The title kind of makes you think of that 80’s song by The Clash, doesn’t it? In that catchy tune a frustrated guy is trying to decide if he should breakup with his girlfriend or stick around to see how the relationship works out. It could also be a metaphor for a homeowner fighting with the decision to list their house and move on to another property. “This indecision’s bugging me…”— homeowners on the fence can definitely relate to that lyric! In order make the right decision there are specific questions that will need to be answered. Let’s take a look at these queries, and, more importantly, your truthful responses.
Is Your Current Home Simply Too Big?
It’s inevitable; your children will grow up and leave the nest, destined to begin their own careers and possibly starting their own families. If you find your once overcrowded home is now too large, you may want to consider downsizing to a new, smaller home. The benefit in many of these scenarios is you will have lived in your current home for quite some time, potentially resulting in a good bit of equity. Selling your home and using the funds on a smaller property can also help you save on monthly utility bills, and speaking of equity….
Do You Have Enough Equity In Your Home To Make Selling Worthwhile?
How much money can you actually leave the closing table with? This is a very important consideration that must be looked at very closely before you even entertain the idea of listing your home. Did you refinance recently, or take out a home equity loan that must be repaid upon the sale of your house? Perhaps, after several years, you finally made your last mortgage payment and you’re ready to move on and cash out. It’s not uncommon for sellers who desperately want to move to a new neighborhood, or purchase a different home for other reasons, to be required to bring cash to closing! Consider if it is financially worth it to sell your home before you make any listing decisions.
Emotions Are More Powerful Than Money—Are You Too Attached To Your Home?
It may be tempting to consider selling your home if you’re an “empty nester” and your mortgage is paid off, but you have to ask yourself if you’re ready to vacate a house that holds so many special memories. At first blush, you may think this is a silly concept, but trust us; the closer you get to closing the more conflicted about your decision you may feel. This is the home where you cooked Sunday dinners, played with the kids in the yard and wrestled with that new air conditioning unit all those years ago. For some, knowing another family will be making memories in your home is too much to contemplate, while for others it’s a non-issue.
Do You Already Know Where Your Next Home Is?
If you’ve found your new, must-have home online or drive past it daily, picturing your family moving in, then selling your current home may be the right decision. In your mind you’ve already decorated the new house, enrolled the kids in the local school district and started planting a fresh rosebush to the right of the porch! On the other hand, if you just have a gut feeling it’s time to sell your home, the good news is there’s no rush. Begin the process of searching for a new home, taking your time to be selective while studying the market and interest rates. In this example, you’re really in the driver’s seat!
The Most Common Reason Sellers List Their Home?
Ask any seller why they decided to sell their home and the overwhelming majority of responses will sound similar to this: “We simply need more room!” First-time homebuyers traditionally purchase a smaller, starter home for various reasons. They actually realize this property won’t be their home for long before they even make the purchase. Growing families tend to…well, grow, leading to the need for a new, larger residence. Does this sound like your current situation?
Still not sure if you should sell your home or stay in it for a bit longer? Relax, that’s just one of the reasons Coldwell Banker Innovations is here! Contact us to meet with one of our talented agents. We will be happy to discuss your specific questions in detail. Call 301.745.1500 and let’s set up a time to talk about what decision is truly right for you!