• How to Know If It’s a Good Time to Sell Your House

    How to Know If It’s a Good Time to Sell Your House

Knowing when to sell your home to move to a senior living community can be tricky and time-consuming. This is especially true if you are uncertain about selling your home to begin with. But now might be the time to ask, is it time to sell your house?

Why Staying for the Memories Can Hurt You

If you are waiting to sell your home due to sentimental reasons, you could be hurting your finances. Selling your house at the wrong time can have direct consequences. Many hang on to their houses too long and miss the housing market peak when it happens. If you wait too long you can end up in financial trouble. Don’t let your memories prevent you from making a sound financial decision.

This isn’t to say it’s uncommon to get emotional about selling your home, especially if you are moving to a living senior living community. You spent a lot of time and massive efforts to make your home what it is and have made many memories in your home. However, saying goodbye at the right time is vital to you getting the best deal and sometimes emotions must be put aside to accomplish this goal. Instead, try to harness the feelings and memories you had while shopping for your new home and extend those to your new home.

But how do you know when it’s time to sell your home?

The Signs It’s Time to Sell Your Home

You’ve Seen Positive Selling Trends in Your Neighborhood

This is a no-brainer if you’ve been thinking about selling your home. If the housing market in your area has been trending up and you’ve already decided to sell, then now is the time to act. Though it does get tricky for gaining maximum value since you want to sell when the market peaks.

In a good market, homes will appreciate by approximately  3%. However, a “hot” market can appreciate much more. Basically,  you want to ride the wave for as long as possible and sell just before it breaks. This will depend almost entirely on your personal level of risk-taking or risk aversion. Be sure to take into consideration when the last peak occurred and how high the rates reached before breaking. This can give you an idea of how likely the market is to hit similar prices.

Home Maintenance Has Become Too Much of a Hassle

Americans notoriously wait too long to downsize or move to a senior living community that better meets their needs and desires for retired life. While you may think you are too young or healthy to move, the sooner you do it the sooner you’ll reap the benefits.

In addition, the more your house needs maintenance and the more you keep putting it off, the less your house will be worth when you do finally sell. The clock is already ticking and the time will come when the demands of maintenance are too burdensome to bear. It is better to plan ahead and be ready before the situation leaves you with fewer options.

You’re Ready to Be Proactive

As you get older, keeping up with maintaining your home will often fall to your relatives. Once you need more support from your family in general, you will likely need support in upkeep. If you are ready to be proactive about your support, you may be ready to consider other alternatives. A good plan will eliminate the need for your family to be burdened and allow you to focus better on healthier living and doing the things you want.

Is it Time to Sell Your House

The simple answer is maybe. If the market is in a good place and you feel like your home is becoming too much of a chore for you to keep up, then yes, it is time to sell your home. However, if the market is down you may want to wait. Though this can get tricky if you can’t keep up with the maintenance. It may end up costing you more, in the long run, to wait for the market to turn while letting your home fall into disrepair.

When in doubt, sit down and really hash out the benefits of selling while understanding that your sentimentality is valid, though it could hurt you. Be sure to think through your vision for the future and the lifestyle you want. If you want to explore your financial options, read this article about CCRC entrance fees.

Want some financial planning tips for your future? Check out our FREE eBook, 6 Money Planning Tips for Your Senior Living.

Concord Reserve is a continuing care retirement community in Westlake, Ohio. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Concord Reserve online or at 440-871-0090.

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