Just like any major life decision, choosing to sell your home is often not an easy choice to make. Many families struggle with deciding if it’s the right time for everyone, whether they can afford the extra moving costs, and even resolving whether or not they want to leave behind the memories made in their current home.
If selling your home has crossed your mind, but you’re not sure whether it’s the right step, there are a few things to ponder that can provide some guidance and direction. Here are the top things to think about if you are considering selling:
1.) Do you have the equity?
One of the first things to consider when deciding whether it’s the right time to sell is your home equity, or the percentage of your home’s value that you own. Your home equity is calculated by subtracting the amount you still owe on your mortgage from the total value of your home.
If you carry sizeable equity in your home, it’s likely a good time to sell as you can use this equity towards the purchase of your new property. As selling prices and home values continue to increase in Collingwood and surrounding areas, it’s very possible that if you’ve owned your home for a while, it could likely have a good amount equity in it, potentially making the choice to sell a little easier.
2.) Have you weighed the pros and cons?
Making a list of the negatives and positives when it comes to selling your home will also help you decide whether you need to book that moving truck. Although there may be a few negatives associated with moving, like having to switch your child’s school, moving further from the grandkids, or even just preparing your home to sell, it’s also a good idea to focus on the positives. For example, a shorter commute to work, that ensuite bathroom you’ve always wanted, or a big backyard full of trees. If the pros outweigh the cons, it could be a sign that it’s time to get packing.
3.) Do you currently have too much or too little house?
Space is another indicator that the time to sell could be now. Think about your current living arrangements. Perhaps your family has expanded recently and you’re now feeling a little limited when it comes to the space you have available in your home. The opposite could also be true. If your kids have recently moved out, you may find that you have too much house and it’s time to downsize. Either way, too much or too little space usually means that it’s time to find a new, more fitting place to call home.
4.) Is the timing right?
Timing is another key factor when deciding whether it’s really the right time to sell. Although some seasons are a little ‘hotter’ than others when it comes to real estate, it really is possible to sell your home at any time and during any season.
You may, however, want to consider what is happening in your own life. If your work is particularly stressful or you are dealing with some other type of life transition, it may be a good idea to postpone selling your home to avoid becoming overwhelmed.
If, after considering these questions, it’s clear that it’s the right time to sell your home in Collingwood, Wasaga Beach, the Blue Mountains, Meaford or the Georgian Triangle - we can help! Our team of dedicated REALTORS® understands that it can be tricky to make the decisions to sell, and we will help you negotiate the right price in order to avoid any seller’s remorse. Connect with our team today at (705) 445-7085.