Deciding whether or not to sell your home is a big decision. If you find yourself in the midst of wanting to sell, or not knowing if you should sell or not sell, you should read the following reasons we have compiled that will help you think through your own situation.
Carefully weigh each point, and we hope it will help you come to a final resolution and feel good about your decision today on whether or not now is the right time to sell your house.
This is a leading reason many people decide to sell. A smaller home often means smaller utility bills, taxes and insurance. It could also mean lowering or eliminating a mortgage payment altogether. This goes hand in hand with maintenance, which also becomes easier in a smaller place. But of course, every situation is unique and it ultimately depends on your wants and needs – whether you would rather stay, downsize or renovate.
Married, you have hit a $500,000 gain, which is the max tax free gain limit for a married couple and $250,000 for a single person. This might be one reason you consider selling, because it makes financial sense to do so.
This is one of the more common reasons people find they need to sell their home. The only reason you might decide not to do so is if you might be returning to it at a later time. In this case, some people instead opt for renting the home out while it’s vacant.
Divorce is another major reason many people decide it’s that time. Often, it is easiest to liquidate the assets in order to divide the value of the home – but always make sure you have good legal advice when this is the cause of selling.
A growing family is a great reason to consider upsizing, if it makes good financial sense for you to do so. In fact, about 17% of people who are selling are doing so for this very reason, according to the National Association of Realtors (NAR 2022).
This goes without explaining. If you have checked all the financial boxes, your reasons for selling, and everyone is in agreement and you have played out all scenarios (sells fast vs. takes time, etc.), and everything checks out because you have made a plan for all possible scenarios, then it’s probably time to go ahead and sell!
In 2022, NAR reported this as the number one reason that the majority of sellers cited moving. So if this is you, then you’re in great company and we congratulate you on your soon-to-be move closer to those nearest and dearest to you.
If you’re still weighing the pro’s and con’s and really cannot justify selling, then it could be because you’re on the fence about it. But if this isn’t you, and you feel like you have made a strong decision to move forward with the sell, then that means it’s probably a good sign that it’s time to do so. Not being on the fence means you have much fewer doubts or cons in your mind at this point than you do certainties and pros about moving forward with the sale of your home.
Many people, understandably, have very close attachments to their house and cannot picture leaving it or selling it. But if on the reverse, if you find yourself more and more looking forward to the future over what you are leaving behind, then perhaps that attachment is dwindling and you are one step closer to selling and starting a new chapter.
Another good reason that many people choose to sell is they simply want a better, upgraded and updated property. In fact, home sellers last year paid on average $34,000 more for the home they purchased than the home they just sold. If this is financially attainable for you, then we’re thrilled for you and wish you the best of luck on your home selling and home buying journey that is quite soon to come!
Obviously, the top reason to not sell would be if it does not make financial sense to do so. If you have not lived at your home long enough, or built enough equity in your home, then you should probably wait until a better time to put your house on the market.
Sometimes, the market might not be right for you to sell if you have no pressing reason to do so. For instance, many people found they had gained a great deal of equity in their home over the last few years, but home prices had appreciated so much and inventory was so low that people found they were not sure where they would go if they did sell.
Therefore, they opted not to. In this market, inventory has risen and much of the equity gained the past few years remains. In addition, more and more buyers are coming back into the market as interest rates recently dropped for three weeks in a row. But in addition to market conditions, it of course depends on many other factors whether or not now is the right time for you to sell.
Some people find that they are very attached to their home and know that while it may make sense to sell, they would rather not. If this is you, that is perfectly okay and you should go with your gut as long as it makes long-term and good financial sense to do so.
If you’re worried about things such as finding your next home, being too busy to deal with preparing the home for sale and showing it right now, or it just doesn’t make sense for any other various reason, now might not be the time to do it. Instead, wait until most of your ducks at least can get lined up and you feel in a better position all around to put your home on the market.
If you are still weighing the pro’s and con’s and really feel a deep, internal struggle over whether this is what you want to do, now might not be the right time for you to sell (unless you have a pressing reason where you have to do so no matter what). If you can, wait until you feel more certainty, have a good plan in place and are more certain about what you want to do.
While many people can find more reasons to say “YES” to the sale instead of “NO,” deciding whether or not to sell your house remains a deeply personal and important decision that should not be taken lightly. We hope this has helped you sort through your own feelings about whether or not to sell and that you have gained some good perspective on what generally makes it the right time vs. the wrong time to make a move.
When you do decide it’s time, M&D Real Estate will be right here still and ready to help you once you have made that big decision and are confident and ready to step into your next chapter.
Once you decide it is time to sell, do not panic about all the details of how to get things ready, how the process will work or how well your home will sell in the current market.
With an M&D Agent on your side, you are always in good hands. M&D has zero negative reviews, and we take great pride in partnering with our clients to get them exactly where they want to go, when they want to go there to the best of our ability. So when the time comes, we’ll be ready to give you a complimentary home valuation, lots of tips for how to prepare and will do everything we can to get your home sold in the best time frame possible.
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