Owning a home means having a place thats solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.
According to the latestHome Buyers and Sellers Generational Trends Reportfrom theNational Association of Realtors(NAR),the average person has lived in their current house for ten years. If youve been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesnt have to be. Work with a local real estate agent to explore all your options in todays market before settling for your current home.
Thats actually what a lot of homeowners are doing right now. A recentsurveyfromRealtor.comfinds that, of people who are consideringsellingin 2023,one in three are thinking aboutmovingbecause their home no longer meets their needs. And according to the same report from NAR, thats consistent with this years 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 theres good news: its still a great time tosell. Heres why.
Were in a strongsellers market. That means homes listed atmarket valueand ingood conditionare getting attention from buyers and selling quickly. Lean on your expert real estate advisor for the best advice on getting your house ready to sell.
Your equity can power your next move. Theres a good chance you have a significant amount of equity right now thanks to record levels of price appreciation in recent years. When you sell, you can use thatequityto help afford your next home. In fact, NARs report from above shows 38% of recent buyers used the money from the sale of their previous home to cover the down payment on their next one. Work with a local real estate agent to learn how much equity you have and what you can do with it in todays housing market.
Bottom Line
If your home no longer meets your needs, consider selling it so you can find your dream home. Connect with a Seven Gables Advisor, so you can learn about your options.
