1. Your Family Size is Changing
Whether the size of your family is growing or shrinking, this is one of the best signs that you should sell your existing home and choose one that is more in line with your needs. Maybe you have several small children, who up until now were sharing rooms. But they’re growing up fast and should have their own rooms. Or maybe all your kids are grown and out of the home and you want to retire. It would be smart to downsize if you feel you can no longer maintain a large house. Maybe you bought your house when you first got married but now with the addition of kids, you need something more spacious.
2. Interest Rates are Low
Interest rates are at historic lows. Coupled with a hot sellers’ market that virtually guarantees you would get way more than you paid for the house, you should jump on the opportunity before rates begin to rise again. Low interest rates can shave thousands off your mortgage over 30 years, so if you’re looking to save money, this is a great way to achieve that. And because home values are hitting historic highs, you would be wise to sell now and get top dollar. You could realistically snag tens of thousands of dollars more than what you originally paid for it. Perhaps hundreds of thousands if you bought a long time ago.3. You Have School Age Kids
Maybe when you first bought your home, you were single or your children were babies. You weren’t necessarily thinking of where they would go to school. If you live in an area where the schools aren’t so great, this is the best time to move to a system that has a high rating. You also may want to live in a safer neighborhood. Perhaps you wouldn’t dream of sending your kids out to play by themselves because the area is sketchy. Moving to a safer neighborhood close to excellent schools would be a good idea in this case.4. You’ve Become House Poor
In your haste to buy your “dream home,” you may have shelled out much more money than you were comfortable with initially. Now, as the months wear on and you’re barely scraping enough money together to pay the mortgage, let alone go on vacations, buy new clothes or splurge on fancy dinners, you may realize the high costs of homeownership have come at a big price. Between balancing mortgage payments, regular maintenance and property taxes, that home you once couldn’t live without has made you house poor, says Southern Living. Consider selling and downsizing so you can enjoy the little things in life.5. You Got a New Job
This is often a factor we have little control over. Whether you need to move because your existing boss wants to relocate you to a more profitable market, or you’re simply looking for a new career change in another area of the state, you may want to think about selling. This will put you closer to the new job, allowing you to save on commute costs and make a higher salary.
6. You Can’t Believe What Your Neighbor Sold Their Home For
Again, this relates to the strong sellers’ market. Your friend next door may have just sold their house and got tens of thousands over the asking price, with an appraisal and inspection waived. This has become common practice in such a competitive real estate atmosphere. If your neighbor’s house sold in a weekend way over asking, it stands to reason yours could too!7. The Upkeep is Too Much
When people first become homeowners, they are idealistic, energetic and eager to work hard on keeping up their property. But older adults approaching retirement age realize they no longer want to, or have the mobility or energy to, upkeep the home. There’s nothing wrong with this, of course. You don’t want to hurt yourself or let your property fall into decline, and short of paying professionals to do every single task for you, it’s best to sell and move into a smaller place. Perhaps a retirement community would be best where all maintenance is taken care of.8. You Aren’t Happy
Sometimes we just fall out of love with our homes. As the years go by, we may start to see the cracks in the façade, the potential a bigger home could afford, the neighbors we’ve grown to resent, or the fact that we can’t cope with living in a huge house after all our children have flown the coop. Maybe you no longer enjoy tending to your once-prized garden, or you’re constantly fighting with your grumpy neighbor, or your house is constantly in need of repair or updates. Perhaps you lost your spouse of 50 years or are facing a divorce. Whatever the case, it may be time to move if your home no longer brings you joy. It’s better for your mental health and well-being to relocate to a home that does make you happy. There are many reasons why you may want to move. Hiring a professional mover will make all the difference.