Did you know that 6.1 million house sales were completed last year? That’s up from 5.6 million the year before, according to research firm Statista.
Even if you love your home and aren’t actively interested in putting it up for sale, there are times when it’s worth considering. That’s especially true if you see your home as an investment. And you most certainly should since the odds are good that it’s your most sizeable investment.
Whether home prices in your area have gone through the roof and you want to cash in, or you want to move closer to a new job, it might be the right time to call a realtor and list your home.
Keep reading to learn about seven scenarios where it makes sense to consider selling your home.
1. The Demand is High and Asking Prices Are Going Through the Roof
It makes sense to seriously consider selling your home if the demand for homes in your area far exceeds the supply. In such cases, the asking prices can go through the roof. It’s not uncommon for bidding wars to erupt, increasing home prices to stratospheric levels. If you’re not emotionally attached to your home, you’ll want to consider cashing in when the market’s hot. Such market conditions don’t last forever so you might want to cash in while you can.
2. You Need to be Close to Work
Another reason to sell your home sooner rather than later is if you’ve switched employers and want to be closer to your new job. Long commutes aren’t for everybody. In fact, nobody likes them. It’s just a reality that some people will tolerate long commutes to and from work.
But if you don’t want to be tied up in traffic for hours every day, consider moving closer to work. You’ll drive down your stress, spend less gas to get to and from your place of employment, and have more time to spend with family and friends. It’s worth mulling over selling your home.
3. You Seriously Want to Downsize
Do you have much more square footage than you know what to do with? It can be nice to have a big home. But a larger home also means bigger bills for heating and cooling it, replacing the roofing system, putting down new flooring, and doing other sorts of things.
Perhaps your kids have graduated from college and are now out of the home, or maybe other family members who had lived with you are not out of the house. Whatever your reason, you might want to downsize and get a smaller home to accommodate your new reality.
4. You Need to be Closer to Family
Do you need to be closer to family? If you need to be a caregiver to an aging parent or you want to be able to help, take care of your grandkids, you might want to move to be closer to family. Of course, you’ll want to weigh the pros and cons of selling for family reasons. Might it be cheaper to retain the services of professionals who can step in and provide the help needed? If you want to be closer to family, however, you might want to consider selling your home.
5. You Marriage or Partnership Has Come to an End
Yet another reason to consider putting up your home for sale sooner rather than later is if your marriage or partnership has ended. If you’re getting a divorce and need to sell the family home, you’ll want to do that as soon as possible to get things over with. If negotiations between you and your spouse lead to your being able to keep the home, you might want to stay put for the time being. But if the home must be sold as part of the divorce agreement, you’ll need to sell. The goal will be to get as much money for it as possible.
6. You Want a New Start Someplace Else
Do you want to move somewhere else? Perhaps you live in a city or a suburb and desire to move to a rural area. If you want to move someplace with acreage, space to start a hobby farm, or privacy and lots of green grass, it might make sense to sell your home and relocate to the country. It’ll mean a slower pace, more open space, and cleaner air.
During the COVID-19 period, when work-from-home orders were enforced, many employees did their work from their home offices rather than their cubicles. If you work from home, you might be even more interested in exploring a move to the country. After all, it won’t matter where you live if you work from home. Just ensure you can get high-speed internet access wherever you move in a rural region.
7. You’re House Poor
It’s nice to have a place to call home. But if you’re struggling to keep up with the mortgage or maintenance, you might have to consider selling it. You can buy a smaller home with a more manageable mortgage, or you can rent for a while until you’re in better financial shape.
According to one source, lenders typically don’t want you to spend north of 31% to 36% of the amount you make each month on principal, interest, insurance, and property tax. So, when looking for a home, it makes sense to spend less than you can actually afford. That’ll give you some breathing room since a lower percentage of your income will go toward your home.
There are many different reasons why selling your home might be in your best interests. The abovementioned reasons are just a sample of the reasons to consider. While you won’t want to make any rash decisions, there are times when it pays to consider your options.
If you want to sell your home sooner rather than later but want to avoid any unnecessary hassles, we’ve got one possible solution for you. It’s a great one, actually. We want to buy your home — and we’ll make a competitive cash offer. Fast. Do you want to learn more? Get in touch.