If you’re considering a move from your family home, deciding when to sell can often be as important as deciding that you are going to sell. There can be many factors to consider as you evaluate this, including family considerations, future plans, financial concerns and the state of the housing market. Here are some factors to consider to help you decide when it is the best time to sell your home.
Consider Your Future Plans
Carefully consider your future plans before deciding when to sell your home. Financial considerations play a crucial role, including evaluating the current real estate market, calculating potential proceeds from the sale and assessing the long-term financial implications of downsizing or moving to a senior living community.
Health and lifestyle factors should also be taken into account. Will you be closer to your social support networks? What about access to healthcare? You’ll also want to consider your access to amenities and services. Consider what the future may hold, including changes to your mobility and your desire for community connection and ease. All of these plans will factor into your decision about when to sell.
Evaluate the Cost of Staying
Evaluating the cost of staying in one’s current home versus moving to a new can also help you determine when to move. Begin by assessing the expenses associated with maintaining your current home, including mortgage payments, property taxes, insurance, utilities and maintenance and repairs. Consider the potential cost savings of downsizing to a smaller, more energy-efficient property, which could lead to reduced utility bills and maintenance.
Also be sure to factor in the costs of moving, such as real estate agent fees, closing costs and any renovations or modifications you may need to make to your future home. Be sure to explore the potential financial benefits of selling your current home, too, such as equity that can be used to supplement retirement savings or cover future healthcare expenses.
Consult the Market
The housing market can be extremely mercurial. Considering the state of the housing market before selling your home can help you make a more informed decision about the sale. The housing market is sensitive to fluctuations in supply and demand, which directly impact property values. Assess market conditions, such as current inventory levels, interest rates and local housing trends.
The most beneficial market for selling a home is, coincidently, called a “seller’s market.” It’s characterized by high demand and limited inventory, and can potentially lead to competitive offers and higher selling prices for your home. However, a “buyer’s market” gives more power to buyers because there are more listings, leading to less competition. This can drive down prices for sellers, resulting in a lower sale price and longer time on the market.
Connect with a Real Estate Professional
Consulting with a real estate professional before deciding when to sell your home is invaluable for seniors seeking guidance and expertise in navigating the complexities of the real estate market. Real estate professionals have firsthand knowledge of local market conditions, recent trends and pricing strategies specific to the area.
Real estate professionals have extensive networks and marketing resources to help promote your property and attract potential buyers. They can also assess the unique features and characteristics of your home and provide an accurate valuation, helping you determine a realistic and competitive listing price, as well as the optimal timing to sell.
Sell Sooner Rather than Later
Many seniors find that downsizing and selling their homes sooner rather than later has many benefits. Making the sale now can help simplify your life, reducing the physical and financial burdens associated with maintaining a larger property. Smaller homes typically require less upkeep and lower expenses. Community living can offer even more advantages, removing the need for home maintenance and bundling expenses into a convenient monthly fee.
Moving to a more manageable and accessible property can enhance your overall quality of life and even lend you more financial security as you right-size your expenses. Best of all, it ensures you have more time to spend on leisure and personal pursuits.
Discover Community Living at Querencia
Start your next adventure at Querencia, a retirement community in Austin, Texas. Dive in, enrich your life and continue your personal growth in our vibrant, sophisticated community designed to help you celebrate and savor everything you’ve achieved. Contact us today to discover more, or to schedule a tour to see it for yourself.