Selling Your Home | 10 Reasons Not to be Scared
While the real estate market has been changing lately with rising interest rates and slowing home sales, there are still plenty of reasons to sell your home. In fact, in some cases, it may be the best decision to put your home on the market sooner rather than later. Most people can never predict exactly when the ‘bottom’ or the ‘top’ of the market will occur. Selling a home, especially your primary residence, isn’t like buying or selling a stock. Stocks and other investments are purely driven by numbers and gain/loss – decisions that are largely devoid of emotion. Selling your home is driven by many factors – economics are probably in the top 3 reasons, but not the single most important one. Upsizing for kids, downsizing for retirement, relocation, family commitments – these are all decisions that are typically more important than money.
Most good REALTORS(r) will tell you that core housing decisions are driven by factors other than money. In good or bad real estate markets, 11% of the country will move each year. 60% are renters and 40% are buyers. Don’t let the current real estate market conditions stop you from making your move.
Here are 10 reasons to sell your home now, in spite of a changing market:
1.You’ve outgrown your home
If you’ve added children or pets to your family, or frequently have overnight guests, you may simply need more space. A home that once felt comfortable may now feel cramped, and you may find yourself longing for a larger home.
2.You want to downsize
Maybe your kids have moved out and you don’t need all the space anymore. Or maybe you’re ready to simplify your life and get rid of the burden of home maintenance. Downsizing to a smaller home can free up both time and money.
3.You need to relocate
Whether you’re moving for a new job or simply to be closer to family, selling your home may be the best way to make your relocation happen.
4.Your home needs repairs
If your home is in need of significant repairs or updates, it may make more financial sense to sell now and use the proceeds to buy a home that better suits your needs.
5.You want to take advantage of interest rates before they rise more
If you’re considering selling and buying a new home, now may be a good time to do so. Historically low interest rates make it an ideal time to buy, and your home’s equity can give you a leg up on financing.
6.You want to cash in on your home’s equity
If your home has appreciated significantly in value, selling now and buying a less expensive home could enable you to pocket a sizable profit. You can then use that money to help finance retirement, a child’s education, or any other goal.
7.You’re facing a divorce
While no one enters into marriage expecting it to end in divorce, unfortunately, it happens. If you find yourself in this situation, selling your home and splitting the proceeds may be the best way to move on.
8.You’ve inherited a property
If you’ve recently inherited a home, you may not have the emotional attachment to it that a family member would. In this case, selling may be the best way to make the most of your inheritance.
9.You’re facing foreclosure
If you’re behind on your mortgage payments and facing the possibility of foreclosure, selling your home may be the best way to salvage your credit and move on with your life.
10.You want to take advantage of a buyer’s market
While it’s never guaranteed, selling in a buyer’s market may enable you to negotiate a lower price for your home. If you’re considering selling in the near future anyway, it may make sense to do so now while buyers have more negotiating power.
No matter what your reason for selling, it’s important to consult with a REALTOR to learn more about your local market conditions and find out whether now is the right time for you to sell. With their help, you can make the best decision for you and your family.
