Many factors can help you determine the perfect time to sell your home. Sometimes they are voluntary, but often circumstantial. If you find yourself in any of the following situations, it might be time to say goodbye and list your property.
The market is peaking and you wish to cash out your equity
If you’re living in a strong seller’s real estate market, like Stratford and Woodstock, it can be very tempting to pack up your things and take advantage of market conditions. House prices are up, with buyer demand and that potentially means a tidy return on your investment — especially if you bought early and have equity on your side. Start by asking an experienced RE/MAX real estate agent to run a CMA (comparative market analysis) for you on homes that have sold recently in your neighbourhood. This will help you determine what your home might be worth. Consider your remaining mortgage and any penalties to gauge your profit. Remember, you’ll need to put a down payment on your next home (plus cover moving costs) if you will be buying another home, so subtract all that to see if what’s left is worth moving for.
During market growth some price points grow faster than others, so depending upon your plans the current market conditions may make it the perfect time to upsize/downsize or change markets! Here are five reasons people choose to move and some key things to consider:
You are relocating
Sometimes you have to move. Maybe you have a new job in a new city or town or for other reasons may need to relocate or downsize your home. Whatever the reason, its important to consult a local expert sooner than later to have them help you map out a perfect plan for selling your home in the most convenient and lucrative way possible.
Your family life has changed
Sometimes your home life changes. With changing life stages – events such as becoming an empty nester or realizing full retirement with a desire to travel –can shift your needs in a home. Your home may suddenly seem too big, the yard may be more than you want to maintain with all the newfound travel plans! If you’re finding that this is the case, then it may be time to move and take advantage of the current seller’s market.
You’ve outgrown the space
Many people buy a starter home when they first get into the market. You may find it has recently begun to feel too small as your family grows with the addition of children and pets. You may find your lifestyle requirements change with the need to entertain. The bottom line is this — if you don’t love your home, or it’s just too small for you and your family, talking to a local realtor about your equity gain might reveal that this is the right time to make that move!
Your financial situation has changed
Sometimes our financial circumstances change dramatically. Maybe you got a big promotion or a relative passed away and left you or your spouse an inheritance. Whatever the reason, having a different financial situation is a good reason to sell your home and move into something more suitable. Speaking with your realtor about your goals and financial situation can help them put you in touch with other expert advisors and to make a plan that will help you realize these goals.
You can’t handle your commute
If you have a long commute to work, and just can’t take it anymore, it might be worth moving. Think about how much time you’d get back. That’s time that could be spent doing things you love, hanging out with your family and friends or doing nothing at all if you’re short on sleep. The catch is that you might be commuting because you can’t afford much near your office, so investigate your options in that market thoroughly before taking the plunge.
Do your Homework and Consult a Local Expert
For many the real difficulty lies in pulling the trigger – regardless of the reason you may be considering a move. Do you act now or continue to enjoy your current home? Waiting for the market to further increase may not be a guarantee. If current market conditions shift you may see prices level out. A good way to decide is to think about where you can move. You have to move somewhere, whether you’re planning a lateral move, or to downsize, it’s important to investigate your options.
When it’s your time to sell your home, you want to use a knowledgeable, local real estate agent. RE/MAX agents are local experts here to help ensure you get the best advice possible. They are knowledgeable about the local communities they serve and sell over 20* homes per year! With that expertise behind you, you can be sure you’re getting the best advice. They will negotiate your purchase and get you the best price for your current home!
RE/MAX a-b Realty Ltd. is one of the top real estate Brokerages serving Stratford, St. Marys, Woodstock, Ingersoll, Norwich, Otterville, Milverton, Mitchell, Tavistock and more. Our award-winning real estate team has helped thousands of buyers and sellers using our proven approach to buy and sell their home on the MLS system. We’re ready to put our experience to work for you.