By Jeff Wellman

Every home we live in over the course of our lives serves a different purpose. From the house you grew up in, to your starter home, the house you raise your family in and beyond, some are meant to serve us a few years and others for longer. Life changes along the way and opportunities pull us in different directions. Here are a few signs that it might be time to sell your home and move onto the next chapter, whatever that may be.

Your home no longer fulfills your needs

Outgrowing your starter home is common for young families. After you start adding new additions, like children, to your family, you might start thinking about finding a house with more space, bedrooms, a backyard etc. Your priorities change over time. Likewise, you may have recently become an empty nester and no longer want the maintenance that comes with owning a larger home. Downsizing your home makes sense from a lot of perspectives. Maybe you have a space situation on your hands, perhaps you need to move closer to a new job, to a different school district, etc. If your home doesn’t suit your needs, it may be time to sell.

You’re financially ready

While buying a home is a huge investment, owning a home can put you ahead financially in most cases, as housing values tend to grow over time. If you’ve owned your home for a long time and have paid off your mortgage, or a good portion of it, you should have some great equity. Having a good, solid understanding of your finances and where you stand with your current home, as well as current market conditions, will help you determine if its time to sell. Understanding your financial situation will also help you determine a plan for what’s next, after you sell, and what type of home you can purchase next.

It’s a sellers market

If your neighbor’s house sold within a few days of being listed on the market, there is likely a high demand for a property like yours in the area. It’s always a good idea to keep an eye on these things, in the town you live in as well as your specific neighborhood. If you’re not sure whether or not it’s a strong sellers market, you can enlist a local realtor that you trust to help you determine if the timing is right. They’ll be able to tell you more specifics about selling prices of comparable homes, the price you could list your house, and other trends in the local housing market.

A remodel won’t raise its value

If you’re hoping to increase the profit you see on your home by making renovations, it’s important to do the research to make sure you’ll get a return on the investment. Sometimes if you spend too much, or go over your budget, you’ll end up losing money in the long run. Make sure you know how much you’re willing to spend, how long it will take, and how much it will increase your home’s value. If you’re not sure whether a renovation is worth it, it’s a good idea to talk to your local trusted real estate agent to see if they believe the renovations will be worth it in the end. If they don’t think the renovation will increase the home’s value, it may be time to sell. 

You’re emotionally ready

The process of selling your home is not just financial, but also emotional. You’ve developed memories in the home you have owned, especially if you’ve lived there for many years. It’s an emotional journey and one that you need to be sure you’re ready to take on, to part with your home. The negotiation process can also be mentally taxing, including all of the preparation that goes into selling your home. Ensure you’re up for it and ready to move on to the next chapter before you list your home.

Ready to sell? If you’re considering selling your Northern Michigan property, stop by our office in Downtown Petoskey to chat. With inventory levels at a historic low, now is a fantastic time to list your property!