Should We Sell?
By John McCarthy
When should we sell? Now? Next year? When the kids leave? When the pandemic is over? According to the National Association of Realtors® people sell on average every 10 years. Sounds like a long time, although I have one seller that has been in the same house for 38 years. On the other hand, I had a seller last year that sold after only a little over one year (job transfer). Here are some signs that it might be time to call your REALTOR (me, hopefully) and look for your next home.
1. It’s a seller’s market!
Money is a great motivator. You bought at the right time and you know the local real estate market is booming and want to get in on it. Understandable, but hopefully you already own a second home or you don’t need to buy anywhere. Finding a home in the area can be difficult with all the motivated buyers looking. This is where your experienced local REALTOR® can help.
You may need the profits from the sale due to a financial situation. Maybe you underestimated what it would keep the home up or your condo fees have gone way up. There are a number of financial reasons that someone may want to sell. Your best recourse may be to sell and find another home that’s more affordable. Selling your home is better than struggling with a big mortgage and possibly risking foreclosure.
3. Life Changes
Maybe you are splitting with your significant other or you need to be near an elderly parent, relocating for work or just want to get out of the neighborhood you are in. There are a multitude of non-financial reasons to move.
4. Moving Up
The small starter home you moved into when it was just the two of you no longer works for the 4 of you and the dog.
The large home you bought after the starter home is too big now that your kids have moved out (you kept the dog!). Finding a smaller place will allow you to cash in some equity and save on maintenance.
You may be tired of keeping up with all the work required to keep your house running smoothly. Did you just replace the roof and now find out the heating system is failing? Tired of shoveling the driveway? Maybe it’s time to look at condos and allow someone else to take care of shoveling and cutting the grass.
7. It’s a seller’s market!
Yes, I know I am repeating myself but I have had multiple calls over the last year that start with “I can’t believe what my neighbor got for their house! We have been thinking about selling for years, do you think I can get that for mine?”
Take your time deciding if you should sell and sit down with your REALTOR®. He or she should be able to show you on paper what homes that are similar to yours sold for recently. Your REALTOR® can set your expectations on the sale process and give you a realistic expectation as to what you can get for your home.