How long do homeowners typically stay in their homes? In 2017, the National Association of REALTORS® reported 10 years. That’s right. On average, homeowners across the country lived in their homes for 10 years before putting their properties on the market. For some people, that sounds like a long time. For others, not so much. Truth be told, the reasons people sell their homes are as varied and unique as fingerprints. How will you know if now is the right time to sell your house?
Is it Time to Sell Your House?
When you want to make money, a seller’s market offers the best opportunity. But how do you know if it’s a seller’s market in Lake Havasu? Talk to your REALTOR®. Decreasing days on market, lots of area activity, and low inventory usually means a seller’s market. In turn, that could mean a tidy profit for you.
Your Neighbors Just Made Bank!
Did your neighbors just sell their Havasu home for more than you thought? Then, there’s a good chance that it’s time for you to sell your house. A majority of buyers need to borrow money to pay for a new home. In that case, they need an appraisal. Part of an appraisal depends on what other homes in the neighborhood recently sold for. If a sale of a property similar in size and age to yours actually comes in at a higher price, your home has a good chance of selling higher, too.
When you purchased your property a few years ago, your company was expanding. Money flowed. Now, work’s slowed down. The company cut back. You’re struggling to pay your bills. It might be time to sell the house and look for something more manageable…maybe even rent for a while. Before you put your property on the market, though, check around to see if a more affordable option is available to you. Otherwise, you may find yourself in an even worse situation. And that won’t help you or your family get through a tough time.
Sometimes, you simply outgrow your current home. The starter house you and your spouse purchased provided a wonderful home to begin that new phase in your life. However, four years, three kids, two dogs, and a cat later, you might start feeling claustrophobic. Time for new digs.
Looking for a Low-Maintenance Lifestyle
On the opposite end of the spectrum, your kids moved out. Maybe your Lake Havasu home now feels too big. Spending money on operating a big house when there’s only one or two of you at home doesn’t sound very appealing. Ready to ditch the big house for a condo by the lake? Put your property on the market!
Ready for a Change
Sometimes, you might just simply want a change. You’ve been in your house for five, ten, 15 years now. You’re ready for something else. As long as you’ve lived on your property as your main residence for at least two of the last five years, you won’t even incur any capital gains taxes. So, if you’re ready to just move on to something else, sell.