Regardless of how much you love your property, a time may come when you wonder, “Should I sell my house, and is now the right time to do that?”
The Canadian Real Estate Association estimates that homeowners stay in their homes for around ten years before selling. Do you think that this period is remarkably short, or is it far too long? Well, of course, people’s time frames will differ greatly depending on their motives for selling.
The decision to sell your home might be motivated by a multitude of factors. It could have been something you’d been thinking about for a long time or something you made on the spur of the moment.
In addition, people sell their current house for a variety of reasons, both financial and emotional. Plus, these reasons aren’t always obvious, so if you’re debating whether or not to sell, here are some telltale signs it’s time to sell your house, even if it hasn’t been ten years.
Homes In Your Area Are Selling For A Lot
If you’ve been thinking of selling your home, keep track of similar home prices in your area by checking online properties for sale in your community and paying attention to “recently sold” flyers in your mailbox.
For instance, it could be time to move on if other properties on your block with the same bedroom or bathroom count as your house are selling for a price that you’d be happy with. It’s a seller’s market if home buyers are making quick bids for as much as or more than the asking price. A buyer may also make you an irresistible sales offer.
You’ve Outgrown It
The starting house you moved in when you were getting your first pet or expecting your first child isn’t exactly the place you need now. It’s sad to give up the memories you’ve formed in your house, but if your living spaces are giving you worry rather than comfort, then it’s best to take the jump and sell up.
Other life changes, such as major sickness, death, or divorce, could also be an influence. These are all emotionally draining situations that may necessitate a shift. Another aspect is relocating for a new job.
You’ve Had Enough Of The Maintenance
Maintenance services cost the average household $2,000 per year. Scheduled services include landscaping, septic service, private recycling and trash, snow removal, and housecleaning.
If you’re tired of seeing these payments dribble out of your bank account, selling and purchasing low-maintenance real estate like new construction or a condo might be the best solution. You might even want to consider renting and letting a landlord deal with things like leaking pipes and other property issues.
You’re In Financial Stress
Not everybody sells their home to increase their wealth. Instead, some homeowners overestimated anticipated continued housing expenditures and sold to reduce their mortgage debt or cash in their equity for other purposes.
If your mortgage payments or property taxes have grown overwhelming, it’s highly advised that you sell and look for a more reasonable home. It’s preferable to sell your home than to struggle with a large mortgage loan and maybe face foreclosure.
To rest easy, your monthly housing costs should not exceed 28% of your total monthly income, including principal, property taxes, your mortgage interest, homeowners insurance, and, if applicable, HOA or condo fees.
However, make sure you can find another property to buy or rent in your price range before selling your home to minimize your monthly living expenses, and that you are qualified for a loan at current market rates when you do.
Your House Value Has Increased
One of the many advantages of a strong seller’s market is that your home’s value may have grown as a result of higher demand. If your home is evaluated for a higher value than it was previously, you may wish to sell to take advantage of the equity in your home. You could make a big profit selling while houses are still in demand, depending on how often your home has climbed in value as well as how much equity you’ve accumulated in the home.
You might always look into choices if you’re not ready to sell but want to take advantage of your home’s increased value. If you still want to stay in your house and make improvements, a cash-out refinance could be a better alternative than selling and still leave you with money in your bank account.
In the end, remember that selling your home doesn’t have to be scary. If you’re feeling overwhelmed or uncertain about how to sell your home, don’t hesitate to reach out for help from professionals. The Canadian real estate market is getting more competitive by the day, with plenty of other homes for sale. So don’t wait for too long: it’s a seller’s market, which means that for those who are ready, now could be a fantastic moment to sell.