Explore the Factors: Is now the right time to Sell my Home?
Embarking on the journey to sell your home is a significant decision, and I am here to guide you through this process in a series of posts. In this discussion, let’s delve into the crucial questions you should ponder before making the decision to sell. (Spoiler, none of these questions have to do with timing the market)
Firstly, let’s reflect on the base question: Why do you want to sell your home? This question holds the key to understanding your motivations and perhaps aspirations. For some, the decision to sell may be driven by necessity. Perhaps there’s a job relocation on the horizon, your family is expanding, or a change in marital status necessitates the liquidation of shared assets. In such scenarios, selling becomes a practical need.
However, your situation may not align with these common scenarios, and selling your home might be more of a desire than a requirement. If this is where you are I encourage you to consider the below questions to help you consider if now is the right time to sell.
- Does this neighborhood and home no longer serve my lifestyle? An example of this would be I commute an hour to work each way and when I purchased this home it was what I could afford, but now I’m making better money and can afford something close to my place of employment. Another example could be I live on a street where there is a lot of traffic and I would prefer to live somewhere without as many cars driving down the street
- Do I have a lot of equity in this home? If you do perhaps you want to leverage that equity to buy a larger home or move to your dream neighborhood.
- Is the amount of people living in my home changing soon? Do you have kids that are now living on their own and you no longer want to maintain a large home? Perhaps you’ve decided to have a multigenerational home and need more space or enough land to build an accessory dwelling unit.
The answer to these questions will help you determine if you want to go through the process of moving and sometimes it helps to discuss these questions with a partner, friend or trusted advisor.
Keep in mind that I have people ask me my advice on these questions often and I’m happy to discuss with you if it’s time to sell your home….. or not.