Is It Time to Sell? Key Lifestyle Factors That Could Influence Your Decision

Are you uncertain about whether to sell your house now or wait? It's a common dilemma, but here's an important consideration: your lifestyle could be the biggest factor in your decision. While financial factors are crucial, personal motivations for moving might be reason enough to take the plunge sooner rather than later.

An annual report from the National Association of Realtors (NAR) provides insight into why homeowners like you decide to sell, with all the top reasons being related to life changes. As the graph below illustrates:

As the visual illustrates, the primary drivers for selling were the desire to be closer to friends or family, outgrowing their current home, or undergoing a major life event such as marriage or the arrival of a new baby. Additionally, the need to downsize or relocate for work also played a significant role in the decision to sell.

If, like the homeowners in this report, you find that your current home no longer meets your needs for features, space, or amenities, it might be time to consider consulting a real estate agent about selling. Your needs are important, and a knowledgeable agent can guide you through your options and help you understand what to expect in today’s market, allowing you to make a confident decision that prioritizes what matters most to you and your loved ones.

Your agent can also assist you in evaluating your home equity, which could make the process of moving to a home that better suits your changing needs much smoother. As Danielle Hale, Chief Economist at Realtor.com, notes:

“A key consideration for today’s homeowners is understanding their home equity situation. With the average home listing price having increased by 40% over the past five years, many sellers are likely sitting on substantial equity. This equity can be a powerful tool, providing significant proceeds from the sale that can help reduce the amount of borrowing needed for their next home purchase.”

Bottom Line

Your lifestyle needs might be the driving force behind your decision to sell. If you’re seeking guidance on weighing the pros and cons of selling your home, reach out to a local real estate professional today. With their expertise, you can make an informed decision that aligns with your current lifestyle and future goals.