Determining the perfect time to sell your home is never easy, but when the universe aligns, selling at just the right time can ultimately influence the speed of your home sale as well as the sale price. However, defining the right time ultimately comes down to numerous economic and personal factors. The housing market fluctuates over time, and our personal needs evolve throughout our lifetimes. Both are common reasons why the average person stays in a single home for seven to ten years.
If you're wondering if it's the right time to sell your home, here are five signs that could help make your decision:
- The Market Is Hot
The state of the housing market often influences a homeowner's decision to sell. For the last couple of years, we've seen the hottest seller's market in decades. Housing inventory has been at an all-time low, which means far more interested buyers than sellers. Your home is worth what somebody will pay for it, and with so many home shoppers on the market, you might be able to earn top dollar. While the state of the market shouldn't be your only deciding factor, it can definitely influence your decision to sell.
- Your Finances Are Changing
If you've built up a decent amount of home equity, your home may be your most valuable asset. If your finances change, for example from a career change, then selling your home can provide you with the capital to make life changes more easily.
- You're Struggling To Keep Up With Maintenance
Taking care of a home is a big-time commitment. Lawn care, repairs, and ongoing maintenance require a lot of time and energy. As we grow older, housework can become less appealing. If this sounds like your situation, it might be time to sell your home and think about downsizing.
- Your Home Wouldn't Benefit From Any Major Renovations
If you've invested significant funding in home renovations, such as a finished basement, a new roof, new flooring, or updated appliances — you might be ready to realize a return and cash in on your investment. If you've maxed out all major updates and renovations and the market is right, you could stand to make a nice profit.
- You Need More Space
If your family is outgrowing your current home, it could be a good indication that it's time to sell. Perhaps you have a new baby on the way or will be having a relative move in. A need for additional living and storage is one of the most common reasons homeowners decide to list their property.
Your home is your biggest investment, so it's important to make sure the time to sell is right. The decision to sell ultimately requires one to weigh economic factors with person situations.