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How to Know It's Time to Sell Your Home: A Complete Guide

Monday, January 3, 2022

The aver person in the United States moves around over 11 times throughout their life. However, unless there is a real reason why you need to move, it can be difficult to know when it is time to sell your home. 

Do you want to learn more about common signs that you should sell your home? Keep reading this article to learn more and to see what your next steps are during the home selling process. 

Seller's Market

One of the primary reasons why people are choosing to sell their house right now is that it is a seller's market. In a seller's market, there are fewer homes available for sale and more interested buyers. 

Because of the high demand and low supply of houses, homes will sell faster and for more money. Even if you don't have any problems with your house, a seller's market can make it tempting to sell your home and reinvest your earnings into another property. 

However, if you are selling your home and want to buy a new home in a seller's market, you will still have to deal with the increasing prices and low inventory. If you need help with seller services, we can help you figure out what your proceeds will be when you sell a piece of real estate. 

Low Mortgage Rates

Another sign that it is time to move is if there are lower mortgage rates. Depending on your interest rates, your mortgage can change significantly. If you want to buy a new home, it is best to do it when the mortgage rates are lower and you have more buying power. 

Low mortgage rates may even allow more people to start shopping for homes, which will lead to more interest in your house if you list it. 

Even if you don't want to buy a new home, you can use these low mortgage rates to refinance your house, save money, and pay off your house faster than you planned. 

You Earned Equity

Something else that shows you are ready to sell your home is if you have earned home equity. When you are renting a property, the money you pay each month essentially disappears. However, when you pay a mortgage, you are paying yourself.

For example, if you bought a house that is worth $250,000 and have already paid $50,000 toward the house, this is your equity.

Plus, your home value can change as well! As the market changes and as you make improvements to your home, your property worth can change and lead to more equity. This makes it easier to sell your house for a profit. 

You're Tired of Maintenance and Costs

Often, people move from their homes if they are tired of the maintenance and additional costs of their homes. Being a homeowner takes a lot of time and work. Whether you have a huge yard that takes hours to maintain or if you live in an area with frequent natural disasters, you may want to move to a house that is easier to maintain. 

Big homes that are on a large piece of property also typically have a higher mortgage and higher property taxes. If you are tired of paying these additional costs, you can find a smaller home that fits your needs a bit better. 

Change in Life Circumstances

There are many changes in your life's circumstances that may signal that it is time for you to sell your house. Most often, these changes are due to your changing family size. For example, if you are a new parent and you are growing your family, you may need to upgrade to a bigger space that fits your needs better. 

If your children are grown and leaving home, you can consider downsizing to a smaller property. 

Many other people sell their houses to shorten their commute, to be closer to family, or even to move into a better neighborhood. As your goals in life and your circumstances change, finding a new house might help you reach your goals. 

You're Financially Stable

Even if you have a change in life circumstances or are outgrowing your house, you can only sell your home and buy a new one if you are financially stable. If you are looking for a bigger home, you must be sure that you can afford the upgrade and increased mortgage. 

If you are in debt, you should focus on improving your financial standing before taking this big step. This can prevent you from foreclosing on a home, damaging your credit, and more. 

Something that can help improve your financial standing is getting a lower mortgage rate. This can improve your purchasing power, making it easier to afford a bigger home. 

You're Emotionally Ready

Finally, you are only ready to sell your house if you are emotionally ready for this change. While it may not seem like a big deal to move into a bigger and better house, it can be difficult to leave a home where you made memories. 

Whether your children grew up in this home or if it is your first home with your partner, it can be difficult to make the step to sell it. If you are prepared emotionally for this process, it can be a sign that you are ready to sell your house. 

Time to Sell? We Can Help

Selling your home can be a very emotional process. However, when it is the right time to sell, you need to take immediate action. If you have recognized any of these signs in your own life, you should consider learning how to sell your home. 

Do you need help with the next steps in the home selling process? Heartland Abstract can help! We offer everything from buyer and seller's resources to title insurance and more. 

Contact our team today to learn about our services or to get a free quote for your title insurance. 

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