Deciding whether or not to label your home, “For Sale,” can be an extremely heartfelt experience for some people. While your home may be one of the most valuable assets you own, there is also a personal history, as well as an emotional attachment, associated with those four walls. When determining the best time to sell your home, it may be helpful to be aware of the tangible and intangible signs that can often reveal themselves, suggesting when might be the right time to considering putting your property on the market. While life circumstances play a role in the timing of when to sell, here is a go-to list that can serve as a guide for knowing when to sell your home.
A Seller’s Market
According to real estate experts, housing market predictions are not always 100 percent accurate; however, there can be key indicators within the trends that suggest more profitable market conditions:
- The prices of the houses in your neighborhood are soaring.
- When the inventory is low, there will likely be more offers to choose from, increasing your chances of realizing a higher premium.
- There is increased brokerage activity in your area.
With the right market conditions on your side, selling your house could yield more positive returns.
Positive Equity and Sufficient Cash
Having built equity in your home may put you in a beneficial position. Home equity is primarily determined by subtracting your home’s current value in the market from the remaining balance on your mortgage. But, don’t get carried away! Even if you have positive equity, you will need sufficient cash on hand to stage your house, do mandatory overhauls, pay your moving costs, closing costs, and real estate commissions.
Your Space Needs Have Changed
Have you outgrown your home space or do you find it more than sufficient for your family needs? Both conditions require quick attention. As we move through various stages of our lives, our needs change accordingly. If your children are growing and don’t have sufficient space to carry out their activities, it can take a toll on everyone. Conversely, living in an empty nest can prompt unnecessary maintenance and expenditure costs. Either situation can signal that you may need to consider selling your home and buying a more suitable substitute.
Home Renovation and Returns
Does your house need significant repairs and overhaul? Will considering a renovation add gains to your property? What if you end up spending beyond your budget? Be vigilant and thorough about how much you need to spend to make the sale worth it. It can be helpful to talk to a professional or do quick research around the neighborhood to compare the area’s condition and trends. See if it makes more sense to put your renovation budget towards the new house instead.
The Location is not Favorable Anymore
Have you recently changed jobs? Are you interested in living closer to a commercial sector? Or your kids are nearing school age? All these issues can contribute to why people may need to move. If changing the location is prudent, then it’s a credible sell signal.
If you are checking off more than one of these signals, your funds are ready, and you are emotionally buckled up to take on this venture, then selling your house now may be the right call.