1. Sellers’ market
High buyer demand and low housing inventory create a seller’s market. When you decide to put your home on the market, begin preparing for your move ASAP. Start packing, donating, decluttering everything and anything you are not planning on taking with you. Clearing out the clutter will open up your room and make your home appear more spacious too.
2. Outgrown current home
Many people buy their starter home with the intent to live there for less than five years, only to find themselves in the home 10 years later. If you’ve been in your home for a while and are compromising on comfort because of it, maybe it’s time to put that home on the market and find yourself a more suitable space. When you moved into your home it was likely the perfect size, but since then you’ve acquired a few pets and/or a couple of kids. The decision to sell your home may not come easy. But once you know the space is no longer working for your family, it makes sense to sell.
One of the biggest reasons folks downsize is retirement – people want to stretch out their retirement savings. A smaller and cheaper property can help do that by reducing mortgage payments. Do you have bedrooms that no one has used for years – and you only go in there to dust and vacuum? Are you far away from kids/grandkids? Downsizing to a smaller home closer to your family will allow you to have lunch with your kids or see your grandchildren more often. Perhaps you don’t want to be in the same town as your family, owning a smaller home such as a condo with less maintenance will make travel much easier and more feasible. If your home is becoming too much to manage and you would rather spend time doing fun things, rather than yard work and chores, it may be time to downsize. When it comes to homes, bigger isn’t always better—and certainly if it doesn’t fit your circumstances.
How much will it cost to sell my home?
When selling a home, many focus on the 6% that’s typically paid in agent commissions. However, the total cost of selling a home can come closer to 10% of the sale price. Additional costs include seller concessions, closing costs, repair costs, and housing overlap costs if you aren’t able to line up the sale of your home with the purchase of your next. Seller closing costs calculator can help with keeping your finances in order.