Have you outgrown your home? Or has your home outgrown your household? Fewer and fewer families expect to stay in their first or second home for the long haul. Here are some factors to determine if you're financially and emotionally ready to sell your home.
1. Growing or shrinking household - Are you about to welcome a new baby or take in aging parents? Maybe you're sending your youngest off to college. In any event, if your living space has become too cramped or grown beyond your needs, it may be time to make a move.
2. Plenty of home equity - Subtract the value of your home from the amount you have left on your loan. What's left over is the equity; or the amount you'll have after the sale. Following the sale, you'll be a buyer again, so having funds to put down is key.
3. Interest from potential buyers - You'll want to list when you know buyers are looking. Some experts say late spring is the ideal time to sell, but peak seasons vary by region. Milder weather can increase buyer interest, but that also means more competition from other sellers.
4. Changing circumstances - Location matters. Whether your neighborhood dynamics are changing, you're unhappy with the schools in your area or a new job significantly increases your commute, your community needs to fit your lifestyle.
5. Home improvements - Renovations may be a wise investment, but it's best to avoid listing your home in the middle of a project. If you plan to sell your home as is, completing some minor home updates like new paint and fixtures can be a huge selling point.
Moving is a big decision, one that requires careful consideration. If your needs have changed since you bought your home, don't hesitate to get in touch.