Should you sell your house now? Undoubtedly, selling your house is a major decision. If you're reading this, you probably already know -- and have been keeping tabs on your home equity and potential buyers. On the one hand, you want to sell your largest asset at just the right time so you can get as much money as possible for your home. On the other hand, life and personal circumstances may be forcing the issue in the near future.
We usually discuss homeownership in terms of the financial impact – and it would be foolish NOT to – but in this post we want to acknowledge the extenuating circumstances beyond home prices and interest rates which are frequently the only determinants for timing home sales. If you want to hear the economic arguments for selling your home nowIf you want to explore some of the other notable reasons why now may be the best time to sell your home, read on.
Top (Non-Financial) Reasons Homeowners Sell Their Houses
Change of Space
One of the most critical reasons for selling a home is down to spatial concerns. When you live in a house, day in day out, you become acutely aware of how much (or how little) room you have. Sometimes the need for change manifests over time; sometimes life-altering events can necessitate a new home purchase.
Most of the desire for many homeowners to upgrade or downgrade their home's size is due to changes to the composition of its inhabitants. if you have a growing family, at some point you'll want more bedrooms and bathrooms to accommodate; maybe you'll want a yard for your kids to be able to safely play. If you're an empty nester, at some point you may realize you have too much space; the upkeep for spare bedrooms isn't worth it anymore -- and neither are the mortgage payments.
Location, Location, Location
Another obvious motivation for selling a home ASAP comes down to geography. The quality (and possibilities) of your life are dependent on whereabouts you live. So if location is an inhibitor to your lifestyle, then it really isn't worth delaying your home sale for shifts in the housing market.
Often where we live is dependent on where we work. If you take a new job across town, a daily commute can significantly eat up all your free time. If you take a new job across state lines, then you do not have the luxury of fretting about buyer demand dropping -- you have no choice but to sell your house now. Similarly, if your children are of age, relocating to qualify for a more desirable school district may make selling your home the right choice, regardless of concerns about rising mortgage rates. Closer proximity to a multitude of different things is a valid concern for most homeowners.
Accessibility
The final reason folks sell their homes, one which is often overlooked, is due to accessibility issues. By this we mean all of the little extra elements that you wish your home had, or your home has and you no longer require. Life changes over time, and so will the other factors you value about your home.
Perhaps you're approaching retirement and you want to live next to a golf course (or whatever new hobby you've taken up). Maybe the neighborhood park where you used to take your kids isn't as much of a selling point these days. Being closer to grandkids or relatives may also become a larger priority in your life. Or perhaps health reasons precipitate a move. A house with steep stairs can become exhausting for seniors with mobility issues, as can inhospitable climates. Warmer weather and flatter terrain are certainly legitimate reasons to sell your house.
Conclusion
Only you can decide if now is the right time to sell your house. But we hope that this post has given you some things to think about as you give careful consideration to your current house and your future plans. The economic reasons are extremely important, but they are not the only factors that matter to home sellers. A desire for more or less space, a location change, or shifts in your accessibility needs are all valid concerns if you're considering selling.
While you're mulling your options, you should always consult with a local real estate agent who can help give you guidance on everything else: asking price, buyer demand, mortgage rates, and closing costs. At TrueParity, we instantly connect you with elite real estate agents who can usher would be buyers to your home, and you to a profitable sale. Where you live matters to you more than anyone else, so choose wisely.
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