Been in your home for a while? It’s only a matter of time before you get the itch to look at other homes in other neighborhoods. Here’s a look at five signs it’s time to sell your house and find something new:
- Space Is Getting Tight: There’s nothing wrong with kids sharing rooms. But, if you’re packing double bunk beds into one bedroom, it’s time to look for something a little more spacious. And it’s not always kids that lead to a need for more space. Sometimes you need a home office. Sometimes a parent comes to live with you. Things happen, and those things often require more space.
- Neighbors Are Getting Windfalls: When you start hearing about neighbors getting excellent prices for selling their homes, it might be time to consider moving yourself. After all, a home is an investment, and you want to get the greatest possible return on that investment. Just be warned: If you’re planning to move within the same city, it’s likely you’ll be able to sell at a high price — but it’s also likely you’ll be paying a high price for your next home.
- Interest Rates Might Rise: There’s a lot of chatter and expectation about interest rates rising from record lows. In the aftermath of the Great Recession, interest rates dropped in order to spur a stagnating economy. Now that’s it’s been almost a decade, there’s continued speculation that interest rates will soon go up again. If that’s the case, you want to get into a new home and a new mortgage as soon as possible. If you’re paying four percent on a home now, the last thing you want to do is move into a bigger, more expensive home and find that you’re paying five percent. It will cost you thousands over the term of the loan.
- Renovations Won’t Help: There comes a point where you can’t add any more value to your home through additional updates and renovations. That is, there’s a ceiling on how much you’re going to get per square foot. When you’ve hit that ceiling, you don’t want to pour tens of thousands of dollars into a kitchen or bathroom remodel. So take a look at other homes in other neighborhoods and evaluate whether or not there’s something you love or the potential to renovate a property into something you love.
- School Is Starting Soon: When you have little kids, there will come an August or September when those kids leave home and start kindergarten. Where will they go? If you moved into your home before you had kids or when you only had a newborn, you may not have considered the quality of the local schools. But early childhood education is so important, and you’ll want your kids to have the best education possible, even as early as kindergarten. If you find there’s an opportunity to send your kids to better schools in another part of town, it might be time to move.
When you’re deciding whether to sell your house, make sure you have the best representatives possible. At CENTURY 21 Core Partners, we work each day with homeowners in York, PA who are starting to search for something new. Let us provide the expert guidance you need.