4 Ways to Know it’s Time to Sell Your Home
Have you been thinking about selling but just aren’t sure if you should? Listed below are some signs that might let you know it’s time to sell your home.
1. Maximize Your Equity. Everyone has heard that when you buy real estate, the most important thing is location, location, location. And, when you sell real estate, the most important thing is timing, timing, timing. Unfortunately, there is no crystal ball to predict the recurring ebb and flow of home values and a seller’s market versus a buyer’s market. However, we do know that we’ve had a strong seller’s market for several years, along with consistent appreciation in home values. If you have significant equity in your home, you may want to consider listing your home for sale, instead of gambling on further appreciation and a quick sale in the future. As you probably already know, if you are selling your primary residence and have lived there for two of the last five years, a significant portion of your gain will be tax free – up to $250,000 for an individual and up to $500,000 for a married couple.
2. Space – Too Little or Too Much. Maybe you’ve moved in with someone, added new members to your family, or your grown children or elderly parents living with you. If you’re feeling cramped, it may be time to explore buying a more spacious home, with plenty of room for everyone to breathe. On the other hand, if you have unused rooms collecting dust, you may want to consider downsizing. Beyond any financial gain from the sale of your current home, downsizing typically results in substantial reductions in expenses –real estate taxes, HOA or Condo Fees, electric, water, landscaping and overall maintenance. Right-sizing your home when you have too much space will also save you time and effort – simpler upkeep, landscaping, cleaning, etc.
3. Remodeling Isn’t a Sound Investment. We all want to be proud of our home, and enjoy the comfort and convenience of updated features. However, every neighborhood has a ceiling on the amount someone will pay for a home… any home. If the cost of remodeling your home will significantly exceed the additional amount you will likely receive from a buyer for those updates, it may be time to consider a newer home, or a fixer-upper in a community where remodeling would be a good investment.
4. Saving Time & Effort. Are you growing tired of the time and expense of maintaining your lawn? Your landscaping? Your pool or spa? Are you spending too much time and gas commuting to work each day? Would you prefer living in a different school district? Are your HOA restrictions too harsh or too lenient? If you think about one or more of these things over and over, it may be worth researching lower maintenance homes closer to work.
Selling your home is a big decision. If anything in this month’s market update strikes a chord, and you’d like more information about what your home is worth, how quickly it could be sold, and to research moving to a new home, I welcome your call.
Anne Butcher
Realtor®, ABR|CNE|CDPE
239-872-1574