One of the most important signs that spark the desire to sell your home is intuition. The little voice that says, “It’s time to move…” Most of the time, this is a result of life events. When things change, we seek to adjust ourselves to find the most comfortable outcome. When the best result is to sell your home, the next step is to determine the right time to compete in the market.
As life evolves, several matters can initiate a change of environment.
Maximize or Minimize Space
A two bedroom house may be a perfect fit for a newly married couple without children. Three births later, the house is too small. The family looks for a larger home to create beautiful memories. After several years, the family size reduces as the children grow into adults and build their own lives.
The occupy of the house are limited to the parents who now have more space than they need. As the years go on, the aging couple finds it difficult to keep up with housekeeping, and the home feels too empty. Downsizing to a smaller place will help with maintenance and expenses.
Maintaining a house is more expensive than managing an apartment. Even a new home can face unexpected problems. If the homeowner’s financial status has an unfavorable change, repairs are not possible. Small issues will turn into huge issues. The entire structure can be in jeopardy. With mounting maintenance and needed renovations, the idea of a more affordable option will lessen stress.
Renovations That Don’t Add Value
The housing market is a competitive industry. For homeowners, “Keeping up with the Jones” no longer means to have the latest flat screen TV. The world grows more high tech every minute. New home buyers are looking for the newest technology to assist with their busy lives. Home renovations require more than adding a granite counter tops. Improvements that do not increase the value of the property are just face-lifts that create curb-appeal. If a home is not wired to support current technical features, it may be best just to sell it as is instead of investing money with no return. No telling how high tech the neighbors have become.
You don’t have to love your neighbors, but polite greeting helps everyone to feel welcome and safe. Everyone loves to sit in front of their garage or on the porch to enjoy the weather and their neighborhood. Unfortunately, like everything else, neighborhoods change. What once may have been a welcoming community can seem like unhealthy territory that keeps you confined to the interior of the home. Being a prisoner is not your perception of a home-style living.
Not only can neighborly behavior change, but businesses also come and go based on financial prospects. When a local store or school closes and the only options for shopping and education are several miles away, inconvenience and traffic inspire relocation. Or you may just be tired of looking at the same old neighborhood.
It’s Just Time For A Change
Life events are not the only driving factor to sell. Sometimes, the need for a change of scenery is simple. You want something different. There isn’t anything wrong with that. As long as you are ready to take on the task of relocating, the world is an open opportunity. A fresh start resets goals and strengthens the ability to succeed.
Ready, Set, Not Yet
After much thought, you agree it’s time to go. So now, it’s time to look for the new place and put a “For Sale” sign on the lawn. Not quite! Before you sell you have to know if it’s the right time to venture into the housing market. If you jump in head first, that “For Sale” sign will catch dust, cobwebs and everything else.
Luckily, there are indicators to help you understand buyers and housing competition.
The first criteria to check are the current mortgage rates. Low mortgage rates give more flexibility to buyers and allow for comfortable spending. Higher mortgage rates make it difficult for the average buyer to pay their mortgage. Usually, when mortgage rates are higher, buyers are more cautious and less anxious to commit.
A Neighborhood of “Sold” Signs
Take a drive around your area. There are usually always “For Sale” signs posted on the front lawns. If those signs are taking a long time to change from “For Sale” to “Sold,” it may be wise to wait a while. For some reason, the area is not a hot hit on the market. Research recently sold properties to determine the length of time these properties list on the market.
Status of the Economy
It’s also a good idea to check on the health of the economy. The unemployment rate and new home building permits can tell you a lot about the economics of an area. Increase in building permits and a downward unemployment trend illustrates possible prospects for new housing.
The entire selling process is a big undertaking. Have confidence in your decisions. Research the stability of the market, be ready to let go and make sure this venture is in your best interest.