Are you on the fence about whether to sell your house now or hold off? It’s a common dilemma, but here’s a key point to consider: your lifestyle might be the biggest factor in your decision. While financial aspects are important, sometimes the personal motivations for moving are reason enough to make the leap sooner rather than later.
An annual report from the National Association of Realtors (NAR) offers insight into why homeowners like you chose to sell. All of the top reasons are related to life changes. As the graph below highlights:
As the visual shows, the biggest motivators were the desire to be closer to friends or family, outgrowing their current house, or experiencing a significant life change like getting married or having a baby. The need to downsize or relocate for work also made the list.
If you, like the homeowners in this report, find yourself needing features, space, or amenities your current home just can’t provide, it may be time to consider talking to a real estate agent about selling your house. Your needs matter. That agent will walk you through your options and what you can expect from today’s market, so you can make a confident decision based on what matters most to you and your loved ones.
Your agent will also be able to help you understand how much equity you have and how it can make moving to meet your changing needs that much easier. 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
Deciding whether to sell your home is a significant choice, and while financial considerations play a major role, lifestyle factors can be the deciding factor. If your current living situation no longer supports your lifestyle, it might be the right time to make a change. Think about how your space needs have evolved. Whether you’re dealing with too much unused space or in need of more room, these changes can influence your decision. A home that no longer fits your family size or stage of life can feel uncomfortable and inefficient.
Location is another important factor. If your home is far from family, lacks access to important amenities, or doesn’t fit the climate you prefer, selling can give you the opportunity to move to a more suitable location. As we age or our circumstances change, the importance of being closer to healthcare facilities, family, or even recreational activities becomes more evident.
Lastly, the upkeep of a home can become burdensome. If maintaining your property has become overwhelming, especially if it’s an older home or has a large yard, finding a lower-maintenance property might be the relief you need. Let’s have a conversation if it’s time to sell your home!
