Is It Time to Sell Your Home? Here Are Some Signs It Might Be.

Unless you have been living with your head in the sand, you've probably heard about the seller's market currently taking place worldwide. Seeing what your neighbors are selling their homes for may have you wondering, "maybe I should sell my home too". In today's blog, we will cover some of the top signs that it may be time for you to get your own "For Sale" sign. 

#1. Your Home Is No Longer Meeting Your Needs

Outgrowing your home is common! Especially for first-time buyers who outgrown their "starter home". As your family starts growing, it only makes sense that a house you bought just for you and your spouse or partner may start to feel a little too snug. Now that your family is growing, or your needs change, there's a good chance you'll want to sell to find a new home. Of course, you should have a plan in place before listing your home as far as when the right time to list is. Be sure to take into account school, work, and extracurricular schedules. Here are some other factors to think about:

   - Prices that other homes are selling for in your area.

   - If the neighborhood you're thinking of moving to is a good fit for your family or needs.

   - If the size of your new home will be able to fit the whole family and even grow with you. 

   - Can you purchase without selling or do you need to sell in order to buy the next one. 

On the other side of the spectrum, as people age and their kids leave the nest, they often choose to downsize to something that is easier to maintain. No matter the situation, if your home is no longer meeting your needs, it is probably a good idea to look at selling. 

#2. Your Home's Upkeep Is Taking a Toll

If your to-do list is never-ending and unexpected repairs pop up by the day, it might be time for a house that requires less maintenance and upkeep. 

Did you know the average homeowner pays $2,000 per year to maintain their home? That includes landscaping, gardening, house cleaning, pool maintenance, and so on. That doesn't even cover what it costs to make true repairs. These costs on top of property tax and the mortgage can start to add up - surprising some first-time homeowners in particular. If it is becoming too hard to afford upkeep or manage the list of DIY repairs and chores, downsizing may be in your near future - especially id your home needs excessive upkeep and maintenance and you no longer have the time or have other hobbies or interests you would rather be doing.

#3. It Makes Financial Sense To Sell

A house is the most significant investment a person can make, and homes can accrue a lot of value as the years pass by. If you've owned your house for a long time and your mortgage is paid or mostly paid off, you have excellent built-in equity, and given today's market, this may be the perfect time for you to recoup a large portion of your nest egg. The housing market is expected to stay RED HOT in 2022 as predictions in the housing market are stating home values could increase another 11% in 2022 after record breaking increases in 2021. So, if you're wondering when a good time to sell is, now is your answer!

Additionally, if your financial situation has changes - either way - it might be time for a new home to accommodate your new lifestyle. A recent promotion may allow you to finally get that home with the pool, while a future retirement plan may require you to move into a smaller home. 

#4. You've Done Your Research

The best seller is a well-informed seller. If you've done your research on both the national and local market and know that it's a good time to sell a home, you're one step ahead of the game. Researching Realtors during this time is also an excellent idea because you can chat with them about what houses are selling for and get the inside scoop if any of your neighbors with homes similar to yours are planning to list theirs soon so you can know what you may be competing with - and make the required repairs or updates to outshine them! 

#5. You Know What's Next

The thing about selling your home is, you'll no longer have a home. You certainly don't want to put yourself and your family out on the street! So, before you decide to list your home, you need to have a pretty good idea of what the next steps are for your living situation. Will you be relocating, downsizing, changing school districts? Whatever the reason you are moving for, it's important to devise a plan, research your intended market, and figure out what you'll do when your current home sells. 

Is It Your Time?

Now that you have read our blog, you should have a better idea on whether it is a good time to sell. Regardless of if the time is now or you plan on waiting a little longer, our team of real estate experts are here to help! 

Let's Talk!