Is it ever the “right” time to sell? This is a question commonly asked by our clients. And although we can never say for certain what the perfect time is, there are signs that may indicate that it is a good time to sell. Let’s take a look at what these signs might be!
- Your family size is either growing or shrinking.
Is your home life evolving? Do you have kids moving out, maybe heading to college? Or are you adding new members to the family? If your family size is changing (strictly looking at the members of the family that are living at home), it may be time to consider moving.
Living in a home that is too large can have a negative impact on the family. Not only are homeowners required to spend more on utilities for space that is not being used, but they are also required to commit time to maintain and repair that extra space as well. Moving to a smaller home that is more suitable for your family can help reduce spending and reduce stress.
On the contrary, we are seeing an increase in millennials purchasing homes, as well as a rise in the number of homeowners starting families. Ensuring that you have enough space for the whole family will provide you with the comfort you need for the future. If you are living in a small home and looking for the opportunity to transition into say a three bedroom, now could be the optimal time to sell. Most individuals think that they cannot afford to move into a larger home; however, there are a variety of factors that can impact this decision and the right real estate agent can help you find that next home that meets your financial means.
- You spend all your income on your home.
When surveyed, many Americans are reported to be spending almost 50% of their income on their mortgage. If this is how you are living, how are you getting the money to get out and enjoy life? Are you able to take your annual vacation and enjoy date night with your significant other? Most likely not. So, if you are paying more than 25% of your income on your mortgage, consider selling. Getting a mortgage that matches your income can let you live a happier life.
Outside of your mortgage, also look at your bills. Are they more than what you would like to spend on them? If they are, moving to either a smaller or more energy efficient home could provide you with some financial freedom.
- You are getting older and preparing for retirement.
This is never an easy one to acknowledge, however getting older can change the requirements you need in your home. It is better to move when you are ready and able instead of wait until later in retirement. Many of our clients have found that they relieved their anxiety when they moved early into a home that was more conducive to the next phase of their life – possibly one that is smaller and has fewer obstacles such as stairs.
If it’s not for a more accessible home, moving to prepare for retirement can also help with your financial stability. Most individuals who move for retirement find that they have more spending money each month – who wouldn’t want this added benefit?
- You are looking for a fresh start.
Have you had a challenging year? Maybe lost a loved one, changed jobs, or got a divorce? Any stressful event that occurs while you are living in your home can leave you with anxiety if you continue to live in that same home. Many psychologists recommend that getting a fresh start, including moving into a new home, can provide a healthy change to improve one’s mood. Also, it may give you a chance to refurbish the next home to fit the new goals that you have in line for the upcoming years.
Most likely, if you are reading about whether or not it is a good time for you to sell, you have some inclination that you want to sell. You may be fearful and anxious about that next step; however, we are here to tell you that the process does not have to be complicated. If you want to learn more about how you could benefit from selling your home today, and how we can help you, contact us and speak with one of our agents!