Knowing when it’s time to sell your home

You’re having some thoughts about selling your home, but you’re not certain if you should go through with it. Does this sound familiar to you? If so, don’t worry! It’s normal to feel a little uncertain about what your next steps are as a home owner. However, it’s good to look out for some common signs that the time is right to sell your home. Here are a few signals that might mean it’s time to move on!

You feel like you have too much (or not enough) space

It’s important for your home to have the right amount of space for you to enjoy it. There are many times throughout our lives where our situations change in a way that affects our housing needs. For example, a couple who buys a small starter home might find they need a house with a couple extra bedrooms tacked on if they decide to have children. When our families grow, so does our need for space. This would be a good time to consider a move up to a larger size. On the other hand, a retired couple whose children have all moved out of the family home might find they no longer need, or want, so much space. Large homes can become hard to maintain, and it’s possible you don’t want to worry about taking care of a big yard and a two storey house. If you’re finding your home doesn’t fit your space requirements, it might be time to consider selling.

You have outgrown your current city or town

Much like we can outgrow houses, we can also outgrow the area we live in. Neighbourhoods, cities, towns, or rural roads might suit our needs and wants at one point, but it’s common to find your living situation doesn’t feel like a perfect match over time. Maybe you bought a home close to nightlife scenes and now find you crave a quieter atmosphere. You may have purchased a house that was once isolated from any traffic noises or busy neighbourhoods. Now, there are new developments coming in. Perhaps you moved into a family-oriented neighbourhood when you had young children, but now you’d like to live in an area with older residents. It’s also possible that the charm has just worn off a bit, and you’re looking to explore other places to call home. Much like we aren’t expected to stay in the same job our entire life, most of us find we need a change in our housing setup once in a while too.

You’re feeling financially strained

Financial stress is common. Many people find times can be a bit tight when they’re working on paying off a mortgage. However, there’s a difference between cutting back on unnecessary spending, and wondering if you’ll be able to pay off your credit card, electricity bill, and mortgage debt for the month. Inflation has certainly made life more expensive for Canadians in the past year, thanks to its impact on interest rates and the cost of goods and services. Plus, we are likely nearing a period of economic downturn, which might have you worried. If a big cause of financial strain is coming from homeownership, it might be time to ask yourself if you should sell your home. If you have built up enough home equity, you may be able to sell your house and move into a place with less financial stress, either through a smaller mortgage or by renting. Although the housing market isn’t booming for sellers the way it was one year ago, you can still benefit from this move if it’s the best decision for you.

You have had thoughts of selling for a long time

The decision to sell your home shouldn’t be one you make overnight. It’s a big process that will have an impact on your finances, your emotions, and of course, your living situation. Just because you had a bad day where cleaning took longer than expected, or you discovered a leak in your basement, that doesn’t mean you should rush to list your home that night. However, if you’ve been considering your options for a long time, and have carefully thought about what you need and want, it’s probably the right move to listen to your instinct if it’s telling you it’s time to move on. The very last thing you want to feel when you sell your home is regret. It’s important to take the time to think about what’s right for you, so you can look forward to your next steps.

Your decision isn’t just based on market conditions 

Finally, you should not sell your home purely based on housing market trends. Market conditions are always changing, housing prices bounce up and down, and supply and demand ebb and flow constantly. It’s important not to make this big decision based on the belief that you will make a big profit from the sale, or that you will be able to buy a new property for a low price. Nothing is certain or permanent in the housing market, so you shouldn’t make your decisions as if they are. Of course, it’s smart to pick the right time to list your property if you choose to sell. However, this should only come after you have discovered legitimate reasons to move.

Knowing when the time is right to sell your home can be a hard moment to pinpoint. Odds are you will be feeling a mixture of emotions ranging from excitement to sadness at the idea of moving. This can sometimes cloud our judgment in deciding what is right. It’s important to do your research and find the right professionals to help you navigate the selling process. If you do sell, it’s also essential to use a mortgage broker to help you secure your next mortgage! We’re here for all your mortgage needs so you can find the perfect product with confidence.

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.