Every month, home prices in the USA continue to climb. At present, they are at the highest levels they’ve been since the turn of the century.
Are you keen to take advantage of this market? A seller’s market is a good time for selling houses, but it’s also a bad time for buying them.
So, first consider if you have a valid reason for selling, or if it’s best to stay put for now. These are the most commonsense reasons for selling your home.
1. Your Family Is Growing
As your small children grow up, everything changes. They get way past the room-sharing stage, their possessions seem to double every day, and noise levels start to approach an all-time high.
If you find yourself inwardly wishing you could move to a hilltop in Tibet, alone, it’s time to find a bigger house.
Perhaps you bought your first home before children were part of your life plan, but now they’re here, and it’s time to move on.
As children age, they need to attend school, and they’ll want to venture outdoors to play, too. If you live in a sketchy area or a small apartment with no lawn, you might want to consider moving elsewhere, preferably near good schools.
2. You’re Growing Old(er)
On the other end of the scale, the time always comes when your not-so-little ones decide to fly the coop. They head off to university and start families of their own.
All of a sudden, you and your spouse find yourselves rattling around in a huge house that saps your energy and your budget due to cleaning and maintenance issues.
A smaller place will give you more time to enjoy your golden years. If Florida’s golden beaches are filling your dreams right now, it’s probably time to kick-start your retirement by moving to a condo alongside the sea.
3. It’s a Seller’s Market
The current favorable interest rates can’t last forever. So, if you want to enjoy the benefits of buying a new home while they’re at all-time lows, you should strike now.
Not only will you get a better deal on your mortgage, but it’s easier to find a buyer while interest rates are still favorable.
Interest rates might be scraping the bottom of the barrel, but home prices are on the increase, which makes right now an even better time to avoid higher costs on a new house.
If you notice homes in your area are selling fast, that’s a sign that your neighborhood is in demand.
This combination of good interest rates, high demand, and escalating prices creates excellent conditions for selling fast and scooping up a new house at the lowest price possible.
4. Your House Is Costing You Way Too Much
Did you splurge on your dream home, and now you’re regretting every single mortgage repayment? If your mortgage repayments are robbing you of opportunities for enjoyment or even some necessities, you need to move on.
Likewise, if your home’s starting to come apart at the seams, and you’re in for massive repair bills soon, you should reconsider your options. There are plenty of buyers who’ll take your home off your hands as-is.
5. You’re Facing a Job Change
Moving for work purposes is an unavoidable upheaval. It often means you’ll need to haul up your roots and head to another city, state, or even country.
If you’ve just received a dream job offer, don’t hesitate to sell your home and head off into the sunset in search of a new life in a different location.
Even if you’re not relocating for hundreds of miles, a new home closer to work will make your daily commute a lot less stressful.
6. You Receive a Foreclosure Notice
In today’s challenging times, everyone’s struggling to make ends meet, and perhaps you’ve missed one too many mortgage payments of late.
Receiving a foreclosure notice is a devastating blow on top of all your woes, but it needn’t mean the end of everything. So, stay calm and consider selling your house to the nearest cash buyer.
In this way, it’s possible to get the bank off your back and even continue living in your house, get more information here.
7. You’ve Got Enough Home Equity
During a market boom, like now, you can profit from selling your home. That is if you’ve been paying your mortgage for over five years.
Your first few years of mortgage payments go almost entirely toward interest. You’ll also need to pay capital gains tax if you sell within two years.
Remember, you’ll also still have to pay all the costs associated with buying a new home too. These include hiring a real estate agent and closing costs.
By the time you’ve paid all these extras, you might not make very much from the sale of your home at all.
8. It’s Simply Time to Sell Your House
Chances are you adored your home when you first bought it, but things have changed now.
If your home’s lost its appeal or your neighborhood’s gone downhill, you should consider getting out of there. As our needs and interests change, we sometimes find ourselves wanting more from our home than the current one can offer.
Start searching for today’s dream home, and sell yours to someone who can appreciate it for what it is.
Make More Out of Your Home
Saying goodbye to a beloved property is never easy, but when the time comes, you might as well make it worthwhile. One way to sell your house for more, and faster, is by completing a few renovations to increase its appeal for buyers.
If you’re looking for inspiration, browse our website for more information and tips on home improvements and other topics.