How many of you are living in your “forever” or “dream” home right now? Probably not many of us are. Typically each home we buy and live in early on and even midlife is a stepping stone in the path to that dream home. The question that frequently comes to mind is, “when should I sell my home and move on?” Here are some ways to know that the time is right to take that next step.
If the home you live in is no longer meeting your needs, that is a pretty good indication that the time to sell may be upon you. It could be that you’re having a baby or two and need something bigger. It could be that your job is taking you across town and you want a shorter commute. Or it could be that all of your “babies” have left the nest and it’s time to downsize. Even the fact that your neighborhood has changed and you aren’t happy there anymore is something to consider.
If you think that putting your home on the market is anywhere in the relatively near future, keep your eye on that market. Try to wait until the market is favoring sellers. The real estate market is constantly in flux. It is never static and it will always change. Granted sometimes it changes more quickly than others and you may need to wait, have no fear. Inevitably the time will come that the market will be in your favor. It’s very important to keep a close watch for that reason and grab at the chance when it arises.
Another sign that the time is right is that your mortgage is paid off. Many of us will never be completely debt free in our lifetimes, but if you can get your mortgage paid off and not have that weighing on you, any money you bring in from the sale of your home goes right into your pocket. And you will have the choice of putting that money into a new home or even renting for a while if you can’t find what you’re looking for.
If your interest rate is high, but the market interest rate is low, selling your home and cashing in on a lower interest rate on your new home might not be a bad idea. There are may factors to consider when selling your home or even thinking about it. Don’t make the decision on any one thing or think that the reason you have for wanting to sell your home is not a good one. There is no wrong reason for wanting to move on and sell your home. Be educated and well informed before taking the leap and it might be less scary!