Is it Time to Sell Your House?
Most homeowners will stay in their home for a decade. To some, that is an extremely long time and they are itching to move. Meanwhile, others feel like they just got settled into their home.
No homeowner is the same and everyone will want to move at their own pace. A homeowner that is considering their next move should watch for these six signs to determine if it is time to sell your house.
The Market Has Changed for the Better
Many homeowners have seen the value of their home steadily increase over the last few years. A major change in the market is a great reason to move on to the next home. A major profit can be gained from a house that was bought for cheap and had its value increased over the next decade.
Anyone that has noticed that houses are flying off the market will have an easier time selling.
Comparable Houses
Comparable houses were important when buying a house. Now they are again important again in determining if it is time to sell your house.
Pay attention to neighbors that have a similar number of bedrooms, bathrooms, and square footage. If they have sold their home for a major profit it is time to get that ‘for sale’ sign in the front yard and make some money.
Better Budget
Some homeowners are in a completely different financial position than when they bought their house. If it has been financially tight, it could be time to downgrade. Selling a house to get out of a mortgage and moving to a smaller more affordable home can take the stress off a homeowner’s shoulders who has been falling behind on their bills.
Different Family Members
Some families are growing as couples have children while other households now have adult children moving out and going to college. Upgrading or downsizing is a good reason to sell your house, getting out of the current house and into a more comfortable one.
Once a house is too small or too large to accommodate the family, it is time to make a change.
Let Someone Else Take Care of It
After years of taking care of a house and everything that comes with it, homeowners are tired of paying for services. Paying for a gardener, landscaper, general maintenance, and much more can quickly add up. After a while, all homeowners get tired of taking care of their house.
Moving into a condo is a good option for someone getting ready to enter their retirement years or even someone who simply does not care for yard work. The many problems homeowners would have to take care of on their own will now be taken care of by the building owner.
Wait it Out
Do not sell a house right away. Unless the property was purchased as a house to flip it is necessary to stay in a home for around five years. It takes a bit of money to sell a property and many homeowners lose money if they sell too soon.
Most of the first few years of payments is simply going to interest on the loan. The homeowner is not progressing too far into paying off the home until they have lived in the home close to the five year mark. At that point, they are starting to pay past the down payment and may make a little money from a sale.
Never expect to make a major profit on a house simply because other homeowner’s are selling their homes. There are a lot of factors that go into the process to sell your house. Plus, everyone is at a different point in their mortgage payments.
