making process has been aided somewhat by these telltale signs that we mentioned. There is no guarantee that selling your house will be a good move in the long run. If you don’t want to sell your old house but are also keen on buying and moving to a new one, you can consider renting out your old house. But remember that it also means the added responsibilities of being a landlord. So don’t rush into it; take your time to do the research. Study the local market and consult with local real estate agents to make the best decision. Don’t forget to listen to your intuition. Best of luck!
