Translate:

EN

6 Signs It’s Time to Sell Your Home

6 Signs It’s Time to Sell Your Home


6 Signs It’s Time to Sell Your Home

You may be thinking that you need to sell your home and buy a new one.

Before you chalk it up to “the grass is greener” syndrome, examine your situation. There are many valid, relevant reasons to put your home on the market and jump into the home-buying process. Here are six clear signs that scream “It’s time to sell my house!”

6 Signs It's Time to Sell Your Home

Your home’s size isn’t working for you anymore

Many things could have changed since you first bought your house. You might have gotten married, had children, added new hobbies, or just decided you need more room in general. Your current property might lack storage space, room for an office, or large bathrooms. All of these are signs you need to sell your home and upgrade.

On the other hand, you might have a need to down-size after your kids have gone to college or moved out. You may feel like you’re banging around in a too-large space with empty bedrooms and unused areas in your home. Now maybe the time to sell and buy a smaller home or condo that feels cozier and more intimate.

 

It’s a seller’s market

If you are thinking “I want to sell my home fast” then a seller’s market is a perfect time to do it. A high return on investment on your current home might give you the means to pay off debt, finance your children’s education, or help you retire early. If homes in your zip code are moving fast, it’s a sign you should sell.

6 Signs It's Time to Sell Your Home

Your home’s upkeep is killing you

Did you purchase a fixer-upper thinking you would do most of the work yourself, and then end up hiring it out? Or has your home been hit with one costly repair after another? If your house is eating up your cash and breaking your budget every month, it’s is a sure sign you need to get out from under it and find a different, less expensive place to live.

A good rule to follow is spending more than 25% of your income on home-related expenses is too much. Determine how much your home’s upkeep is costing you and use that information to decide if it’s time to sell.

 

Related Read: 5 Best Home Improvements for Your Money

Your neighbors just sold their home and made bank

When deciding to sell your home, timing is critical. The same home may either spur a bidding war or sit on the market for months without much interest. It all depends on when you decide to sell it.

One of the best ways to measure how much your house will bring is by looking at the recent properties sold in your area. If one or more of your neighbors have sold homes that are comparable to yours for a high price, chances are good you can sell yours for a premium amount, too. Check out recent home sales close to you to see how the prices are trending.

A remodel won’t raise the value of your home

Some neighborhoods are not going to increase much in value no matter what the homeowners do to their home. Even expensive renovations won’t break the “price ceiling” some neighborhoods impose.

If you’re living in a house that needs remodeling but know you won’t get your investment back, it’s time to consider upgrading to a home that already offers the amenities you want.

6 Signs It's Time to Sell Your Home

Your children are starting school soon

Your address determines where your children attend school unless you’re going to send them to private school. Living in a school district that is unsatisfactory is a prime reason to put your house on the market and move to a more attractive location.

Parents may also want to keep their children in the same school system they start out in for consistency in environment and friends. If that’s your case, you need to think about whether your current home is going to meet your needs for ten or more years. If it won’t, the time may be right to sell your home.

It’s natural to feel sentimental towards your home. This makes selling and moving out an emotional decision. That doesn’t mean that you should stay in your current home forever. You and your family may end up being much happier in a different house. If you’re seeing one or more of the above signs, it could be time to list your home for sale.

Share

Leave a comment

Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020