5 Signs You Are Ready To Sell
Feeling like your home has gotten a little small for your family? Or do you feel like your home has outgrown you? Either way, not all homeowners plan to live in their current residence forever. In fact, most first and second-time homeowners plan to eventually own another home. Here's five ways to tell if you're ready to sell your house and move.
1. Household size. A growing or shrinking household is one of the most immediate indicators. A young couple is expecting a baby and their growing family will no longer fit in that 1000 square foot condo. Or a couple of parents become empty-nesters and no longer have a need for a 4000 square foot, five-bedroom home. When your living space begins to feel too cramped for comfort or too much to handle, that's usually a good indicator that its time for a change.
2. Equity in your home. How much of your mortgage have you paid off? How much is left to pay? How much has your home appreciated in value since you bought it? Subtract the value of your home from how much you have left on your loan and this is the equity you have in your home. In order to purchase a new house, you're going to need the funds to do so. For many, this comes from selling their previous residence. Determine how much equity you have in your home and if this is the right financial decision. Selling when you have a lot of equity means more money to put towards that new property.
3. Buyer interest. In this market, it's no secret there are buyers galore. Sure, some seasons may see a peak in home sales, but right now buyers are out there and they are looking for inventory. Determine when is the right time for you to list your home and how you plan to attract the most buyers.
4. Changing circumstances. Did your job relocate you? An added 15 miles to your drive could make a huge difference in traffic. Maybe you are planning a family and aren't thrilled with the school district you're in. Whatever the reason, our lives and the circumstances affecting us are constantly changing. If you find yourself needing to be in a different location, you're probably ready to sell.
5. Home Improvements. If you're in the middle of a major renovation, now is probably not the time to sell. Be choosey with the renovations you will be doing, if any, before listing your home. Renovating to up your sales price is not always the answer. Some home renovations don't actually pay themselves off in the long run. If you're selling your home as-is, consider freshening things up with new paint, new fixtures, etc. These smaller details go a long way.