According to data from the National Association of Realtors, ten years is the average amount of time that sellers lived in their home (in 2017) before putting it on the market.1 For some, that may seem like an eternity, while for others it might not seem nearly long enough. In any case, there are some sure signs that it might be time to put out the For Sale sign and move on.
- It’s time to expand. One of the biggest reasons that people sell is because their family has expanded, but their home hasn’t. In some cases, it may be possible to add the additional space that is needed. But oftentimes, moving can be the better – and less costly – alternative.
- It’s time to downsize. Contrary to the above, once the birds have all left the nest – and you know that it’s not likely that they’ll be moving back – it may be time to consider something smaller. Typically, along with smaller living quarters can also come lower utility costs and property taxes.
- The expense has become unmanageable. In some cases, the home itself may be a good fit, but the expenses aren’t. This could be due to a change in your income, the loss of a spouse or partner due to death or divorce, or the result of a rising adjustable rate mortgage. Here, it can often be a case of cutting your losses and moving on.
- It’s a seller’s market. In a seller’s market, it can be hard not to imagine the potential profit if you sold – especially if one or more of your neighbors have recently received high offers for their properties.
Regardless of the reason for moving on, it can be beneficial if you have a professional real estate agent to guide you through the process. That way, you can be more assured of your initial list price (based on recent comps). You will also have an advocate who will market your home and help to negotiate the best price possible for you. If you’re ready to make a move soon, give us a call and we’ll help you get the process underway.
