The decision to buy a house and the decision to keep a house are different but closely connected. Some of the same questions you asked yourself when buying a home can help guide you when deciding whether to stay or sell. Not everything applies, but revisiting these questions—especially the second and third—can make the decision clearer.

The 3-Fold Test for Buying a House

When buying a home, these three key questions help determine if you’re ready:

1. Do you qualify?
   • How much will a bank lend you?
2. What can you afford?
   • How much are you comfortable spending each month?
3. Are you ready to be a homeowner?
   • Can you take on the added responsibilities like repairs, taxes, and maintenance?

These questions don’t always align perfectly. For example, you may qualify for a loan far larger than what you feel comfortable spending, or the opposite—your dream home might be out of reach financially. But if you find the sweet spot where questions 1 and 2 align, the final question—"Am I ready?"—becomes your decision point.

Owning a home isn’t just a financial commitment; it’s a lifestyle choice. Repairs, taxes, and homeowners’ insurance are ongoing responsibilities that come with the keys.

Using the 3-Fold Test to Decide Whether to Stay or Sell

Once you’ve bought your home, the first question—whether you qualify for a loan—becomes less relevant unless you’re considering refinancing for repairs or updates. The second and third questions, however, remain essential.

1. Can I Still Afford My House?

Life changes—jobs, family needs, and unexpected expenses. Meanwhile, property taxes, insurance, and maintenance costs often creep upward over time. If your income hasn’t grown to match these changes, you may feel the financial strain of homeownership.

2. Is This Still the Right Home for Me?

Even if you can comfortably afford your house, your needs or preferences may have shifted:

• Commute: Have you started a new job with a longer drive?
• Space: Do you need more space for a growing family, or is your home too big now that the kids have moved out?
• Lifestyle: Are you tired of maintaining a yard or handling repairs?
• Neighborhood: Has the neighborhood changed in a way that no longer fits your lifestyle?

According to a recent study by NAR, homeowners typically stay in their houses for around eight years. Life evolves, and your home may no longer meet your needs the way it once did.

Tips for Deciding

If you’re unsure whether to stay or sell, here are a few steps to help clarify your thinking:

1. Revisit Your Finances:
   • Review your monthly budget to ensure your housing costs are still manageable. Tools like NerdWallet's Home Affordability Calculator can help you get a clearer picture.
2. Assess Your Long-Term Plans:
   • Are you planning to stay in the area, or do you foresee moving in the next few years?
3. Evaluate Your Home’s Market Value:
   • Use tools like Redfin or Zillow to estimate your home’s value. This can help you understand your equity and what selling might look like financially.
4. Talk It Out:
   • Sometimes, discussing your situation with a professional or trusted friend can bring clarity.

Final Thoughts

Buying a house is a big decision, but so is deciding whether to stay or sell. Life changes, and as your needs, work, and finances evolve, it’s okay to reassess what’s best for you and your family.

Online research can provide helpful information, but sometimes you need to talk things through with someone who understands the process. If that’s you, we’re here to help. Whether you have questions or just need someone to listen, give us a call—it’s that easy.

Let’s figure out your next step together.