Is Your House Feeling Cramped? Too Big? Have you Out Lived Your Space? Here Are Common Reasons to Sell Your Home
Ten years. That’s the average amount of time a homeowner stays in a house before a sale, according to the National Association of Realtors (NAR).
Think that sounds shockingly short? Or way too long?
For our family, we tend to move about every 5 years and immediately after unpacking the last box, I will announce that “this is the last move.” Just in case you were wondering, we have been in our house for over three years with no immediate plans for moving but stay tuned.
There are some common reasons – financial and emotional – that lead us to sell our current homes and move on to the next one.
Over the past few months, Kelly and I have worked with many families that have decided to move on to a new adventure and in a couple of cases, the owners had been in their homes for over twenty years.
So, when is it time to start looking for a new home? Here are some signs that it might be time to start packing your bags for your next new home.
You’ve Grown but Your House Hasn’t
This was a common one for us. Home #1 was a 1,600 square foot, three-bedroom home with a nice corner lot. My wife and I were expecting our first child and this house was perfect! After the last box was unpacked, I announced that this would be my last move. Three kids later, and one more on the way, we were busting out of the seems of my “forever home”. We loved our little home and had lots of great memories, but it was time to “move up.”
You Know it’s a Seller’s Market and You Want In
Let’s get right to the obvious. You’re eager to make a profit on your property. You know what you paid for your house and you’ve seen the signposts in your neighborhood. You’ve heard that prices are increasing, and you want in.
Because your Neighbors just got What for their House?
This reason is tied to the preceding one. Your significant other comes home and exclaims, “do you know what the Smiths (or Joneses, or add your favorite last name here” got for their house”?
This happened to us. My wife and I decided that we loved a brand-new neighborhood and moved into the neighborhood during the worst of the housing market in 2009. Not the best time to be making a move, but it worked for us. We found a spec property that the builder was in desperate need to unload and we bought for a good price.
Four years later, our home had substantially appreciated, and my wife had spoken with a few other women in the neighborhood about some recent sales in the neighborhood. Three kids out of the house, our home was becoming too big and my wife contacted her favorite real estate agent…ME…and our house was on the market.
Too Much House is Too Much House
This reason can take many forms. Death, serious illness, financial stress, job loss, divorce—these are all emotionally wrought experiences that may warrant a need for change. Maybe you’re just tired of the same old, same old, and it’s time for a change of scenery. For some people, the house has just become too big and too much to manage.
A few years ago, I met with a wonderful couple that had lived in their home for many years. They loved their home and everything about it. I was incredibly surprised when they called me because I knew how much they loved their home. When we met, I asked why they were looking to sell. The response, “its just time.” GOT IT!
Before you sell your home to reduce your monthly living expenses, make sure you can find another home to rent or buy in your price range, and that you can qualify for a loan at current interest rates when you do.
New Job or Transfer
Obviously, work-related relocation makes it necessary to pull up roots—and it doesn’t have to be a full-fledged move to another town or state. Many people draw the line at a commute that exceeds a certain distance, especially if it means driving in heavy traffic.
See Family More Often—or Less
People frequently move to be near relatives, especially as they age. Conversely, some homeowners move to put distance between themselves and their kin. Dysfunctional and fractured families have been known to grow closer after being separated.
Need a New Challenge
Some people enjoy fixing up a home—spending time, money, and effort on remodeling. But once the work is completed, they become restless because they have nothing left to do. They like nothing better than selling up and moving on to the next fixer upper.
Different Interests and Priorities
Some folks are simply tired of owning a home and would prefer to travel, pursue a hobby, or be less responsible. So, for these people, homeownership loses its priority status and selling a home turns into the ticket for realizing dreams.
Beware Snap Decisions
Of course, there are no promises that selling will be better for you in the long run. Take your time deciding if you should sell, and then study the local home sales market.
Remember: Selling isn’t free: You’ll have to shell out to cover all of the costs associated with hiring a real estate agent, closing, and, of course, purchasing another home.
Selling your home is, above all, a personal decision. Do what will help you live—if not happily ever after—happily for now.
Other Resources from Our Blog
“Testing the Market” is a Bad Idea: Link
New Years Resolutions Homebuyers: Link
New Years Resolutions Home Sellers: Link
2020 Year in Review: Link
About Log Pond Realty
Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.
Contact us 919.589.3576 | email@example.com