When is the Best Time to Sell?Most people today do not typically live in a home forever. Instead, the home you currently live in is your stepping stone to get you closer to the home that you ultimately want to own. Many homeowners today are maintaining their homes while they keep one eye on the market as they assess when the right time has come for them to sell and trade up. Here are some considerations as you analyze when is the right time to move.
You have outgrown your home.
Some homes are stepping stones and purchased for a specific reason for the time in your life. Sometimes one may move as they have a growing family and need more space. Other times you may wish to downsize as your child has now gone off to college. Maybe a new job has provided you with more money or is located too far where you want to shorten your commute. Regardless of you which category you fall in, these are clear signs that a move may make sense.
It is a seller’s market.
One thing that always happens from time to time is a shift in the real estate market. Sometimes it is a buyers market and other times it is a seller’s. If you feel it is a seller’s market and you can potentially reap a large gain, it may be time to list your home and plan for a move.
Mortgage is paid.
Once your home is paid off, every dollar you get for it is profit. Some will stay and enjoy being debt free or others may be able to sell their larger home and downsize into something less expensive and pocket the profits.
High current interest rate.
If you currently have a higher interest rate and a refinance won’t put you in a better position then it may be a time to consider selling. Rates are at historic lows and the market is strong. Even if you rent for a short time to rid yourself of the high rate it could be a better alternative.