Selling a home can be frustrating, thrilling, depressing, exciting, terrible, and amazing. In other words, it’s a roller coaster ride. There are plenty of legitimate reasons to sell, though. Any significant life transition like this can be a bit daunting but what awaits us on the other side is often well worth it. Are you thinking of putting yours on the market? Read on for five reasons to sell your home.
You Can Afford a New One
A sellers market is so enticing, as you’re likely already counting your chickens before they’ve hatched. Those dollar signs are tempting but what you must consider is that if you plan on buying another home right away, you’ll be right back in that sellers market, too. On the other hand, if you’re out of debt and have cash in the bank, selling your home could be a wise decision. Perhaps your current house was a starter home and you’ve outgrown it. As long as you can afford to buy a home that fits your lifestyle better, go for it.
You Have a New Job Opportunity
This is a tough one. If you’ve been offered something that’s appealing to you but it’s your choice, now is the time to do some soul searching. It might sound silly, but weigh the pros and the cons. Do you have friends and family in your new city? Is the there a pay increase and, if so, is it enough to uproot yourself? Is the new job doing something that has been a lifelong dream? Is it simply time for a change?
Of course, many times job relocations aren’t really up to you. Sometimes companies will say that the only way you can keep your job is if you relocate due to circumstances within the firm. Of course, you can turn down the offer and look for a new job in your current town. But if the market is favourable for you to sell and a move is something you’ve considered on your own anyway, perhaps it’s time to pull the trigger. If you’re high up within the company, you might even consider going to HR to negotiate higher salary and/or relocation money.
You’re Hoping to Defer the Maintenance
You might live in a home that’s coming up on a lot of big fixes all at once. From new siding and a new roof to a new furnace or air conditioning system, maintenance fixes can be more trouble than they’re worth. This is particularly true when one considers the regulations that often go with these fixes. As this article by thebalance.com puts it, “When you figure the life of most residential infrastructure is about 15 years, it could make sense to get out before it’s time to spend the big bucks.” Of course, chances are you’ll have to fix at least one of these things in order for your home to pass inspection, but it all depends on how the negotiations shake out in the final stages.
It’d Be Silly Not To
Perhaps selling your home isn’t even something you’ve considered but then you begin to read articles on the current market and think, whoa, holding on to this right now doesn’t even make financial sense. That’s what many experts have said of the year 2018. As this US News article notes of a survey conducted by Trulia, “The survey results show 31 percent of respondents expect 2018 to be a better year for selling a home than 2017 – and just 14 percent expect it to be worse. Despite the enthusiasm, only 6 percent of homeowners surveyed plan to sell their home in 2018.” This is a sellers market on steroids. If you’re in a position to sell because you don’t have kids or your kids have grown and flown, knowing you’ll get more bang for your buck could be just what you need to give you that push.
Mortgage Rates are Low
In a sellers market, you only benefit when you sell your home. As previously mentioned, buying a home right away means you’re right back in that same unfortunate market. On the other hand, low mortgage rates benefit both the seller and the buyer. Low mortgage rates put more buyers in the market to buy your home. And then you’ll turn around and likely enjoy these same low mortgage rates.
Whether selling your home is the furthest thing from your mind right now or you’ve had the itch for a while, these are five factors to consider when filing reasons to sell in the “pros” column.