Are you wondering if now is the right time to sell your home or if you should wait a little longer? This is a common dilemma, especially in today's seller's market, and it's a question I receive often.
Of course, with rising home prices, you could potentially make a substantial profit. However, there’s one crucial point you should always consider: Do you truly need a lifestyle change? While financial factors are important, if there isn’t a clear personal need for moving, you might regret selling your home later. Many people who prioritize lifestyle changes over financial gains tend to make quicker and more confident decisions about selling.
The National Association of Realtors (NAR) annual report provides insights into why homeowners decide to sell. The top reasons listed are all connected to life changes.
As shown in the graph, the most common motivations include wanting to live closer to family or friends, feeling that their current home is too small, or experiencing major life events like marriage or the birth of a child. Downsizing or moving for work are also among the top reasons.
If, like the homeowners in this report, you feel that your current home no longer meets your functional needs, space requirements, or desired amenities, it might be time to consult a real estate expert about selling. Your personal needs matter. A real estate professional can help you explore your options, understand what to expect in the current market, and guide you to make a confident decision based on what’s most important to you.
A real estate professional will also help you understand the current value of your home, which could make the transition to a new home much easier.
One important factor today’s homeowners should consider is home equity. Over the past five years, the average home sale price has increased by 40%, meaning many homeowners have significant equity. However, this also means that profits from the sale may likely go toward purchasing your next home. As a result, if your primary motivation for selling is purely financial, you may not gain as much as you expect.
Once again, lifestyle needs should be the primary consideration. If you're contemplating whether to sell or stay, consulting a local real estate expert is a good first step.
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