Tips & Advice
How Do You Know When It’s Time?
You may feel like it’s time for a change, but figuring out if now is the right time to sell your home can be tough. To help you make a well-informed decision, we’ve broken it down into several categories: lifestyle, location, size, and affordability. These factors will guide you in understanding when it’s time to sell, especially considering recent housing market trends.
You’re no longer happy with the house
Your needs and tastes have likely changed since you first bought your home. Maybe it was a great starter home, or perhaps you’ve always planned on upgrading to something more fitting for your lifestyle. Whether you’re no longer hosting guests or your family dynamics have shifted, your home may no longer fit the bill.
It’s no longer the right location
Commuting for work or changes in family needs, like moving closer to a better school district, may prompt you to reconsider where you live. If your home’s location no longer serves you, this is a strong sign it may be time to move.
Your house is too big
Life changes like children leaving home, divorce, or the passing of a spouse can leave you with more house than you need. Downsizing can relieve both financial and physical maintenance burdens, making your life easier.
Your house is too small
On the flip side, families grow, and spaces that once felt perfect may now feel cramped. Whether you’re expanding your family or need more room for a home office (especially after the pandemic), upgrading to a larger space may be necessary.
The market is great, and you want to cash out
Over the past year, home prices in the U.S. have risen about 6.6% (Business Insider). However, experts predict that the rate of growth will slow to around 4.3% in 2024 and 3.2% in 2025 (Fannie Mae)(Realtor). This means it might be a good time to sell now before the market slows down further. If your neighbors are selling at higher prices, you might be sitting on more equity than you thought.
You can’t afford the mortgage anymore
As life circumstances change, what once seemed like an affordable mortgage might now be a stretch. Interest rates, currently hovering around 6.6%, are expected to decrease, but that doesn’t make day-to-day affordability any easier if your job situation or expenses have changed (Fannie Mae)(Zillow).
You struggle with the cost of maintenance
Home maintenance can add up, especially when unexpected repairs come into play. If staying on top of repairs feels overwhelming, it may be worth considering selling your home. Homeowners often refinance to pull out equity for repairs, but if this doesn’t fit your financial picture, selling could be the solution (Zillow).
Rising property taxes and insurance costs
As home values have risen, so have property taxes and insurance rates. If these increases have become a burden, it may be time to sell and move to a more affordable location (Freddie Mac - We Make Home Possible).
There are plenty of reasons it might be time to sell your home. Whether it’s about cashing in on equity or simply finding a better fit for your life’s needs, taking time to evaluate your options is crucial. At Frontdoor, we understand how big this decision is. As a veteran-owned, family-operated company, we’re here to make the process as stress-free as possible by offering a cash offer within 24 hours and closing in as little as 7 business days. Whether you’re ready to sell or just want to explore your options, we’re here to help.
