Selling your home is a big step, and it’s one that often comes with a lot of questions. One that real estate agents hear a lot is, “Is now a good time to sell my home?” It’s true that timing can be important in the real estate market. Everyone wants to get the best price. But there are a lot of other questions to ask yourself when deciding whether or not it’s the right time to sell.
Are You Ready?
If you’re considering selling your home and relocating, the first question you need to ask yourself is, “Am I ready to sell?” It sounds obvious, but you have to be ready to move you, your family and all your belongings to a new location. Many people recognize what a hurdle a move of this magnitude can be, but for some, the details can go completely overlooked.
A lot of work goes into selling your home and moving, and it’s important to consider every aspect of the process before you decide to put your house on the market.
Is Selling a Want or a Need?
Many people often become emotionally attached to their homes, making it difficult to leave when the time comes. If you don’t need to move, take some time to consider whether or not you really want to move. Think through your reasons and weigh whether or not they’re worth the process.
Major life changes are one of the most common reasons people move. More often than not, a family will move because of:
- Changing jobs
- Needing more space for a growing family
- Wanting to be in a better school district
- Wanting to be closer to family
- Desiring to downsize as “empty-nesters”
- Ongoing changes within their current neighborhood
Whatever your reasoning, it’s important to decide whether you simply want to move or if you need to move. This could drastically affect your decision and timeline.
Is the Timing Right for You and Your Family?
Just because the market in your neighborhood is hot doesn’t mean that it’s the right time to move your family. Selling your home comes with many steps in what could be a lengthy process. Before you put that “For Sale” sign up, take some time to consider the season your family is in. What do your schedules look like? Do your kids have a lot of events or activities? If you’re moving to a different city, will that create a change in schools? A change in jobs? For most busy families, it’s in their best interest to time their move with a slower season. But if your move is necessary, you may not have this luxury.
Learn More: Helping Kids Prepare for a Move
Before you commit to selling, you need to have a plan in place. While it’s always the goal of your real estate agent to sell your home quickly, sometimes situations arise that are out of everyone’s control. Each seller’s situation is different, which is why listing your home at a time that’s best for your entire family is ideal.
Can You Afford to Sell?
Selling your home comes with a price tag of its own. Before you put it on the market, you’ll want to make sure you can afford the necessary updates and repairs. Focusing on things like paint, updated lighting, flooring, and even staging could increase your return on investment and help drive up your offer prices. You’ll also want enough equity in your home to profit from the sale in order to make a down payment on a new house. Keep in mind that you’ll likely be getting a new mortgage to finance your next home purchase. To save yourself from unnecessary stress, sort out your finances before you decide to sell.
Learn More: Exposed: Hidden Costs of Selling Your Home
Is Your Home Ready?
If you’ve been putting off any maintenance projects or repairs, you’ll want to get those done before you list your home. In some areas, good homes sell in a matter of days. Don’t assume you can put your home up for sale first and fix it up before buyers see it. Take some time prior to listing to spruce things up a bit. Touch up the paint, update some of those outdated fixtures, and repair anything that could be seen as a hassle for the new owners. All things that make a good first impression should be done ahead of time. That way, potential buyers see what they expect (and want) to see when they first view your home.
Do You Have a Real Estate Agent?
To get the most out of selling your home, you’ll want to get a good real estate agent. Real estate agents are always up to date with the latest market trends. They can walk you through every step of the process and make sure your experience is as seamless as possible.
Learn More: How to Choose a Real Estate Agent
Is the Market In Your Neighborhood Hot?
Are homes in your neighborhood selling for impressive prices? Is your district building new schools? Is the local job market booming? If things are generally heading in a good direction, your home could be in high demand, ensuring you get the most return on your investment. And that makes it a great time to sell.
Every neighborhood is different, so you’ll want to do some market research before listing your house. Remember, your home is a long-term investment and your investment should make money when you sell it. Pay attention to the market trends in your area. If you need to get a certain price for your home to make it worth the sell, be sure to take that into consideration.
There’s a lot to consider when selling your home, and the right reasons to do it vary per family. If there’s a particular question you’re not sure about, consulting with a real estate agent can provide the valuable insight you need to make the decision clearer. If the reasons and seasons are right for you and your family, then it’s the perfect time to sell your home.