Many homeowners today are not living in their forever homes. Instead, the spot in which they’re residing is just a stepping stone to their dream house. If you’re always keeping one eye on your home and the other eye on the housing market, RISMedia offers these steps to help determine the best time to sell your home and move one step closer to the place of your dreams.
Your current home longer suits your needs
If your home no longer works for your situation in life, then it’s a good time to think about selling. Stepping-stone homes are purchased for a specific reason at a specific time in life. For example, maybe you’re expecting a baby and need additional room or maybe your child just went off to college and your once cozy home seems like an echoing cavern. Perhaps you just got a job on the other side of town and the commute is too much to handle or you just starting working from home and discover you’re not too fond of your neighborhood.
The market favors the seller
If you’ve been wanting to move and the real estate market currently is favoring sellers, why not throw your house in the ring and see what happens? You always can count on the real estate market to reliably deliver shifting trends. Some years it will be a buyer’s market, and in other years, it will be a seller’s market.
Your mortgage is paid
Once you pay off your mortgage, every dollar you earn beyond what you paid for your home is pure profit. Few people in this country today can enjoy the feeling of being debt-free, but if you sell your home after it is paid off and pocket the profits, you can be one of them.
Your current interest rate is high
Interest rates have been historically low for a while. If your current mortgage has a high interest rate attached, then now might be a great time to sell before rates start inching back up and the market still is strong. Whether you choose to sell and just rent for a while or decide to buy another home at a low interest rate, it is a win-win to sell and get out of that higher rate.