Moving Forward: How to Know If It's Time to Find a New Home
Owning a home provides a sense of ownership and a place that meets your needs, but life is full of changes. As your needs and circumstances evolve, your current home may no longer be the best fit for you and your loved ones. If this resonates with you, it could be a sign that it's time to consider making a move.
The National Association of Realtors (NAR) reports that the average person has lived in their current house for about ten years. During this time, many aspects of your life may have changed significantly. Even if you initially believed your current home would be your forever home, it's important to remember that circumstances can shift over time.
To explore your options and make an informed decision, it's recommended to work with a local real estate agent who is knowledgeable about the market. They can help you assess your current home's suitability, understand your options for selling or buying a new home, and guide you through the process. By working with a professional, you can gain a comprehensive understanding of the real estate market and make choices that align with your evolving needs and goals.
That’s actually what a lot of homeowners are doing right now. A recent survey from Realtor.com finds that, of people who are considering selling in 2023, one in three are thinking about moving because their home no longer meets their needs. And according to the same report from NAR, that’s consistent with this year’s top reasons for selling, which include:
- Want to move closer to friends or family
- Moving due to retirement
- Home is too small or too large
- Change in family situation
- Job relocation
If things in your life have changed, it may be time to make a move. And there’s good news: it’s still a great time to sell. Here’s why.
In the current housing market, sellers are in a favorable position due to high demand and limited inventory. Homes that are priced appropriately and well-maintained are attracting attention from buyers and selling quickly. To ensure you make the most of this sellers' market, it's important to rely on the expertise of a trusted real estate advisor who can guide you through the process.
One advantage of selling your home in a strong market is the potential to unlock equity. Over the past few years, home prices have experienced significant appreciation, which means there's a good chance you have built up substantial equity in your property. When you sell your home, you can use this equity to finance your next move.
According to the National Association of Realtors (NAR), 38% of recent buyers used the proceeds from the sale of their previous home to cover the down payment on their next home. This demonstrates how tapping into your home equity can be a valuable resource when making your next purchase.
To determine the amount of equity you have and explore your options in today's housing market, it's recommended to work with a local real estate agent. They can provide you with a comprehensive analysis of your home's current value and guide you on how to leverage your equity effectively.
By partnering with a real estate professional, you can gain valuable insights into the market, understand your financial opportunities, and make informed decisions to maximize your selling potential and facilitate a smooth transition to your next home.
If your home no longer meets your needs, consider selling it so you can find your dream home. Let’s connect so you can learn about your options.