If you are like most people, the value of your home represents a sizable portion of your net worth. Whether you are living in your starter home or your dream home, it is important to look for signs that it may be time to sell.
Selling your home and buying a more suitable property can improve your life in many ways. Here are a few signs it may be time to put your current house on the market and start looking at properties for sale in your area.
Your Neighbours Just Hit the Home Appreciation Jackpot
If your neighbours just sold their own home for a hefty profit, it may be time for you to do the same. Real estate agents base recommended prices on comparable sales, so if the house down the street is similar to yours, you could be sitting on a goldmine.
If home prices are rising in your neighbourhood, you owe it to yourself to at least explore a sale. You can use online tools to get a snap appraisal of your home, and the rest is up to you. If you like the number you see, you might want to make the real estate agent your next call.
The Kids Are Getting Older, and You Hate the Local School District
Moving into that sketchy neighbourhood seemed fun and cool at the time. There were local bars and clubs where you could have fun, trendy restaurants where you could grab a quick bite to eat and lots of cultural activities to keep your mind engaged.
But now you have kids, the nature of the neighbourhood and the local schools suddenly seems like a much bigger deal. If the kids are approaching school age and you do not want to send them there, it may be time to sell.
Interest Rates Are Attractive
Buying a new home when interest rates are low just makes sense, but an attractive financial market could also make your current home more valuable. Lower interest rates mean buyers can pay more for homes, and that is good news for you.
Interest rates will not stay low forever, so you may only have a small window in which to act. If you have been thinking about moving to a bigger home, a favourable interest rate environment could tip the scales in your favour.
Selling your home and buying another is not something to be taken lightly. It is a big decision that requires months of careful consideration. If any of the scenarios outlined above sound familiar, it may be time to look at selling your home and moving on.