If you’re like most people, you don’t think a lot about whether you’ve outgrown your home – at least until it becomes just a little to cramped for your style. But it’s not always about space; sometimes it’s about money, amenities and other factors, too.
Check out these five signs you’ve outgrown your home to figure out whether it’s time to sell and start over.
5 Times It’s a Good Idea to Sell Your Home on 30A
You may be ready to sell and move on if:
- It’s a seller’s market and you want to cash in
- Your neighbors sold a home and made a tidy profit
- The house is too small for your family
- You don’t want to spend money on maintenance
- You have lived in your home for at least five years
#1. It’s a seller’s market and you want to cash in.
If there are more buyers for homes than there are homes, you’re likely in a seller’s market. That means home sellers have a distinct advantage – everyone wants to buy, but there’s just not enough inventory.
In a seller’s market, you’re in the position to ask top dollar for your home – and you’re more likely to get it.
You can tell it’s a seller’s market if the price per square foot in your community is growing, homes are selling like hotcakes (listed and sold in just a few weeks!) or you’re getting lots of flyers and postcards in the mail from real estate agents.
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#2. Your neighbors sold a home and made a tidy profit.
When you see that a neighbor just sold his or her home for way more than you assumed it was worth (and more than what you owe on your home), it might be a good time to jump in on the action. There’s a good chance that you can make a profit on selling your home if your neighbors are doing the same.
However, if several of your neighbors all jump in at the same time, property values are likely to decrease – and if you’re on the tail end of the group who’s selling, you might want to hold off a while.
#3. The house is too small for your family.
You can tell when there’s just not enough space for your family in the home – and that’s a sure-fire sign that you need to move. Whether you need more bedrooms or more privacy, or you just want some room to breathe, when your house starts feeling cramped, it’s time to put it on the market.
#4. You don’t want to spend money on maintenance.
Home ownership is expensive, and if you’re sick and tired of paying for maintenance services, it might be time to say goodbye to the house and find a condo where everything’s included. The average homeowner spends about $2,000 per year in maintenance – and while you’ll pay HOA dues in a condo, it might be worth it.
#5. You have lived in your home for at least five years.
For most people, selling before they’ve lived in a home for at least five years is a bad idea. There just hasn’t been enough equity built up in the home until that point – and you could end up taking a loss on your investment. That’s because when you first start paying off your mortgage, you’re only making a dent in interest, not the principal.
Are You Selling a Home Along 30A?
If you’re thinking about listing a home for sale on 30A, we can help you. Call us at 850-213-3048 to learn about our innovative marketing plans and find out how we’ll put your home in front of all the right buyers.
If you’re also looking for a new home, check out all our 30A real estate listings or get specific with these links:
- Alys Beach homes for sale
- Destin homes for sale
- Grayton Beach homes for sale
- Panama City Beach homes for sale
- Santa Rosa Beach homes for sale
- WaterColor homes for sale