People move for a variety of reasons. The statistics now show that the chance of you buying and staying in a house until you have the mortgage paid off are very slim. The majority of people will move multiple times after their first home purchase. The decision to move is not usually an easy one. Ask yourself these four questions as you work to determine if you should be staying or selling:
Why are you thinking about selling at this moment in time? Is there a major change in your life that is leading you in this direction? It could be the upcoming birth of a new baby that makes you want more room in your house. Or it could be a desire to move to a new state. These decision motivate many people to sell and are usually warranted reasons to move.
Other homeowners contemplate moving to take advantage of the market. Prices have finally rebounded, and many homeowners that have been stuck in their homes since the housing crisis finally have an option to sell and make a profit. Now that they can make money on their house, some owners are feeling like they should sell their house because they can. While this could be a good situation, it doesn’t mean that it is for everyone. While the high prices will allow you to make money on your house, it also means it will cost you more to buy a different house as well.
That leads us to the next question you need to consider. If you sell your house, where will you move to? Are you looking out of state, or at a smaller house or larger house? Do you have a plan on what you want to do and how much it is going to cost you? Real estate transactions are expensive. Determine what your plan is before deciding if moving is the right thing to do or not.
Consider who your ideal buyer is and when they will be looking to buy. For example, if you own the perfect family home that is within walking distance of a great school then summer is going to be a great time to sell. Families prefer to move while their children are out of school and on vacation.
Think about how much you want to make when you sell the property. What is the lowest you could go? What would you do with the funds if you sell for a lot more than that? Know the price you need to get before you decide to sell. Then when you talk to an agent about their recommendations, you will know if it’s a good fit or not.
Spend some time answering these questions and developing a plan. After doing so, you will have a clearer picture on if selling is right for you and a plan to get started.