How do you know if you’re ready to sell your home? After all, selling your home is one of the biggest decisions you’ll ever make – so you need to be absolutely certain you’re making the right choice. Here’s what you need to know.
How Do You Know if You’re Ready to Sell Your Home?
Most experts agree that there are a few signs that you may be ready to sell your home, including:
- You’ve outgrown the space and don’t have enough room.
- You don’t like your neighborhood any more and have your eye on another location.
- Your job has moved and now you’re farther away from work.
- There are better amenities in another area, and you’d like to be closer to them.
- You feel like your circumstances have changed enough that you should have a bigger – or smaller – home.
- You stand to make a profit if you sell.
- You have enough in savings to come up with a down payment on a new home.
- Your credit scores are strong enough to get you a competitive interest rate and favorable terms on a new mortgage.
- You’re ready to break your emotional ties with your current home.
Here’s a closer look at each.
#1. You’ve Outgrown Your Space
If your current home has gotten smaller over the years – either because you personally need more space to spread out or your family size has increased – it may be a sign that it’s time to move on to bigger and better things. Likewise, if you’ve psychologically outgrown your home, it may be time to pack up and go elsewhere.
#2. You Don’t Like Your Neighborhood
Maybe you loved your neighborhood years ago, or maybe you never really got attached to it. Either way, if you’re not happy with your neighborhood, it could be time to start looking for another one.
#3. You’re Too Far From Work
People change jobs from time to time – and there’s a good chance that if you’ve done so, your new place of employment is farther from home. With increasing traffic all over Scottsdale, it might take you far too long to get to and from work. If that sounds like your situation, you might be on the right track if you try to find something that’s closer.
#4. There Are Better Amenities Elsewhere
There’s all kinds of new growth in Scottsdale, and that may mean your home isn’t as close to the places you frequent. Whether you’d like to be closer to your favorite Fry’s or you prefer to be close to new restaurants and shopping areas, you may want to start exploring your options in another part of town.
#5. You Want a Bigger (or Smaller) Home
Maybe you just want a bigger home, or perhaps you’re ready to downsize because you currently have too much space to keep up with. The important thing to remember is that your home should reflect your lifestyle; if it doesn’t, you’ll end up feeling cramped or lost, and a new home may improve your situation significantly.
#6. You’ll Probably Make a Profit if You Sell
If you’ve built equity in your home – enough that you could make a pretty penny by selling – it may be time to sell and collect your cash. Some people prefer to wait until they’ve paid off a house before moving, but that doesn’t have to be the case for you.
#7. You Have Enough Money for a Down Payment
When you buy a new home, you’ll want to put as much money down as possible. The going rate is 20 percent of a home’s purchase price, but there are several loan products that require far less (including VA loans, which let you buy a home with nothing down). If you’re confident that you have enough money for a down payment on another house, it may be a good time to sell.
#8. You Have Strong Enough Credit to Get Good Terms on a New Mortgage
You don’t want to get caught in a situation that costs you more money than it needs to, which is exactly why you should make sure your credit score is up to snuff before you buy a new home. If your credit is in a good spot and can help you qualify for the best rates and terms, now may be a good time to sell and start fresh.
#9. You’re Ready to Break Your Emotional Ties With Your Current Home
If you can take criticism about your home and you’re really feeling ready to move on, it’s a safe bet that you’ll be in a good position to put your home on the market. If you’re still really attached to your current house, you may want to hang on to it until you’re truly ready to sell.
