10 signs that you might be ready to sell your home

Things change - that is the one constant in life! If you have been browsing property websites or looking wistfully at the For Sale signs that you pass in the street, it may well be time to move house. But how do you know that the timing is right, or that this is the best choice you can make, personally and financially?

It is fair to say that no one wants to leap without looking and take a financial loss on their property, or even just regret moving for personal reasons. However, there are some simple signs to look out for when you are considering selling that can help you to feel more certain.

1) You feel ready

One of the most important things to consider when you want to move is whether or not you feel emotionally ready to make such a big change. Moving house is one of the most emotionally taxing things you can do.

If you have caught yourself imagining living in a new home, perusing the listings, and you don’t feel that your environment is serving the life you want any longer, then these are great signs it’s time to go.

There is more to selling a property than just feeling excited about it. You will need to be ready to prepare your home for agents and potential buyers, and prepare to accept whatever feedback this brings. But a good sign is feeling excited about a potential move!

2) Your family has grown

If you still live in the first home you bought, the likelihood is that your circumstances have changed quite a bit. Your family may have grown, whether that is children, pets, or introducing a partner into the home you lived in while single.

Needing more space, or just a space that works for multiple people is a good way to know when it is time to move on.

3) Your finances are in order

It is hard to overstate the expenses that add up when you are moving house, so it is vitally important that you have your finances in order before you start the process. If you are debt-free and have a good chunk of savings built up (we suggest at least three to six months’ worth), then you are in a good position to pay for all those unexpected costs that will crop up.

This is especially important if you are moving to a different area and will need your finances to be strong while you get settled in a whole new place.

4) Your location isn’t right for you

Do you have a city pad in an area that won’t suit a growing family? Or did you buy a lower priced property in a part of town that isn’t easily commutable to a new job? Maybe you need to live closer to your parents.

All of these are excellent reasons to make a move. If your location is not meeting your needs, loving your house won’t keep you from feeling restless!

5) The market is on your side

Have you noticed an upswing in prices for homes such as yours? Or is it an excellent time to buy a new home, so you can get your dream house for a better price? Keep your eye on the market in your area - whether you will thrive in a buyer’s or seller’s market is really down to your individual circumstances.

However, don’t let the market hold you back! With the right agent, you can make your situation work.

6) You have positive equity

If you have lived in your house for five years or more, it is likely that you have built up some positive equity.

How does equity work? It is determined by what you gain when the remaining amount of your mortgage is taken away from your home’s market value. A professional can help you to work out what this would be, and if you have positive equity - letting you know how much you stand to gain or potentially lose.

Considering how costly a move can be, moving with negative equity is not a good idea. It could mean you are in a weaker financial position after a move.

7) Your neighbours sold with great results

Whatever type of home you live in, it is likely that you are surrounded by properties that look like yours. If your neighbours have been selling up and moving on, getting great prices for their properties, then that means it is likely that your sale will yield a similar result.

Jumping on the bandwagon while the market is on your side is a fantastic idea. If demand is high for a property like yours, and you feel ready to sell, now would be the time.

8) You have an “empty nest”

Sometimes you need less space. If your children have moved out or your circumstances have changed in another way, your property might be feeling too big for you. Downsizing is an excellent way to save money and enjoy a higher quality of life by taking care of a smaller space.

Take advantage of this moment of change, because feeling ready to downsize can be a really thrilling time.

9) Renovations don’t change the value

It can be tempting to keep changing your home with renovations. But unless you plan to be there forever (and few people do!), make sure any major renovations are going to add to the value of your home.

If it turns out that these large scale renovations do not change the overall value, it might be time to consider moving rather than extending or making similar adaptations. You could save money in the long run!

10) You have found the perfect agent

Finding an agent you are comfortable with and who is skilled in their field is essential to feeling good about selling your home. If you have found an agent who does well with similar properties, and who has a clear plan of action and outcome in mind for your home, they could be the perfect person to help you achieve your property dreams.

How are you feeling? Is that excitement bubbling away, or are you still unsure of whether it’s time to sell your home? Remember, as long as you have the right reasons for making the leap to a new home, any teething pains will be well worth it.

If you're looking for a real estate agent you can trust, get in touch with our team at Sparrow Real Estate today.