Residential real estate has been one of the hottest markets in the United States for several years now. On top of that, home sale prices have been reaching record highs.
Of course, like most things, the situation on the ground is more complex. Even at the peak of buying, some areas remain economically depressed and have little to attract home buyers.
So, if you’re thinking of selling, keep reading for seven signs that it’s time to sell.
1. Your Family Changes
Family size changes over the course of adulthood. When you buy your first house, you may well be buying it for yourself and your spouse. A few years down the road, though, you may have a child or two. Conversely, at some point, your kids move out.
If your family grows, you may find that your house just can’t support all of those bodies. Once your kids move out, though, that three-bedroom, two-bath home may become more house than you really need. In either case, that’s a sign it’s time to look for something else.
2. The Local Market Is Hot
Sometimes, you hang on to a house because you simply can’t get enough money for it if you sell. Once the market picks up in your neighborhood or your city, though, that’s often the best time to sell. You may want to wait a little while to see if prices go up a bit more, but you should really consult with a local realtor about that.
For example, if you live in the Austin, Texas, area, you’d want guidance from an Austin real estate agency. They’re in the best position to advise you about your property.
3. Your Kids Approach School Age
When your kids are very young, it’s all about preschool. Of course, you drop them off there every day, so location doesn’t matter. Once they’re old enough to attend grade school, though, your address determines where they go. If you prefer a different school district, that can make a move a good choice.
4. You Change Jobs
Job changes are just part of most career paths. At some point, you need to change companies to get that promotion you want. Unfortunately, that can also mean that you must go to another city or even another state.
Some people try to hang on to that property and, for example, rent it. Most eventually find that dealing with a property in a distant location is more time and effort than it’s worth. If your new job requires a move, selling your home is the most common decision.
5. You’re Sick of the Maintenance
Homes require a lot of maintenance. When you’re 30 or 40, that maintenance is just part of the deal. As you age, though, the prospect of mowing a huge lawn may become increasingly distasteful. Climbing up a ladder can prove downright dangerous if you no longer have good balance.
Since you own the house, though, that work must get done. That can mean paying out more and more for others to do the work. If you can’t or no longer want to do the maintenance or pay for it, that’s a good indicator that it’s time to move on.
6. Interest Rates Are Low
When you sell a home, you must also consider where you’ll land. If you plan on buying another home, you want to sell and buy when the interest rates won’t rake you over the coals in interest.
7. You’re Not Happy
Neighborhoods and even cities change over time. While you might have loved your neighborhood a decade before, you may find you have less and less in common with your neighbors as homes change hands. If you’re not happy, that’s a good reason to sell.
There are scenarios where selling your home isn’t optional, such as moving for a job. In most instances, you can do a lot to sell smart.
Wait until the market picks up where you live. Pick a time when interest rates are good. Aim to make the sale when big life changes are happening, such as when kids head to school or move out for good.
Selling smart lets you use the sale as a way to make your life better or easier in the long run.