Is It Time to Sell Your Home? Here Are The Signs It Might Be
Unless you’ve been living under a rock, you’ve probably heard about the seller’s market currently taking place around the globe. Seeing what homes are selling for in your neighborhood may have you wondering, “should I sell my home, too?” In this post, we’ll go over the top signs that it may be time for you to get your very own “For Sale” sign.
#1. Your Home Is No Longer Meeting Your Needs
Outgrowing your home is very common — especially for first-time buyers who outgrow their “starter homes.” As your family grows, it makes sense that a house you bought just for your partner and you starts to feel a little too snug for comfort. Once your family starts growing, or your needs change, there’s a good chance you’ll want to sell and find a new home. Of course, you should have a plan in place before listing your home as far as when the right time to list is (don’t forget to take school, work, and extracurricular schedules into account). Here are some other things to think about:
- How much other houses in your area are going for.
- If the neighborhood you’re thinking of moving to is a good fit for your family and needs.
- If the size of your new house will be able to fit the whole family and even grow with you.
On the other end of the spectrum, as people age and their kids fly the nest, they often choose to downsize to something easier to maintain. No matter your situation, if your home is no longer meeting your needs, it’s probably a good idea to sell it.
#2. Your Home’s Upkeep Is Taking a Toll
If your honey-do list is never-ending and unexpected repairs pop up by the day, it might be time for a house that requires less maintenance and upkeep.
Did you know the average homeowner pays $2,000 per year to maintain their home, and in Sudbury that number looks low! That includes landscaping, snow removal, trash and recycling, gardening, house cleaning, septic services, and so on. That doesn’t even cover what it costs to make repairs. These costs on top of property tax and the mortgage can start to add up — surprising some first-time homeowners in particular. If it’s becoming too hard to afford upkeep or tackle the list of DIY repairs and home chores, downsizing might be in your near future — especially if your home needs excessive upkeep and maintenance and it’s no longer worth it.
#3. It Makes Financial Sense To Sell
A house is the most significant investment we make, and homes can accrue a lot of value as the years pass by. If you’ve owned your house for a long time and your mortgage is paid or almost paid off, you have excellent built-in equity, and given today’s market, this may be the perfect time for you to recoup a large portion of your nest egg. The housing market is expected to stay red hot in 2022 as Zillow predicts home values will increase by an additional 11% in 2022 after increasing by a record 20% in 2021. So, if you're wondering when a good time to sell is, now may be your answer!
Additionally, if your financial situation has changed — either way — it might be time for a new home to accommodate your new post-covid lifestyle. A recent promotion at work might allow you to finally get that home with a swimming pool, or the opportunity to find your dream home on the lake.
#4. You’ve Done Your Research
The best seller is a well-informed seller. If you’ve done your research on both the Canadian and the Sudbury market (I hope you've been listening to my podcast "Sudbury Real Estate") and know that it’s a good time to sell a home, you’re one step ahead of the game. Researching Realtors during this time is also an excellent idea because you can chat with them about what houses are selling for and get the inside scoop if any of your neighbours with homes similar to yours are planning to list theirs soon so you can know what you may be competing with — and make the required repairs/upgrades to outshine them!
#5. You Know What’s Next
The thing about selling your home is, you’ll no longer have a home. You certainly don’t want to put yourself and your family out on the street! So, before you decide to list your home, you need to have a pretty good idea of what the next steps are for your living situation. Will you be relocating? Downsizing? Moving to a different school district? Whatever reason you’re moving for, it’s important to start devising a plan, researching your intended market, and figuring out what you’ll do when your current home sells.
Is it your time?
Now that you’ve read our blog post, you should have a better handle on whether or not it’s time to sell. Whether the time is now or you plan on waiting a little longer, we're here to help.