You have been living in a property for a long time. You’ve hopefully seen some appreciation in its value over that period. However, certain life events could have just made it apparent that it’s time for a change.
Perhaps you’ve just started a family and need more space. Maybe the kids are off to college, and you need less space. Or perhaps you want to move to a completely new area or there’s even new life requirements that your current residence does not support. These could all lead you to the conclusion that it is time to sell your home.
But hold up just a moment. Merely considering your situation in life and your needs is only half the battle when it comes to making that all-important decision. In fact, it is less than half the battle.
There are many factors that could influence your decision here, and many more which involve things like your financial situation, the current state of the property market and, of course, the type of property you would like to buy.
Realizing that it’s time to sell your home can be a fairly complex matter. CityHome Collective, a real estate brokerage specializing in luxury homes and condos in Utah, say that while there are some well-known things to consider, much that depends on the specifics of the local housing market.
To navigate these factors and find the best property (and to potentially sell your existing one), there really is no substitute for the advice and expertise of a good real estate brokerage with a strong local market knowledge.
When Is It Time to Sell?
So, having stressed the fact that there’s some vital information that only a realtor can give you, here follows some of the factors you might consider when deciding whether the time is right for you to sell your current home:
The property Has Appreciated in Value
Sometimes, it’s just time to go. Nevertheless, you might also decide to hold off if your property isn’t doing too well in terms of value. Ideally, you will want your home to have appreciated in value over the time you’ve lived in it (adjusted for inflation).
That way, you’ll be ensuring you have the funds to afford your new place. A home is an investment, but you need to sell at the right time for it to become a good investment.
Too Much or Too Little Space
This is a fairly simply personal consideration. You might want to downsize if the number of occupants in your property have decreased or upsize in the opposite case.
The Market is Favorable
Specifically, this means the local market where you are searching for a new home as well as the market from where you are selling. These two things are, of course, in conflict because the market cannot be favorable for both buyers and sellers at the same time. Nonetheless, geographical differences could make things work out.
You Have the Resources for Renovation
Why would you renovate a home you are moving out of? Quite simply, you would do this to make more money. Speak to your realtor to see what value a certain renovation would offer, then check if you can afford to make it happen.
Your Dream Move is Suddenly Available
The thing about great properties is that they tend get sold sooner rather than later. If your dream move is suddenly available, you need to act fast – and that could mean selling up now.
Ultimately, the trickiest thing about selling when the time is right to sell could just be that there’s much more to consider than you initially thought.