Has your family outgrown your home? Perhaps your needs—or even just your personal tastes—have changed. “Starter homes” have become a growing trend as fewer people plan to stay in their first homes long-term. If you notice any of the 5 signs, it may be time to talk to your realtor about making a change:
Change In Household Size
Family sizes change all too quickly. One minute, you’re welcoming your brand new baby to its first home; the next, you’re watching your youngest fly out of the nest. If you feel like you’re literally living on top of one another or that your house has turned into a giant, empty cavern, it might be time to consider moving to a space that meets your new needs.
Plenty Of Home Equity
If you decide it’s time for a new place, you’ll want to have some funds for a down payment, moving expenses, and other costs. Check out how much equity you have in your home. To do this, simply take the balance left on your loan and remove the value of your home. The amount remaining in the equity, which is what you’ll be left with after your home has sold.
Interest From Potential Buyers
When is the best time to list your home for sale? Many assume late spring is when the market really starts to heat up and flood with buyers, but that sweet spot can vary by location. You may have more buyers during warmer weather, but you’ll have more competition, too. That’s why it’s important to get the advice of your realtor.
A growing or shrinking family is not the only reason you may need a change of scenery. Our world moves at a faster pace than ever before. That means local economies, jobs, neighborhoods, and other aspects of our communities are changing faster, too. You may not be as attached to your urban digs as you were in your late 20’s, or perhaps suburbia is just too quiet for you. Your location should reflect you, not the other way around.
Sprucing up your home can add great value to it; however, no one wants to buy a home with half a kitchen or a torn-up bathroom. If your home is ready to sell under its current condition, small improvements can make a huge difference. Consider brightening your dining room with a new coat of paint or replacing the cabinet handles with something a little more modern. These inexpensive changes can make a bigger impact on buyers than you would think!
Selling and buying a home is a decision that involves many financial and emotional factors. If you’re feeling like your home isn’t the perfect place it once was, talk to your family, your realtor, and, most importantly, yourself!