Life changes, and the house that met your needs when you first bought it may not tick all your boxes now. Is it time to list your home and move on? To help you figure out the answer, ask yourself these three questions:
Are buyers out there?
Ideally, homeowners should list their home for sale when conditions warrant a “seller’s market,” meaning there are more buyers looking to buy homes than there are sellers selling them. Generally, when demand exceeds supply, sellers can expect their home to sell quickly, and, in really tight markets, for more than the asking price. More buyers, essentially, equal more money for sellers.
Keep in mind that a real estate professional is a valuable ally to have, whether you’re in a seller’s market or not. He or she can keep you abreast of market dynamics, offer insight into pricing, provide an upper hand in negotiations, and more.
Does my house still have the right amount of space?
Your home might’ve been the perfect fit while your children were growing up—an ample yard, enough bedrooms, and a playroom for all those toys. A family-sized home when most of its members have left, though, can be costly and taxing to maintain. Simply put: Is your house too roomy now that the kids have moved out?
What about the opposite? Maybe your home isn’t spacious enough. You might need an extra bedroom to accommodate guests and relatives, or you might plan to add to your family in the future or want more in the way of entertainment or recreation. Is your current house bursting at the seams?
Where do I stand?
One of the key differentiators between renting a home and owning one is the ability to build equity, or the amount you owe on your mortgage versus the current value of your home. A homeowner with substantial equity may be in a better position to sell than one without. A real estate professional with knowledge of present market conditions can help you determine your stake—it can be financially advantageous to place your home on the market if the figures are in your favor.
If you think now might be the right time to sell your home, or if you just want to explore your options, contact a real estate professional for help and further insight.