Should You Consider to Sell Your Home? Yes or No?

Should I sell my house? Are you sitting in your porch thinking about selling your home? If you’ve been asking yourself this question lately, we’ve got good news, It’s a great market for sellers! Limited inventory continues to drive home prices up.

There are a number of reasons why people determine to move on and consider selling their cherished homes. However it’s important that you’ll absolutely take a close look at your motivations and determine some concrete motives for placing it available on the market.

Selling your own home is a very private choice. You have to remember what is the maximum becoming for your price range, lifestyle and future plans. Once you’ve balanced all of the positives and negatives, emotions and practicalities, then perhaps you may get down out of your fence and list your home on the market.

Of course, the decision to sell your house isn’t based solely on market conditions. You have to take your personal situation into account—and that’s where expert advice comes in handy.

If you bought your house in the last year or two, still love it and don’t want to part with it, go ahead and wait another five years before revisiting the thought of selling. But if you’re weighing your options to sell, considering selling this year or maybe the year after, don’t play the waiting game.

Rest assured, there will be a recession. While not as deep as the previous one, however, it will drag down home prices, nevertheless. The economy will continue to be healthy, although it will be growing at a slower rate. Low unemployment and the ongoing benefits of tax cuts and low interest rates will still drive a good housing market over the foreseeable future. Right now, the case to sell a house before the market deteriorates is a strong one.

To determine if you should sell your home, consider life circumstances, but also your financial situation like the amount of equity you have in your home, your ability to afford a new home, and all of the costs of selling. You’ll also want to understand the local housing market and how seasonal trends can impact your goals.

1.  CHANGES IN THE TIDES OF TIME

Simple lifestyle changes, new opportunities and even career or personal growth can result in you wanting or needing to sell your home and move locations. Perhaps you’ve picked up a new job in a different city, you’re tired of your long commute to work or you want to live closer to your friends and family.

It can even be something as straightforward as wanting a change in your life, like a breath of fresh air from a different area.

2. EQUITY’S GOT THE BEST OF YOU

Homeowners who bought during the recession or shortly after benefited from historically low interest rates and, up until around 2015, if you fall into that category, your home equity has risen with nearly every mortgage payment, each renovation you made to the house and all the other houses on the block that sold for a higher price.

The higher your equity in your home, the more you net from the sale, which can easily go toward the down payment on your next house. The larger your down payment, the better you look to lenders and the lower your interest rate will be, and the less likely you’ll need to increase monthly payments with private mortgage insurance.

3. UPSIZING OR DOWNSIZING

Growing means a lot of changes and adjustments are going to be done and made. Perhaps you’ve got a new addition to the family, and need a bigger and more child-friendly home where in your kids are going to make memories and will definitely play a huge factor in their growing stage.

On the other side of the coin, maybe the kids have flown the coop, leaving your larger home eerily quiet and prone to echoing. Downsizing could make you more comfortable, not to mention it can free up a substantial amount of money.

4. YOU’RE READY TO SELL EMOTIONALLY.

If the numbers show you’re financially ready to make a move, great! But don’t forget—selling your home is an emotional issue, too. Before you plant the “For Sale” sign in the front yard, take a minute to answer just a few more questions to truly assess can consider selling your home.

Are you ready work hard and let your house be ready for a new owner, committed to keeping it ready for an open house anytime soon, ready to hear people enumerate how flawed your treasured home is, ready for honest—and sometimes hardball—negotiations over what buyers are willing to pay for your home, and most especially really ready to move out and leave the place where your family has made memories?

Don’t get us wrong; we’re not trying to talk you out of selling your home! We just want you to be completely ready when you do decide to move on to the next stage of your family’s life.

5. YOU CAN’T AFFORD IT ANYMORE

Without a doubt the most negative justification for selling your home. There are a number of unforeseen circumstances that life can throw at you, affecting your ability to keep up with your mortgage repayments. These can include: Career move or losing your job, serious health problems, Separating from your partner or divorce, a sudden rise in your home loan rates.

If it is a struggle for you to make your mortgage repayments and you don’t see the future getting any better and brighter, you should get out early before your debt begins piling up.