If you’re like many people, you’ve looked around your current home and wondered, Should I sell my house? Although that’s a highly personal decision, there are nine signs that it may be time for you to contact a Naples REALTOR® about putting your house up for sale.
Should I Sell My House? 9 Signs It’s Time to Move On
Selling your home is a big transaction. It takes time, patience and a little bit of homework – but check out these nine signs you’re really ready to sell before you make a decision:
- You’ve outgrown your space
- You don’t love your neighborhood
- You’re emotionally ready to sell
- You’ve built equity in your home
- You’ll most likely make a profit
- You can afford the cost of selling
- You can afford to wait on the right buyer
- You can afford your next home
- You’ve seen strong evidence that you’re in a seller’s market
Here’s a closer look at each.
Should I Sell My House? Sign #1: You’ve Outgrown Your Space
The single-biggest factor in whether you should sell your home is growth – and that doesn’t necessarily mean the number of people living in your home has increased. Maybe you’ve outgrown your house because you’re ready for something bigger and newer, or maybe you’ve outgrown it because it doesn’t match your lifestyle any longer.
Should I Sell My House? Sign #2: You Don’t Love Your Neighborhood
If your neighborhood isn’t the ideal place you see yourself in five, ten or twenty years, it may be time to sell your home. When you fall out of love with your community, it’s probably time to find a new one – and your Naples REALTOR can help you search in neighborhoods you may enjoy.
Should I Sell My House? Sign #3: You’re Emotionally Ready to Sell
We all get attached to our homes – they’re often filled with great memories, as well as bits and pieces we love. That doesn’t mean you shouldn’t sell your house, but it does mean that you should ensure you’re emotionally ready to let it go to someone else. Ask yourself if you’re:
- Able to make repairs and improvements that will attract prospective buyers?
- Ready to keep it showing-ready for the duration of time it’s on the market, which could be days, weeks or even months?
- Willing to hear honest feedback about your space, including what people dislike about it?
- Prepared to hear what buyers are willing to pay for your home, which may be lower than what you expect?
- Move out and leave your memories behind?
If you can answer yes to these questions, it’s a sign that you may be ready to sell your home.
Should I Sell My House? Sign #4: You’ve Built Equity in Your Home
You don’t want to sell your home and lose money, so be sure you’ve built equity in your house before you decide to sell. Even if you could sell it for what you currently owe, you’d end up losing money on real estate commissions, repairs and incidentals, so see how much your home is worth before you decide to put it on the market.
Finding Out How Much Equity You Have
The best way to find out how much equity you have in your home is to look at your most recent mortgage statement. Subtract your loan balance from the market price (the amount your REALTOR told you it would likely sell for) and you have a ballpark figure on the equity you have. For example, if the market price of your home is $600,000 and your loan balance is $450,000, you have approximately $150,000 in equity in your home.
Should I Sell My House? Sign #5: You’ll Most Likely Make a Profit
Selling your home isn’t just about breaking even (after commissions, repairs and incidentals, that is). It’s generally about making a profit – at least enough to kick in for your down payment on your next home. After you’ve had a Naples REALTOR value your home, take a look at your mortgage payoff amount and see whether you’d make a significant profit. Sometimes it makes sense to hold on to your house for a few years and build more equity – that way, you can potentially make a bigger profit when it’s time to sell.
Pro Tip: If you could sell your house today and make enough of a profit to cover your closing costs, moving costs and down payment (at least 20 percent) on your next home, it may be a good idea to make the leap from Should I sell my house? to Let’s get this place on the market!
Should I Sell My House? Sign #6: You Can Afford the Cost of Selling
Selling a house costs money. In fact, you’ll could end up paying close to 10 percent of the home’s sales price in things. Here’s a quick breakdown on what you’ll most likely pay for when you sell:
- Real estate agent commissions
- Seller concessions
- Home repairs and renovations
- Closing costs
Should I Sell My House? Sign #7: You Can Afford to Wait on the Right Buyer
Any real estate agent can tell you that the market can be unpredictable, and while some homes sell within a matter of days (some even find buyers within hours), others take a bit longer. Your home could remain on the market for a few weeks – or even months. Often, it takes time to find the right buyer in the luxury real estate market (partly because of the price range, which is high enough to preclude many buyers), so you have to make sure you can afford to wait on the right buyer to come along before you decide to sell.
Should I Sell My House? Sign #8: You Can Afford Your Next Home
You’ll have to find a new place to live – hopefully one that better reflects your lifestyle – and you need to be sure you can afford the right space. The last thing you want to do is go through the hassle of selling your current home and finding a new one when the new one isn’t much different from the old.
Should I Sell My House? Sign #9: You’ve Seen Evidence That You’re in a Seller’s Market
Seller’s market is a term real estate agents use to describe conditions that are favorable to sellers. If you’re in a seller’s market, there are more buyers than there are available homes. In a way, those conditions tip the odds in a seller’s favor, because buyers are competing to buy homes; buyers are often willing to pay over asking price or make concessions when they really want (or need) a new home.
Are You Selling a Home in Naples?
Selling your home is a big deal, so you need to work with a REALTOR who can get it right. We know how to market your home to all the right buyers, regardless of its price point. We’ll help you sell your home quickly and at the best possible price!
If you’re looking for a home for sale in Naples, we’re here to help. We specialize in luxury real estate and can show you any listing. In the meantime, please feel free to explore what’s available now:
- Pelican Bay homes for sale
- Homes for sale in 34102
- Homes for sale in gated communities in Naples
- Golf course homes for sale in Naples
- Aqualane Shores luxury homes for sale
- Old Naples homes for sale
- Homes for sale in Talis Park, Naples
- Park Shore (Naples) homes for sale
- Homes for sale in Moorings
- Condos for sale in Moorings
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- Homes for sale in Pelican Marsh
You can also browse all Naples homes for sale.