Fall is officially here, and along with the arrival of pumpkin spice everything, change is in the air. Are you thinking about selling your house? Now just might be the ideal time. The weather is pleasant, and potential buyers are traversing the Sunday open houses. The 30-year fixed mortgage rate remains historically low, and financing options are still attractive.
Whether you’re looking to downsize, gain more space, or start a new adventure, here are five signs it may be time to sell your home:
1. You’re emotionally ready to put your home on the market
Homes are where families are raised and memories created. The selling process can elicit strong sentiments, and it’s hard to let go. Adding to the difficulty, a recent Wall Street Journal article on the psychology behind buying and selling a home, explained, “Homeowners often have an overly rosy view of their home and expect it to increase in value far beyond reasonable expectations.”
Here are a few questions to help gauge your readiness to sell:
- Can you detach yourself emotionally from your house and view it as an asset to be sold?
- Will you view offers as simply a necessary step in a business transaction – especially if the bids are lower than your expectations?
- Have you thought about your next life steps, and do you have a plan which includes where you would live and when you can live there?
If you can answer “yes” to these three questions, chances are you are in the right state of mind to consider selling your home. Your emotions will tug at you for sure, but you are ready to take the plunge and begin the home sale process.
2. You’re becoming an empty nester – or adding to the nest!
Lives and families change. If you’re considering a home sale, first make a thorough evaluation of your current living situation taking into account any life changes that have happened since you initially purchased the house. Think about how well your home still fits your everyday needs. Empty bedrooms may mean you have too much house. In this case, selling could translate to smaller utility bills and less square footage or yard to maintain.
Conversely, if a recent family addition has everyone tripping over each other, it’s an indication you’ve outgrown your house. Perhaps, children who have matured into teenagers necessitate a less open floor plan and more bathrooms, or the addition of elderly parents in the home means you need space for separate living quarters. All of these additions or subtractions may indicate it’s time for a change.
3. You need a better commute
If you’re finding the daily commute a challenge, you’re not alone. In a recent study of 34,000 commuters in the United Kingdom, researchers found a long commute negatively impacts people’s health and productivity. There can be serious health ramifications such as increased rates of depression and stress. Lengthy commutes also lead to sleep deprivation.
If there are upgrades to the infrastructure, public transportation can also burden commuters and elongate commuting times. For example, due to needed track repairs at Penn Station, the summer of 2017 was particularly harsh on New Jersey commuters traveling to New York City. They turned to public buses, driving, and new private bus options. On top of the normal day-to-day hassle of getting into New York City, the situation was very stressful.
4. You’re starting a new chapter in your life
Job transfers, relationship changes, or starting a new business – often new beginnings push homeowners to make a move. Children that have become school age might have you researching school districts for the first time. Working from home a few days of the week may create the need for an in-home office which requires more space. New life phases can impact the viability of available space at home and prompt a move to a new home.
5. You’re craving a change of living space
Sometimes you’re just ready for a change. Perhaps a bigger paycheck means you’ve decided to buy the home of your dreams. Maybe a new social group has you wishing for a backyard designed for entertaining or a playground for your children. Whether it’s an increase in square footage, a mother-in-law wing or the modern kitchen of your dreams, a new home may be just the answer.
Have you been thinking about selling your home? I have almost two decades of experience helping families buy and sell their homes in northern New Jersey, and I would love to assist you. Contact Victoria Carter on (973) 220-3050 or email firstname.lastname@example.org.