In today’s seller’s market, it can be challenging to know whether or not you should sell your home. Moving is stressful, time consuming, and costly, so it is important to be sure you are ready to move before you sell your home. We have compiled the top 5 signs you are ready to sell your home in this article for your use.
The first sign you may be ready to sell your home is that it is not suiting your needs anymore. Perhaps your family has grown and your house no longer has enough space to comfortably fit everyone and their belongings. Or, you could be looking to retire and the house and its associated maintenance is becoming too much to reasonably need. It could be as simple as wanting a larger yard for a family pet, or needing an inlaw suite for family members that may require a higher level of care. We recommend creating a list of all the things you would want in a home, and all the things that you need in a home, and then comparing it to your current housing conditions. Sometimes the emotional and monetary cost to moving is not worth gaining a couple new features of a home, but sometimes it is. It is up to you to decide if your current home can suit your needs enough to stay.
The second sign that you may be prepared to sell your home is that you have a clear plan going forward. It may be beneficial to consult with a real estate agent to learn what the market value of the homes you would want to move into would be in the area you want. This can help you make a choice whether or not you want to sell your home and move on to new adventures. It may also take many months for you to find your next home depending on how specific your requests are, so planning ahead will make sure that you do not sell your current home before having a move-in date for your next house. You can also speak to a Realtor® about what the average days on market is for your current neighborhood to see how much time you might have during the selling process.
The third sign that selling your home might be for you is that you are in a financial place where this is feasible. Depending on how much equity you currently have in your house and the current market conditions, you may end up paying out of pocket for some expenses if selling your home does not cover the cost of purchasing a new one. Be sure to check with a financial advisor and real estate agent before starting the home buying process to see what kind of mortgage you would qualify for, as well as adjusting your expectations of what your net profit would be from selling your current home.
Another sign that selling your home now is a good choice is that the market is favorable to sellers. At the time of this blog’s writing, the Calgary market is still quite “hot” and properties are moving very quickly. Many home listings end in a bidding war, which can increase the profit for the seller of the home. Before making the decision to sell your home or not, it could be useful to have an experienced Realtor® complete a home evaluation of your home for you. This will give you an idea of how much your home would be able to get if you listed it. As well, a real estate agent can help you as a buyer know if the market is at its prime for sellers or not.
The final sign that you may be ready to sell your home is that you are emotionally prepared for the selling and buying process. If you have children and are considering selling the home they grew up in, you could experience some additional emotional turmoil when selling. Not to mention potential pushback from your children. Preparing your home to sell can be a lot of time and energy, and having to accommodate showings can also be stressful for any home seller. Choosing a time where homes stay on the market for less time can be helpful, but it is not always possible. As well, choosing an experienced and helpful real estate agent can of course make this process go smoother, but there will always be stressful points in moving, no matter how good your agent is. Preparing yourself for these situations and changing your expectations can significantly improve this process, and hopefully make selling your home a more pleasant experience!
Here at YYC Real Estate Advisors, we are always here to help you with any of your real estate needs. If you have any additional questions about this blog post or selling your home in general please feel free to reach out to us. We would be happy to provide additional advice or direction.