The Best Signs It May Be Time to Move
Is it time to move? Are there any signs of moving on from your current home?
Recent surveys indicate that homeowners move to new homes around once every decade.
For some people, that may sound like quite a long time. For others, it may seem surprisingly short.
The truth is that knowing when to change homes is a very personal decision—one that you have to weigh carefully before coming to a final choice. After all, selling takes work, and so does buying.
But it is hard to deny the excitement of such significant changes. Maybe now is the time for you?
One of the questions many people ponder is how to know when it’s the right time to downsize.
A significant number of people will also wonder if now is the time to upgrade.
Keep reading for some of the best tips on the right time to move on from your current house.
1. You Have Lived in Your Home For at Least Five Years.
The consensus is that you need to own a home for at least five years before you can sell without losing money. All the costs associated with buying and selling a new home add up.
It takes some time before your equity increases, market value (hopefully), and other financial concerns align in a way that justifies buying something new.
Remember, unless you sell for sale by owner, you’ll probably be paying a five or six-percent commission to a Realtor. Quite a bit of money if you haven’t lived in your place that long.
It generally takes some time for homes to appreciate.
Keep in mind that selling as a for sale by owner doesn’t mean you will necessarily be saving a commission either. It has been proven repeatedly that you’ll sell your home for more money with a real estate agent than without.
2. You Want to Take Advantage of The Seller’s Market.
You may be lucky enough to find that your home is worth a lot more than it was when you bought it. The market is hot, and you want to take advantage of it.
It makes sense to see what it would take to sell right now. Of course, the market is constantly changing, so you must ensure it works in your favor.
There are a few indicators of a market that is favorable to sellers. These include:
- The price per square foot is going up in your area.
- Days on the market are meager. Properties are staying on the market for shorter and shorter amounts of time.
- You hear from various sources that bidding wars for houses are taking place.
- You see that many people are selling their homes in your neighborhood.
You can look for these signs. But you can also take a shortcut and talk to a Realtor you trust. A reputable agent will be happy to give you some insight into what is going on in your area and what your home may be able to sell for.
It never hurts to get professional feedback before you go full tilt and list your home.
Be sure you understand all the timing issues if you buy and sell a home simultaneously. Many folks often do not think about the nuances of coordinating two sales together.
People often think you can add a home sale contingency to your contract, solving your timing issues. Nope – far from it. Most people will not accept a home sale contingency for many reasons explained in the article.
3. Your Ready to Upgrade Your Home
People want to move for many reasons. Upgrading to a bigger and better home is usually one of them. Do you need to have additional square footage than your current house?
Maybe you don’t have a garage or would like a finished basement?
Some folks need a change of scenery and want out of their neighborhood because they are tired of dealing with bad neighbors.
Are you eager to settle into a more prestigious locale or residence, perhaps upgrading your accommodations makes sense.
Many people debate whether to remodel or move. It’s possible getting the features you want, such as a luxurious kitchen or an ensuite bathroom, doesn’t make financial sense to stay put.
Maybe you would like a swimming pool, but your current lot doesn’t accommodate it because there isn’t enough space.
Making improvements to your current home could price you out of the neighborhood. It may not be a wise investment which would be a definite sign to move instead.Click To Tweet4. Your Kids Need Better Schools
Many first-time home buyers in their younger years will focus more on the house than other things like school systems or the community.
Once the kids approach school age, there is a quick realization that they deserve the best education. Over the years, many of my clients have moved for this exact reason.
5. You’ve Been Offered a Job in a Different Location
Are you being offered a new job with an upgrade in income and incentives? For many, that would be an obvious sign it’s time to move.
Being relocated because of a job opportunity is one of the most common reasons for moving. It is the #1 reason people move.
6. Your Home is Draining Your Bank Account.
If your home costs you more than 28% of your monthly income before taxes, you may be in a situation where your housing costs are too high.
It may be frustrating to realize you are in such a position but know that you are not alone.
Many people accidentally get into situations where their mortgage and other housing costs are too much to handle.
Maybe you are dealing with it—but is the situation causing you constant stress? If so, it may be time to sell and find a more affordable home.
Remember that the stress you feel is unlikely to diminish unless you earn more income.
You have to weigh the possibility that you will get a raise or a better job with the opportunity that you could be paying too much for your home month after month, year after year.
As a real estate agent for the past thirty-seven years, I have seen firsthand how many people will stretch beyond their means to get into a house.
Once the thrill of owning a large home disappears, you’ll feel pressure to get out of the financial albatross.
Being house poor is a situation that can make your life miserable.
7. The Local Real Estate Taxes Have Gone Crazy
It is not uncommon for real estate taxes to increase. However, in some locations, it has gone out of sight. When your kids are out of the house, paying a significant tax assessment might not make sense.
With real estate values increasing in recent years, so has your property’s assessed value. It is unlikely your tax bill will drop anytime soon.
8. You’re Getting Married or Divorced
Marriage and divorce are common reasons people move from one house to another. One is an exciting time in one’s life, and the other is a real pain in the arse.
Whether you are buying a home before marriage or selling during divorce, it’s likely your current housing situation needs to change.
Changes in relationships are common signs it’s time to move. If things are going great with your partner, you probably will decide to move in together. On the other hand, when things go sour, it will be the exact opposite.
Buying a home after a divorce is all too common.
