Are you considering selling your home? It’s a tough decision at best. Unlike buying/selling other assets like stocks, there’s a lot of emotional baggage attached to selling a home. Really, it’s not so much a market-driven issue as it is a lifestyle decision (although the financial side of it is important). So how do you determine if it’s really time to sell a home? To find out, check out this brief guide on how to know if it’s time for you to sell a home in Frankfort and discover the signs.
You’ve Outgrown Your Current Home
If you and your family have outgrown your current home, then it’s probably time for you to sell a home in Frankfort.
Growing families need more room. “The number-one reason why people sell their home is that they’ve outgrown their space because their family is getting bigger and they’re shopping for a school district.” Or maybe you’ve had to move aging parents in with you and now need more room. Or, like many people now, you may be working from home and need space for a home office.”
Whatever the reason, if you’ve outgrown your current space, it’s probably time to sell and buy something bigger. Contact a Frankfort agent at (502) 352-2650 to find out what’s available in your area.
You’ve Had Lifestyle Changes
Similarly, if you’ve experienced any major lifestyle changes, it may be time to sell a home.
“The home with the big yard (and taxes and mortgage to match) may feel empty and excessive when your kids have flown the coop. Or perhaps you or your partner have decided to work from home or to start a business and you’ll need a home office. Homeowners nearing retirement age could be thinking about aging in place, in which case a home with a ground-floor master suite seems essential.”
If anything has dramatically altered your lifestyle from what it was when you bought your home, you should consider selling. Think carefully about whether your current home adequately serves your needs, and then decide accordingly.
You’re Experiencing Financial Distress
But not all people sell a home because they need more room or because they need to accommodate a new lifestyle. Some are simply too financially stressed to stay in their current home.
“If your property taxes or mortgage payments have become unmanageable, the best recourse may be to sell and find another home that’s more affordable . . . Selling your home is better than struggling with a big mortgage loan, and possibly risking foreclosure.”
You’ve Built Up Some Equity
Another sign that will help you know it’s time to sell a home is when you’ve built up a good bit of equity in your current home.
If you have a mortgage and you haven’t built up much equity, you may not make enough on the sale to do more than cover the original down payment. Remember: in the early stages of mortgage repayment, your monthly payments basically just go toward interest. And on top of that, selling a home comes with a pretty hefty cost.
And there’s something else to consider beyond just equity concerns. “Buyers don’t feel good when it appears you are selling too soon,” Jusko cautions. “What was wrong with the house? Why are you leaving so fast? Are the basement walls about to collapse? Are the neighbors selling drugs and shooting fireworks at your house? Buyers can dream up all kinds of negative scenarios when a seller hasn’t owned the home for very long.”
The Local Market Is In Your Favor
A final thing to consider in determining whether it’s time for you to sell a home in Frankfort is the state of the local real estate market. If your local market favors sellers, then it’s likely time to sell because you can likely sell for more and more quickly, but if not, maybe you should reconsider and hold off till market conditions improve.
Here’s how industry pros recommend that you proceed . . .
Don’t rely on nationwide data alone, though. Make sure your local market is doing well, too. Look at recent sale prices for houses in your area. Are those sales higher than in previous years? Next, call a local real estate agent and ask them to do a free home evaluation for you. They’ll help you determine a realistic list price and come up with a strong selling strategy.”
Don’t Make a Rash Decision
One thing you should definitely avoid in trying to decide if it’s time for you to sell a home in Frankfort is making a rash or hasty decision. The difficulty in making the right decision, though, lies in large part in the fact that you just may not know enough about influencing factors like the state of the local market. That’s where your Frankfort agent can be a huge help. In addition, a good agent will be able to help you work through the lifestyle aspects of the decision. So when you’re trying to determine if it’s time to sell a home, be sure to contact us today at (502) 352-2650.
