Selling your house is a big decision to make, but if your home is no longer meeting your needs, it could be time for a change. There are several things you should consider before deciding if you should sell your house now, according to the National Association of Realtors.
Does your home fit your lifestyle?
One of the biggest reasons to sell your home is because of a change in your lifestyle. Is your family growing and you need more space? Have your kids gone off to college and you need to downsize? Have your stairs become too much of a hassle and you need a single story home?
Sometimes these lifestyle changes don’t require a move. You may be able to add an addition to make your house bigger, or you can install a chairlift to make it safer. It’s important to evaluate all of your options when deciding if you should sell your house now.
You also need to consider if your neighborhood is still a good fit for you. Do you like living in a walkable community, or would you prefer to have more land and privacy? With the increase in remote work, many people are able to consider relocating to more ideal homes.
Does your home fit your budget?
As you grow older and advance in your career, you may find that you are able to afford something nicer than your two-bedroom starter house. Conversely, if you’re nearing retirement, you will likely want something smaller, that is easier and less costly to maintain. You’ll also want to consider how long you’ve owned your current home and how much equity you’ve built up.
What’s the housing market like?
The flip side of deciding to sell your house, is that you will need a new one. While a “hot” market is good for selling your home quickly and at a good price, it also means it may be more challenging for you to find a new home. When the market is slow, your house may sit on the market for awhile, but you will have ample time to explore your options. You’ll also want to take interest rates into account.
With these tips in mind, you’re well on your way to deciding if you should sell your house now! Ready to take the plunge? Check out this article on 10 Reasons to Work With a Realtor.