Should I sell my home? 5 questions to ask yourself.
Selling your home is never an easy task. So, before you make the final decision to embark on the home-selling process, make sure you want to move.
Use these five thought-provoking questions below to help you decide whether it’s the right time to list your home with a realtor.
Is the size/layout of my current home what I need?
It’s not only about the square footage, but also its layout.
For example, if your kids will soon be teenagers, do you have ample room to spread out? Would a one-story or two-story better accommodate how you’ll live in your day-to-day?
Or, if you’re getting married and planning to have children, will your current home accommodate your growing family?
On the other hand, if you’re empty-nesters and have a large home, maybe a smaller, cozy residence would work better for you.
If the size of your home doesn’t feel comfortable anymore, it might be time to put a for sale sign in the front yard.
Is it a seller’s market?
It can still be a good idea to sell your home even in a buyer’s market, but you’ll get less value from the sale and so waiting can have its advantages.
Talking with a qualified agent will give you the best picture locally – they’re in the thick of the market and will know how its trending as well, so even if you’re ready to sell it might be best to wait another 3-6 months to better cash in.
What’s my financial picture?
Start with your current status. Are you struggling to make payments and at risk of missing? Then that’ll obviously sway your decision.
But let’s say you’re in a stable place. What could your status be if you sell?
Calculate the dollar amount you owe on your mortgage and home-related loans and subtract it from your home’s fair market value – you can ballpark using a site like Zillow, but those aren’t fully accurate (you can request your home’s value from us if you’re in GA, SC, or FL if you’d like).
The difference shows the equity you have in your home – positive or negative.
If your home’s equity is a substantial positive dollar amount, it might be a good time for you to sell and make some serious cash.
Pro tip: Compare your existing mortgage interest rate to current rates. If rates are similar or lower, that’s a bonus if you choose to buy another home.
Do I actually enjoy owning my home?
When the yard work or internal/exterior maintenance of your current home have become more of a dreaded chore than a gratifying experience, consider leaving it behind.
Sell your home and opt for an option where the outdoor upkeep is done for you, such as a condo or townhome. In addition, if you’re living in an older home that requires endless repairs and remodeling, a brand-new home may be just what you need.
New homes don’t typically require much repair work or remodeling for several years (or more) down the road.
Would moving to a new geographic location suit me better?
Thinking of changing it up? Maybe you want to be closer to family or friends, or perhaps want a different climate (like ocean living), scenery, entertainment, or lifestyle.
If your heart’s set, what’s stopping you? After you’ve researched demographics, climate, and cost of living in an area you want to relocate, make plans to get your current home on the market and make the move you’ve dreamed about.
Make the move
Consider your answers to the five questions above. Granted, they’re a starting point, but its important to really think it through before signing up for a major disruption in your life!
If you think it’s time, then here’s what to do next:
- Read our guide to selling your home
- Begin de-cluttering … it’s never too soon!
- Sell in Augusta or sell in Amelia Island – click the appropriate link to get started!
If it’s not time to sell just yet, then you’ve at least thought it through and made an informed decision. That’s great! Make the most of your home, and we’ll be here if you change your mind. 🙂