Is it time to sell your home?

Is it the right time to sell your home? We talk a lot about the decision to purchase a property, and all the considerations that accompany that move. However, choosing to sell is also a big step that requires careful planning! Below, we review some common reasons people may choose to sell. Do any of them relate to your situation?

You have outgrown your home

Most people own more than one home during their lifetime. This is because at some point, our housing needs change, and our homes no longer meet those needs. There are a variety of reasons to sell your home in this type of situation. Maybe you are preparing to start a family, and you would like a larger home with a backyard and more bedrooms. Conversely, perhaps you are sending your children off to university or college, and you’re ready to downsize. It’s also possible that you are tired of all the home maintenance work that comes with bigger homes, and you want a property with less upkeep. If your house is on the older side, you may also be looking for a newer home with fewer quirks and repair needs. In short, it’s very common for home owners to realize their current property just isn’t right for them anymore. This can be a sign that it’s a good time to sell your home!

The area no longer meets your needs

Apart from the property itself, the area you live in is important too. As time passes, your neighbourhood or city may change in a way that doesn’t work for you anymore. For example, maybe you currently live in a rural area, but you now need to live somewhere closer to amenities or public transportation. On the flip side, perhaps your town is becoming too developed for your liking, and you want to live further away from the bustle of the city. The location of your home is almost as important as the property itself. Whether you desire green space, open countryside, or a downtown core with skyscrapers, if your current area doesn’t work for you anymore, it might be time to consider selling.

You need to use home equity

Owning a home means building equity through a valuable asset. There may come a time when you need to use that home equity due to financial hardship. Loss of income and rising costs of living are putting the strain on many Canadian home owners. For some people, selling their home in order to access home equity may be a viable solution. Of course, this isn’t a very desirable option, but it’s worth keeping in mind if you have fallen into tricky financial circumstances. Selling your property in favour of downsizing to a more affordable home can give you some breathing room. Before you decide to sell your home, however, you can also consider a refinance in order to access that home equity. We can chat with you about your options!

The market timing is right

Market trends change all the time, and one day you might find yourself in a situation where sellers are benefiting hugely from the housing market. In a seller’s market, homes are in high demand, and buyers are paying large sums to compete with one another. If you have been toying with the idea of selling, this kind of situation might be the perfect setup for you to take the plunge. If you previously had no intention of selling, it’s likely not the best idea to sell just because of market trends. However, for those who are already considering this move, a seller’s market can create the perfect environment to take action.

You’re ready for a change

Finally, sometimes people sell their homes because they’re just ready for something new! Your home could be meeting all of your needs, but you’re simply hoping for a change. If you have the time and financial resources, this is a perfectly acceptable reason to sell your home. Everyone needs a change once in a while. If this is the case, it’s important to get in touch with a real estate agent to start discussing your next steps. If you plan to buy another home, you should also reach out to a mortgage broker! We can help you determine your buying budget and the kind of mortgage product you may need for your new property. 

The decision to sell your home is a big one. If you choose to sell, and will be purchasing a new property, feel free to contact us! We can start planning your next moves for a successful buying experience.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.