People sell their homes for many different reasons and sometimes timing is not an option. Obviously if you need to sell your home due to extenuating circumstances such as divorce, health issues, loss of income, etc. than you may not have a choice but many times the decision as to when to sell is up to you.
If you are in a situation that requires you to sell your current home in order to buy another one keep this in mind.; current market conditions will not make much difference if you are buying your new home in a similar market area. In other words if you are selling your existing home to buy another one in an area where real estate prices are comparable than it’s basically an “even swap”, you won’t need to spend more or less money in the move and your expenses will remain relatively the same as they have been in the past. Moving from one $250,000 home into another one doesn’t usually represent a significant difference in monthly expenses.
However, if you need to sell and move to an area in which real estate prices are significantly higher than the amount of home that you can afford may be less than what your are accustomed to. Of course the same holds true in reverse and you may be able to afford more home by relocating. Here are 4 things to keep in mind if you are considering selling your home and are able choose the time that is right for you.
Consider the Interest Rates
Currently, interest rates are quite reasonable in most areas and now is a good time to purchase. At times such as this the cost of buying another home is only going to increase in the future so if you are considering moving to a different home waiting might be an expensive decision. Take the time to do a little research. You might discover that there is no advantage to waiting.
Although buying a larger home due to the fact that you have outgrown your current home may not be as urgent as the need to move for employment reasons or some other pressing matter it is a valid reason to consider selling now. Living in a 2 bedroom home with 3 children and an elderly parent has a tremendous effect on the quality of life for everyone involved and something a bit larger could make all the difference in the world. If you are finding that privacy and convenience are suffering due to “overcrowding” than it’s time to upgrade.
Too Much House to Handle
Just as living in a home that is too small to meet your needs, living in a home that is too large can also be problematic. While your home may have suited your needs before perhaps something smaller is better for you now. Paying the utility costs of a lot of unnecessary square footage can be costly and maintenance and cleaning of unused space is a waste of time and energy. If downsizing can save you considerable money and even enhance your current lifestyle than it’s time to make a change.