9. You Learn Your Neighbors Sold Their Home For an Excellent Price.
When your neighbors sell their homes for a fantastic price, it is hard not to look around your property and consider if you could do the same thing. The idea certainly is exciting.
Maybe you could make a lot of money off of your house!
However, it would be best if you held your enthusiasm to take stock of the situation. If your neighbor’s home is quite similar to yours, there is a good chance you could sell for a great price, too.
But if their home is considerably different than yours with more prominent features, more bedrooms, and more bathrooms—then it becomes more challenging to be sure if their good fortune would strike you as well.
Again, an experienced Realtor can be beneficial in this situation. Your agent has the training and the resources to look carefully at your home and homes similar to yours in the same area that have sold.
The agent can provide a competitive market analysis to determine your home’s current market value.
Considering all the relevant factors, your agent can give you a pretty good idea of what your home could sell for.
If your agent tells you that your home could also sell for a great price and you want to move forward, do so. You will be confident that you didn’t just guess and hope for the best.
You did your research and are making a reasonable business decision.
10. Your Life Has Changed Significantly Since Buying Your Home.
No matter how much you love your home or your time in it, there may come a time when it doesn’t fit you anymore.
You may have raised a family in the home, and now the kids are gone. Perhaps you are getting older, and the three stories of your home are more and more difficult to access.
Maybe it is precisely the opposite? Were you single when you bought and now are married with kids?
Perhaps you want to move from the city to the country or vice versa? Without a doubt, life circumstances can change at the drop of a hat.
Your location plays an essential role in your overall health and happiness.
There are many reasons why a home can become less desirable as your life changes.
In such a situation, selling and buying a different home can be one of the best ways to set yourself up for a happier living situation over the long term.
Moving to a new home or a new area offers so many opportunities. You can pick and choose what is important to you and put yourself in a position to take advantage of what you love.
It may be moving closer to family, where you can enjoy your hobbies, or to better career opportunities. Whatever the reason, a move may be just what you want.
However, it would help if you were cognizant of some downsizing problems to avoid. Many people don’t think things through thoroughly before making such significant decisions.
11. Your Retirement is Approaching or is in Full Swing.
Another additional reason for moving on from your current home is the possibility of retirement and housing that is more suitable. Buying a home for retirement could be what makes the most sense.
If you have owned a house and have been keeping it up for many years, you are familiar with just how much work it entails.
Some folks want to sell for the sole purpose of making their life more manageable. One way of doing this is by buying a condo.
Instead of spending time with the constant maintenance of home ownership, you’ll be letting someone else do it for you. This is one of the significant advantages of owning a condominium.
Of course, if you are older than fifty-five, you might want to consider buying into a fifty-five and over complex. Typically, the housing in a 55+ neighborhood is more conducive to those in their retirement years.
If there is a condominium association, research this as much as the neighborhood. Some of the biggest disappointments for those who purchase a condo is dealing with an unruly homeowners association.
12. You Want a Vacation Home and Don’t Need Your Big Home.
More and more people are opting to sell the large home they live in now and choosing to own two smaller homes instead.
Quite often, the second home will be in a vacation destination.
Having two smaller homes is a great reason to move from your current house.
Buying a vacation property can be awesome for quite a few reasons.
Not only will having a vacation home serve as a fantastic place to spend time away from the world, but it can also work as a top-notch investment.
You may work long hours as a business professional. You get run down and are in constant need of some relaxation – re-charging of the batteries.
By having your vacation destination, you don’t have to go through the headache of booking a trip away, packing a bag, and hopping in your car.
Before diving in head first, ensure you understand what to consider before buying a vacation house.
You’ll see some great tips for picking the right vacation property.
Enlist the Help of a Skilled Realtor
If you are serious about wanting to sell your home and make a move, there is no better partner in your adventures than a reputable real estate agent.
A good agent can examine your current situation and listen to your hopes and dreams for the future.
Once they know what you are dealing with and what you want in the future, a plan can be made and executed. Picking your real estate agent is one of the most critical aspects of home selling.
It is not something you should take lightly, especially when discussing the complexity of buying and selling in the same time frame.
The signs it is time to move may be right before you. If they are, pay attention and consider making changes that will benefit you now and in the future!
Final Thoughts on Signs It’s Time to Move
There can be any number of reasons why you decide to move. Don’t forget to change your address with the post office when you commit to moving on. It is an essential task that should be completed as soon as you’re sure.
Changing addresses ensures all the parties should be notified. Best of luck with your move!
Additional Helpful Home Buying and Selling Resources
- What to look for in your next house – Paul Sian provided expertise on what to look for when it is time to move.
- Does refinancing my home make sense – Kevin Vitali offers tips for whether you should refinance your mortgage.
Use these home-buying and selling resources to make the best decisions when involved in a real estate transaction.
About the Author: The above Real Estate information on signs it’s time to move on from your house was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 37+ Years.
Are you thinking of selling your home? I am passionate about real estate and love sharing my marketing expertise!
I service Real Estate sales in the following Metrowest MA towns: Ashland, Bellingham, Douglas, Framingham, Franklin, Grafton, Holliston, Hopkinton, Hopedale, Medway, Mendon, Milford, Millbury, Millville, Natick, Northborough, Northbridge, Shrewsbury, Southborough, Sutton, Wayland, Westborough, Whitinsville, Worcester, Upton, and Uxbridge MA.
