When Life Changes.
It’s a fact! 100% of the people I know sell their homes when their life changes. Downsizing, upsizing, right sizing are a few of the reasons. Home owners sell because the house no longer works for the size of the family, the budget, or it no longer fits for the amount of “stuff” they own. Perhaps the schools are no longer important since the kids that are gone, or there are more appropriate schools for their needs in a different part of town, state, country.
People sell homes for so many reasons, but in the end it only boils down to “life changes.”
If you live in Metro Denver, the good news is the real estate market has been a seller’s market for several years now. A seller’s market is one in which the seller is favored in the transaction. This means there are more buyers for homes in Denver then there are homes available. Buyers are willing to pay more in a seller’s market as opposed to a buyer’s market when homes are readily available and they can negotiate prices down.
Denver region homeowners are enjoying having equity in their homes. The equity is being used to fund a new home purchase, pay off debt, pad retirement incomes and even acquire rental properties or kiddie condos!
Is it time to sell your home?
Up, Down or Right Sizing happens when your home just is too big or small for you. Growing families tend to expand in size proportionate to the amount of toys they own. Eventually in the natural cycle of life, this expansion starts to contract as the kiddos head off to begin lives of their own. Right-sizing occurs when older adults decide the two-story stairs are getting harder and harder to negotiate and make a one-story home look might good to the worn out knees!
Affordability and the Interest Rates
Interest rates have been historically low for years now. We keep being told they are going to go up and they will, we just don’t know when. When they do go up the “affordability” will go down. That means you will either get to pay more for a new house or buy less of a house. Either way the inevitable rise in interest rates will effect you. So buying when the rates are low will be a wise decision that you won’t regret in the future.
So when is a good time to sell your home?
The answer of this is entirely up to you. Is your home working for you in size, location, budget, family situation? Are you living in the area you want to live? Are you thinking/planning for the future? Have you come to terms with the reality of staying where you are vs the reality of where you should really be living?
The answer to this question is about you and your situation. Thoughtful planning ahead is much wiser than having to rush into a sale that is forced and hurried. Getting the answers to your questions will help you prepare and make a good decision, one you won’t regret.
Here is a GREAT TOOL for Home Owners Thinking of Selling...
If you would like to track the home sales prices in your neighborhood, use our handy automated “Market Report.” You can create a free personalized report that will be sent to you each month. Follow this link: http://www.theberkshiregroup.com/search/market_report_search/
If you are thinking of selling now or in the near future and would like to know what your home might sell for in the Metro Denver real estate market, call us.