Should You Sell Now? The Lifestyle Factors That Could Tip the Scale

Should You Sell Now? The Lifestyle Factors That Could Tip the Scale

Are you unsure whether to sell your house now or wait? It’s a common dilemma, but one crucial factor to consider is your lifestyle. While financial aspects are important, personal motivations for moving can often justify making the move sooner rather than later.

An annual report from the National Association of Realtors (NAR) provides insight into why homeowners decide to sell. The top reasons all revolve around life changes. The graph below highlights these motivations:

As the visual indicates, the main reasons homeowners decided to sell include wanting to be closer to friends or family, outgrowing their current home, or undergoing significant life changes such as getting married or having a baby. Downsizing or relocating for work also featured prominently.

If, like these homeowners, you find that your current home no longer meets your needs in terms of features, space, or amenities, it might be time to consider discussing your options with a real estate agent. Your needs are important, and an agent can guide you through your choices and provide insights into today’s market, helping you make a decision based on what’s most important to you and your family.

Your agent will also help you understand your home’s equity and how it can facilitate a move to better suit your evolving needs. As Danielle Hale, Chief Economist at Realtor.com, explains:

“A consideration today's homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.”

Bottom Line

Your lifestyle needs could be a strong motivator for making a change. If you’d like assistance in evaluating the pros and cons of selling your house, let’s have a conversation.