Deciding whether to sell your home can be a complicated and emotional process. Your home is likely your most valuable asset. It holds significant financial and sentimental value. Unlike the stock market, buying and selling a home is not a simple matter of buying low and selling high. It’s a complicated transaction that requires strategy. If you’re on the fence about selling your home, there are a few key factors that will help you feel confident in your decision.
- Your Household Is Growing
Do you dream of a sprawling property where the kids can roam free? Or maybe you’re considering a move to a different neighborhood to access better schools. Maybe you’re feeling a bit cramped and constantly bumping into your partner in the kitchen—always a sign that your once-beloved home has become too small. If any of these situations resonate with you, it could be the perfect time to make a move. Perhaps you initially purchased your home as a way to hop on the property ladder, but with career advancements and improved financial stability, you’re now ready to pursue your dream home. If any of these scenarios sound familiar, you could be an ideal candidate for selling your home.
- Lifestyle Changes
Various lifestyle changes can prompt the decision to sell your home. If you’ve recently scored a remote job you may find yourself with the urgent need of a home office. You once cherished your chic downtown condo, but now desire the privacy and space of a single-family home. Maybe a shorter commute would give you more time in the day for activities you enjoy. You might be looking to downsize your monthly expenses to allocate more funds toward vacations or retirement. Whatever changes you’ve experienced, if your current home no longer aligns with your ideal lifestyle, it could be the right time to make a move.
- It’s A Sellers Market
It’s important to research local economic trends before putting your home on the market. In a seller’s market, more people are looking to buy homes than there are homes available. Under these conditions, your home becomes more valuable. Be aware- it’s important to educate yourself on local trends rather than national trends. Local Elizabethtown real estate agents stay up to date on local economy real estate trends and can help you navigate our often chaotic market.
- Your Neighborhood Has Increased In Value
Have you noticed any changes in your neighborhood lately? Are new homes being built? The prices of homes in your neighborhood going up? If so, it means it’s a good time to sell your house.
Olive and Oak creates helpful monthly reports for the Elizabethtown real estate market. This report can help you learn more about the houses being sold in your area. Historically, home prices rise around by 2% to 3% each year. But as of June 2024, the average home price has risen 9.4% from last year. It’s currently a great time to score a return on your investment, even for relatively new homeowners.
- The Season is Right
Did you know that selling your house at the right time can make you more money? It’s important to pay attention to the time of year when houses in Elizabethtown sell the fastest and for the most money. This way, you can make the maximum profit.
Fun Fact: In Kentucky, homes sell an average of 10 days faster in June.
- You Need a Financial Change
Sometimes, homeowners feel like they have a lot tied up in their house but not enough money to enjoy life. It’s important to find a balance. If you’re feeling overwhelmed by bills, selling your home could help. Ideally, your housing costs should be about 30% of your income. If your house needs many expensive repairs and it’s causing you financial stress, it might be a good idea to sell now. It’s better to sell your house before it becomes too costly to maintain. Don’t wait until the value of your house decreases.
Ready to take the next step?
Need a little help determining you should sell your house? Contact us for a home evaluation. We’ll be upfront with you about current market conditions and help set you up for success.
